Keel stock closed at $6.28, near its 52-week high, even as resistance held at $6.45 and no tenant contracts have been signed. The move leaves investors pricing land, power access and grid connections before cash from AI tenants has arrived.
Ben Gagnon Targets Three Agreements
Three agreements is the year-end target Ben Gagnon set for Panther Creek, Sharon and Moses Lake. That timeline gives the stock a concrete test: the rally can keep running only if those sites turn from development assets into contracted revenue.
$458 million came in through convertible notes in In June, leaving Keel Infrastructure with roughly $357 million in cash against $580 million in debt. The company still reported first-quarter revenue of $37 million, below the $37.2 million analysts expected, while the net loss reached $145 million.
Keel Infrastructure Faces $6.45
$6.45 is the first chart level that matters now, because the shares have already climbed to $6.28 and the 20-day and 50-day moving averages are trending upward. The MACD, by contrast, was rolling over, a sign that the recent advance is running into technical strain even before a tenant signing appears.
23% was the year-over-year revenue decline in the first quarter, and the loss from continuing operations widened to $128 million while adjusted EBITDA (earnings before interest, taxes, depreciation, amortization) was negative $17 million. Keel Infrastructure owns a 2.2-gigawatt development pipeline with secured grid access in Pennsylvania, Washington and Quebec, but that access has not yet turned into signed tenant contracts.
Applied Digital Sets the Bar
$5.2 billion for 210 megawatts at Applied Digital shows the kind of contract scale the market is rewarding, and Goldman Sachs expects data-center power demand to double to 66 gigawatts by 2027. ATB Capital Markets' Martin Toner rates Keel Infrastructure "Outperform" with a $10 target, but the stock still needs signed agreements to justify that gap between valuation and cash flow.
The next trading test is whether Keel Infrastructure can break through $6.45 without a contract headline; if not, the market is still valuing the pipeline more than the revenue behind it.
