GLXY Stocks Rise 2% as Galaxy Completes Helios Data Center Phase

Galaxy Digital (GLXY) stocks rose nearly 2% in midday trade Thursday as the company completed the first phase of its Helios data center campus in Texas earlier this week, delivering 133 megawatts of capacity to CoreWeave. The stock gained alongside Bitcoin's recovery, though retail sentiment on Stocktwits remained in bearish territory over the past week. The Helios campus will eventually scale to 1.6 gigawatts as part of Galaxy's expansion into AI and high-performance computing infrastructure alongside its crypto and asset management businesses.

Galaxy Completes Helios Phase and Advances Project Merlin

Galaxy confirmed Monday that the first phase of its Helios data center campus in Texas is complete, delivering 133 megawatts of critical IT load to CoreWeave. The campus will eventually scale to 1.6 gigawatts total as part of the company's broader push into AI and high-performance computing infrastructure.

Project Merlin, a newly reported data center project in McGregor, Texas, received city council approval last month. The development spans a 500-acre site northeast of SpaceX facilities and involves multiple buildings.

Compass Point and Rosenblatt Maintain Bullish Ratings

Compass Point trimmed its price target on GLXY stock to $40 from $41 on Wednesday but kept a Buy rating. The firm stated that the pullback sets up a better entry point ahead of a potential fourth-quarter catalyst and flagged August 31 as a date to watch if ERCOT includes additional unapproved capacity in its next batch review.

Rosenblatt called the recent weakness a buying opportunity earlier this month and noted that Galaxy has been hit harder than most due to its direct exposure to CoreWeave. GLXY stock has five Strong Buy and nine Buy ratings against just two Hold ratings and zero Sell recommendations, according to Koyfin data. It has an average price target of $41.44 versus the stock's current price of over $25.

FAQ

What did Galaxy Digital announce on Monday?

Galaxy Digital confirmed Monday that the first phase of its Helios data center campus in Texas is complete, delivering 133 megawatts of critical IT load to CoreWeave. The campus will eventually scale to 1.6 gigawatts total.

What is Project Merlin?

Project Merlin is a data center project in McGregor, Texas, that received city council approval last month. The development spans a 500-acre site northeast of SpaceX facilities and involves multiple buildings.

What are Wall Street analysts saying about GLXY stock?

Compass Point trimmed its price target to $40 from $41 on Wednesday but maintained a Buy rating. Rosenblatt called the recent weakness a buying opportunity earlier this month. GLXY stock has an average price target of $41.44 according to Koyfin data, with five Strong Buy and nine Buy ratings against two Hold ratings and zero Sell recommendations.