Keel Infrastructure
Keel Infrastructure develops and owns data center campuses and power assets supporting high-performance computing and AI workloads. The company operates five campuses across Pennsylvania, Washington, and Québec with a 2.2 GW pipeline, serving hyperscalers through long-term enterprise leases.
- Company typePublic
- Founded2011
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Keel Infrastructure does
Keel Infrastructure is a publicly traded (NASDAQ/TSX: KEEL) developer and owner of data center campuses and power assets supporting high-performance computing (HPC) and AI workloads. Headquartered in New York City and incorporated in Delaware, the company operates five data center campuses across Pennsylvania, Washington, and Québec—Moses Lake, Panther Creek, Sharon, Sherbrooke, and Scrubgrass—with a combined development pipeline of up to 2.2 GW of energized, secured, and expansion power capacity. As of mid-2026, the platform includes 341 MW of energized capacity, 430 MW of secured capacity, and approximately 1.5 GW in expansion capacity. The infrastructure is configured to support high-density GPU workloads including Nvidia Blackwell chips, with the upcoming Vera Rubin architecture targeted for 2027.
Keel Infrastructure firmographics
Firmographics- Name
- Keel Infrastructure
- Legal name
- Keel Infrastructure
- Website
- https://keelinfra.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Keel Infrastructure develops and owns data center campuses and power assets supporting high-performance computing and AI workloads. The company operates five campuses across Pennsylvania, Washington, and Québec with a 2.2 GW pipeline, serving hyperscalers through long-term enterprise leases.
- Ownership category
- akta.pro rank
Keel Infrastructure industry classification
Industry- Product category
- AI / HPC Data Center Infrastructure
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)
- akta.pro primary industry
- Wholesale Colocation (Powered Shells / Suites) (HDABACAB)
Keywords
Where Keel Infrastructure is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Keel Infrastructure business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Technology or R&D, Operations, Personnel, Marketing or Sales
Revenue model
- HPC/AI Data Center Leases: Long-term colocation and powered shell leases to hyperscalers and neoclouds. The company targets investment-grade tenants using credit-wrapped leases to finance projects. Revenue generation from AI/HPC infrastructure expected to commence in 2027.
- Legacy Bitcoin Mining (Wind-down): Gradually declining bitcoin mining operations being wound down. The company is selling approximately 2,500 Bitcoin holdings to fund the transition to AI infrastructure. Q1 2026 revenue of $37 million represents 23% year-over-year decline from the mining business.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Keel Infrastructure product offering
Product offeringCore offering
Keel Infrastructure owns, develops, and operates data center campuses and associated power assets (including substations and high-voltage grid interconnections) purpose-built for high-performance computing and AI workloads. Across its five campuses in Washington, Pennsylvania, and Quebec, the company offers powered-shell and build-to-suit data center capacity aimed at hyperscale and large AI compute customers, while winding down legacy Bitcoin mining operations inherited from Bitfarms Ltd.
Product overview
Keel Infrastructure is a pure-play developer and owner of digital and energy infrastructure that develops and owns data centers and power assets supporting High-Performance Computing (HPC) workloads, including AI. The company operates five data center campuses—Panther Creek, Moses Lake, Sharon, Sherbrooke, and Scrubgrass—across Pennsylvania, Washington, and Québec, with a combined pipeline of up to 2.2 GW of energized, secured, and expansion power capacity. The portfolio includes 341 MW of energized capacity and 430 MW of secured capacity, with infrastructure configured to support high-density HPC workloads and advanced GPU platforms including Nvidia Blackwell and upcoming Vera Rubin architectures. The company integrates power, land, and connectivity to enable customers to deploy compute at scale.
Differentiator
Problem solved
Functional benefit
Products and services
- Moses Lake Data Center Campus Owned data center campus in Moses Lake, Washington, part of Keel's powered-shell and build-to-suit portfolio for hyperscale and AI tenants, leveraging available grid power and site control.
- Panther Creek Data Center Campus Owned data center campus in Panther Creek, Pennsylvania, operated by Keel for HPC and AI compute workloads with embedded power and substation assets inherited from mining operations.
- Sharon Data Center Campus Owned data center campus in Sharon, Pennsylvania, operated by Keel, with embedded power infrastructure being repositioned for AI and HPC workloads.
- Sherbrooke Data Center Campus Owned data center campus in Sherbrooke, Quebec, part of Keel's Canadian footprint, with embedded power assets and hydropower access being repositioned for HPC/AI tenants.
- Scrubgrass Data Center Campus Owned data center campus in Scrubgrass, Pennsylvania, part of Keel's Pennsylvania power-and-data-center cluster, designed to leverage embedded substations for AI compute tenants.
Companies that use Keel Infrastructure
Customer profileSegments2 records
Ideal customer profiles1 record
Keel Infrastructure technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Keel Infrastructure partnerships and signals
Strategic signalScale indicators9 records
Recent moves8 records
Expansion highlights6 records
Keel Infrastructure competitors and assessment
Company assessmentBroad incumbents
- Equinix: Equinix (EQIX) is a broad incumbent and the largest publicly-traded colocation operator globally. While Keel focuses on powered-shell wholesale leases for AI/HPC workloads, Equinix competes for the same hyperscaler and enterprise tenants across a much broader retail and wholesale footprint.
- QTS Realty Trust (Blackstone): QTS Realty, now owned by Blackstone, is a broad incumbent in hyperscale and enterprise data center colocation. It is one of the most established players in wholesale powered-shell offerings for hyperscaler tenants, which is precisely Keel's target market.
- Digital Realty Trust: Digital Realty (DLR) is a broad incumbent and one of the largest data center REITs globally. It offers wholesale colocation, powered shells, and interconnection services that directly overlap with Keel's enterprise offering, though at materially greater scale and with established tenant relationships.
Emerging players
- Nebius Group: Nebius (NBIS) is an emerging AI infrastructure player building GPU-based data centers to serve AI developers and enterprises. It represents both a comparable AI infrastructure operator and a potential customer/tenant profile for Keel's powered-shell offerings.
- CoreWeave: CoreWeave is an emerging AI neocloud that operates its own GPU-based data center infrastructure. While primarily a customer competitor for tenants, CoreWeave represents the type of AI-native tenant Keel targets and also competes for the same real estate and power resources.
Direct peers
- Hut 8: Hut 8 is a direct peer that also pivoted from Bitcoin mining to AI/HPC infrastructure. The company operates data center campuses in the US with similar power-secured positioning and serves comparable AI and HPC customer segments, making it one of the closest comparables to Keel's strategy.
- Cipher Mining: Cipher Mining (CIFR) is a peer Bitcoin miner that has explored diversification into HPC and AI workloads. While still primarily in mining, Cipher shares the same North American power-secured site strategy and is evaluating similar pivots toward AI compute infrastructure.
- Applied Digital: Applied Digital (APLD) is a direct peer that similarly pivoted from cryptocurrency mining to AI/HPC data center development. Both companies target hyperscaler and neocloud tenants with powered-shell and colocation offerings, and both are pursuing similar gigawatt-scale development pipelines with secured power strategies.
- Iris Energy: Iris Energy (IREN) is a direct peer operating renewable-powered data centers with an AI/HPC infrastructure pivot. Both companies target the same hyperscaler and AI-native tenant base with sustainably powered campuses, and share a similar market cap range and growth-stage profile.
- TeraWulf: TeraWulf (WULF) is a direct peer that has pivoted its Bitcoin mining infrastructure toward HPC and AI workloads. Both companies are pursuing energy-secured sites in North America to capture the same AI compute demand cycle.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Keel Infrastructure social profiles
Digital presenceKeel Infrastructure financial estimates
Financial estimateRevenue estimate
Valuation estimate
Keel Infrastructure leadership team
Management profileNumber of profiles
Profiles2 records
Keel Infrastructure subsidiaries and ownership
Company hierarchySubsidiaries1 record
Keel Infrastructure funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Keel Infrastructure M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Keel Infrastructure
What does Keel Infrastructure do?
Keel Infrastructure owns, develops, and operates data center campuses and associated power assets (including substations and high-voltage grid interconnections) purpose-built for high-performance computing and AI workloads. Across its five campuses in Washington, Pennsylvania, and Quebec, the company offers powered-shell and build-to-suit data center capacity aimed at hyperscale and large AI compute customers, while winding down legacy Bitcoin mining operations inherited from Bitfarms Ltd.
Is Keel Infrastructure a public or private company?
Keel Infrastructure is a public company. It is classified as public and is currently operating.
When was Keel Infrastructure founded?
Keel Infrastructure was founded in 2011. It employs 101 to 250 people.
Where is Keel Infrastructure based?
Keel Infrastructure is headquartered in New York, United States, in the North America region.
How does Keel Infrastructure make money?
Two revenue lines are on record. HPC/AI Data Center Leases are the primary driver. The others are legacy Bitcoin Mining (Wind-down).
Who are Keel Infrastructure's main competitors?
Broad incumbents on record are Equinix, QTS Realty Trust (Blackstone) and Digital Realty Trust. Emerging players are Nebius Group and CoreWeave. Direct peers are Hut 8, Cipher Mining, Applied Digital, Iris Energy and TeraWulf.
Does Keel Infrastructure have an API?
No public API is recorded for Keel Infrastructure.
What industry is Keel Infrastructure in?
Keel Infrastructure's product category is AI / HPC Data Center Infrastructure. Its primary akta.pro industry code is HDABACAB, Wholesale Colocation (Powered Shells / Suites). Its NAICS code is 518210.