Galaxy Digital Q2 2026: Data Center Revenue Begins, Helios Phase I Delivered, $85M Net Loss
GLXY sits 26% above its 52-week low of $16.43.
Summary
Galaxy Digital reported Q2 2026 results with the first revenue from its Helios data center, delivering 133 MW to CoreWeave and guiding to ~$80M/quarter in high-margin leasing revenue starting Q3. Digital assets posted an $85M net loss but showed improving operating leverage. The company expanded its power pipeline to 5.7 GW and closed $3.5B in debt financing for Phase II.
Key Events · Earnings and Guidance · GLXY
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Helios Phase I Fully Delivered
133 MW of critical IT load delivered to CoreWeave on schedule; Data Centers segment generated $20M adjusted gross profit and $11M adjusted EBITDA in its first revenue quarter. Management expects ~$80M quarterly leasing revenue at >90% project-level margins beginning Q3 2026.
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Q2 Net Loss of $85M
Net loss driven by depreciation of digital asset prices. Digital Assets adjusted gross profit rose 34% QoQ to $66M, demonstrating reduced earnings sensitivity to crypto prices. Total equity of $2.7B and cash/stablecoin holdings of $2.5B provide a strong liquidity buffer.
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Power Pipeline Expands to 5.7 GW
Subsequent to quarter-end, Galaxy acquired three new Texas sites (Merlin, Caspian, Selene) with potential capacity of 500 MW, 700 MW, and 900 MW respectively, bringing total potential power pipeline to over 5.7 GW.
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$3.5B Debt Financing Closed for Phase II
On July 28, Galaxy's subsidiary completed a private offering of $3.5 billion in 9.875% senior secured notes due 2031 to fund construction of Helios Phase II (260 MW critical IT load), with initial rent commencement expected in Q2 2027.
Analysis · GLXY · Crypto Assets
Galaxy Digital's Q2 2026 marks the first quarter of revenue from its Helios data center, with 133 MW of critical IT load delivered to CoreWeave on schedule. The Data Centers segment generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA, and management guided to ~$80 million in quarterly leasing revenue at >90% project-level margins starting Q3. This transforms Galaxy from a pure-play digital asset firm into a hybrid AI infrastructure operator. The core digital asset business posted a net loss of $85 million, driven by falling crypto prices, but adjusted gross profit in Digital Assets rose 34% sequentially, showing resilience. The balance sheet remains strong with $2.7 billion in equity and $2.5 billion in cash and stablecoins. Subsequent to quarter-end, Galaxy acquired three new Texas sites, expanding its power pipeline to over 5.7 GW, and closed a $3.5 billion debt offering to fund Phase II of Helios. The Helios lease is now a material, contracted earnings stream that de-risks the company's transition and provides multi-year visibility.
At the time of this filing, GLXY was trading at $20.68 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $8.6B. The 52-week trading range was $16.43 to $45.92. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.