Key Highlights
- Galaxy Digital’s 2025 annual report positions Helios as a central company asset under Mike Novogratz‘s leadership.
- The Helios data campus valuation surpasses $15 billion following additional approved power capacity.
- ERCOT has approved over 1.6 gigawatts of power capacity for the West Texas facility.
- The initial 800-megawatt lease to CoreWeave represents capital investment exceeding $7.5 billion.
- ERCOT’s approval of an additional 830 megawatts enables further Helios expansion.
In its 2025 annual report, Galaxy Digital emphasized the strategic importance of Helios, the company’s West Texas data center campus. [[LINK_START_0]]Mike Novogratz[[LINK_END_0]] revealed the facility’s valuation has climbed above $15 billion following recent power capacity approvals. This milestone coincides with Galaxy Digital’s inaugural 10-K filing as a Nasdaq-listed entity.
Helios Emerges as Galaxy Digital’s Infrastructure Cornerstone
Novogratz described the Nasdaq listing as a pivotal moment for Galaxy Digital’s public market presence. He characterized this transition as a validation that the digital economy has achieved mainstream status.
According to Novogratz, Galaxy Digital has broadened its operational scope beyond its initial digital asset concentration. The firm now maintains operations spanning asset management, institutional trading platforms, and AI-focused high-performance computing infrastructure.
The annual filing positioned Helios as the centerpiece of this infrastructure strategy. Located in West Texas, the facility has secured more than 1.6 gigawatts of approved power capacity through ERCOT.
Galaxy Digital confirmed that CoreWeave has leased the initial 800 megawatts available at the location. The filing indicated this lease arrangement represents capital investment surpassing $7.5 billion.
The company also disclosed that ERCOT granted approval for an additional 830 megawatts to support Helios expansion. With this capacity increase, Galaxy Digital established the campus valuation well above $15 billion.
Novogratz emphasized that compute demand will define the next decade. He stated, “Demand for compute is not a cycle, it is a structural condition.”
He outlined Galaxy’s objective to develop a multi-billion-dollar digital infrastructure portfolio spanning multiple regions, tenant relationships, and technological applications.
Digital Assets Platform and 2025 Financial Performance
The filing provided details on Galaxy Digital’s digital assets operations. Platform assets under management reached approximately $12.3 billion as of December 31, 2025.
The platform delivers over-the-counter spot and derivatives trading services for institutional clients. Additional offerings include lending, custody, ETF products, and staking capabilities across 11 blockchain networks.
The company’s blockchain coverage encompasses Ethereum and Solana, among others, according to the regulatory filing. These services form a core component of its institutional digital assets strategy.
Galaxy Digital expanded into retail financial services in October 2025 with the introduction of GalaxyOne. This fintech platform features FDIC-insured high-yield accounts.
GalaxyOne provides commission-free trading access to both equities and crypto assets through a unified platform. The service enables users to automatically allocate earned interest toward Bitcoin purchases.
The company experienced challenges during the fourth quarter of 2025. Galaxy Digital recorded a net loss of $241 million for that reporting period.
Despite these headwinds, Novogratz maintained an optimistic outlook focused on operational execution and scaling. He stated the organization is “more clear-eyed about our opportunity than we have ever been.”
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