Only 1 of 4 factors can be computed from what this company has published, covering 30% of the score's weight. A composite below 60% coverage is withheld rather than shown with the gaps treated as passes.
Promise deliveryNot availableNo guided milestone has been reached yet, so there is nothing to score.35%
Evidence quality17 of 25 confirmed30%
Timeline stabilityNot availableThis company has guided no dated milestone.20%
FinancingNot availableFinancing is not disclosed as a project milestone.15%
Path to billingFurthest reached anywhere: Energised
A stage is marked complete when any of Keel Infrastructure's
5 tracked projects has reached it —
this is the furthest the company has got anywhere, not the state of every site.
Open a stage to see which sites evidence it.
Capacity truthFour different measurements
⌁648 MWSecuredGross
§Not disclosedContractedN/ANothing published to derive from
▣~244 MWEnergisedN/AEstimated · not disclosed
$Not disclosedBillingN/ANothing published to derive from
These are four separate disclosures on different bases, not four stages of one
funnel. Secured power is measured at the utility connection; the rest are critical IT. They are
never subtracted from one another.
Critical IT load is taken as gross utility power divided by 1.4. Gross power is measured at the utility connection, before conversion, cooling and distribution losses. The divisor is a T2C assumption reflecting typical modern data-centre overheads, not a company figure.
Rule: Critical IT from gross utility power. Inputs are sourced;
the assumption is T2C's. ↗ sec.gov
Revenue calculatorWhat billing capacity implies, and what it would be worth
The megawatts and the revenue rate come from what Keel Infrastructure has published.
The multiple does not — it is an opinion, and it is the input that moves the answer most.
Nothing here is a price target.
This company cannot be modelled: no capacity is disclosed or derivable as billing; no contract discloses value, megawatts and term together, so no revenue rate can be derived.
A sector average would describe a different business, so none is substituted.
How estimates work.
Keel Infrastructure at a glance
Every figure below is sourced
Keel Infrastructure develops powered data-centre sites in Pennsylvania, Washington State and Québec, converting former power-generation and mining sites toward AI and HPC use.
◇Powered shell●Reached: Grid live
How far it has actually got
Select a step for its evidence
Sharon, Pennsylvania
No evidence recorded yet
No evidence recorded yet
No evidence recorded yet
No evidence recorded yet
No evidence recorded yet
Where the power goes
Each bar is drawn to the same scale. A dashed row means the company has not published
that figure — it is not zero. Where the dashed line appears, the measurement itself changes from
power at the utility connection to usable capacity inside the hall, so the step down is a change
of definition rather than capacity going missing.
What it owns, and what the customer brings
The company owns grid power, the building and the racks. The tenant supplies its own accelerators and sells its own compute.
Where it operates
5 recorded sites
🇺🇸4
🇨🇦1
A filled dot is a site with a published capacity figure; an outlined dot is a
site named in filings without one. Positions are schematic, not geographic.
Capacity record
Every value with its evidence
Measure
Value and evidence
Secured powerPower capacity controlled through executed utility, interconnection, energy-service, lease or comparable arrangements. It may include capacity already operating as well as capacity awaiting development. Secured power indicates supply control, not customer demand or completed compute capacity.
648 MW●ConfirmedGross↗ sec.govas of 31 Mar 2026Evidence · 1 source
Keel's "Secured Gross Data Center Capacity" — gross power subject to executed electric supply agreements with utilities, covering both capacity available on site today and capacity utilities have agreed to deliver at a future date. It is therefore not all available now. Replaces the 2.2 GW previously recorded as secured, which is the whole pipeline.
Current Energized Capacity 341 MW; Secured Growth Capacity 430 MW; Secured Gross Data Center Capacity 648 MW; Identified Additional Gross Data Center Capacity 1,513 MW; Total Pipeline 2,161 MW. "Secured Gross Data Center Capacity represents the total amount of gross power capacity that is subject to electric supply agreements with utilities, including both power capacity currently available on site and power capacity that utilities have agreed to deliver at a future date." Footnote: "The current energized capacity at the Panther Creek and Scrubgrass site of 60 MW and 63 MW, respectively, are not under an energy service agreement. The capacity is therefore excluded from Secured Gross Data Center Capacity."
Development pipelineIdentified development opportunity that is not yet secured — sites under study, options, and applications lodged. Reported separately from secured power and never added to it.
1.51 GW●Confirmed◇PipelineGross↗ sec.gov↗ sec.govas of 31 Mar 2026Evidence · 2 sources
"Identified Additional Gross Data Center Capacity" — not yet under an electric supply agreement. Secured 648 plus identified 1,513 gives the 2,161 MW total pipeline the company rounds to 2.2 GW.
Current Energized Capacity 341 MW; Secured Growth Capacity 430 MW; Secured Gross Data Center Capacity 648 MW; Identified Additional Gross Data Center Capacity 1,513 MW; Total Pipeline 2,161 MW. "Secured Gross Data Center Capacity represents the total amount of gross power capacity that is subject to electric supply agreements with utilities, including both power capacity currently available on site and power capacity that utilities have agreed to deliver at a future date." Footnote: "The current energized capacity at the Panther Creek and Scrubgrass site of 60 MW and 63 MW, respectively, are not under an energy service agreement. The capacity is therefore excluded from Secured Gross Data Center Capacity."
Customer-contractedCompute or capacity a paying customer has committed to under a signed contract. Demand, not supply. Frequently disclosed only for individual named contracts, in which case the site total is a disclosed minimum rather than an exhaustive figure.
No announced leaseEvidence
CORRECTION: previously stored as numeric 0. No filing reports zero megawatts — the company simply has no announced lease. Stored as not disclosed with the label "No announced lease", because a zero would wrongly imply a measured figure.
Verified
Not verified
Type
Actual
Coverage
Not exhaustive — may be higher
Under constructionCapacity with physical construction under way. Capital committed, no revenue from it yet.
Not disclosed—Not disclosed
Energised critical ITCritical IT load live and drawing power. Often described by companies as "active" or "operational" capacity. It does not by itself mean a customer is paying for it.
Not disclosed—Not disclosed
Customer-acceptedCapacity formally accepted under the relevant customer agreement. Acceptance may trigger billing or revenue recognition, but the commercial effect is contract-specific and must be separately evidenced.
Not disclosed—Not disclosed
Revenue liveCapacity for which the company has explicitly disclosed that billing, rent commencement or revenue generation has begun. Billing, GAAP revenue recognition and cash receipt are not assumed to occur simultaneously.
Not disclosed—Not disclosed
Projects and gates
5 recorded
Gates advance independently. Zoning can be granted while environmental approval,
financing and interconnection all remain outstanding — a single stage label would hide that.
Sharon, Pennsylvania
United States
110 MWGross●Confirmed
110 MW gross total site capacity: 30 MW existing energised utility capacity plus 80 MW under an energy-services agreement with associated substation work. Not 110 MW of critical IT under construction.
350 MW contracted firm power, of which 60 MW is currently energised. The 10-Q states that Panther Creek's energised capacity sits under NO energy service agreement and is therefore excluded from the company's own secured total — live power is not the same as secured power. The data centre itself is not evidenced as under construction.
CORRECTION: previously shown as 1.3 GW of secured capacity. Load studies and behind-the-meter feasibility work are pipeline and potential, not secured power. 63 MW is currently energised, and the 10-Q states this sits under no energy service agreement — so it is excluded from the company's own secured total.
Panther Creek holds 350 MW of contracted firm power with conditional land development approval; environmental permits outstanding.
A worked example of why gates are tracked independently — power and zoning have advanced while environmental approval has not, and the data centre itself is not evidenced as under construction.
Write down what you expect Keel Infrastructure to deliver, and by when. T2C scores it
later against the same evidenced gates it uses everywhere else — not against the share price.
Stored in this browser only. Clearing your browser data deletes it, and T2C
never receives it — there is nowhere for it to be sent.
About Keel Infrastructure
Last verified 15 Aug 2026
Keel Infrastructure develops powered data-centre sites in Pennsylvania, Washington State and Québec, converting former power-generation and mining sites toward AI and HPC use.
Formerly Bitfarms, Keel rebranded and redomiciled to the United States in April 2026 and now develops digital infrastructure on sites with established grid interconnections. Its portfolio is weighted toward development rather than operation: a substantially smaller amount of power is secured under executed supply agreements than the headline pipeline suggests, and no customer lease has been announced.
Company facts
Legal name
Keel Infrastructure Corp.
Ticker / exchange
KEEL · NASDAQ
Founded
Not disclosed
Headquarters
United States
Business model
Powered shell
Last verified
15 Aug 2026
Who leads it
Ben Gagnon
Chief Executive Officer
In role since 8 Jul 2024
Appointed Chief Executive Officer in July 2024, and a director of the company. Led the rebrand from Bitfarms to Keel Infrastructure and the redomiciliation to the United States.
Powered data-centre site development for AI and HPC tenants
Sites with established grid interconnections in the PJM market
Bitcoin mining from earlier operations
How it makes money
Leases powered, cooled space; the tenant supplies its own accelerators where the lease says so. Earns a few million per megawatt per year rather than tens, with correspondingly lower capital cost.
Where it operates
United States (Pennsylvania, Washington)
Canada (Québec)
Operating presence as disclosed. This is not the same as future pipeline —
a named location may hold nothing but secured power.
Current Energized Capacity 341 MW; Secured Growth Capacity 430 MW; Secured Gross Data Center Capacity 648 MW; Identified Additional Gross Data Center Capacity 1,513 MW; Total Pipeline 2,161 MW. "Secured Gross Data Center Capacity represents the total amount of gross power capacity that is subject to electric supply agreements with utilities, including both power capacity currently available on site and power capacity that utilities have agreed to deliver at a future date." Footnote: "The current energized capacity at the Panther Creek and Scrubgrass site of 60 MW and 63 MW, respectively, are not under an energy service agreement. The capacity is therefore excluded from Secured Gross Data Center Capacity."
Sharon 110 MW gross site capacity, of which 30 MW existing energised utility capacity and 80 MW under an energy-services agreement. Panther Creek 350 MW contracted firm power. Moses Lake 18 MW gross project capacity. Sherbrooke 96 MW conditional transfer and operation agreement.
