Esxeleryn Analytics rated Keel Infrastructure as Avoid/Hold on August 11, 2026. The company’s Q2 results revealed a pivot from Bitcoin mining to AI data centers despite falling revenue. Keel reported a net loss of $65 million for the period.
The analyst cited a high-risk capital structure featuring over $1 billion in convertible debt. Keel currently burns approximately $100 million annually on SG&A expenses.
Regulatory concerns focus on potential FERC and PJM crackdowns regarding behind-the-meter load defection. The report suggests Keel may shift from triple-net leases to less favorable modified gross leases. This change would expose the company to significant power price volatility.