Keel Infrastructure Corp.
Keel Infrastructure Corp. is a U.S.-based infrastructure and data center operator focused on high-performance computing (HPC) data center projects and legacy bitcoin mining operations. The company develops, energizes, and operates power capacity at sites in the United States and Québec, with additional legacy assets in Latin America.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDevelopment and operation of power-backed data center capacity for high-performance computing workloads.
Operation of mining infrastructure that earns Bitcoin through computational hashing.
Provision of mining hosting arrangements where third parties receive Bitcoin-related output.
Residual mining and infrastructure assets from discontinued or held-for-sale operations.
Products
Reported · share of revenue- Cryptocurrency Mining89.9 %
- Energy Sales6.1 %
- Electrical Services2.0 %
- Cryptocurrency Hosting2.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves HPC and digital infrastructure users that need large-scale, power-intensive compute capacity, as well as counterparties in Bitcoin mining and hosting arrangements. Its customer base is therefore tied to energy availability, site readiness, and the economics of compute-intensive workloads rather than traditional enterprise software demand.
Buy access to energized, utility-connected compute capacity for high-performance workloads.
Use the company's owned mining fleet and power infrastructure to earn Bitcoin.
Outsource mining infrastructure and receive hosted Bitcoin-related services.
Provide electric supply agreements and site power that enable capacity expansion.
Interact with legacy Latin American assets being exited or held for sale.
Strategy
The company is shifting its capital and development focus toward HPC data center projects in North America while retaining only limited legacy mining exposure. Its strategy centers on securing utility-backed capacity, expanding energized megawatts, and building a larger pipeline of gross data center capacity.
Large, utility-backed capacity is the core asset base for future compute demand.
Electric supply agreements determine whether capacity can be monetized and expanded.
Non-core assets can distract capital and management attention from HPC growth.
Geography
Q1/2026Keel Infrastructure Corp. operates primarily in the United States and Québec, where its energized capacity, secured growth capacity, and pipeline are concentrated. The company also has legacy exposure to Rio Cuarto in Argentina and Paso Pe in Paraguay, which are outside its North American growth focus.
Share of the revenue the company reports by geography.
Risks
The business is exposed to power availability, electricity pricing, and equipment procurement risk because both mining and HPC projects depend on large-scale energy infrastructure. It also faces policy and trade risk from tariffs on imported hardware, plus execution risk in converting pipeline capacity into operating data center assets.
The company imports hardware and infrastructure components needed for mining and data centers.
Power is the main operating input for mining and a key driver of HPC site economics.
Exposure: Mining margins and site competitiveness
Secured and identified capacity must be converted into energized, monetized assets.
Exposure: Pipeline realization and capital deployment
Mining output depends on network difficulty, uptime, and deployed hashrate.
Exposure: Bitcoin earned and operating efficiency
Abandoned or held-for-sale assets in Latin America can create operational and valuation uncertainty.
Exposure: Discontinued operations and asset disposition
Accounting
Judgemental itemsRio Cuarto was abandoned and Paso Pe was classified as held for sale, affecting presentation and asset measurement.
Impact: Can remove legacy results from continuing operations and trigger valuation changes
Data center and mining infrastructure require judgment on what costs are capitalized versus expensed.
Impact: Affects asset base, depreciation, and reported operating expense
Legacy sites and underutilized capacity may need impairment if expected cash flows decline.
Impact: Can create non-cash charges and reduce carrying values
Bitcoin earned and cost per kWh fluctuate with network difficulty and electricity pricing.
Impact: Affects comparability of quarterly operating results
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Last updated: 24/09/2026