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Moses Lake Today
By the People, for the People
KBW Maintains $3 Price Target for Keel Infrastructure After Rebrand
Investment bank cites leasing execution and power site permits as key to upside potential.
Apr. 6, 2026 at 1:37pm
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Investment bank Keefe, Bruyette & Woods (KBW) is maintaining its $3 price target on Keel Infrastructure (formerly BitFarms) despite lowering its 2026 revenue and earnings estimates. The firm cited the company's ability to fund $265 million in capital expenditures without a new capital raise as a positive, supported by $520 million in total liquidity and the pending sale of its Paraguay operations.
Why it matters
Keel Infrastructure's transition from a Bitcoin mining company to an AI/HPC infrastructure firm focused on hyperscaler clients is a significant strategic shift. The company's ability to secure leasing deals and permits for its power sites will be crucial in determining its future success and stock performance.
The details
KBW analyst Stephen Glagola stated that the current stock valuation likely reflects potential deals at the Moses Lake and Sharon locations, and further gains depend on securing Notice to Proceed status and permits for the Panther Creek site. The bank lowered its 2026 revenue expectations to $156 million from a previous $234 million estimate due to reduced mining projections, forecasting a 2026 EBITDA loss of $76.6 million and a GAAP loss of $0.38 per share.
- Keel Infrastructure began trading as a completely U.S. domiciled firm under a new company brand on Monday, April 6, 2026.
The players
Keel Infrastructure
Formerly known as BitFarms, the company has transitioned into the AI/HPC space and is courting hyperscalers for its AI factory builds.
Keefe, Bruyette & Woods (KBW)
An investment bank that has maintained a $3 price target on Keel Infrastructure despite lowering its 2026 revenue and earnings estimates for the company.
Stephen Glagola
An analyst at KBW who stated that the current stock valuation likely reflects potential deals at the Moses Lake and Sharon locations, and further gains depend on securing permits for the Panther Creek site.
What they’re saying
“The current stock valuation likely reflects potential deals at the Moses Lake and Sharon locations, and further gains depend on securing Notice to Proceed status and permits for the Panther Creek site.”
— Stephen Glagola, Analyst
What’s next
Keel Infrastructure will need to secure the necessary permits and leasing deals for its power sites, particularly the Panther Creek location, in order to drive further stock price appreciation.
The takeaway
Keel Infrastructure's transition from a Bitcoin mining company to an AI/HPC infrastructure firm focused on hyperscaler clients represents a significant strategic shift. The company's ability to execute on leasing deals and secure the required permits for its power sites will be crucial in determining its future success and stock performance.
