We walk through Keel’s Q2 results and why the reported numbers can look misleading while the company exits Bitcoin mining and builds AI data center infrastructure. We also break down what actually drives lease timing, power value, permitting confidence, and financing discipline as 2027 capacity becomes scarce.

• Q2 highlights framed as proof of transition execution
• Why quarterly earnings can understate long-term contracted value
• Texas, New York, and Pennsylvania compared as three different regulatory and grid stories
• Why we do not treat LOIs like signed deals and what the engineering work really involves
• Moses Lake versus Sharon versus Panther Creek sequencing and permitting status
• How 2027 power scarcity creates tenant tension and better commercial outcomes
• Vertiv partnership scope and why build commitments must match lease commitments
• Cost of capital viewed through levered yield on cost and return on equity
• Load studies, expansion capacity, and what gives confidence at Panther Creek and Scrubgrass
• Training versus inference economics and why geography matters for future demand
• Community support projects used to solve real local problems and build trust

Let us know in the comment section below what you thought of KEEL's results and if you're currently holding shares!

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