Key Takeaways
- • Galaxy Digital reported a Q2 2026 net loss of $85 million with diluted and adjusted EPS of $(0.09), primarily driven by depreciation in digital asset prices during the quarter.
- • The company completed delivery of 200 MW of gross power (133 MW critical IT load) at its Helios data center campus in West Texas to CoreWeave under a 15-year lease agreement, with rent commencement scaling throughout Q2 2026.
- • Galaxy substantially expanded its AI data center footprint post-quarter-end by acquiring three new Texas sites (Merlin, Caspian, and Selene), bringing its total power pipeline to over 5.7 GW with potential capacities ranging from 74 MW to 900 MW per site.
- • As of June 30, 2026, Galaxy maintained total equity of $2.7 billion and cash and stablecoin holdings of $2.5 billion, demonstrating liquidity amid quarterly losses.
- • Q2 2026 adjusted gross profit reached $43 million despite the net loss, with adjusted EBITDA of $(77) million, reflecting the impact of digital asset price volatility on overall profitability.
Summary
Galaxy Digital reported a Q2 2026 net loss of $85 million and diluted adjusted EPS of $(0.09), with the company attributing the loss primarily to depreciation in digital asset prices during the quarter. The loss came despite adjusted gross profit of $43 million, indicating that margin compression and asset price volatility were the primary drivers of negative net results. Adjusted EBITDA for the quarter was negative $77 million. The quarterly loss follows a significantly larger Q1 2026 net loss of $216 million, also driven by digital asset price declines of approximately 20%.
The company's financial position remained solid with total equity of $2.7 billion and combined cash and stablecoin holdings of $2.5 billion as of June 30, 2026. These reserves provide Galaxy with substantial liquidity as it executes its data center expansion strategy amid volatile cryptocurrency markets.
Galaxy made substantial progress on its AI data center infrastructure during and immediately following Q2 2026. Most notably, the company completed delivery of the first phase of power at its Helios data center campus in West Texas, delivering 200 MW of gross power with 133 MW of critical IT load to CoreWeave under a 15-year lease agreement. Phase I was delivered on schedule, with rent commencement scaling with delivered capacity throughout the second quarter.
Following quarter-end, Galaxy executed an aggressive expansion of its data center footprint by acquiring three new development sites in Texas. The Merlin campus in McGregor Industrial Park secured an initial agreement for 74 MW with potential expansion to 500 MW. The Caspian and Selene sites carry potential capacities of approximately 700 MW and 900 MW, respectively, subject to ERCOT interconnection approval. These acquisitions brought Galaxy's total power pipeline to over 5.7 GW, positioning the company as a significant player in the AI infrastructure buildout despite its near-term profitability challenges tied to crypto market volatility.
The company's financial position remained solid with total equity of $2.7 billion and combined cash and stablecoin holdings of $2.5 billion as of June 30, 2026. These reserves provide Galaxy with substantial liquidity as it executes its data center expansion strategy amid volatile cryptocurrency markets.
Galaxy made substantial progress on its AI data center infrastructure during and immediately following Q2 2026. Most notably, the company completed delivery of the first phase of power at its Helios data center campus in West Texas, delivering 200 MW of gross power with 133 MW of critical IT load to CoreWeave under a 15-year lease agreement. Phase I was delivered on schedule, with rent commencement scaling with delivered capacity throughout the second quarter.
Following quarter-end, Galaxy executed an aggressive expansion of its data center footprint by acquiring three new development sites in Texas. The Merlin campus in McGregor Industrial Park secured an initial agreement for 74 MW with potential expansion to 500 MW. The Caspian and Selene sites carry potential capacities of approximately 700 MW and 900 MW, respectively, subject to ERCOT interconnection approval. These acquisitions brought Galaxy's total power pipeline to over 5.7 GW, positioning the company as a significant player in the AI infrastructure buildout despite its near-term profitability challenges tied to crypto market volatility.
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