Galaxy Digital surged on Monday as Chairman Mike Novogratz detailed a 1.6-gigawatt Texas data-center buildout, drawing cheers from retail traders.
- Galaxy Digital jumped about 23% intraday to a session high near $31, on volume roughly double its daily average.
- Chairman Mike Novogratz said Galaxy is building what will be the largest single-campus data center in the U.S., a 1.6-gigawatt West Texas site that is already half-leased.
- The rally sits atop an unprofitable company trading well below its 52-week high of $45.92.
Galaxy Digital (GLXY) shares surged more than 23% on Monday, after Chairman and CEO Mike Novogratz laid out the scale of the firm’s pivot from Bitcoin mining into artificial intelligence infrastructure.
GLXY’s stock was trading at $30 during midday trading hours. The stock opened at $26.34 against a previous close of $25.14 and ran as high as $31.19, on volume of about 10.7 million shares by midday, roughly double its average of 5.3 million. Even after the jump, GLXY remained well below its 52-week high of $45.92.
GLXY was the top trending ticker on Stocktwits. Retail sentiment around Galaxy improved to the ‘extremely bullish’ zone from the ‘bullish’ zone, while chatter stayed at ‘extremely high’ levels over the past day.
Novogratz Details The Data-Center Bet
Speaking on Anthony Scaramucci’s “All Things Markets” podcast, Novogratz said Galaxy is building what will be “the largest single-campus data center in America,” a 1.6-gigawatt site in West Texas. He said the company had already leased out half the capacity and expected the rest to be spoken for by the end of summer.
The project will employ between 1,000 and 1,500 construction workers, a figure Novogratz said could top out around 2,500. Under the model, Galaxy builds the facility shell and power infrastructure and hands it to its client, which installs its own chips. “We’re not buying the chips,” he said, describing the business as “probably more than half the value of Galaxy today.”
Novogratz framed the buildout as a natural evolution from the company’s mining roots, having bought a miner and converted part of that capacity into AI data centers. He pointed to West Texas as business-friendly, with spare electricity and few community objections.
Retail Traders Cheer The Breakout
On Stocktwits, bullish traders welcomed the surge as the stock was currently undervalued,” adding, “Golden Cross of the 50 MA over the 200 will trigger the break out.”
One investor took a longer view, arguing the daily swings miss the point. Another user wrote, is it was a “Nice little squeeze here today. Those buys under 25 on friday were a gift. Gonna be a strong summer in galaxy land!”
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