Helios data center Phase I in West Texas progressed on schedule and on budget, delivering 133 MW of IT load and generating revenue in Q2 2026; Galaxy expects roughly $80 million in quarterly leasing revenue starting in Q3 as Phase I contributions begin to materialize, with projected EBITDA margins at the project level above 90%.

Management stressed diversification to hedge crypto volatility, highlighting digital-assets exposure (Bitcoin $400 million, Solana $58 million) and venture investments ($606 million), alongside partnerships with major institutions such as State Street, Invesco, Morgan Stanley, and BNY.

Revenue from Helios began in the quarter as capacity was delivered to CoreWeave, with the Data Centers segment posting $20 million in adjusted gross profit and $11 million in adjusted EBITDA.

The total crypto market capitalization declined about 15% in the quarter, sliding from roughly $2.35 trillion to $2 trillion.

Galaxy emphasized that earnings are becoming less dependent on digital asset prices, underscoring the resilience of its business model.

Galaxy expanded its AI data center and infrastructure footprint by adding three development sites in Texas, boosting potential power capacity to over 5.7 GW, and secured a $3.5 billion private debt offering to fund Helios Phase II.

The July private debt offering of $3.5 billion also financed Helios Phase II expansion alongside the acquisition of three additional Texas development sites.

Total revenue stood at $8.8 billion, modestly missing analysts’ expectations of $9 billion.

Though Helios capacity in Texas (1.6 GW) was expected to be leased by summer, this quarter did not include new tenants, focusing instead on ongoing discussions and site acquisitions.

Guidance remains for additional capital raises in H2 2026 to support the venture franchise, with ongoing development of staking, tokenization, vault curation, and lending services to broaden institutional offerings.

Galaxy reported an $85 million net loss for Q2, driven primarily by depreciation of digital asset prices, with the stock trading around $19.15 after a roughly 13% drop.

Despite the loss, adjusted EBITDA improved to a $77 million loss from $188 million, and adjusted gross profit rose to $43 million from a $88 million loss, while diluted and adjusted loss per share was $0.09.