Galaxy Digital posts $85 million Q2 2026 net loss as Helios begins generating AI lease revenue

Galaxy Digital reported an $85 million net loss for the second quarter of 2026 as lower digital-asset prices weighed on results even while its Helios data center campus began contributing revenue under a long-term CoreWeave lease. Diluted earnings per share were negative $0.09, matching adjusted EPS, while Galaxy posted $43 million of adjusted gross profit and a $77 million adjusted EBITDA loss. The split across segments underscored the company's transition: Data Centers generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA as Phase I ramped, while Treasury and Corporate recorded a $42 million adjusted gross loss and a $78 million adjusted EBITDA loss, mainly from unrealized losses on digital assets and investment positions. All 133 MW of critical IT load under the 15-year CoreWeave Phase I lease was in service by quarter-end. Galaxy said it expects about $80 million of quarterly leasing revenue and a project-level adjusted EBITDA margin above 90% beginning in the third quarter, giving investors the first full quarter at the guided run rate. The company also disclosed that a Helios project subsidiary, Galaxy Helios Data Centers II LLC, completed a $3.507 billion offering of 9.875% senior secured notes due 2031, guaranteed by Galaxy Helios II LLC and secured by project assets and pledged equity in the issuer. The structure keeps disclosed credit support at the project level as Galaxy advances the 260 MW Phase II expansion, with construction execution and CoreWeave's performance likely to remain central to whether AI infrastructure revenue can reduce the company's crypto-driven earnings volatility.