Episode Details

We sit down with Ben Gagnon, CEO of Keel Infrastructure, right after the company’s $458M convertible raise to unpack why the timing matters and how the capital supports permitting, leasing and locking in expansion megawatts. We also press on deal confidence, disclosure timing, and why “not all megawatts are created equally” as AI demand pushes buyers from 2027 power toward 2028. 

• rationale for the convertible raise and why management calls it opportunistic and strategic 
• how Keel thinks about runway, liquidity and funding expansion capacity beyond the headline sites 
• what a near-billion-dollar balance sheet signals to potential tenants and partners 
• how the capped call works conceptually and why flexibility matters with convertibles 
• why management says it is “more confident” on three deals by year-end while staying inside NDAs 
• the plan to announce signed deals quickly rather than waiting for earnings timing 
• pros and cons of preleasing far out versus contracting closer to delivery 
• how token-based AI usage could change who pays premiums and how lease economics evolve 
• labour and construction context, with Pennsylvania positioned differently from overheated markets 

Let us know in the comment section below what you thought about this big announcement from Kiel and if you're currently holding shares!

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