Galaxy Digital Bets Big on AI With 500-Acre Texas Campus as GLXY Shares Slump 17%

Galaxy Digital has acquired roughly 500 acres in McGregor, Texas, marking the company’s second major data center investment in the state.

Galaxy is building on its 1.6 gigawatt Helios campus in Dickens County, West Texas, where the company says it is already the largest employer and taxpayer.

The company has secured an initial agreement with the local utility to begin construction on interconnection facilities. The first phase of development targets 74 megawatts of capacity.

The project will run on a closed-loop cooling system, the same water-efficient design used at Helios, which recirculates water internally rather than drawing continuously from local supply.

Under the agreement, Galaxy will fund and build its own private electrical substation, a step meant to keep infrastructure costs off local ratepayers. The company will also carry its full tax obligations starting immediately, adding an estimated minimum of $130 million to McGregor’s property tax base for schools and emergency services.

Construction is expected to support several hundred trade and construction jobs, with permanent operations roles to follow at what the company calls competitive salaries.

The stock’s short-term trend has been rough. GLXY is down 7.01% over five days, 17.48% over the past month, and 32.23% over six months. Year to date, shares are off 0.83%, and the stock remains down 27.73% over the past year.

That volatility reflects the stock’s high beta relative to broader crypto sentiment. Galaxy priced roughly $3.5 billion in senior secured notes tied to data center activity earlier this year, and the company reports earnings on August 5.