Galaxy Digital surges as Novogratz eyes a fully leased AI campus
Galaxy Digital ($GLXY) stock jumped sharply on Monday after CEO Mike Novogratz said he expects the entire 1.6 GW Helios campus in West Texas to be fully leased by July 4, with the first 800 MW already locked into a 15-year CoreWeave deal worth over $1 billion a year.
Stock jumps on Helios leasing update
Galaxy Digital ($GLXY) shares surged on Monday, combining a broader crypto market recovery with fresh optimism over the company's pivot toward AI data center infrastructure. Shares were up roughly 17.88% at $29.63 at the time of publication, according to Benzinga Pro data. The total crypto market cap gained 2.81% to reach $2.19 trillion, with Bitcoin pushing up 2.58% and Ethereum gaining 2.99%, compounding the bullish momentum for digital asset equities.
Speaking on All Things Markets with Anthony Scaramucci, Galaxy (@galaxyhq) founder and CEO Mike Novogratz (@novogratz) said the company expects to have the entire 1.6 GW Helios campus leased by July 4, or by the end of the summer at the latest. Galaxy is building what is expected to be the largest single-campus data center in America.
CoreWeave deal anchors the campus buildout
Galaxy Digital has officially delivered its first data center hall at the Helios campus in West Texas to AI hyperscaler CoreWeave, providing the company with a new $1 billion-plus revenue stream from a long-term AI compute lease expected to pay out over 15 years. CoreWeave has committed to the full 800 MW of approved power capacity at the Helios datacenter campus.
Galaxy closed a $1.4 billion project financing facility to support the continued development of the Helios campus, with the debt facility fully funding the initial retrofit and expansion to deliver the first phase of power for AI and high-performance computing operations under its long-term agreement with CoreWeave.
In addition to the 800 MW of gross power capacity already approved at the current Helios substation, Galaxy has an incremental 1.7 gigawatts of power capacity under various stages of load study, allowing the company to expand its capacity to support additional AI and HPC data center infrastructure. That puts the site's total potential capacity at around 3.5 GW, according to the company.
A separate catalyst also emerged Friday, when Morgan Stanley Wealth Management and Galaxy announced a new referral capability under which eligible clients can lend cryptocurrency directly to Galaxy and receive shares of spot crypto exchange-traded products, including the Morgan Stanley Bitcoin Trust.
Sources:
Benzinga: Why Galaxy Digital Stock Is Surging On Monday
Yahoo Finance: Galaxy Digital Delivers First AI Data Center at Helios Campus
PR Newswire: Galaxy Closes $1.4 Billion Project Financing Facility
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.