IREN, Keel Join Russell Indexes as AI Infrastructure Stocks Draw Broader Attention

IREN Limited (NASDAQ: IREN) and Keel Infrastructure (NASDAQ: KEEL) Corp. were added to major Russell indexes following the latest FTSE Russell reconstitution, extending the visibility of two digital infrastructure companies that have drawn investor attention during the AI data center buildout.

IREN said Monday it was added to the Russell 1000 Index after the market close on June 26. The index tracks roughly 1,000 of the largest U.S. equities by market capitalization and is widely used by investors as a benchmark for large-cap stocks. Membership in the Russell 1000 is based on inclusion in the broader Russell 3000 Index.

Keel Infrastructure, meanwhile, said it was added to the Russell 3000 Index effective at the U.S. market open Monday. The Russell 3000 is designed to represent the broad U.S. equity market and is closely followed by index funds and benchmarked investors.

The additions come after a volatile stretch for AI and energy infrastructure-linked stocks, including companies that have repositioned bitcoin mining sites and power assets for high-performance computing workloads.

IREN shares are down 2% in Monday morning trading as an early gain faded. The stock had pulled back sharply in recent sessions, falling more than 20% over the past week and month, though it remained up nearly 300% over the past year.

Keel shares also gave back their premarket gains after the open. The stock recently traded around $5.68, down about 5.8% from Friday’s close of $6.03, after opening higher and touching an intraday high above $6. The stock gained 2.7% on Friday and has risen more than 16% over the past month, though it remained lower over the past week. Over the past year, Keel shares have climbed more than sixfold.

IREN has also sought to raise its brand profile outside the data center sector. Last week, the company announced a multi-year partnership with the Golden State Warriors that will put the IREN badge on all Warriors jerseys beginning with the 2026-27 NBA season, replacing Rakuten as the team’s jersey patch sponsor.

The agreement also makes IREN the official AI cloud partner of Golden State and extends its branding to the WNBA’s Golden State Valkyries warm-up gear, Santa Cruz Warriors jerseys, Chase Center signage and the Warriors’ City Edition platform. The partnership includes community programs such as youth technology initiatives, basketball court refurbishments and the distribution of 10,000 Warriors jerseys annually to youth in underserved communities.

The Warriors and IREN did not disclose financial terms. Sportico reported that the agreement is worth more than $50 million annually, making it the richest sponsorship deal in North American team sports history. The reported price tag is a sharp step-up from Rakuten’s prior Warriors jersey patch deal, which was originally reported at about $20 million per year when it began in 2017.

The deal drew divided responses on X and other online investor forums. Supporters framed it as a high-profile brand-building move that could help IREN reach enterprise customers in the Bay Area and beyond. Critics questioned the cost of the sponsorship at a time when the company is still scaling its AI cloud business and has recently tapped capital markets to fund data center and GPU expansion.

Keel’s addition follows a series of capital markets and infrastructure developments. The company recently closed a $458 million convertible senior notes offering to fund data center and energy infrastructure projects, including sites tied to its Panther Creek, Sharon and Moses Lake development pipeline.

Keel Chief Executive Officer Ben Gagnon said the Russell inclusion reflects the company’s efforts over the past 18 months to build a U.S. digital and energy infrastructure platform.