Key Takeaways
- • Galaxy Digital's stock surged 13.48% to $31.99 following regulatory approval for an additional 830 MW data center capacity at its Helios facility in West Texas, doubling the campus's total approved power to 1.6 GW.
- • Helios data center achieved a $15 billion valuation, with CoreWeave committing to the full 800 MW Phase I capacity; the project is fully funded via a $1.4 billion financing facility from Deutsche Bank and a $460 million equity investment from an unnamed major asset manager.
- • Despite reporting a $216 million net loss in Q1 2026 amid a 20% cryptocurrency price decline, Galaxy Digital's stock rallied on investor refocus toward the Helios expansion and operational milestones, with initial power delivery expected in early 2026.
- • Galaxy's Global Markets division posted record adjusted gross profit of $295 million, driven by elevated trading volumes and cryptocurrency valuations, while the company maintained $5 billion in assets under management.
- • The company secured a 15-year service agreement with AEP Texas Inc. to support Helios expansion and is evaluating additional power and land opportunities beyond Texas to capture accelerating AI compute demand.
Summary
Galaxy Digital rallied for a fourth consecutive trading day on April 28, 2026, jumping 13.48% to close at $31.99 per share following regulatory approval from the Electric Reliability Council of Texas (ERCOT) for an additional 830 MW computing capacity at its flagship Helios data center campus in West Texas. The approval, which followed completion of a Large Load Interconnection Study facilitated by Wind Energy Transmission Texas, effectively doubles the facility's total approved power capacity to 1.6 GW. Galaxy simultaneously secured a service agreement with AEP Texas Inc. as the transmission interconnection provider, advancing the facility's long-term development roadmap.
The Helios project has emerged as a critical growth vector for Galaxy Digital amid volatile cryptocurrency markets. The data center campus achieved a $15 billion valuation, positioning the company at the center of surging institutional demand for AI and high-performance computing infrastructure. CoreWeave, a cloud infrastructure firm specializing in AI workloads, has committed to the full 800 MW Phase I capacity under a multi-year lease agreement. Phase I construction is fully funded through a $1.4 billion project financing facility closed with Deutsche Bank in August 2025, supplemented by a $460 million equity investment from an unnamed major asset manager that generated $325 million in net proceeds. Galaxy expanded the Helios property through strategic land acquisition to over 1,500 acres, with an additional 2.7 gigawatts of potential future power capacity currently under ERCOT review.
Construction momentum remains robust, with Galaxy reporting over 500,000 labor hours logged and more than 700 workers on-site daily. The company expects initial power delivery to CoreWeave in early 2026, with the first data hall expected to power on in early December 2025 and subsequent commissioning. CEO Mike Novogratz characterized Helios as a "gold rush," underscoring the strategic importance of the asset to Galaxy's transformation from a traditional digital asset finance platform to an infrastructure operator.
The stock surge occurred despite Galaxy Digital reporting a $216 million net loss in Q1 2026, attributed to a 20% cryptocurrency price decline and one-time costs. However, the company's Global Markets division posted record adjusted gross profit of $295 million, bolstered by elevated trading volumes and cryptocurrency valuations. Galaxy maintained $5 billion in assets under management and $2.6 billion in cash and stablecoins, providing substantial financial flexibility for capital deployment and operations. Analysts view the Helios expansion as a significant near-term catalyst, with the company evaluating additional power and land opportunities within and beyond Texas to capitalize on sustained institutional AI infrastructure demand.
The Helios project has emerged as a critical growth vector for Galaxy Digital amid volatile cryptocurrency markets. The data center campus achieved a $15 billion valuation, positioning the company at the center of surging institutional demand for AI and high-performance computing infrastructure. CoreWeave, a cloud infrastructure firm specializing in AI workloads, has committed to the full 800 MW Phase I capacity under a multi-year lease agreement. Phase I construction is fully funded through a $1.4 billion project financing facility closed with Deutsche Bank in August 2025, supplemented by a $460 million equity investment from an unnamed major asset manager that generated $325 million in net proceeds. Galaxy expanded the Helios property through strategic land acquisition to over 1,500 acres, with an additional 2.7 gigawatts of potential future power capacity currently under ERCOT review.
Construction momentum remains robust, with Galaxy reporting over 500,000 labor hours logged and more than 700 workers on-site daily. The company expects initial power delivery to CoreWeave in early 2026, with the first data hall expected to power on in early December 2025 and subsequent commissioning. CEO Mike Novogratz characterized Helios as a "gold rush," underscoring the strategic importance of the asset to Galaxy's transformation from a traditional digital asset finance platform to an infrastructure operator.
The stock surge occurred despite Galaxy Digital reporting a $216 million net loss in Q1 2026, attributed to a 20% cryptocurrency price decline and one-time costs. However, the company's Global Markets division posted record adjusted gross profit of $295 million, bolstered by elevated trading volumes and cryptocurrency valuations. Galaxy maintained $5 billion in assets under management and $2.6 billion in cash and stablecoins, providing substantial financial flexibility for capital deployment and operations. Analysts view the Helios expansion as a significant near-term catalyst, with the company evaluating additional power and land opportunities within and beyond Texas to capitalize on sustained institutional AI infrastructure demand.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.