Apr. 23 at 11:33 PM
AI infra names are trading on $/watt, and the spread is insane:
$CRWV ≈
$23/W
$NBIS ≈
$16/W
$HUT ≈
$9/W
$IREN ≈
$4/W
Then you’ve got
$KEEL… sitting around
$0.70/W with a ~2.2GW pipeline and ~
$1.6B market cap.
That’s not a small gap — that’s a MASSIVE disconnect.
Either the market is pricing in execution risk (financing, buildout, timelines), or this is one of those setups where valuation snaps hard once credibility + contracts show up.
In this tape, AI power = AI revenue. And if that holds,
$KEEL is trading like it doesn’t belong in the same conversation.
