Galaxy Digital Inc.
Overview
Galaxy Digital Inc. (Nasdaq: GLXY) is a New York-based financial-services and infrastructure firm built around digital assets and, increasingly, AI compute. Led by founder Mike Novogratz, Galaxy redomiciled to Delaware and uplisted to Nasdaq in 2025. Its core operations span three pillars: Global Markets (trading, lending, derivatives and investment banking in crypto), Asset Management (funds and tokenization), and Digital Infrastructure Solutions — the segment that houses what is now the company's most-watched asset, the Helios data center campus.
Helios sits on more than 1,500 acres in Dickens County, West Texas, on land and power infrastructure Galaxy acquired from bitcoin miner Argo Blockchain in late 2022. Rather than mine, Galaxy pivoted the site into AI/HPC capacity and signed CoreWeave as anchor tenant. Critically, Galaxy is the landlord here: it owns the land, the grid interconnection and the power, and leases finished capacity to CoreWeave. That ownership is why the company's controlled-power position is counted as owned, not leased.
As of mid-2026 the company carries roughly 1.63 GW of LLIS-complete, ERCOT-approved and utility-contracted (AEP Texas) power at Helios — 0.13 GW energizing in Phase I and ~1.5 GW contracted behind it. Galaxy markets a stated ultimate potential of over 3.5 GW, but the ~1.9 GW increment above the approved 1.63 GW has no completed interconnection study or grid commitment and is treated here as under-evaluation, not committed.
Market Thesis
The power story is the whole story. Galaxy's edge is not GPUs — it is a single, enormous, grid-secured site in a region where interconnection queues are the binding constraint on the entire AI build. Over 1.6 GW of ERCOT-approved, utility-contracted capacity at one campus is a genuinely scarce asset; Galaxy doubled its approved capacity with an additional 830 MW in January 2026, and the land footprint gives optionality toward 3.5 GW. For a company whose market cap is ~$11B, owning the dirt and the megawatts under a hyperscaler-grade tenant is a structurally better position than renting racks.
The CoreWeave lease converts that power into a long, contracted annuity. The 15-year agreement (plus two five-year extensions) covers 526 MW of critical IT load across Phases I-III, with Galaxy guiding to $1B+ of average annual revenue and ~90% lease-level EBITDA margins. That is hyperscaler-style cash flow with hyperscaler-style duration — and Galaxy keeps the residual value of the infrastructure. First hall delivered to CoreWeave in April 2026, with substantially all of Phase I's 133 MW targeted for end of Q2 2026.
The bear case is concentration and counterparty. This is one site, one anchor tenant, and one customer (CoreWeave) whose own balance sheet and demand durability remain debated. Galaxy carries ~$3.06B of notes payable and is funding the build with an 80%-LTC, $1.4B project facility — heavy leverage against a single-asset cash flow. And the headline company is still a crypto firm: Q1 2026 swung to a $216M net loss on a ~20% drop in crypto market cap, so the data center annuity is being built on top of a volatile, mark-to-market trading book. The 3.5 GW dream is real estate; the 1.63 GW is the business.
Approach
Galaxy owns the power and the shell and leases to CoreWeave under a 15-yr triple-net-style lease; it operates no GPUs itself. Sits near the pure-landlord end, nudged off zero only because it delivers powered, built-out data halls rather than raw land.
Power Position
Operational power is energized and earning today. Secured is grid-secured or under construction — not yet drawing load. Announced is pipeline — committed sites and stated intent. The gap between them is where the risk, and the re-rating, live.