Galaxy Digital Reports $216M Q1 Loss, Delivers First $1B AI Data Center
Q1 net loss of $216M was driven by MTM losses while the digital asset segment delivered $49M adjusted gross profit with flat trading volumes versus a 25% industry drop. Galaxy completed Helios Phase 1, delivering its first AI data center hall under a 15-year, $1B+ lease to CoreWeave.
1. Q1 2026 Financial Results
Galaxy Digital recorded a GAAP net loss of $216 million in Q1 2026, driven primarily by unrealized mark-to-market losses on its digital asset holdings. Its digital asset segment achieved $49 million of adjusted gross profit with trading volumes holding flat despite a roughly 25% industry-wide decline.
2. Helios Phase 1 AI Data Center Delivery
The company completed Phase 1 of its Helios campus conversion, delivering its first AI data center hall to CoreWeave under a 15-year lease expected to generate over $1 billion in revenue. This milestone validates Galaxy's execution capabilities on hyperscale AI infrastructure and derisks its transition to high-margin compute services.
3. Shift to B2B Infrastructure Model
Management signaled a strategic pivot from speculative crypto trading toward providing foundational B2B infrastructure, including wallet and custody solutions for institutional clients. This repositioning aims to build stable, crypto-uncorrelated revenue streams and leverage Galaxy's technology across legacy financial institutions.