Galaxy Digital swallowed an $85 million net loss in Q2 2026. The previous quarter was worse, though, at $216 million in red ink. What matters is what's happening underneath those headline numbers.
The company's data center division just posted its first profitable quarter. Adjusted gross profit hit $20 million, a jump from just $3 million in Q1. That's a 560% surge, and it reflects something real: Galaxy's bet on AI infrastructure is finally converting cash.
Helios starts delivering
The turnaround centers on one facility. Helios, Galaxy's campus in West Texas, completed Phase I on schedule and now runs 133 MW of critical IT load. CoreWeave, an AI cloud computing provider climbing fast in the GPU infrastructure space, signed a 15-year lease. Starting Q3, Galaxy expects roughly $80 million in quarterly leasing revenue from that deal alone. CoreWeave's full commitments across Helios could eventually hit more than $1 billion annually.
The data center segment also pulled $11 million in adjusted EBITDA for the quarter. A year ago this unit was hemorrhaging money. Now it contributes. Galaxy isn't resting on Helios either. After the quarter closed, the company acquired 500 acres in McGregor, Texas, with capacity to expand to 500 MW. That push takes Galaxy's total Texas power pipeline beyond 5.7 GW.
The digital asset side held its ground despite lower trading volumes and weaker asset prices. Gross profit from that segment came in at $66 million, up 34% from Q1. The loan book averaged $1.44 billion. Overall adjusted gross profit landed at $43 million. Adjusted EBITDA turned negative $77 million. Diluted adjusted earnings per share came to negative $0.09, a meaningful improvement from Q1's loss.
Galaxy's balance sheet stayed solid. Cash and stablecoins totaled $2.459 billion as of June 30, with total equity at $2.72 billion.
This piece is informational only and should not be construed as financial advice or investment guidance.
