Galaxy Digital Stock Jumps 23% on 1.6GW Data Center Plan
GLXY•Galaxy Digital shares surged 23% intraday to a session high near $31 on volume of about 10.7 million shares, roughly double its average. CEO Mike Novogratz announced construction of a 1.6-gigawatt West Texas single-campus data center—already 50% leased—with plans to fill remaining capacity by late summer.
1. Stock Rally Details
Galaxy Digital shares opened at $26.34 and climbed as high as $31.19 during midday trading, marking a 23% gain on volume of approximately 10.7 million shares, compared to its 5.3 million average. Despite the rally, the stock remains below its 52-week high of $45.92.
2. Data Center Announcement
CEO Mike Novogratz revealed plans for a 1.6-gigawatt single-campus data center in West Texas, describing it as the largest of its kind in the U.S. The facility is already half-leased, with the company expecting to secure tenants for the remaining capacity by the end of summer.
3. Strategic Pivot and Business Model
Galaxy’s move leverages its Bitcoin mining expertise to enter AI infrastructure, building the power shell and handing off chip installation to clients. The project will employ up to 2,500 construction workers and represents over half of Galaxy’s current valuation, signaling a major shift toward higher-margin services.
