Keel Infrastructure reported a $141 million operating loss for the second quarter as the company accelerates its strategic transition from Bitcoin mining toward high-performance AI data center development.

Key Points

• Second-quarter revenue fell to $30 million from $61 million, driven by lower Bitcoin prices and the shutdown of cryptocurrency mining operations.
• The company reported a $141 million operating loss, which included $63 million in accelerated depreciation from retired mining rigs.
• Keel raised $458 million through a convertible senior notes offering to fund power capacity expansion at its Pennsylvania sites.
• Development is advancing at three priority sites in Moses Lake, Washington, and Sharon and Panther Creek, Pennsylvania, with commissioning expected by 2027.
• Total liquidity reached $819 million as of August 7, intended to support site development and operations through 2028.

Why it Matters

The company’s pivot highlights the growing industry trend of repurposing power-constrained infrastructure to meet the surging demand for artificial intelligence and high-performance computing. By exiting volatile cryptocurrency mining to focus on long-term data center leases, Keel aims to secure more stable, utility-backed revenue streams.