Keel Starts Moses Lake Construction, Completes Bitcoin Wind-Down

The Tip Desk · November 11, 2026 · 3 min read

The company began building its first HPC site in September and sold 2,520 Bitcoin for $192 million, leaving holdings nominal.

Keel Infrastructure Corp. (KEEL) began construction at Moses Lake in September 2026 after receiving all necessary permits and clearing a notice to proceed, a step the company said would make the Washington site the first to be energized and generate high-performance computing revenue in 2027.

The North American digital infrastructure and energy company also completed the wind-down of its Bitcoin treasury in the quarter, selling 2,520 Bitcoin — its entire 2,261-coin position plus 259 coins mined — for $192 million of proceeds. Bitcoin holdings were nominal as of September 30. The company said Quebec-mined Bitcoin will be sold daily, effectively eliminating treasury exposure to price moves.

Continuing-operations revenue was $28 million, down from $68 million a year earlier. The company attributed the decline largely to the deliberate cessation of U.S. Bitcoin mining in the second quarter and a lower average Bitcoin price. Cost of revenues of $42.2 million produced a $14.6 million gross loss, or a negative 53% gross margin, versus a $2.3 million gross loss a year earlier.

General and administrative expenses were $34 million, compared with $17 million a year earlier, which the company said reflected hiring of senior subject-matter experts, professional fees as it scaled into project management, and higher stock-based compensation. Operating loss narrowed to $8 million, including $13 million of non-cash depreciation, from an $18 million operating loss a year earlier that included $27 million of depreciation.

Loss from continuing operations was $62 million, or $0.10 a share, compared with an $11 million loss, or $0.02 a share, a year earlier. The company said the result was driven primarily by a $55 million non-cash unrealized loss on capped calls associated with the 2025 convertible notes offering. Adjusted EBITDA from continuing operations was negative $27 million, versus $19 million a year earlier.

Unrestricted cash liquidity was approximately $780 million as of November 4, 2026. Chief Financial Officer Jonathan Mir said the company had no current need for debt or equity financing before signing a lease.

Permitting advanced at Sharon and Panther Creek, clearing three permits, with four environmental permits remaining, two of them in draft. The company said it engineered revised site plans at both Pennsylvania locations that are fully compliant with the state’s new executive order, with no meaningful changes to project costs or timelines for tenants.

Load studies for expansion capacity of up to 500 megawatts at Panther Creek and up to 1.3 gigawatts at Scrubgrass would raise secured data-center capacity from 478 megawatts to 1,928 megawatts, a potential increase of about 300%. Both studies remain on track for completion in the first quarter of 2027, the company said, with no impact from the executive order.

Chief Executive Officer Ben Gagnon said Keel’s 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter, and that with competitive tension high at all three near-term sites and multiple creditworthy parties at the table, the company has confidence it will sign leases that deliver attractive returns.

The company also engineered an optional solution at Moses Lake to support next-generation Vera Rubin architecture, formerly GB300, which it said would make Keel a full Vera Rubin platform company.

Argentina and Paraguay results are presented as discontinued operations after the Paraguay sale closed on April 21, 2026 and the Argentina subsidiary was sold on June 24, 2026. Continuing operations refer to the North American portfolio.