Galaxy’s AI data centers bring $79 million in lease revenue and a small net loss
Galaxy Digital’s first full quarter operating its 133 MW Helios I Phase I lease to CoreWeave generated $79 million in data-center revenue and $69 million in adjusted EBITDA, but the segment recorded a $435,000 net loss. The $69 million excludes financing and other accounting items; a $75 million adjustment for notes interest and other expense and a negative $24 million “Other” adjustment illustrate why EBITDA does not equal profit or cash flow. Galaxy’s $323 million consolidated net income and $455 million adjusted EBITDA were driven chiefly by Treasury & Corporate, which contributed $348 million and $395 million, respectively. The company spent $757 million on data-center construction in Q3, with Phase II under construction and initial deliveries scheduled for Q2 2027. Its expansion is financed partly through $3.507 billion of 9.875% secured notes. Whether lease income can cover financing costs and Phase II meets its schedule remain key tests.
