Keel advances AI data-center construction as quarterly revenue falls to $28 million

Keel Infrastructure is building toward its first high-performance computing revenue while its legacy business shrinks. In its November 5, 2026 Q3 results, the company disclosed that construction began at Moses Lake in September. It expects that site to generate computing revenue in 2027, but lease negotiations across three near-term sites remain unfinished.

The company began shifting from Bitcoin mining to North American computing infrastructure in 2025. Its new focus is developing data centers for high-performance computing, or HPC, including AI workloads. The quarterly update shows the two sides of that transition: permits and construction are advancing, while revenue from continuing legacy operations has fallen sharply.

Construction moves ahead of customer leases

Moses Lake received all necessary permits before construction started, clearing the company to proceed.

CEO Ben Gagnon said multiple creditworthy parties were negotiating across the three near-term sites. He described strong competition among prospective customers and expressed confidence in reaching attractive agreements. The update announced advanced negotiations, not signed leases.

Keel is also adjusting the design to customer requests. It said it engineered an optional Moses Lake configuration supporting the next-generation Vera Rubin architecture.

Cash bridges the transition, not the whole buildout

Keel attributed the revenue decline largely to deliberately stopping U.S. Bitcoin mining during Q2 to advance HPC and AI development, alongside a lower average Bitcoin price. The wider loss had a different main driver: a $55 million unrealized, non-cash loss on capped-call financial contracts associated with its 2025 convertible notes.

The company reported approximately $780 million in unrestricted cash as of November 4. CFO Jonathan Mir said Keel had no current need to raise debt or equity before signing a lease. That assurance covers the period to lease execution; Keel’s strategy still calls for obtaining project financing on acceptable terms.

Mir said money spent before a lease becomes part of Keel’s equity contribution to a project’s financing. During the quarter, Keel also sold 2,520 Bitcoin for $192 million, including its entire treasury position. It plans to sell newly mined Bitcoin from Quebec daily, rather than rebuild a treasury exposed to Bitcoin price swings.

Other sites remain at earlier stages

• Sharon and Panther Creek cleared three permits, with four environmental permits remaining. Two of those were in draft form.
• Keel revised plans at both sites to comply with Pennsylvania’s new executive order. It said the revisions caused no meaningful change to tenant costs or timelines.
• Electrical load studies cover potential expansion of up to 500 megawatts at Panther Creek and 1.3 gigawatts at Scrubgrass. Keel expects completion in Q1 2027.