Galaxy’s AI data centers bring $79 million in lease revenue and a small net loss
The first full Helios lease quarter left Data Centers with a $435,000 loss, while Treasury & Corporate drove Galaxy’s recovery. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Galaxy Digital’s first full quarter of AI data-center lease operations generated $69 million in adjusted EBITDA, but its Data Centers segment still posted a $435,000 net loss. The company’s Oct. 27 results put a number on both the new earnings stream and the financing burden accompanying its expansion.
For a business still exposed to digital-asset and investment swings, the operating contribution is substantial. Galaxy’s much larger group recovery came primarily through Treasury & Corporate.
The quarter ended Sept. 30 was the first with a full period of revenue-generating operations under the Helios I, Phase I lease to CoreWeave. All 133 megawatts of critical IT load had been delivered by the end of Q2. Data-center leasing revenue reached $79 million.
In CryptoSlate’s August coverage, approximately $80 million of quarterly lease revenue was still guidance. Q3 supplies the first full-quarter results, alongside the costs determining how much reaches the bottom line.
Adjusted EBITDA strips out financing expenses and several accounting items, making it useful for examining operating performance. It does not measure free cash flow or the final profit available after those costs.
Galaxy’s Data Centers reconciliation shows why the distinction matters. Starting with the segment’s net loss, the company makes the following adjustments to reach adjusted EBITDA:
| Q3 2026 Data Centers reconciliation | USD |
|---|---|
| Net loss | -435,000 |
| Add equity based compensation and related expense | +785,000 |
| Add notes interest and other expense | +75,439,000 |
| Subtract tax benefit | -24,000 |
| Add depreciation and amortization expense | +17,325,000 |
| Other adjustment | -24,344,000 |
| Adjusted EBITDA | 68,746,000 |
The largest adjustment is the $75 million labeled “notes interest and other expense.” That is an accounting adjustment, not a disclosed cash-interest payment. Depreciation and the equity awards themselves are noncash accounting items.
The negative $24 million Other adjustment also matters. Galaxy’s footnote groups non-operating income and expenses with discrete items outside ongoing operating performance, without isolating the underlying Data Centers components. The segment loss therefore cannot be explained by subtracting interest alone from the headline EBITDA figure.
Related ReadingGalaxy reported $323 million in consolidated Q3 net income. Treasury & Corporate produced $348 million, while Digital Assets lost $25 million and Data Centers lost $435,000.
The adjusted figures tell a similar story. Treasury & Corporate generated $395 million of the group’s $455 million adjusted EBITDA. Data Centers contributed $69 million, and the Digital Assets operating segment recorded negative $9 million.
In Q2, Treasury & Corporate had posted negative $78 million of adjusted EBITDA. Data Centers earned $11 million, and Digital Assets recorded negative $11 million. The comparison places the largest swing in Treasury & Corporate, even as full-quarter leasing materially increased the data-center contribution.
That distinction matters because Treasury & Corporate carries Galaxy’s digital-asset and investment exposure. Its positions span spot holdings, derivatives, ETFs, equities and private investments. Net digital assets and investments reached a rounded $1,700 million at Q3’s end, against $1,200 million at Q2.
AI income adds a different source of earnings. The scale of the treasury result and the remaining investment exposure show why a strong group quarter cannot yet be read as proof of protection from crypto volatility.