Galaxy Digital posts $85M Q2 loss, but its data center bet is starting to pay off

Galaxy Digital just reported an $85 million net loss for Q2 2026. That sounds bad until you realize the company lost $216 million the quarter before. But here’s the thing worth paying attention to: the company’s Data Centers segment turned a $20 million adjusted gross profit for the first time, up from a mere $3 million in Q1. That’s a 560% jump quarter-over-quarter, and it signals that Galaxy’s expensive pivot toward AI infrastructure is starting to generate real revenue. The Helios effect The profitability breakthrough traces directly to one place: the Helios campus in West Texas. Galaxy completed Phase I of the facility on schedule, delivering a full 133 MW of critical IT load to CoreWeave, the AI cloud computing provider that has become one of the hottest names in GPU infrastructure. The deal is structured as a 15-year lease. Starting in Q3 2026, Galaxy projects quarterly leasing revenue of roughly $80 million from the arrangement. CoreWeave’s broader commitments across the Helios campus are expected to eventually generate more than $1 billion in annual revenue. The data center segment also posted $11 million in adjusted EBITDA for the quarter, flipping from what had previously...