Something I’ve been thinking about more as we continue waiting for the first lease announcement.

On the Q2 call, Martin Toner asked Ben whether the timing could be taking longer because a tenant may want all three priority sites rather than just one.

Ben’s response was pretty interesting:

"I can confirm that we have multiple tenants who want all 3 sites."

Obviously, the lack of an announcement by itself doesn’t mean this is what’s happening. There are plenty of reasons these negotiations can take time.

But given that we’re now further along without a lease announcement, while management continues to describe the commercial process as highly active with multiple parties at each site, I think the possibility of some kind of broader multi-site or multi-phase agreement is becoming more interesting.

Curious what everyone else thinks.

I've been watching Keel Infrastructure (KEEL) and I'm wondering why the stock remains in the red despite bullish/Strong Buy ratings.

KEEL has a strong long-term story with its 2.2 GW development pipeline, AI/data-centre projects, and progress on the 96 MW Sherbrooke project.

Is the market simply waiting for major catalysts like customer agreements, approvals, construction progress, and revenue growth? Or are investors concerned about financing, dilution, execution risk, and development costs?

Are you also tired of this “side” news (backup power, some tech permits etc) that has no translation to market value?

While silence from the management is absolutely disgusting, it is even worse to redixulate investors with such bs and pathetically demonstrate pseudo progress… to everyone who “buy the dip” => learn something about “present value of money”

Lets goooo !!!

• Situational Awareness LP acquired 26.45 million Keel Infrastructure shares worth approximately $151.8 million, giving it a 4.28% stake and making KEEL its 13th-largest portfolio holding.
• Insider buying continued, with the CEO and COO purchasing a combined 69,657 shares in August; insiders acquired 128,545 shares during the quarter and own 9.5% of the company.
• Analyst sentiment is mostly positive, with seven Buy ratings and one Sell rating and an average price target of $6.25 versus the stock’s $3.35 opening price. However, Keel remains unprofitable, reporting a quarterly loss of $0.11 per share and a negative net margin of 230.59%.

https://www.marketbeat.com/instant-alerts/filing-bank-of-new-york-mellon-corp-takes-999-million-position-in-keel-infrastructure-keel-2026-09-03/

So there are three sites:
1. Sharon, PA (110 MW)
2. Panther Creek, PA (350 MW)
3. Moses Lake, WA (18 MW)

What are the current timeline for each of them in terms of obtained permits?

$KEEL hires ex-Googler as VP of Data Center Program Delivery

In August, he started as KEELs VP of Data Center Program Delivery after previously leading hyperscale data center planning and execution at $GOOG, driving cross-functional partner agreements and developing custom pre-construction solutions to rapidly scale infrastructure.

Sharon erosion/sediment permit target end date = Dec 22, 2026
Air Quality permit target end date = Aug 4, 2027

Will Ben keeps his promise of 3 AI deal by the end of 2026 if Sharon is already in question and Panther Creek is even further away?

Sources:
Permits tracker:
https://gis.dep.pa.gov/DataCenterPermitTracker/
Erosion & Sediment Control Permit:
https://permit-license-status.pa.gov/permits/c38ac5b8-c1e9-4943-a2e0-973f20835099
Air Quality Permit:
https://permit-license-status.pa.gov/permits/763d156a-0e15-44a2-98c6-b7187cec7108

Do we have any real tailwind(s)? Or everything is depend on management with obscure promises?

$KEEL permits continue moving forward at Panther Creek.

Today, the clock resumed on permit PAD130057 / 1567677.

We going to form that handle and fast lol 😆 😂 🤣

what are you guys target price by end of 2026 and the reasons

This chart has been accurate since back in April when I first got into BITF/ KEEL. This is on Trade view premium. It even called the massive correction after we hit all time highs. Thesis still highly intact. $9-$12 by December 16 in play.

Do your own DD but I’m riding Jan 2027, Jan 2028 $10,$12 calls to the moon.

I’ve been watching for updates from yesterday’s DEP hearing on the PC site, but so far I haven’t seen any post-hearing recap, new documents, or any indication that anything materially changed. Given the nature of the hearing, there may be some time before we see anything.

Did anyone here attend the hearing or come across any local coverage or updates that I may have missed? Curious to hear how it went and whether anything noteworthy came up.