The Data Centers segment has transitioned from construction to revenue generation, with Phase I fully delivered and Phase II funded via $3.5B in secured notes. The expected ~$80M quarterly leasing revenue at >90% EBITDA margins from Phase I alone provides a visible, high-margin revenue stream that should meaningfully improve consolidated financials starting Q3. Monitor Q3 2026 results for confirmation of Phase I revenue ramp and any updates on Phase II construction timeline and tenant discussions for the additional 830 MW of approved capacity.
Price Chart
Executive Summary
Galaxy Digital reported Q2 2026 results with a net loss of $85M and diluted EPS of -$0.09, significantly beating consensus estimates of -$0.28. The operating businesses (Digital Assets + Data Centers) showed strong sequential improvement, generating $86M in adjusted gross profit and $1M in adjusted EBITDA, up $34M and $21M QoQ respectively. The Data Centers segment achieved its first quarter of revenue-generating operations with Phase I of the Helios campus fully delivered, and management expects Phase I to generate ~$80M in quarterly leasing revenue at >90% project-level Adjusted EBITDA margins starting Q3. The company also expanded its data center pipeline to over 5.7 GW and completed a $3.5B senior secured notes offering to fund Phase II construction, positioning Galaxy as a major AI infrastructure developer.
Key Financial Metrics
Key Facts
- Q2 2026 net loss of $85M improved from $216M loss in Q1 2026
- Diluted EPS of -$0.09 beat consensus of -$0.28 by 68%
- Adjusted gross profit of $43M vs -$88M in Q1 2026
- Data Centers segment generated $20M adjusted gross profit and $11M adjusted EBITDA in first revenue quarter
- Phase I of Helios campus fully delivered (133 MW critical IT load) on schedule
- Management expects Phase I to generate ~$80M quarterly leasing revenue at >90% project-level EBITDA margins starting Q3 2026
- Total data center power pipeline expanded to over 5.7 GW with three new site acquisitions
- $3.5B senior secured notes offering completed on July 28 to fund Phase II construction
- Digital Assets adjusted gross profit increased 34% QoQ to $66M despite digital asset price declines
- Total equity of $2.7B with $2.5B in cash and stablecoins
- Multi-year agreement signed with BNY for digital asset infrastructure and staking
Financial Impact
Q2 net loss of $85M improved from $216M loss in Q1; adjusted gross profit swung from -$88M to +$43M QoQ; Data Centers expected to generate ~$80M quarterly leasing revenue at >90% EBITDA margins starting Q3
Risk Factors
- Digital asset price depreciation continues to pressure Treasury Corporate segment and overall net income
- Data center construction and tenant lease-up risks for Phase II and new sites
- $3.5B in additional debt increases leverage and interest expense
- CoreWeave counterparty concentration risk on the Helios campus
- Negative adjusted EBITDA of -$77M in Q2 despite operating business improvement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001859392-26-000084 |
| Exhibit: exhibit993-q22026financi.htm | 0001859392-26-000084 |
| Exhibit: exhibit992-q22026overvie.htm | 0001859392-26-000084 |
| Document: glxy-20260805.htm | 0001859392-26-000084 |
| Document: 0001859392-26-000084-index-headers.html | 0001859392-26-000084 |
| Document: 0001859392-26-000084-index.html | 0001859392-26-000084 |
| Document: 0001859392-26-000084.txt | 0001859392-26-000084 |
| 8-K Data (Synthetic) | 0001859392-26-000084 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | Insider Cluster | $21.66 $24.13 | ▲ +11.40% | ▲ +13.39% | $23.06 (+6.46%) |
Aug 5, 2026 8w ago | 8-K | $19.07 $24.06 | ▲ +26.20% | ▲ +26.80% | $23.06 (+20.95%) |
Jul 28, 2026 9w ago | 8-K | $18.26 $24.64 | ▲ +34.94% | ▲ +29.92% | $23.06 (+26.29%) |
Jul 24, 2026 10w ago | 8-K | $22.68 $23.64 | ▲ +4.23% | ▲ +0.61% | $23.06 (+1.68%) |
Jul 22, 2026 10w ago | 8-K | $24.79 $21.90 | ▼ −11.66% | ▼ −14.55% | $23.06 (−6.98%) |
Jun 11, 2026 16w ago | Institutional Cluster | $33.27 $25.10 | ▼ −24.56% | ▼ −26.45% | $23.06 (−30.69%) |
May 20, 2026 19w ago | EFFECT | $27.77 $34.20 | ▼ −23.15% | ▼ −22.41% | $23.06 (+16.96%) |
Apr 8, 2026 25w ago | DEFA14A | $21.15 $31.12 | ▲ +47.14% | ▲ +39.57% | $23.06 (+9.03%) |
US Market Status
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