Galaxy Digital Buys 500 Acres in Texas for Second AI Data Center Campus, Stock Slides

Galaxy Digital is doubling down on AI infrastructure with real acreage, even as the market’s reaction to the news has been anything but enthusiastic.

Galaxy Digital acquired approximately 500 acres in McGregor, Texas, through a development agreement with the city, for a second major AI and high-performance computing data center campus. The site starts with 74 megawatts of initial capacity and is designed to expand through 2030, with the project expected to add roughly $130 million to the local tax base over time.

GLXY shares fell somewhere between 8% and 17% following the announcement, compounding an already difficult stretch for the stock after Q2 results showed an $85 million net loss.

The market reaction highlights a genuine tension in how investors are currently pricing crypto companies making large AI infrastructure bets: the long-term thesis, that AI compute demand offers a more stable, less volatile revenue stream than crypto-native businesses, competes directly against the short-term reality of large capital commitments landing right alongside a reported quarterly loss.

A second major campus, rather than simply expanding the first, suggests Galaxy is treating AI infrastructure as a genuine core business line rather than a one-off diversification experiment, a distinction that matters for how seriously the market eventually treats this part of the company’s operations.

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