By Nate Wolf
Galaxy Digital stock surged Monday after its chief executive said the company expects to have all the capacity at its West Texas data center leased within the next few months.
Known primarily as a cryptocurrency platform, Galaxy is building a 1.6-gigawatt data-center campus, which it calls Helios, in Dickens County, Texas. Galaxy has already leased half the capacity at the campus, but CEO Mike Novogratz expects to share more good news soon.
"Knock on wood, by the time Fourth of July comes around -- or certainly by the time summer ends -- we will have leased out the full 1.6 gigawatts," Novogratz said over the weekend on Anthony Scaramucci's podcast "All Things Markets."
Scaramucci founded SkyBridge Capital and briefly served as White House communications director during President Donald Trump's first term.
Galaxy stock flew out of the gates Monday and continued to build momentum through the afternoon, climbing 25%. Shares have now climbed 41% this year.
Galaxy's addition of an AI compute arm comes at a good time. Pure-play crypto stocks have struggled in 2026 amid falling prices and lower trading volume. Meanwhile, AI hyperscalers are seeking the kind of power capacity Galaxy will soon have at its disposal.
Galaxy also isn't on the hook for expensive AI chips. Cloud provider CoreWeave leased the first 800 megawatts and is equipping the data center itself. Investors seem to like that setup, provided Galaxy can fill the rest of the space.
"It's probably more than half the value of Galaxy today," Novogratz said of the Helios campus. "It's where all the analyst questions come. It's 'how are you going to grow this data-center business?'"
Write to Nate Wolf at nate.wolf@barrons.com
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(END) Dow Jones Newswires
June 08, 2026 15:15 ET (19:15 GMT)
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