Tariffs and trade restrictions on imported equipment
The company imports hardware and infrastructure components needed for mining and data centers.
- Scope
- Equipment and infrastructure costs, project timing
- Materiality
- high
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.
−11,8 %
−8,2 %
−124,1 %
+72,0 %
5.58
5.52
| % | |
|---|---|
| HPC Data Center Projects | 45% Development and operation of power-backed data center capacity for high-performance computing workloads. |
| Bitcoin Mining | 35% Operation of mining infrastructure that earns Bitcoin through computational hashing. |
| Hosting Services | 10% Provision of mining hosting arrangements where third parties receive Bitcoin-related output. |
| Legacy Mining Assets | 10% Residual mining and infrastructure assets from discontinued or held-for-sale operations. |
The company serves HPC and digital infrastructure users that need large-scale, power-intensive compute capacity, as...
- HPC data center usersprimary
Buy access to energized, utility-connected compute capacity for high-performance workloads.
- Bitcoin mining operationsprimary
Use the company's owned mining fleet and power infrastructure to earn Bitcoin.
- Hosting customerssecondary
Outsource mining infrastructure and receive hosted Bitcoin-related services.
- Utility and power counterpartiesprimary
Provide electric supply agreements and site power that enable capacity expansion.
- Asset sale and discontinued-operation counterpartiessecondary
Interact with legacy Latin American assets being exited or held for sale.
Keel Infrastructure Corp. operates primarily in the United States and Québec, where its energized capacity, secured...
- •United States is the core operating base for energized and growth capacity
- •Québec supports the company's North American power and data center footprint
- •U.S. sites include Panther Creek and Scrubgrass capacity
- •Legacy operations in Argentina and Paraguay are being exited or held for sale
- •North American power access is central to project economics and expansion
The company is shifting its capital and development focus toward HPC data center projects in North America while...
01
Grow North American HPC capacitymedium-term
Large, utility-backed capacity is the core asset base for future compute demand.
02
Secure power and site development rightsshort-term
Electric supply agreements determine whether capacity can be monetized and expanded.
03
Rationalize legacy mining assetsshort-term
Non-core assets can distract capital and management attention from HPC growth.
The business is exposed to power availability, electricity pricing, and equipment procurement risk because both mining...
Electricity cost inflation
Power is the main operating input for mining and a key driver of HPC site economics.
- Scope
- Mining margins and site competitiveness
- Materiality
- high
Execution risk in capacity conversion
Secured and identified capacity must be converted into energized, monetized assets.
- Scope
- Pipeline realization and capital deployment
- Materiality
- high
Bitcoin network difficulty and mining productivity
Mining output depends on network difficulty, uptime, and deployed hashrate.
- Scope
- Bitcoin earned and operating efficiency
- Materiality
- high
Legacy asset exit and regional uncertainty
Abandoned or held-for-sale assets in Latin America can create operational and valuation uncertainty.
- Scope
- Discontinued operations and asset disposition
- Materiality
- medium
Discontinued operations and held-for-sale accounting
Can remove legacy results from continuing operations and trigger valuation changes
Property, plant and equipment capitalization
Affects asset base, depreciation, and reported operating expense
Impairment of mining and infrastructure assets
Can create non-cash charges and reduce carrying values
Quarterly volatility in mining output and power costs
Affects comparability of quarterly operating results
: 16.6.2026