Keel Infrastructure, formerly Bitfarms, raises $458 million for its AI data center pipeline

Keel Infrastructure Corp., the data-center developer formerly known as Bitfarms, closed a $458 million sale of convertible senior notes on June 9 to fund a pipeline of AI and high-performance-computing facilities.

The financing marks how far the company has moved from its origins: Keel, listed on Nasdaq under the ticker KEEL, pivoted from Bitcoin mining to HPC and AI data centers in January 2026 and is now raising debt against compute capacity rather than crypto. The notes carry a 1.250 percent coupon and mature on January 15, 2032, and the total includes full exercise of a $58 million overallotment option, leaving net proceeds of about $445.4 million. The notes are guaranteed on a senior, unsecured basis by Bitfarms Ltd.

The SEC filing sets the initial conversion price at roughly $7.41 per share, a 25 percent premium to the company's $5.93 close on June 4. Keel also entered capped-call transactions to blunt dilution up to $11.86 per share, at a cost of about $41.7 million. Remaining proceeds are earmarked to fund deposits for long-lead equipment and to collateralize letters of credit for data-center projects.

Keel cites a 2.2 GW development pipeline with grid interconnections in Pennsylvania, Washington state, and Quebec. In April 2026, the zoning board in Sharon, Pennsylvania approved a 110 MW Keel data-center proposal. KEEL stock closed at $5.52 on June 11, up 5.14 percent on the day.

The 2.2 GW figure is a development pipeline, not operational capacity, and grid interconnection and construction timelines for such projects typically run years. The raise funds deposits and credit support rather than completed sites.

Keel's pivot mirrors a broader shift among former crypto-mining firms repurposing power and sites for AI demand, where the constraint is increasingly grid access. Whether its pipeline converts into energized data centers will determine if the debt was well timed.