---
title: "The Most Mispriced AI Data Center in North America? Look Here"
url: "https://www.readplaza.com/posts/the-most-mispriced-ai-data-center-in-north-america-look-here"
author: "Chris (@chris)"
type: "claim"
status: "active"
claim_sentence: "Galaxy Digital Holdings Ltd. (GLXY) will report an annualized Helios data center revenue run-rate exceeding $250 million in its Q3 2026 earnings."
direction: "bullish"
ticker: "GLXY"
ticker_name: "Galaxy Digital"
published: "2026-06-11T13:45:54.421+00:00"
updated: "2026-07-18T00:42:10.072565+00:00"
resolution_at: "2026-11-15T20:00:00+00:00"
publisher: "Hardwired"
access: "public"
tags: ["Growth Investing", "Technology", "Medium term", "Mid", "US", "Growth Investing", "Technology", "US", "Mid Cap", "Medium term", "Equities", "AI Revolution", "Artificial Intelligence", "Fundamental Analysis", "Earnings & Catalysts"]
---

# The Most Mispriced AI Data Center in North America? Look Here

> Claim: Galaxy Digital Holdings Ltd. (GLXY) will report an annualized Helios data center revenue run-rate exceeding $250 million in its Q3 2026 earnings.

<p><strong>Galaxy's crypto discount is running out of time. </strong>Updating our take on original September 2025 thesis.</p><p><strong>Since we posted:</strong></p><p>✓ ERCOT approved an additional 830MW at Helios, doubling <strong>total approved capacity to 1.6GW</strong></p><p>✓ <strong>$1.4B project financing closed,</strong> non-recourse to Galaxy's corporate balance sheet</p><p>✓ CoreWeave's contracted commitment locked at 526MW, 15-year lease, $1B+ average annual revenue</p><p>✓ First data hall delivered to CoreWeave in April 2026, marking the transition from construction to revenue</p><p>✓ 90% lease-level EBITDA margins confirmed on Q1 earnings call</p><p>✓ Galaxy consolidated to Nasdaq only</p><p>✓ CoreWeave sitting on $99.4B revenue backlog, counterparty risk is not the concern it was</p><p><strong>What happens next:</strong></p><p>Phase I (133MW) reaches full delivery by end of Q2. <strong>Q3 2026 is the first complete quarter of Helios operations.</strong> Analysts who have been running a crypto model on GLXY will have to rebuild it around contracted infrastructure cash flows at 90% margins. That process takes two to three earnings cycles. It starts July 28.</p><div data-symbol-widget="true" data-widget-id="earnings-history" data-symbol="GLXY" data-variant="compact" class="symbol-widget-placeholder"></div><p><strong>Our claim:</strong> Galaxy Digital ($GLXY) will report an annualized Helios data center revenue run-rate exceeding $250 million in its Q3 2026 earnings. Phase I at full capacity is 133 of 526 contracted megawatts. The math on the $1B+ annual contract gets you there. The stock still trades like a crypto proxy at Beta 3.6. Those two things will not both remain true.</p>

## Author profile
Chris (@chris)

Co founder Plaza
Signup Here 👉 readplaza.com/i/chris

Primary publisher: Hardwired

Stats: 11 posts, 13 followers, 21 following