Noen som er investert?
https://x.com/RHouseResearch/status/1923076150693187726
Company Overview:
Galaxy is a crypto and AI infrastructure holding company that started out focusing on digital asset financial services but is now moving into AI data centers.
Helios Data Center Transformation:
The company acquired the Helios site in 2022 for Bitcoin mining, but it is now being converted into a massive AI data center campus in Texas. Helios has 800MW of power capacity already approved, with the potential to reach 2.5GW. Its major tenant, CoreWeave, is leasing 600MW for $720 million per year under terms that include a 90 percent EBITDA margin and a 3 percent annual rent escalator. There is also the potential to expand leases to over 1,600MW, which could generate more than $1.7 billion in annual EBITDA by 2026.
Valuation Upside:
Traditional data center REITs trade at around 25 times EBITDA. Applying that multiple to Helios implies a potential equity value of $30 to $40 billion compared to the current market cap of $7.9 billion. Additional site acquisitions could push total long-term equity value above $150 billion.
Competitive Advantage:
Power access is the key bottleneck for AI infrastructure, and Helios already has immediate and scalable power supply. Galaxy also has a strong balance sheet with $1.8 billion in net cash, unlike debt-heavy Bitcoin miners. The leadership team includes founder Mike Novogratz, formerly of Goldman Sachs, who owns about 60 percent of the company.
Growth Catalysts:
The company is uplisting to the Nasdaq on May 16, 2025, which should broaden its investor base and improve liquidity. Rising AI demand for both model training and inference will support long-term leasing growth, and future site acquisitions could expand total capacity by another 5,000MW or more.
Market Mispricing:
Concerns about CoreWeave’s debt are likely overstated. The company has long-term contracts, close partnerships with firms like Nvidia, and strong financing in place. Competing Bitcoin miners do not have the financial strength or credibility to secure similar deals.
Galaxy Digital is shifting from crypto to AI infrastructure with the Helios data center as the key asset. With long-term leases, scalable power capacity, a strong balance sheet, and a Nasdaq listing, the company could see significant revaluation as AI demand grows and new data center sites come online.
