The KEEL inclusion to the Russell 2000 is NOT priced in yet:

I took the time to look up what historically happens with stocks entering the Russell 2000, specifically ones with an (almost) guaranteed inclusion like SMCI

Markets are extremely efficient at pricing in information, but are often inefficient at pricing in liquidity.

It usually happens in 3 waves, the speculative wave Jan-March is over. The early buyers are already in, they bought the redomiciliation news with the expectation of index inclusion.

Wave two is generally from late April through late May. This is the run up between rank day (guaranteed inclusion) and the forced buying.

The final wave usually comes in June leading up to the forced buying of KEEL shares by institutions.

Because it is an AI infrastructure stock, it will likely be pushed into "Growth" buckets which can lead to a valuation expansion that isn't fully realized until the actual inclusion.

Just a heads up though, often the date of inclusion can lead to a "Sell the news" event. So watch out for a drop on June 26th, followed by a hangover through July.

Historical price action of Russell inclusion: