New York, June 8, 2026, 15:02 (EDT)
Galaxy Digital shares jumped in Monday afternoon trade after CEO Mike Novogratz talked up the company’s West Texas AI data-center project, making it a key part of the stock’s story alongside crypto.
Shares listed on the Nasdaq jumped 23.6% to $31.07 in recent trading. The stock earlier hit $31.75. More than 15 million shares changed hands, already much higher than usual. The move puts the stock on track for one of its steepest one-day gains since its U.S. debut.
Galaxy is touting its new data center project as it tries to show the market it’s more than just a digital-asset trading shop. CEO Mike Novogratz said on Anthony Scaramucci’s “All Things Markets” podcast that Galaxy is building what he called the “largest single-campus data center in America,” with half the capacity already leased out. “It’s an amazing business. It’s probably more than half the value of Galaxy today,” Novogratz said, as reported by the Wall Street Journal. Wall Street Journal
Tech stocks rallied, with the Nasdaq Composite up 1.27% and the S&P 500 gaining 0.63%. Chipmakers outperformed as investors picked up shares that dropped in Friday’s selloff. “Today looks like a day where investors are doing a little bit of bargain hunting off the big tech selloff,” Rick Meckler, partner at Cherry Lane Investments, told Reuters. Reuters
Galaxy’s Helios campus is now central for the stock. The company said in April it delivered the first data hall to CoreWeave at Helios, moving the project from the building phase to revenue operations. It said delivery of nearly all 133 megawatts of critical IT load — power for servers and computing — is still on track for the end of the second quarter.
CoreWeave’s first-phase leases span 800 megawatts of gross power and 526 megawatts of critical IT load on a 15-year base, the company said. Galaxy put projected average annual revenue from those deals above $1 billion when fully ramped, but warned results may vary.
Power is tight in the AI buildout. In January, Galaxy said ERCOT, the main Texas grid operator, cleared another 830 megawatts for Helios. That brings its approved power over 1.6 gigawatts. Novogratz called it a “watershed moment” and said demand in Texas for AI-capable, high-density capacity is “unprecedented.”
Galaxy doesn’t line up neatly with either group, which is why the market’s watching. The stock moves against crypto names like Coinbase, up 6.7% Monday, but also trades versus AI-infrastructure stocks like Applied Digital, which added 3.9%. CoreWeave, its main tenant but not a direct competitor, rose 2.3%.
Bitcoin climbed 2.7% to roughly $63,421, and that move mattered since Galaxy’s digital-asset business still tracks crypto sentiment. But bitcoin’s rise wasn’t the driver behind GLXY’s bigger move. Galaxy shares outpaced bitcoin, with the gap pointing to investors revaluing the data-center business.
Wall Street was already tilting bullish on Galaxy ahead of Monday’s rally. Out of sixteen analysts surveyed by S&P Global, all had “Buy” ratings and put the average price target at $41.56. Price targets ranged from $28 up to $57. StockAnalysis
But the trade comes with serious execution risk. Galaxy showed a $216 million net loss for the first quarter, mostly because of falling digital-asset prices. Helios depends on construction timing, getting tenants, financing costs and power supply. In its filings, the company warns that results could change due to business, economic and competitive unknowns.
Investors now have a split bet: a crypto business tied to token prices and volumes, plus a big AI infrastructure buildout that needs money and speed. Monday’s move showed the market, at least for now, is putting a higher value on the AI piece.
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