Keel Infrastructure Prices $458M Convertible Notes, $10 Target Suggests 46% Upside
KEEL•Keel Infrastructure’s shares have surged 177% year-to-date as Citizens initiated coverage with an Outperform rating and a $10 price target implying 46% upside. The company also raised $445.4 million net from a $458 million convertible senior notes offering to fund AI-focused data center developments.
1. Coverage Initiation and Price Target
Citizens initiated coverage of Keel Infrastructure with an Outperform rating and set a $10 price target, implying 46% upside from current levels. Shares have climbed 177% year-to-date, reflecting investor confidence in the company’s growth trajectory.
2. AI and High-Performance Computing Opportunity
Keel is repurposing former bitcoin mining power infrastructure to serve AI and high-performance computing workloads for hyperscale customers. Its significant power capacity positions the company to capture rising demand from leading cloud and AI firms.
3. $458M Convertible Notes Offering
Keel completed a $458 million convertible senior notes offering due 2032, generating $445.4 million in net proceeds. The company plans to allocate the funds to advance its Panther Creek, Sharon and Moses Lake data center developments and pursue further value-enhancing investments.
