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FollowingTLDR
Galaxy Digital reported a net loss of US$85 million in the second quarter, mainly affected by falling digital asset prices.
The company's AI infrastructure segment generated adjusted gross profit of US$20 million and adjusted EBITDA of US$11 million.
The entire 133 MW capacity of the first phase under the CoreWeave lease is now fully operational.
Galaxy expects quarterly rental revenue of approximately US$80 million starting in the third quarter, but this is a guide rather than a reported result.
Galaxy subsidiary issued US$3.507 billion in senior guaranteed notes to fund the 260-megawatt second phase of data center expansion.
The AI infrastructure sector showed initial growth
Galaxy's AI infrastructure business generated adjusted gross profit of US$20 million and adjusted EBITDA of US$11 million during the quarter. These numbers reflect the contribution of new capacity coming online rather than the full quarter of operating results.
The capital and corporate business sectors present a different picture. The division reported an adjusted gross loss of $42 million and an adjusted EBITDA loss of $78 million, mainly due to unrealized losses on digital assets and other investment positions.
As of the end of the quarter, all 133 MW of critical IT loads under Galaxy and CoreWeave's Phase 1 lease were in operation. CoreWeave is the lessee of data center capacity under the 15-year agreement, which generates revenue entirely from outside the crypto market.
Data Center Q3 Revenue Guidelines
Galaxy currently expects quarterly rental revenue of approximately $80 million starting in the third quarter, while predicting the business's project-level adjusted EBITDA margin of more than 90%. These two data are guidelines and have not yet been reflected as actual results.
The $85 million loss and $80 million revenue may seem likely to offset each other, but the accounting treatment is not the case. The loss is reflected in Galaxy's consolidated bottom line, while $80 million is expected future revenue for a sector. Data centers contributed only $11 million in adjusted EBITDA during the quarter as capacity continued to increase. Second-quarter results reflect accumulation towards the full leasing economy of scale, rather than full quarterly revenue.
Galaxy is also expanding based on the first phase. Subsidiary Galaxy Helios Data Centers II completed the issuance of US$3.507 billion in senior secured notes with a coupon rate of 9.875%, due in 2031. Another subsidiary, Galaxy Helios II LLC, provided guarantees for the notes. The financing will be used for the second phase of the project, adding 260 MW of capacity. The notes are secured by the project assets and the issuer's pledged equity.
Galaxy's quarterly filings show that the data center segment was initially highly dependent on major customer CoreWeave. The first phase is already operational and generates contract revenue outside the crypto market. The second phase of handover is expected to begin in 2027, when the project company will bear the fixed cash costs associated with the new capacity.
