Shares of Galaxy Digital (NASDAQ: GLXY) surged higher on June 8 after CEO Mike Novogratz detailed the firm's AI data center plans over the weekend. Galaxy Digital is a diversified financial s
Shares of Galaxy Digital (NASDAQ: GLXY) surged higher on June 8 after CEO Mike Novogratz detailed the firm's AI data center plans over the weekend.
Galaxy Digital is a diversified financial services and infrastructure firm founded by former Goldman Sachs partner Novogratz in 2018, listed on both the Nasdaq and the Toronto Stock Exchange.
It operates through multiple segments, including digital assets, data centers, and treasury.
The digital assets arm offers institutional trading, asset management, staking, custody, and tokenization, while the data centers segment houses Helios, its West Texas campus.
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Once known primarily as a crypto-native merchant bank, Galaxy has steadily pivoted toward AI and high-performance computing infrastructure.
Speaking on the June 6 episode of "All Things Markets with Anthony Scaramucci & Michael Novogratz," Novogratz said Galaxy is building what will be "the largest single campus data center in America," at 1.6 gigawatts.
Half of that capacity is already leased, and he expects the full 1.6 gigawatts to be spoken for by the end of summer.
Describing the business model, he said,
"We build the shell, all the electricity coming into the thing. We hand it to our client. They put up the chips inside it. So we're not buying the chips."
The site currently has roughly 1,500 construction workers, a figure Novogratz said could peak around 2,500.
"It's an amazing business. It's probably more than half the value of Galaxy today. And it's where all the analyst questions come, 'how are you going to grow this data center business?'" he added.
The stock jumped close to 25% during Monday's session before closing 21% higher at $30.51.
Galaxy Digital was not the only one that jumped. Other public Bitcoin mining companies that are steadily pivoting toward AI also surged on Monday. This was largely due to Bitcoin's slight recovery. At press time, Bitcoin was up by 2.6% in the past 24 hours, trading near $63,344.
TeraWulf (NASDAQ: WULF) closed 7.75% higher at $25.86, and IREN Ltd. (NASDAQ: IREN) finished up 8.9% at $59.19.
Cipher Mining (NASDAQ: CIFR) rose 8.2% to $24.29, while HIVE Digital (NASDAQ: HIVE) climbed 5.4% to $3.96.
MARA Holdings (NASDAQ: MARA) closed about 11% higher. For MARA, though, Bitcoin wasn't the only catalyst. The miner also notched progress on its acquisition of Long Ridge Energy & Power LLC, an Ohio-based gas plant operator, which is part of its broader shift from pure-play Bitcoin mining toward AI infrastructure.
