Mike Novogratz’s Galaxy Digital (GLXY) shares are up 4% in U.S. trading Thursday morning after the firm secured approval to add 830 megawatts of power capacity at its Helios data center campus in West Texas.
The expansion, approved by Texas’s electric grid operator ERCOT, follows the completion of a required large-load interconnection study and more than doubles the site’s total approved load to over 1.6 gigawatts.
It marks an additional step in Galaxy’s long-term plan to build out infrastructure for artificial intelligence and high-performance computing (HPC) workloads, the company said in a press release.
The company, which offers crypto financial services and manages a data center portfolio, has also signed a service agreement with AEP Texas, with Wind Energy Transmission Texas acting as the interconnection provider.
Construction is underway on the first phase of Helios under an agreement with AI compute provider CoreWeave. Power delivery is expected to begin in early 2026.
In a statement, CEO Mike Novogratz said the power demand for AI compute in Texas is “unprecedented,” and the approval puts Galaxy in a strong position to grow. The company is now exploring further land and power options in Texas and other states.
The stock’s advance on Thursday is notable given declines across the rest of the crypto sector as bitcoin slid back below $96,000.
Coinbase (COIN, Circle (CRCL) and MARA Holdings (MARA) are among the names sporting 3%-5% declines.