Keel Infrastructure (NASDAQ: KEEL), formerly known as Bitfarms, surged 7.72% on September 4, adding approximately $148 million to its market capitalisation following recent developments surrounding the company's proposed data centre project in Sherbrooke, Quebec.
Leopold Aschenbrenner, a former OpenAI researcher, disclosed a Q2 2026 position in Keel worth roughly $151 million. At current prices, that position has increased to approximately $162.7 million, reflecting an overnight gain of roughly $11.7 million.
Sherbrooke Project Details
On September 1, Sherbrooke city officials outlined the approval process and timeline for Keel's subsidiary Backbone Hosting Solutions to develop a 96-megawatt data centre facility. The company presented two plans to municipal authorities.
Plan A would consolidate electricity from Backbone's three existing Sherbrooke mining operations at a new campus designed for high-performance computing and artificial-intelligence infrastructure.
Plan B would allow Backbone to convert its three existing sites into data centres if the new campus proposal does not proceed.
Timeline and Next Steps
Under a July agreement, Backbone has six months to submit its conditional-use application. If all municipal and provincial approvals are obtained, city officials expect the final land-sale agreement could be signed in 2027.
Ben Gagnon, CEO and Director of Keel Infrastructure, noted in May that the company had spoken with 129 investors since its Q1 earnings call on May 11, compared with 168 investor meetings throughout the entirety of 2025.
