I've spent some time digging through Reddit, Stocktwits and other social media regarding Keel and honestly I think people are getting carried away with some of the rumours.

The biggest ones I keep seeing:

1. AWS is already signed in Moses Lake

People see AWS job postings in the area and immediately assume the deal is done. Reality is there is absolutely no official announcement, filing or evidence showing AWS has signed anything with Keel. Could AWS become a customer? Sure. Is there proof they already are? No.

2. Microsoft is the hidden tenant

This one is mostly based on "Microsoft is nearby so it must be Microsoft". That's not DD. That's geography. There is currently no evidence connecting Microsoft to Keel.

3. Nvidia partnership incoming

Just because a datacenter is designed for Blackwell, Rubin or future AI hardware does not mean Nvidia is the customer. Every serious AI datacenter developer is building for Nvidia GPUs. That's basically a requirement today.

4. Hyperscaler deal is imminent

This one is actually the most realistic rumour. Management has openly said they are pursuing hyperscale customers and leasing discussions. The problem is investors think "imminent" means next week. These negotiations can take months and sometimes quarters.

5. Smart investors know something we don't

I keep seeing people mention certain investors buying shares and then assuming they must have insider information. That's dangerous thinking. Someone can be very bullish on AI infrastructure without knowing who the future tenants are.

6. The convertible raise proves a deal is done

I don't buy that argument. Building AI infrastructure requires massive amounts of capital. Raising money does not automatically mean a hyperscaler contract is sitting on the table waiting to be announced.

My conclusion?

I think many investors are focusing on the wrong question.

Everyone keeps asking:

"Is it AWS?" "Is it Microsoft?" "Is it Nvidia?"

The real question is:

Can Keel sign a large creditworthy customer?

Because if they sign a 100MW+ or 200MW+ lease with a serious customer, the stock probably won't care whether social media guessed the name correctly.

Sometimes the market spends months chasing a fantasy customer while completely ignoring the actual business execution.

Curious what everyone else thinks.

Keel Infrastructure, formerly Bitfarms, has risen 11.7% following its pivot from Bitcoin mining to AI and high-performance computing infrastructure. The company secured a multi-billion-dollar government rail and infrastructure contract package and is advancing data centre developments at sites including Panther Creek, Sharon and Moses Lake.

Is this some AI slop??

How do you like this?

I think is good, Short storm ahead. Still holding, will add more as it goes down.

Moses lake data centre construction start date 8 of June

We have decoupled of Bitcoin. Its down we are not. I hope once its up were going to be much more up. :D

I remember myself choosing bitfarms just because i didn't believe in Bitcoin nor any other crypto. But i wanted to be involved therefore i chose bitfarms just because a company can always pivot. And it did.

If i think a bit, it means Bitcoin has made AI possible, because without Bitcoin profits there wouldn't be need for such companies and GPU's and there wouldn't be money for R&D to get where we are now.

Nice.

Lets be real my take is that the first three deals thst are going to be signed this year

-Moses lake,WA

-Sharon,Pa

-Sherbrooke campus, Canada

Then they have enough contracted money to taken out loans for Panther Creek and Scrubgrass for next upcoming years.

Maybe even to acquire some other sites which would be aggresive expansion. If we look how the competition is expansding.

What are your thoughts?

## 🌐

------------------------------

The Quick Summary: Wall Street is treating the freshly rebranded Keel Infrastructure Corp. (NASDAQ / TSX: KEEL) as a premier AI story stock. However, local town hall minutes and regional utility filings tell a drastically different story of red tape, noise ordinances, and severe grid pricing wars. Here is your comprehensive boots-on-the-ground breakdown of what is actually happening across every single site. [1, 2]

------------------------------

## 🏛️ LOCAL NEWS & MUNICIPAL BOARD BREAKDOWNS##

1. Nesquehoning / Panther Creek, PA (350 MW Project)

* The Bureaucratic Wall: On May 18, 2026, the Nesquehoning Planning Commission voted to give Keel a conditional preliminary plan extension. This was an emergency measure just to stop the regulatory clock.

* The 13-Page Hurdle: The Borough's engineering consultant slammed Keel with a 13-page compliance violation review letter. They are legally blocking final building permits until Keel fixes individual code violations across the town's Land Development, Sewer, Water, and Zoning Ordinances.

* The Regulatory Trap: The town completely weaponized a newly adopted Data Center Ordinance to force Keel to prove its substations won't crash the local water tables or utility grids before a shovel even hits the dirt.

* The Tax Play: To cool down public anger, local COO Liam Wilson publicly announced that Keel will explicitly bypass proposed state-level data center tax exemptions. They promised they will pay full local taxes directly to the municipality.

## 2.

Sharon, PA (https://www.google.com/search?kgmid=/m/0\_60r) (110 MW Facility)

* Conditional Approval Granted: The Sharon Zoning Hearing Board officially greenlit the Clark Street expansion, but attached highly restrictive, legally binding municipal mandates:

* The River Water Ban: Keel is legally banned from extracting any cooling water from the Shenango River. They were forced to re-engineer the entire facility to use a strict closed-loop recycled water system.

* The Noise Ceiling: After heavy resident pushback regarding fan noise, the town enforced a mandatory 70-decibel operating limit. If they exceed it, the city can instantly shut them down.

* Next Milestone: The project is currently awaiting final, structural sign-off from the Mercer County Regional Planning Commission.

## 3. Québec, Canada Footprint (8 Regional Sites / 96 MW Sherbrooke Hub)

* The Crypto Casualty: Corporate spokespersons confirmed that Keel is entirely abandoning crypto mining across Canada. They are gutting and converting all 8 legacy locations exclusively for high-performance computing (HPC) and AI workloads.

* Hydro-Québec's Rate Shock: Local business journals are tracking a massive margin squeeze. Hydro-Québec aggressively increased energy rates to 13 cents per kilowatt-hour to push data centers away. Investors are waiting to see if Keel can leverage its HPC transition to bypass these penalty rates. [1, 3, 4]

## 4. Moses Lake, WA (https://www.google.com/search?kgmid=/m/010qp4) (18 MW Anchor Asset)

* Smooth Sailing: The Moses Lake Planning and Building Department has fully cleared all near-term zoning.

* Why It's Quiet: Because the region already hosts hyperscale infrastructure for giants like Microsoft, the local municipality has an accelerated, streamlined path for approving heavy power gear (like transformers). No active municipal blockades are on the docket here.

------------------------------

## 📊 THE CORPORATE FINANCIAL REFRESH (Q1 2026)

* The Rebrand: The corporate shift from Bitfarms to Keel Infrastructure officially concluded on April 6, 2026, completely retiring the old $BITF ticker on the Nasdaq and TSX.

* Revenue: Continuing operations brought in $37 Million, dropping 23% year-over-year as legacy revenue lines were systematically shut down.

* Net Losses: The company printed a massive $128 Million net loss from continuing operations ($145.35M total net loss) due to restructuring costs, the Macquarie credit facility extinguishment, and U.S. redomiciliation expenses.

* The Cash Runway: As of May 8, 2026, Keel maintains $533 Million in total liquidity. Executives explicitly stated on the earnings call that this runway is large enough to fund all development through 2028 without needing external capital. [1, 4, 5, 6, 7]

------------------------------

## 📅 TIMELINE TO WATCH (2026–2027)

1. Mid-to-Late Summer 2026: Final deadline to resolve the 13-page compliance letter in Panther Creek and secure final county sign-off in Sharon.

2. End of 2026: Management's self-imposed deadline to officially sign three tier-1 enterprise colocation leases across their 2.2 GW pipeline.

3. Fiscal Year 2027: The absolute earliest targeted date for commercial revenue to begin flowing from the new AI infrastructure infrastructure leases. [1, 4]

------------------------------

## 🔗 SOURCES & VERIFICATION LINKS

* [Keel Infrastructure Official Rebrand Announcement - Investor Relations](https://investor.bitfarms.com/news-releases/news-release-details/bitfarms-officially-rebrands-keel-infrastructure-completes-us)

* [Keel Infrastructure First Quarter 2026 Results - Fidelity/PR Newswire](https://www.fidelity.com/news/article/default/202605110700PRIMZONEFULLFEED9717112)

* [Bitfarms Q1 Earnings Call Highlights & Liquidity Runway - MarketBeat](https://www.marketbeat.com/instant-alerts/bitfarms-q1-earnings-call-highlights-2026-05-11/)

* [Detailed Statement of Operations & Transition Expenses - The Globe and Mail](https://www.theglobeandmail.com/investing/markets/stocks/BITF/pressreleases/1876275/bitfarms-q1-earnings-call-highlights/)

* Nesquehoning Planning Commission 13-Page Engineering Extension Vote - Times News Online

* [The Evolution of Québec's Energy Grid and the Crypto to AI Pivot - The Logic](https://thelogic.co/commentary/quebec-ink/quebec-ai-data-centres-bitcoin-cryptocurrency/) [1, 4, 6, 8]

------------------------------

[1] [https://investor.bitfarms.com\](https://investor.bitfarms.com/news-releases/news-release-details/bitfarms-officially-rebrands-keel-infrastructure-completes-us)

[2] [https://finance.yahoo.com\](https://finance.yahoo.com/video/bitfarms-completes-rebrand-keel-infrastructure-194611081.html)

[3] [https://www.youtube.com\](https://www.youtube.com/watch?v=hBvIyiPm9YQ)

[4] [https://www.marketbeat.com\](https://www.marketbeat.com/instant-alerts/bitfarms-q1-earnings-call-highlights-2026-05-11/)

[5] [https://investingnews.com\](https://investingnews.com/bitfarms-officially-rebrands-as-keel-infrastructure-completes-u-s-redomiciliation/)

[6] [https://www.theglobeandmail.com\](https://www.theglobeandmail.com/investing/markets/stocks/BITF/pressreleases/1876275/bitfarms-q1-earnings-call-highlights/)

[7] [https://www.marketbeat.com\](https://www.marketbeat.com/earnings/reports/2026-5-13-bitfarms-ltd-stock-1/)

[8] [https://www.fidelity.com\](https://www.fidelity.com/news/article/default/202605110700PRIMZONEFULLFEED9717112)

FTSE Russell is set to post its first preliminary Russell additions/deletions list on May 22 after 6 PM ET. That’s why a lot of people are watching Keel Infrastructure right now... if it shows up, it could be an early signal ahead of the full reconstitution process.

For anyone who is less familiar: the Russell indexes are major U.S. stock indexes that group companies by market size. The Russell 1000 tracks larger companies, while the Russell 2000 tracks smaller ones. Being added can matter because index funds and ETFs that track Russell may need to buy shares, which can increase attention and trading volume.

Do you think Keel will be included, or not?

And if it is, do you think the market already has that priced in?

Do you think they are enough to be included in Russell 2000 or Russell 1000 or none?