Chris
Engineer & Entrepreneur, Equity/Crypto Swing Trader, Macro & Trade Setups
Galaxy Digital is massively undervalued versus peers because its operational Helios campus in West Texas puts it in the top tier of AI data-center sites, and whoever controls large-scale power controls AI compute supply. Helios has about 1.6 GW of approved power and can scale to 3-3.5 GW. The digital-asset business adds upside if bitcoin keeps trending higher, giving Galaxy, now about $10 billion in market value, the ingredients to become a triple-digit stock with a road to $100 billion. x.com x.comÂ
Galaxy Digital is shifting from a pure crypto play to an AI data center stock, which could earn it a tech valuation and insulate it from crypto swings. It is repurposing low-cost mining power at its 1.6 GW Helios campus in Texas into high-margin AI and HPC capacity. Its full digital asset business, from trading and advisory to asset management, staking and tokenization, collects tolls from institutions entering crypto. Mark-to-market swings had pushed its price-to-sales ratio near 0.07. x.comÂ
Galaxy Digital is on its way to becoming one of the largest AI data center companies in the US after pivoting mostly away from crypto early, in 2022. Its fundamentals are excellent: a 1,500+ acre campus in Texas with 1.63 GW of approved power capacity and a huge cash balance. x.comÂ
Galaxy Digital faces structural selling pressure because it needs equity financing, and Mike Novogratz knows it. A single raise to institutions obliterated the stock, while IREN absorbs regular ATM sales easily. The market dislikes the crypto part of the business and, more importantly, has no confidence that a team of crypto executives can pull off a data center build-out. That follows a new filing flagged in a post the author replies to. x.com x.com x.comÂ
Galaxy Digital's emerging AI infrastructure business is the real story, yet most investors still see it as a crypto company, leaving the disconnect rarely wider. It is developing 1.6 GW of data center capacity, and CoreWeave is a key part of the thesis, adding another layer of upside. An announcement of a signed data center tenant could be a near-term catalyst. It is a buy on every pullback. x.comÂ
Scarce power available for 2028 delivery and rising demand for that capacity favor Galaxy Digital, IREN and Cipher Mining. XCapitalMgmt highlights Galaxy management's report of delayed competing projects, stronger demand from hyperscalers and AI firms for 2028 capacity, and more selective financing. Galaxy has over 800 MW secured at Helios II but is still evaluating tenants and deal terms. x.comÂ
Galaxy Digital is in no man's land as a stock for now. Its core trading business probably breaks even, worth maybe $5 a share, its CoreWeave HPC deal still has a long ramp before cash flows arrive, and its approved Texas capacity has only 50/50 odds of getting power assigned, so hyperscalers won't commit. That tempers @SimonSaysBTC's math on Helios, including about $1.2B of annual revenue from the 800 MW CoreWeave contract. x.comÂ
Galaxy Digital may be the market's most undervalued stock because its $6.5B value overlooks Helios I's contracted rent and $6.6B in cash, Treasuries, digital assets and investments. Its first full Helios I Phase I quarter delivered $69M of data-center adjusted EBITDA. Novogratz said Galaxy rejected a Helios II lease as power tightened; a higher-priced tenant is still prospective. Galaxy expects $800-850M in annualized leasing by end-2027, and the stock should quickly reach $30+ by year-end. … Show more
Galaxy Digital's Helios leases are becoming operating capacity, supporting its AI infrastructure opportunity alongside institutional digital assets. It has delivered 133 MW of critical IT capacity to CoreWeave and contracted 526 MW across three 15-year phases, with about $1 billion in anticipated annual lease revenue once fully delivered. CoreWeave's widening credit spreads and Galaxy's exposure to that customer remain risks; a breakout above resistance in the $30s is still conditional. x.comÂ
Galaxy Digital's public shares deserve a discount because its Up-C structure leaves insiders in control while public common holds less than half the enterprise's economics. Insiders take tax savings through the Tax Receivable Agreement, and an early buyout of it at $30 could cost the company about $1 billion, as could a Helios spin-off. Combined with crypto volatility, time to power and its revealed cost of debt, a discount is warranted, though its size is debatable. x.com x.comÂ
Galaxy Digital pairs crypto infrastructure with an AI data center pivot through its Helios campus, making it the institutional on-ramp for digital assets. BlackRock chose it for its staking ETF. x.comÂ