Keel Infrastructure Corp.’s KEEL high-performance computing valuation is tied to its ability to convert power capacity into signed commercial leases. During the first-quarter 2026earnings call Ben Gagnon, the CEO, said that the plan is to execute three major tenant leases across North America by the end of 2026.
The three sites to be leased include one each at Panther Creek, Sharon and Moses Lake. Management acknowledged that investors track permitting closely, and these permits fall under three broad categories, including zoning, development and environmental. Keel Infrastructure informed that it has successfully secured zoning approvals across these three campuses.
KEEL’s strategy to build out powered shells and initiate grid interconnections before tenant acquisition prevents the company from delving into low-margin contracts. The company has the upper hand by leveraging the shortage of high-voltage power for data centers. Keel Infrastructure can secure 2.2 GW of grid-interconnected power, commanding premium lease terms from clients seeking to deploy AI hardware.
Nearly $336 million in unrestricted cash and $197 million in unencumbered Bitcoin provide a massive liquidity cushion that can support the company’s pre-lease strategy. The CFO, Jonathan Mir, stated that this liquidity position is sufficient to advance lease execution, as well as start construction at Moses Lake and cover general and administrative expenses through 2028.
Despite these positives, the stakes remain extremely high since infrastructure development expenses remain high till the company transforms its unleased power assets into agreements with desired clients. The upcoming quarters will paint the picture of whether KEEL’s site-development strategy draws premium leases or leaves expensive infrastructure idling.
KEEL’s Price Performance, Valuation & Estimates
Keel Infrastructure’s stock has soared 162.5% over the past six months compared with the 3.8% dip in its industry. KEEL’s competitors Core Scientific CORZ and IREN Limited IREN have surged 92.8% and 65.3%, respectively.
6-Month Share Price Performance
Image Source: Zacks Investment Research
From a valuation perspective, KEEL trades at a 12-month forward price-to-sales ratio of 28.15, higher than Core Scientific and IREN Limited’s 11.11X and 7.98X, respectively.
Price/Sales F12M
Image Source: Zacks Investment Research
Keel Infrastructure, Core Scientific and IREN Limited have a Value Score of F.
The Zacks Consensus Estimate for KEEL’s 2026 loss widened to 47 cents per share from 45 cents over the past 30 days. For 2027, loss widened to 22 cents per share from 19 cents over the past 30 days.
Image Source: Zacks Investment Research
KEEL currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
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