Galaxy Digital Accelerates AI Infrastructure Pivot: Q1 Earnings Results and Commencement of CoreWeave Data Center Delivery

On April 28, 2026, Galaxy Digital marked a significant turning point in its business model. The company announced the delivery of its first data center tranche to AI hyperscaler CoreWeave, while simultaneously releasing its Q1 2026 earnings report showing significantly narrowed financial losses.

Data center revenue began to materialize in earnest starting April 2026, proving that Galaxy Digital is evolving beyond a simple crypto-asset financial firm into an AI infrastructure provider.

This delivery signifies the completion of the first Data Hall within the Helios campus in Texas. Through this, Galaxy Digital has successfully diversified its revenue structure from crypto-mining-centric operations to high-performance computing (HPC) and AI hosting.

Analysis of Q1 2026 Financial Performance

Galaxy Digital's Q1 2026 results showed a clear improvement compared to the previous quarter. Earnings per share (EPS) recorded -$0.75, narrowing the loss from -$1.08 in Q4 2025, with quarterly revenue estimated between approximately $10.1 billion and $11.5 billion.

• Cash and stablecoin holdings: $2.6 billion
• Assets Under Management (AUM): $5 billion
• Share buybacks: $65 million (3.2 million shares)

Although it remains in a deficit in terms of net income, market experts are positively evaluating the revenue growth trend and cost efficiency efforts. In particular, the strong liquidity of $2.6 billion is expected to serve as a solid foundation for future infrastructure expansion.

Management executed a $65 million share buyback program to enhance shareholder value. This is interpreted as a move reflecting confidence in the company's strategic transition and long-term growth potential.

15-Year Long-Term Partnership with CoreWeave

The contract between Galaxy Digital and CoreWeave was signed as a 15-year long-term lease. The Phase I project delivered this time is scheduled to be fully ready for service during the first half of 2026, accommodating 133MW of critical IT load (out of a total 200MW capacity).

The transformation of the Helios campus is also noteworthy. The existing 126,000-square-foot Bitcoin mining facility is undergoing a physical conversion for AI and HPC use. Through approval from the Electric Reliability Council of Texas (ERCOT), the site's power capacity has nearly doubled to over 1.6GW.

Market Reaction and Future Outlook

Following the earnings announcement on April 28, Galaxy Digital's (GLXY) stock price rose by approximately 1.62%, reflecting market expectations. Investors are interpreting Galaxy's move to evolve from a pure-play crypto firm into a diversified AI infrastructure company as a strategic advantage.

According to the future roadmap, the delivery of Phase II critical IT load is planned to take place sequentially throughout 2027. CoreWeave holds an exclusive right of first refusal for an additional 133MW of capacity, which is expected to be a key driver for Galaxy Digital's revenue growth over the next few years.