Monitor closing on July 28 and subsequent construction milestones. The high-yield debt market's appetite for data center infrastructure is validated. Watch for any updates on tenant pre-leasing or power purchase agreements that could de-risk the project.
Price Chart
Executive Summary
Galaxy Digital's subsidiary priced $3.507 billion of 9.875% senior secured notes due 2031 to finance the development of two data center buildings with 400 MW utility capacity in Texas. The offering, expected to close July 28, 2026, provides capital for a major infrastructure expansion in the AI/HPC data center market.
Key Facts
- $3.507 billion aggregate principal amount of 9.875% Senior Secured Notes due 2031 priced on July 23, 2026
- Notes issued by indirect wholly owned subsidiary Galaxy Helios Data Centers II LLC
- Proceeds to finance development of two buildings with 400 MW utility capacity and 260 MW critical IT capacity on ~260 acres in Dickens County, Texas
- Notes amortize at 4% per annum of original principal, first payment at least 10 months after project completion
- Closing expected July 28, 2026, subject to market conditions
Financial Impact
$3.507 billion debt issuance at 9.875% coupon; funds data center expansion
Risk Factors
- High 9.875% coupon increases interest expense and leverage
- Construction and execution risk on 400 MW data center build-out
- Notes are secured by subsidiary assets, ring-fencing liability but concentrating risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001859392-26-000074 |
| Exhibit: exhibit991-pressreleasepri.htm | 0001859392-26-000074 |
| Document: 0001859392-26-000074-index-headers.html | 0001859392-26-000074 |
| Document: 0001859392-26-000074-index.html | 0001859392-26-000074 |
| Document: 0001859392-26-000074.txt | 0001859392-26-000074 |
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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