Shares of Galaxy Digital ( GLXY ) are ahead 2% on Tuesday after the crypto-focused financial firm beat third-quarter revenue expectations by a wide margin and confirmed major progress on its Helios data center project.
Led by CEO Mike Novogratz, the company reported $29 billion in revenue, nearly doubling analysts’ forecasts of $16 billion. Galaxy credited its trading business and growth in digital asset valuations for the outperformance.
The company also announced that CoreWeave ( CRWV ), a cloud infrastructure company focused on AI workloads, has committed to the full 800 megawatt capacity of Galaxy’s Helios data center in Texas. With this commitment and a $1.4 billion project financing agreement from Deutsche Bank finalized in August, phase one of the project is fully funded and underway.
Galaxy COO Chris Ferraro described the pace of construction as “extraordinary”, with more than 500,000 logged man-hours and over 700 workers on site daily. The first data hall is expected to be switched on in early December, with commissioning following.
Ferraro said Helios has moved beyond the planning stage and is on track to become one of the world’s largest AI and high-performance computing campuses.
Jefferies highlighted the importance of Galaxy’s Helios data center project, noting that the company secured a $460 million investment from an unnamed asset manager to support the build-out.
Analysts emphasized that construction remains on schedule, with first delivery expected in the first half of 2026. While Galaxy currently has no additional power capacity available, Jefferies pointed to the company’s ongoing efforts with ERCOT and WETT to secure an additional 2.7 gigawatts of capacity. The firm said it is closely monitoring Helios’ development and expects any future power approvals to serve as a “significant tailwind for the stock.”
The Galaxy One targets high net worth customers
On the retail side, Ferraro focused on Galaxy One, an investment platform for crypto, equity and yield products that the company launched earlier this month. Ferraro said the platform is aimed at mass affluent investors — those with significant wealth but who are underserved by traditional platforms.
He cited early adoption and pointed to users with an average net worth of $2 million and an annual income of over $340,000. According to the company, the goal is to become a one-stop shop for managing both traditional and digital assets.
“Over time, we expect this product to expand and diversify our funding sources, which will help drive efficiency and profitability in our digital assets business overall,” Ferraro said.
Navigating a Volatile Crypto Market
The company also addressed recent forced liquidations in the crypto ecosystem. Novogratz said Galaxy’s trading desk performed well during the volatility and avoided credit losses that affected other firms, including some DeFi market makers.
He added that the recent wave of crypto liquidations led to reduced market liquidity and wider bid/ask spreads, but also opened up employment opportunities and highlighted the importance of disciplined risk management.
Looking ahead
Galaxy executives emphasized their long-term strategy: expanding the Helios plan into other regions and diversifying its data center tenant base beyond CoreWeave. They also see potential to refinance Helios once phase one stabilizes, which could unlock hundreds of millions in equity to fund future expansions.
“There’s a gold rush going on,” Ferraro said. “You have to be very careful during the gold rush that you build smart places at the right price.” He emphasized that Galaxy is focused on delivering projects “on time and on budget,” a capability he believes is undervalued in the current market.
Despite strong momentum, Jefferies noted that Q4 could be more challenging if digital asset prices continue to soften. Still, analysts believe the Galaxy is in a strong position to weather any near-term volatility.
“Continued momentum across KPIs and capital execution at Helios positions the company positively heading into Q4,” Jefferies wrote in a client note.
Shares in Galaxy Digital are now up nearly 130% year-to-date.
