Key Takeaways
- • Galaxy Digital shares surged 23.6% to $31.07 on June 8, 2026, driven by CEO Mike Novogratz's disclosure that the company's West Texas Helios AI data center project is already half-leased and now represents more than half of Galaxy's enterprise value.
- • The Helios campus delivered its first data hall to anchor tenant CoreWeave in April and remains on track to deliver nearly all 133 megawatts of critical IT load by the end of Q2 2026, marking the transition from construction to revenue operations.
- • CoreWeave's initial lease agreement spans 800 megawatts of gross power and 526 megawatts of critical IT load on a 15-year base contract, positioning Helios as a material revenue driver for Galaxy going forward.
- • The stock move reflects a significant market revaluation of Galaxy Digital as investors increasingly recognize the company's dual exposure to institutional crypto infrastructure and high-margin AI data center operations, rather than viewing it solely as a digital-asset trading platform.
- • Trading volume exceeded 15 million shares on the single-day rally, one of the steepest one-day gains since Galaxy's Nasdaq debut, suggesting broad institutional interest in the data center narrative.
Summary
Galaxy Digital Holdings experienced a sharp 23.6% single-day rally on June 8, 2026, as investors reassessed the company's strategic positioning following CEO Mike Novogratz's public remarks about its flagship Helios AI data center project in West Texas. Shares jumped to $31.07 on the Nasdaq in afternoon trading, with intraday peaks reaching $31.75 and volume exceeding 15 million shares—well above historical averages—signaling sustained institutional demand.
The catalyst for the rally was Novogratz's appearance on Anthony Scaramucci's "All Things Markets" podcast, where he described Helios as "the largest single-campus data center in America" with half of its capacity already under lease. Most significantly, Novogratz characterized the data center business as representing "probably more than half the value of Galaxy today," a statement that appears to have shifted investor perception of the company's earnings composition and growth trajectory away from its traditional crypto-trading and asset-management operations.
Helios has progressed from construction to operational revenue generation. In April 2026, Galaxy delivered the first data hall to CoreWeave, a major AI infrastructure provider, marking a critical milestone in the project's commercialization. The company remains on schedule to deliver nearly all 133 megawatts of critical IT load—the power capacity dedicated to server and computing infrastructure—by the end of Q2 2026. CoreWeave's anchor lease covers 800 megawatts of gross power capacity and 526 megawatts of critical IT load on a 15-year base contract, establishing a substantial, long-duration revenue stream for Galaxy.
The rally occurred against the backdrop of a broader tech sector rebound, with the Nasdaq Composite gaining 1.27% and the S&P 500 advancing 0.63% on June 8, as investors engaged in bargain hunting following Friday's technology selloff. However, Galaxy's outperformance relative to both the broader market and fellow AI infrastructure plays underscores the market's renewed focus on the company's data center economics as distinct from its historical digital-asset narrative.
The catalyst for the rally was Novogratz's appearance on Anthony Scaramucci's "All Things Markets" podcast, where he described Helios as "the largest single-campus data center in America" with half of its capacity already under lease. Most significantly, Novogratz characterized the data center business as representing "probably more than half the value of Galaxy today," a statement that appears to have shifted investor perception of the company's earnings composition and growth trajectory away from its traditional crypto-trading and asset-management operations.
Helios has progressed from construction to operational revenue generation. In April 2026, Galaxy delivered the first data hall to CoreWeave, a major AI infrastructure provider, marking a critical milestone in the project's commercialization. The company remains on schedule to deliver nearly all 133 megawatts of critical IT load—the power capacity dedicated to server and computing infrastructure—by the end of Q2 2026. CoreWeave's anchor lease covers 800 megawatts of gross power capacity and 526 megawatts of critical IT load on a 15-year base contract, establishing a substantial, long-duration revenue stream for Galaxy.
The rally occurred against the backdrop of a broader tech sector rebound, with the Nasdaq Composite gaining 1.27% and the S&P 500 advancing 0.63% on June 8, as investors engaged in bargain hunting following Friday's technology selloff. However, Galaxy's outperformance relative to both the broader market and fellow AI infrastructure plays underscores the market's renewed focus on the company's data center economics as distinct from its historical digital-asset narrative.
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