Nebius Group, an AI data center operator, has more than doubled in value this year as demand for hyperscaler infrastructure with secured power remains strong.
Keel Infrastructure, a former Bitcoin mining company now pivoting to AI data centers, offers a similar play but has received less investor attention; it operates on a colocation model that reduces capital costs and allows it to attract customers building custom chips, with plans to deliver orders to hyperscalers as early as 2027.
What happened
Nebius Group (NBIS) has more than doubled this year on strong demand for AI data centers with secured power, and expanded its Meta Platforms agreement in the first quarter. Keel Infrastructure (KEEL), formerly Bitfarms, is pursuing a similar strategy with a 2.2-gigawatt pipeline—1.5 gigawatts in expansion capacity under application—and plans to wind down Bitcoin mining and begin delivering orders to hyperscalers as early as 2027.
Why it matters
Both companies are betting on hyperscalers' need for AI infrastructure. Nebius is already accelerating revenue from tech giants, while Keel uses a colocation model (building data centers and power supply while hyperscalers bring their own chips) that reduces its capital costs and allows it to collect steady monthly payments from long-term leases. This model also opens the door to custom chips, which are gaining momentum as alternatives to Nvidia GPUs for inference tasks.
What to watch
Keel intends to secure three hyperscaler leases by the end of the year, and its Scrubgrass site in Pennsylvania could add up to 1.3 gigawatts of capacity. The company is building toward 2027, when it expects to see multiple hyperscaler deals and several revenue streams, though these data centers typically take multiple years to develop and energize.
Nebius Group has captured investor momentum this year, with shares up more than 100%, driven by sustained demand from hyperscalers seeking AI data centers paired with secured power supply. The company counts some of the largest tech companies among its customers and expanded a prior agreement with Meta Platforms during the first quarter, underscoring continued appetite for its infrastructure.
Keel Infrastructure, rebranded from its prior identity as Bitfarms, is pursuing a similar strategy but from a different starting point. The company operates a 2.2-gigawatt pipeline, of which 1.5 gigawatts represents expansion capacity currently under application and evaluation. Rather than mimicking Nebius's full-service model, Keel is building infrastructure on a colocation basis—the company constructs the data centers and secures the power supply, while hyperscaler tenants bring their own computing chips. This approach deliberately minimizes Keel's capital expenditures while allowing it to function as a landlord collecting steady monthly payments from long-term contracts, which typically span 15 to 20 years.
The colocation strategy carries a strategic upside: it enables Keel to more easily attract customers experimenting with custom chips. While most deployed AI infrastructure relies on Nvidia GPUs, custom chips have been gaining traction as alternatives better suited for inference workloads. By offering the flexibility to accommodate "bring your own chips," Keel can court tech leaders that have already locked into long-term GPU contracts with competitors and are exploring alternatives for specific use cases.
Keel is executing a stated transition plan outlined in its full-year 2025 presentation. The company is winding down Bitcoin mining operations and targeting the delivery of hyperscaler orders as early as 2027, with high-performance compute revenue expected to begin and accelerate at that point. Near-term, the company intends to secure three hyperscaler leases by year-end. The Scrubgrass facility in Pennsylvania represents one focal point: the site could eventually deliver up to 1.3 gigawatts of capacity, though such projects typically require multiple years from planning through energization. Should Keel execute on its roadmap, the company could see its revenue potential and pipeline expand substantially by the end of the year and into 2027.
Nebius Group's more-than-doubling stock performance this year reflects a structural shift in how hyperscalers—large cloud providers—source AI infrastructure, with secured power supply becoming a critical competitive advantage. Meta Platforms' expanded agreement with Nebius in the first quarter signals sustained demand from major tech companies, validating the thesis that AI data center capacity will remain a bottleneck for years.
Keel Infrastructure represents an earlier-stage bet on the same secular trend. The company's pivot from Bitcoin mining to AI infrastructure mirrors a broader industry reallocation of capital toward higher-margin, longer-term hyperscaler contracts. By adopting a colocation model—where it supplies power and real estate while customers bring their own chips—Keel accepts lower contract values than Nebius but gains two strategic advantages: reduced capital strain and flexibility to support the growing ecosystem of custom chips designed specifically for AI inference. This matters because Nvidia GPU dominance, while still significant, is being challenged by purpose-built alternatives that are better suited for inference workloads.
The timeline divergence is important: Nebius is already realizing revenue acceleration from tech giants, while Keel is roughly one year away from that inflection. Keel's 2.2-gigawatt pipeline, with 1.5 gigawatts under evaluation, positions it to grow substantially if it secures the three hyperscaler leases it is targeting by year-end and brings projects like the Scrubgrass site in Pennsylvania (up to 1.3 gigawatts) online. Since data center development typically spans multiple years, near-term wins in lease agreements would signal confidence that Keel can compete for the same customer base as Nebius.
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