StoneX reaffirmed its Buy rating and $57 price target on Galaxy Digital (NASDAQ: GLXY), representing 280% upside from current levels, as the stock fell nearly 30% over two weeks. The firm said investors are undervaluing Galaxy’s AI data-center operations and assigning virtually no value to its digital-asset business. Concerns center on CoreWeave, the sole contracted tenant for the first 800 megawatts of gross power capacity at Galaxy’s Helios campus in West Texas. CoreWeave reported $35.6 billion in debt at the end of June, while its contracted backlog nearly quadrupled to $104 billion. Galaxy delivered its first 133 megawatts of critical IT load in July under a 15-year CoreWeave lease covering 526 megawatts across three phases. In the second quarter, Galaxy recorded an $85 million net loss, while Helios generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA as it began contributing revenue. Galaxy has also acquired land for a second Texas AI data-center campus in McGregor. StoneX cited AI-computing demand, resilient GPU rental rates and computing shortages in support of its view. GLXY was trading at $16.34, up 1.21%, when the existing report was published.