Galaxy CEO Letter: Growing the Economy that Runs on Code
A letter from Galaxy's Founder & CEO, Mike Novogratz —
The global financial system runs on infrastructure built for a slower world. That era is ending. The economy is increasingly being rebuilt in code.
Two forces are driving it, and they are converging.
Finance is moving onchain. Money, markets, and ownership are becoming programmable on rails that settle in seconds and never close. What began on the fringe is now being built by the largest banks and asset managers in the world. More than $300 billion in stablecoins already circulate. Real dollars, moving on code, today.
At the same time, artificial intelligence is remaking every industry. And intelligence is hungry for something stubbornly physical: power, land, and the data centers that turn them into compute. Compute is one of the scarcest resources of the decade. The world's largest technology companies are expected to spend hundreds of billions of dollars this year alone just to keep up. It is still not enough.
These are not two stories. They are one. The new economy needs programmable rails, and it needs the power to run them. Code needs a place to live.
Galaxy was built for that convergence.
We have spent eight years on a single conviction: that digital assets would remake global finance. Believing it early enough meant we could build the infrastructure instead of renting someone else's. Through bull markets and bear markets, crises and doubt, that conviction held. We acquired Helios at the lows of 2022, when much of the industry was retreating. We won our largest mandates while others pulled back. We put regulated rails, real custody, and tokenization to work while much of the market was still telling stories. Builders do their best work when others have gone to the sidelines.
Today that conviction has two proof points: what we own, and who we work with.
On infrastructure, Helios is our flagship. Our AI data center campus in West Texas is approved for more than 1.6 gigawatts of capacity, and it is already generating revenue as we build it out to full scale. The anchor lease alone is anticipated to represent over $1 billion in average annual revenue across the fifteen-year term. And Helios is only the first campus in a disciplined, multi-campus build. We are committing to Texas at gigawatt scale, with additional sites in development that could add gigawatts more. From here, the ambition is a portfolio of AI infrastructure spread across geographies, tenants, and technologies.
On finance, proof is the roster. BNY, which safeguards tens of trillions of dollars for the world's largest institutions, is bringing staking to its custody platform with Galaxy, and named us a design partner for the next generation of digital-asset infrastructure. With State Street Investment Management, we launched SWEEP, a tokenized fund that brings institutional cash management onchain. Through a referral arrangement with Galaxy, eligible Morgan Stanley Wealth Management clients can lend cryptocurrency to Galaxy and receive shares of spot crypto exchange-traded products. Invesco's bitcoin, Ethereum, and Solana carry the Invesco Galaxy name. And BlackRock, the world's largest asset manager, works with Galaxy across its crypto ETFs, from the liquidity behind its bitcoin fund to the validation inside its Ethereum fund, the same staking we run for Fidelity, Morgan Stanley Investment Management and Invesco. These are the biggest names in finance, building alongside Galaxy.
Most companies work at one end of this convergence or the other, building the financial rails or the power and compute behind AI. We work at both. That gives us a vantage point few have, and what we build on one side helps the other.
The question is no longer whether the economy will be built on code. It is who builds it, and how fast.
The answer is Galaxy.
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Mike Novogratz
Founder and CEO, Galaxy
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