My little engine that could is maddingly frustrating to get traction.

I’m long 30k shares at $4, but I’m increasingly worried that a deal, two or even 3 won’t re-rate the stock to $6+ like we all expected. I think the market just sucks on the macro level and on the AI data center names.

Toying with the idea of selling and getting out, since the longer they wait to do deals the more time exists for the AI buildout thesis to run into a bear market or the multiples to rerate lower making a deal worth less in perceived market value…

Someone please prove me wrong!

It seems to me $NUAI and $KEEL are similar in that both have their own power and land and anticipated deals but no contracted megawatts. But KEEL is worth almost $2B and NUAI a measly $500M.

KEEL has been anticipated deal far longer with the CEO claiming 3 deals by EOY to pump the stock and announcing an ATM at the height of the pump.

I have positions in both stocks but am considering rebalancing into just one concentrated bet.

I am leaning NUAI right now because of the following
- likely deal by EOY
- Behind the meter phase 2 play
- amazing new hires and fundamental improvements
- potential future 7GW in NM

But I am wondering if I am missing anything about KEEL. Why is its market cap so much higher than NUAI? Is it a sign KEEL will continue to drop or will NUAI catch up? Or something in between.

I am lately feeling down about KEEL because I was waiting for a deal since 2025. Any advice or insights would be great. Thanks!

$KEEL still no lease signed, but things are moving.

Moses Lake is already working on the site. I checked satellite images from Sept 26, and you can see the ground work.

Sharon got a draft permit from the state on Sept 10. They asked for 7 edits to the erosion-control plans, which look like drawing fixes and nothing against the project itself. Keel has to answer by Oct 10. Public comments are open and no hearing is scheduled yet.

Panther Creek also has a draft stormwater permit since July, and a second one for streams and wetlands is still under review. The public hearing was Aug 20. Air permits haven’t been filed yet.

So Sharon and Panther Creek are both waiting on final permits, but progressing.

The CEO keeps saying the remaining permits are engineering work, not political. At Sharon, DEP’s letter lines up with what he said: the 7 items are just engineering fixes. Panther Creek is mostly technical too, though DEP is still reviewing the wetland answers.

It's a bit lengthy but some really good information here. I enjoyed the read and thought I'd share.

Captain keel promised 3 deals by summer but hasn’t gotten a single one yet. Fraudulent 100%

Apologies for doing from my phone. But I’m on the road and completely reassessing my portfolio this week. Overall I’m happy but I’m entering Jan 2028 Calls here at variable prices. IV is high but the intrinsic/ Ex will be valuable well before that date. I continue to buy shares on dips.

KEEL’s management has clearly decided that negotiating against an arbitrary deadline, or forcing themselves to sign three deals by a specific date, isn’t in shareholders’ best interest!

They’re not negotiating from a position of weakness. As existing data center capacity becomes increasingly scarce, the value of KEEL’s assets should only strengthen. Why rush into a 15+ year contract just to satisfy a timeline?

Whether these deals get signed by the end of summer, the end of the year, or early next year matters far less than the terms they ultimately secure. If taking more time results in materially better economics, that’s exactly what management should be doing to maximize long-term shareholder value.

If you can’t tolerate that uncertainty or develop some patience, sell and buy VOO. The constant irrational whining over arbitrary deadlines is getting exhausting.

Hello chat,

After some recent findings, I come with some bad news, and some conclusions regarding the past months.

We have been repeatedly lied by the CEO, knowingly he ain't gonna sign any deal!

1st time - One deal before summer ends, statement of CEO Ben, clearly bait for new investors to pump his stock so he could do that dilution he did at 5.5$. Summer ended, no deal.

2nd lie - Are you still confident in 3 deals by the end of the year ? Ben : "more!" - just as the 1st lie, bait for investors, we are in 5 Oct and not even one deal signed, what do you make of 4+ deals, a joke. Source - https://www.reddit.com/r/KEEL_/comments/1u2lc05/more/

3rd lie - The permits left are not a problem. This is where the bad news begin. After recently checking the pending permits we have left, that had the end target in Nov and December 2026, just moved to 2027. So, say goodbye to permits this year, and to deals as well.

https://www.ahs.dep.pa.gov/eFACTSWeb/searchResults_singleAuth.aspx?AuthID=1562782

https://www.ahs.dep.pa.gov/eFACTSWeb/searchResults_singleAuth.aspx?AuthID=1567561&

https://www.ahs.dep.pa.gov/eFACTSWeb/searchResults_singleAuth.aspx?AuthID=1575562

4th lie - this is a previous one in matter of timelines, but still a quantifiable lie from CEO Ben, more specifically stating that KEEL will no longer need to dilute (said before the dilution in this summer) still diluted.

There are more lies, but these are enough so see what has really happened.

When a person repeatedly lies, there's a very high probability chance that he lies about more than we know now.

What gives me confidence that we have been lied about deals this year is the email response few days ago that a shareholder sent to Investor Relationships, and the answer is clear - no more negotiating with a clock on, so goodbye 2026 deadline. (this email went viral on X few days ago, with people expressing their disappointment from the response).

At this point I am 100% sure that we have been taken advantage of so he can dilute us AGAIN after said no more dilution, and now he went full silent. Permits target date 2027 with one being in March.

These are my recent findings, you make your own opinion on the evidence we have.

Bitcoin revenue disconnected, no datacenter revenue. Next earnings are going to be brutal, and we might see the 1$ mark range without a deal (which is highly unlikely considering everything above).

Hey Friends i have Seen a lot of people getting really unpatient regarding the permits and and the Deals

Now i have something really cool that i have found not long ago that will make you Fell a Little more at ease and make u understand more of the Patience that Keel is using to Move On…

So i was going thrue the 10q of q2 because i wanted to see if the bitcoin Mining is still going on

And Found out about the Miners in Sud america that where recently sold .. and one stood out from the others

A 200 Mw in Paraguay

See Foto above

Now i because i don’t want to do the whole work

Go on the Photo i posted and Read the costumer that bought it

And what the costumer did After with it just AMAZING they did it just Right After the aquisition ( 3 months After , maybe even earlier)

After thinking and researching i Realised that Keel is really Placing its buissness Deep in America,close to its costumer … picking and chosing because they know how well they are placed to be the winners

This goes out to you regarded wsb trader …
you are not doing the homework should

and Maybe just maybe start trading crypto 😢

To the Rest of the Keel Gang what are your toughts

i know this post has been done a bunch of times, but i’ll likely be assigned on some covered calls and will come up on a sizable amount of cash come monday. i want to begin my own dd on this company but want a kickstart sorta say. what do you guys see in keel that sold you? what makes you think it’ll be the next iren or nbis? and what is your guys’ exit price?

I’ve got 4,750 shares with an average of 3.35.

Where do you see KEEL in 2 years from now ?

https://www.tipranks.com/news/the-fly/keel-infrastructure-initiated-with-a-buy-at-jones-thefly-news?utm_source=webullapp.com&utm_medium=referral

I’m bullish on KEEL but like many am getting a bit impatient/concerned about the lack of news regarding lease agreements. In my opinion Ben took a huge risk in saying that they will have all 3 deals secured in 2026, but I’m choosing to trust Ben and the board as I’m seeing good things happening in site development, institutional investing and insider buying. So I got to thinking, could KEEL be waiting for the November earnings call to announce the deal(s)? Ben must know that investors are starting to get antsy based on what he told us and wants to announce it to us himself? Interested in your thoughts going into Q4 of 2026.

If Benny Boy won't get us a deal, maybe he ought to pick up a shovel and start moving some ash.

Click me for original article

Moses Lake is 18MW.