Galaxy Q2 2026 Unwrapped: The Code Economy Delivers
“The second quarter was transformational for Galaxy. Behind the numbers is a single idea: the economy is increasingly running on code. Finance is moving onchain, AI is remaking every industry, and both run on infrastructure: financial rails on one side, power and compute on the other. Galaxy is one of the few companies building at both ends. This quarter, both sides delivered."
- Mike Novogratz, Founder and CEO of Galaxy.
Growing The Economy That Runs on Code
Money, markets, and ownership are becoming programmable, settling in seconds on rails that never close — over $300 billion in stablecoins already move on that basis, today, not someday. At the same time, intelligence turns out to be hungry for something physical: power, land, and the data centers that turn them into compute. The world's largest tech companies are on pace to spend hundreds of billions of dollars this year alone chasing that need, and by most accounts it still won't be enough.
That's the convergence Galaxy is built for. The financial rails need somewhere to run; the compute needs someone to build it responsibly and at scale, and the two were never really separate problems, just two halves of the same one.
The instinct behind both is the same: build the infrastructure instead of renting someone else's. It runs through this quarter's two biggest storylines — a data center platform that just started generating real cash flow, and a growing list of the world's largest financial institutions choosing to build on Galaxy's rails rather than their own. That's what growing the economy that runs on code looks like in practice.
Read Galaxy CEO Letter: Growing the Economy that Runs on Code
Read Written in Code: This Code is building rails for the world’s banks.
Data Centers
The data center side of that thesis moved from promise to proof this quarter. Galaxy delivered the first 133 megawatts of critical IT load at its Helios campus to CoreWeave, on schedule and on budget, officially transitioning Helios from a construction project into an operational, cash-flowing business. Revenue recognition began with that delivery and scaled through the quarter as additional data halls came online; with Phase I now fully in service, Galaxy expects Phase I to generate roughly $80 million of leasing revenue in Q3 at project-level adjusted EBITDA margins north of 90%*.
Phase II is tracking well behind new general contractor HITT, with earthwork complete and foundation work underway; the first of eight data halls are expected online in Q2 2027, with seven of eight halls online by year-end and the final hall following in early 2028.
Helios was never meant to be the whole story. Galaxy has said from the start that its ambitions extended beyond a single campus, and over the past two months, we’ve put that strategy into action, acquiring three additional Texas sites: Merlin in McGregor, Caspian, and Selene. Together with Helios, they push our total development pipeline past 5.7 gigawatts of potential power capacity and positioning the Company among the largest data center developers in the country.
Galaxy is also pushing ahead on Helios's remaining 830 MW of approved capacity, procuring long lead time equipment, more than $180 million committed so far, well ahead of a signed lease, and has submitted the paperwork for a new gigawatt-scale expansion.
And speaking of building in Texas: last month Galaxy secured naming rights for the Texas Tech football stadium. More on that below.
Galaxy Completes Phase I of Its Helios Data Center Campus Announcement
Listen to Galaxy Brains: Datacenter Expansion and Strategy with Simrit Dhinsa
Spotlight: Welcome to Galaxy Stadium
Home football games at Texas Tech have a new name this fall. Galaxy signed a 15-year naming rights partnership rebranding the Red Raiders' home stadium as Galaxy Stadium, effective with the 2026 season, kicking off Sept. 5 against Abilene Christian.
The deal includes NIL opportunities for student-athletes, branding across football and basketball, and a broader commitment to the region that mirrors what Galaxy has built 60 miles away at Helios, where the Company is already one of Dickens County's largest employers. Texas Tech graduates are already working at Helios, and both organizations see room to expand the relationship into AI-focused academic and workforce programs down the line.
Building the Rails
The financial-rails side of the thesis showed up in a string of moves aimed at the same audience: institutions that have decided they need onchain infrastructure and are choosing who to build it with.
Galaxy signed a new multi-year agreement with BNY, the world's largest custodian, under which Galaxy is serving as a design partner on BNY's digital asset infrastructure, including staking support on its Digital Asset Custody platform.
Galaxy also rounded out its own product suite for institutions that want onchain exposure without building the plumbing themselves. GOFR, the Galaxy Onchain Financing Rate, lets clients borrow at a single optimized rate while facing Galaxy, not a patchwork of DeFi protocols, as counterparty, backed by $100 million of Galaxy's own capital as first-loss protection; it's already originated nearly $300 million in loans since launch.
Galaxy Curator, built on Morpho and distributed through Fireblocks Earn to more than 2,400 institutional clients, brings the same collateral discipline that governs Galaxy's OTC trading and lending business to onchain yield strategies, with two vault tiers built for different risk appetites.
Taken together, the quarter's onchain launches make the same point the data center buildout does: the world's largest financial institutions increasingly need what Galaxy has already built, whether as a client, a partner, or both at once.
Q2’26 At a Glance
Galaxy reported a GAAP net loss of $85 million, or $(0.09) per share, and firmwide Adjusted EBITDA of $(77) million, driven primarily by unrealized mark-to-market losses on balance sheet digital asset holdings. Underneath that headline, the operating businesses kept strengthening: Digital Assets delivered $66 million of Adjusted Gross Profit, up 34% quarter-over-quarter despite a double-digit decline in crypto prices, while Data Centers posted its first real operating results as a revenue-generating segment — $20 million of Adjusted Gross Profit and $11 million of Adjusted EBITDA**.
The Company ended the quarter with $10.8 billion in total assets, up 9% from Q1, and $2.7 billion in total equity, with 72% of that capital now allocated to Galaxy's two operating businesses. Cash and stablecoins stood at $2.5 billion.
For a full earnings summary and a reconciliation of non-GAAP financial measures to the more directly comparable GAAP measure, read our second quarter 2026 results.
Spotlight: Prediction Markets for Institutions
Galaxy's Global Markets desk opened a new front this quarter: institutional OTC trading in prediction markets. The offering gives hedge funds, family offices, and other institutions access to prediction market liquidity, and the discretion to trade at size, covering event-driven contracts on Kalshi and Polymarket across economic, political, and geopolitical outcomes, with the option to hedge those positions against equities, commodities, and other assets.
Galaxy executed a $10 million trade with crypto-native hedge fund Arca related to the CLARITY Act, an early sign of how sophisticated, institutional investors are starting to treat event-driven markets as a serious macro tool rather than a novelty.
Learn more about Galaxy’s Institutional OTC Prediction Markets Trading Launch
Listen to Galaxy Brains: Predicting the Future with Gil Wassermann
Spotlight: Bitcoin Quantum Readiness
Quantum computing capable of breaking Bitcoin's cryptography doesn't exist yet, but the timeline for one to emerge keeps compressing, and Bitcoin's decentralized governance means protocol changes built to withstand it could take years to design and deploy. Galaxy launched its Bitcoin Quantum Readiness Initiative this quarter to get ahead of that gap, committing up to $5 million in developer grants for post-quantum research, standing up an ongoing research program through Galaxy Research, and forming a Quantum Advisory Council of leading cryptography and quantum computing experts.
Days later, the effort widened into an industry-wide one: Galaxy joined Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, and Strategy in founding the Bitcoin Security Consortium, pledging an aggregate $15 million over three years toward the developers and researchers already doing this work.
Learn more about Galaxy’s Bitcoin Quantum Readiness Initiative
Listen to Galaxy Brains: Can Bitcoin Survive AI & Quantum with Nic Carter
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*Project-level adjusted EBITDA margin is a non-GAAP financial measure. Please see “Disclaimers: Non-GAAP Financial Measures” below for more information.
**Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Please see Non GAAP Financial Measures below for further information and refer to our Q2 earnings release for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure.
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Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, this letter contains adjusted gross profit, adjusted EBITDA and project-level adjusted EBITDA margin, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA and project-level adjusted EBITDA margin are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Please see pages 12 – 14 of our Q2 earnings release for a reconciliation of (i) adjusted gross profit to revenues and gains / (losses) from operations (including for our individual segments) and (ii) adjusted EBITDA to net income (loss) (including for our individual segments). A reconciliation of the Company’s expected project-level adjusted EBITDA margin to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation and certain other items reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which could be material. It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA and project-level adjusted EBITDA margin may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise. We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods. Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. This non-GAAP measure provides investors with additional information in evaluating the Company’s operating performance. Adjusted EBITDA represents Net income / (loss), excluding (i) equity-based compensation, (ii) notes interest and other expense, (iii) tax expense / (benefit), (iv) depreciation and amortization expense and (v) other discrete items which are not individually significant that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. Project-level adjusted EBITDA margin is defined as project-level adjusted EBITDA for Helios Phase I, divided by leasing revenue, and excludes overhead expenses. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.