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Galaxy Digital posts $85M Q2 net loss as CoreWeave AI ramp continues
Galaxy said all 133 MW under its 15-year CoreWeave Phase I lease was in service by quarter-end, and it expects about $80M of quarterly leasing revenue in Q3.
Galaxy Digital reported an $85 million net loss in Q2, with results still heavily tied to lower digital-asset prices, even as its CoreWeave-linked data center capacity began contributing under the Phase I lease, according to CryptoSlate.
Diluted earnings per share were negative $0.09 on both GAAP and adjusted EPS, a non-GAAP measure. Galaxy posted $43 million of adjusted gross profit, alongside a $77 million adjusted EBITDA loss, as different segments moved in opposite directions.
On the AI infrastructure side, Galaxy generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA during the ramp. Treasury and Corporate recorded a $42 million adjusted gross loss and a $78 million adjusted EBITDA loss, which the outlet links mainly to unrealized losses on digital assets and investment positions.
All 133 MW of critical IT load under the 15-year CoreWeave Phase I lease was in service by quarter-end. Galaxy expects about $80 million of quarterly leasing revenue and a project-level adjusted EBITDA margin above 90% starting in Q3, while also noting that the CoreWeave customer is a key early dependency for the data centers segment.
In a related financing update, the outlet says Galaxy Helios Data Centers II LLC completed a $3.507 billion offering of 9.875% senior secured notes due 2031, with Galaxy Helios II LLC guaranteeing the notes and credit support structured at the project level. CoreWeave tenant performance and construction progress are identified as the main pressure points going forward.