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Galaxy Digital (GLXY)

Galaxy Digital runs a digital asset business and the Helios data center campus in Texas, leased to CoreWeave; it reported Q3 results on 10-27.

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Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

What it does

Galaxy Digital runs two main businesses: digital assets (trading, lending, asset management and staking) and data centers. Its Helios campus covers more than 2,200 acres in Dickens County, West Texas, with 1.6 GW of approved grid capacity. CoreWeave has leased 526 MW of critical IT capacity there across three phases.

Role in the theme

Galaxy is a data center landlord in the AI compute hosts (neoclouds) theme, with CoreWeave as the tenant at Helios. It also appears in the crypto theme for its digital asset business.

Latest

  • 10-27 (Q3 results): Net income was $323M and adjusted EBITDA was $455M. The Data Centers segment had adjusted gross profit of $79M and capital spending of $757M in the quarter.
  • 10-27: All 133 MW of Helios I Phase I critical IT has been delivered to CoreWeave. Phase II is fully financed and under construction, with data hall deliveries due to begin in Q2 2027.
  • 10-27: Galaxy is in talks with possible tenants for 830 MW of approved capacity at Helios II that is not yet leased.
  • 10-27: Non-current notes payable rose to $6.31B at 9-30 from $2.43B at the end of 2025. In the quarter Galaxy completed a $3.5B senior secured note offering to fund Helios I Phase II.
  • 10-27: The board approved a new $200M share repurchase on 10-26. In digital assets, the average loan book rose 27% from Q2 to $1.8B, and Galaxy signed a multi-year agreement with BNY that includes staking support.

What to watch

  • Leasing of the 830 MW at Helios II.
  • Phase II construction, with first data halls and rent due in Q2 2027.
  • Texas permits: the state paused permits for infrastructure that directly supports data centers, with no end date. Helios is in Texas.
  • CoreWeave's Q3 report on 11-10, since it is the Helios tenant.
  • Next report: Q4 2026, date not confirmed.

Covered in

Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.