Key Takeaways
- • Galaxy Digital (GLXY) stock rose approximately 3–4% on April 28, 2026, following narrower-than-expected quarterly losses and progress on its Helios data center ramp, signaling investor confidence in the company's AI infrastructure pivot despite cryptocurrency sector headwinds.
- • Texas grid operator ERCOT approved an additional 830 megawatts of computing capacity at Galaxy's Helios data center in West Texas, doubling total approved capacity to 1.6 gigawatts and validating the company's long-term AI and high-performance computing infrastructure strategy.
- • Galaxy Digital secured a $1.4 billion project financing facility to fund Helios development and reaffirmed first-phase power delivery to major client CoreWeave is on track for early 2026, establishing contracted long-term hosting relationships that provide revenue visibility.
- • The stock advance occurred despite broader crypto sector weakness (Bitcoin trading below $96,000), indicating that institutional investors are increasingly valuing Galaxy's data center and AI infrastructure assets independently of digital-asset price movements.
Summary
Galaxy Digital (NASDAQ: GLXY) posted a modest stock gain on April 28, 2026, as the company reported narrower quarterly losses alongside tangible progress on its flagship Helios data center expansion in West Texas. The gain reflects investor recalibration toward Galaxy's emerging role as an AI and high-performance computing infrastructure operator, a narrative that has begun to decouple the company's valuation from broader cryptocurrency market volatility.
The primary catalyst was regulatory approval from Texas's Electric Reliability Council (ERCOT) of an additional 830 megawatts of computing capacity at the Helios campus, bringing total approved load to 1.6 gigawatts. This expansion followed completion of a required Large Load Interconnection Study facilitated by Wind Energy Transmission Texas and a service agreement with AEP Texas. The doubling of approved capacity represents tangible progress on Galaxy's multi-year infrastructure buildout and validates the technical and regulatory pathway for scaling AI workload capacity in Texas.
Galaxy Digital has secured a $1.4 billion project financing facility dedicated to Helios development and reaffirmed that the first phase of power delivery to anchor tenant CoreWeave remains on schedule for early 2026. The company has structured a multi-phase, long-term hosting agreement with CoreWeave, with Phase I expected operational in the first half of 2026 and subsequent capacity coming online thereafter. This contracted revenue structure provides financial visibility and differentiates Galaxy's infrastructure play from speculative data center ventures.
CEO Mike Novogratz characterized Texas power demand for AI compute as "unprecedented," positioning Galaxy to capitalize on the intersection of onshoring trends, AI infrastructure buildout, and regional power grid capacity. The company is actively exploring additional land and power options within Texas and other states, signaling ambitions to replicate the Helios model across multiple jurisdictions. The stock's resilience on April 28 despite declines in peer cryptocurrency equities (Coinbase, Marathon Digital Holdings, Circle) underscores institutional recognition that Galaxy's data center and AI infrastructure assets now merit independent valuation consideration from its legacy digital-asset financial services business.
The primary catalyst was regulatory approval from Texas's Electric Reliability Council (ERCOT) of an additional 830 megawatts of computing capacity at the Helios campus, bringing total approved load to 1.6 gigawatts. This expansion followed completion of a required Large Load Interconnection Study facilitated by Wind Energy Transmission Texas and a service agreement with AEP Texas. The doubling of approved capacity represents tangible progress on Galaxy's multi-year infrastructure buildout and validates the technical and regulatory pathway for scaling AI workload capacity in Texas.
Galaxy Digital has secured a $1.4 billion project financing facility dedicated to Helios development and reaffirmed that the first phase of power delivery to anchor tenant CoreWeave remains on schedule for early 2026. The company has structured a multi-phase, long-term hosting agreement with CoreWeave, with Phase I expected operational in the first half of 2026 and subsequent capacity coming online thereafter. This contracted revenue structure provides financial visibility and differentiates Galaxy's infrastructure play from speculative data center ventures.
CEO Mike Novogratz characterized Texas power demand for AI compute as "unprecedented," positioning Galaxy to capitalize on the intersection of onshoring trends, AI infrastructure buildout, and regional power grid capacity. The company is actively exploring additional land and power options within Texas and other states, signaling ambitions to replicate the Helios model across multiple jurisdictions. The stock's resilience on April 28 despite declines in peer cryptocurrency equities (Coinbase, Marathon Digital Holdings, Circle) underscores institutional recognition that Galaxy's data center and AI infrastructure assets now merit independent valuation consideration from its legacy digital-asset financial services business.
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