Galaxy Digital Annual Report Values Helios Data Campus Above $15B

TLDR

• Mike Novogratz used Galaxy Digital’s 2025 annual report to highlight Helios as a core company asset.
• Galaxy Digital said Helios now holds a value above $15 billion after the new approved power capacity.
• The Helios campus in West Texas has more than 1.6 gigawatts of approved power through ERCOT.
• CoreWeave leased the first 800 megawatts at Helios, tied to more than $7.5 billion in capital investment.
• Galaxy Digital said ERCOT approved another 830 megawatts for Helios expansion.

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Galaxy Digital used its 2025 annual report to highlight Helios, its West Texas data center campus, as a core asset. Mike Novogratz said the campus now carries a value above $15 billion after new power approvals. He also tied that progress to Galaxy Digital’s first 10-K filing as a Nasdaq-listed company.

Galaxy Digital Puts Helios at the Center of its Growth Plan

Novogratz said the Nasdaq listing marked a turning point for the company and its public market profile. He called it “a declaration that the digital economy is real.”

He said Galaxy Digital has moved beyond its original digital asset focus over time. The company now operates across asset management, institutional trading, and AI-driven high-performance computing infrastructure.

The annual report placed Helios at the center of that infrastructure push. The campus sits in West Texas and has over 1.6 gigawatts of approved ERCOT power capacity.

Galaxy said CoreWeave leased the first 800 megawatts at the site. The report linked that lease to more than $7.5 billion in capital investment.

Galaxy also said ERCOT approved another 830 megawatts for expansion at Helios. Based on that increase, the company said the campus now stands well above $15 billion.

Novogratz said demand for compute will shape the coming decade. He said, “Demand for compute is not a cycle, it is a structural condition.”

He added that Galaxy aims to build a multi-billion-dollar digital infrastructure portfolio over time. The report said that the portfolio will span regions, tenants, and technologies.

Annual Report Details Digital Assets Business and 2025 Results

The report also outlined the scale of Galaxy Digital’s digital assets platform. As of December 31, 2025, it managed about $12.3 billion in platform assets.

Its platform includes over-the-counter spot and derivatives trading for institutions. It also offers lending, custody, ETFs, and staking across 11 blockchains.

Those blockchains include Ethereum and Solana, according to the filing. The company said those services remain part of its institutional digital assets strategy.

In October 2025, Galaxy expanded further into retail financial services. It launched GalaxyOne, a fintech platform with FDIC-insured high-yield accounts.

GalaxyOne also offers commission-free trading in equities and crypto on one platform. Users can also direct earned interest into Bitcoin automatically.

Still, the company reported pressure during the fourth quarter of 2025. Galaxy posted a net loss of $241 million during that period.

Even so, Novogratz kept his message focused on execution and scale. He said the firm is “more clear-eyed about our opportunity than we have ever been.”

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