Galaxy Digital lost $85M on crypto as its projected $80M in AI revenue must offset $3.5B AI investment
Galaxy Digital reported an $85 million Q2 net loss, driven mainly by lower digital-asset prices. Diluted and adjusted EPS were both negative $0.09. Non-GAAP results showed $43 million in adjusted gross profit and a $77 million adjusted EBITDA loss. The AI infrastructure shift is starting to matter: the Data Centers segment produced $20 million of adjusted gross profit and $11 million of adjusted EBITDA as Phase I capacity ramped. Treasury and Corporate offset that with a $42 million adjusted gross loss and a $78 million adjusted EBITDA loss from unrealized losses on crypto assets and investments. All 133 MW under the 15-year CoreWeave lease were online by quarter-end, and Q3 guidance calls for roughly $80 million in quarterly leasing revenue and project-level adjusted EBITDA margins above 90%. Galaxy also completed a $3.507 billion senior secured note deal to finance Phase II expansion.
