SKN | Galaxy Digital Shares Rise After Texas Grid Clears Major Data Center Expansion

Market reaction highlights strategic pivot

Shares of Galaxy Digital climbed about 4% in U.S. trading on Thursday after the company secured approval to significantly expand power capacity at its Helios data center campus in West Texas. The gain came despite a weaker session across much of the crypto-linked equity space, where several peers moved lower alongside a pullback in bitcoin.

The approval was granted by Electric Reliability Council of Texas (ERCOT) following the completion of a large-load interconnection study. The decision allows Galaxy to add 830 megawatts of capacity at Helios, more than doubling the site’s total approved load to over 1.6 gigawatts.

Power scale supports AI ambitions

The expansion marks a key step in Galaxy’s longer-term strategy to reposition its data center portfolio toward artificial intelligence and high-performance computing workloads. Demand for large, power-dense facilities has surged as AI training and inference models grow in size and complexity, putting electricity access at the center of infrastructure strategy.

Galaxy said the approval strengthens its ability to support these workloads at scale. The company has also executed a service agreement with AEP Texas, with Wind Energy Transmission Texas acting as the interconnection provider, further anchoring the project’s power delivery framework.

Construction already underway

Development at Helios is no longer theoretical. Construction is underway on the first phase of the campus under an agreement with CoreWeave, a fast-growing supplier of AI-focused compute infrastructure. Initial power delivery is expected to begin in early 2026, aligning with industry timelines for new AI capacity coming online.

Chief Executive Mike Novogratz described power demand for AI compute in Texas as “unprecedented,” adding that the ERCOT approval places Galaxy in a strong position to capitalize on that trend. He said the company is now evaluating additional land and power opportunities in Texas and other U.S. states.

Relative strength amid sector weakness

Galaxy’s stock performance stood out on a day when much of the crypto sector traded lower. Bitcoin slipped back below $96,000, while companies such as Coinbase, Circle and MARA Holdings posted declines in the 3% to 5% range. The divergence underscores how Galaxy’s growing exposure to AI and data center infrastructure is increasingly decoupling its equity story from short-term movements in digital asset prices.

As investors look ahead, attention will focus on execution risk and timelines. If Galaxy can successfully bring Helios online at scale and secure sustained demand from AI customers, the expansion could mark a meaningful shift in the firm’s earnings profile, anchoring future growth in power and compute rather than crypto market cycles alone.