Missed Out On Nebius? This Former Crypto Miner Might Be Your Second Chance.

Nebius Group (NASDAQ: NBIS) has more than doubled this year as hyperscalers continue to lease AI data centers with secured power. Not only does Nebius have some of the largest tech companies as customers, but it has also expanded a prior agreement with Meta Platforms in the first quarter, showing that demand continues to heat up.

Although some investors may feel they missed out on Nebius, there is another AI data center play that hasn't received as much attention. Keel Infrastructure (NASDAQ: KEEL), formerly known as Bitfarms, is scaling AI infrastructure that will meet the needs of tech leaders.

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The pipeline is growing

The revenue potential of AI data centers is measured by its gigawatt pipeline. Although Nebius is a larger company, Keel is gaining ground and has a 2.2-gigawatt pipeline. That includes 1.5 gigawatts in expansion capacity, which are under application and being evaluated.

This growing pipeline reflects Keel's shift to North American infrastructure. The company exited its Latin American megawatts and is focused on high-demand AI computing needs.

Keel is following the playbook that it outlined in its full-year 2025 presentation. It's winding down Bitcoin mining operations and expects to deliver orders for hyperscalers as early as 2027. At this point, high-performance compute revenue should begin and accelerate quickly.

Nebius' revenue is already accelerating due to strong demand from tech giants. Keel is a year away from realizing that type of growth and intends to secure three hyperscaler leases by the end of the year.

Keel could see further gains in its pipeline by the end of the year. Its Scrubgrass site in Pennsylvania could have a capacity of up to 1.3 gigawatts. A single new site could add hundreds of megawatts or even an entire gigawatt. While these sites take multiple years to develop and energize, they also indicate how quickly and substantially Keel's revenue potential can change.

The colocation model reduces financial strain

Keel prioritizes a colocation model for its sites. While this model results in less lucrative contracts than what Nebius receives, it also minimizes Keel's capital expenditures.

The colocation model involves building AI data centers and securing a power supply. It's up to hyperscaler tenants to bring their own chips. The "bring your own chips" trend can attract more potential clients by opening the door to custom chips.

Most AI data centers are built with Nvidia chips, but custom chips have been gaining momentum, especially since they are better than graphics processing units (GPUs) for inference.

Since Keel uses colocation, it can more easily complete AI data centers and attract new customers. Tech giants have signed long-term contracts with competitors that range from 15 to 20 years. Keel gets to act as the landlord and collect steady monthly payments, which can build the foundation for future expansion.

Keel is building toward an impressive 2027 that should feature multiple hyperscaler deals, several revenue streams, and an expanded gigawatt pipeline. These catalysts suggest that Keel's best days may still be ahead.

Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Meta Platforms, and Nvidia. The Motley Fool has a disclosure policy.