Novogratz Goes Full Infrastructure Bro: Helios Data Center Valued at $15B+ in Galaxy Digital's First 10-K

Mike Novogratz wants you to know the digital economy is real, and Galaxy Digital is built to lead it—or at least to look really good on a pitch deck while BTC does whatever it wants. The man has never met a macro trend he couldn't stake a reputation on, and now he's got the SEC filings to prove it.

In Galaxy Digital's first 10-K filing as a Nasdaq-listed company, the CEO spotlighted Helios, the company's AI data center campus in West Texas, which has surpassed a $15 billion valuation. For those doing the math at home, that's roughly the GDP of a small Caribbean nation, except this one runs on fiber optics and dreams of AGI. The campus has secured more than 1.6 gigawatts of approved power capacity through ERCOT, with the initial 800 megawatts already leased to AI cloud provider CoreWeave representing over $7.5 billion in capital investment. An additional 830 megawatts approved for expansion helped push Helios well above the $15 billion mark. Somewhere, a Texas oil baron is wondering why his Permian Basin lease isn't getting the same analyst coverage.

"Demand for compute is not a cycle, it is a structural condition that will define the next decade," Novogratz wrote. Translation: this time it's different, and also please look at our data centers instead of the quarterly loss.

The company manages roughly $12.3 billion in digital assets as of December 31, 2025, offering OTC spot and derivatives trading, lending, staking across 11 blockchains including Ethereum and Solana, ETFs, and institutional-grade custody. Basically, if you've got a crypto need, Galaxy's got a division for that—and probably a pitch deck too.

In October 2025, Galaxy Digital expanded into retail finance with GalaxyOne, a fintech platform offering FDIC-insured high-yield accounts, commission-free trading in equities and crypto, and the option to automatically reinvest interest into bitcoin. Finally, a way for your stimulus check to feel like it belongs in the 21st century—until the next rug pull, anyway.

Despite the industry downturn in Q4 2025, the company posted a net loss of $241 million. To be fair, everyone's portfolio looks rough when you screenshot it in December. Novogratz remains optimistic, noting the firm is "more clear-eyed about our opportunity than we have ever been." Which, given the industry's history of clear-eyed optimism leading to things like Three Arrows Capital and