Galaxy Digital's $85M Loss Masks AI Revenue Pivot Amid CoreWeave Lease Ramp

Woofun AI reports that Galaxy Digital’s Q2 financials reveal a strategic divergence between its consolidated GAAP bottom line and its emerging AI infrastructure economics, anchored by the CoreWeave lease. The firm posted an $85 million net loss, a figure that obscures the operational milestone of completing Phase I capacity, which began contributing revenue under the long-term agreement.

All 133 MW of critical IT load under the 15-year CoreWeave Phase I lease was fully in service by quarter-end. Looking ahead to Q3, Galaxy Digital expects approximately $80 million in quarterly leasing revenue, marking the first full quarter at the guided run rate.

Woofun AI data shows the project-level adjusted EBITDA margin is projected to exceed 90%, a metric that excludes overhead and serves as a cleaner test of whether contracted data center income can mitigate crypto-driven earnings volatility.

The apparent symmetry between the $85 million loss and the $80 million revenue forecast is misleading due to accounting distinctions. The loss reflects the consolidated GAAP bottom line, whereas the revenue figure represents expected top-line inflows. During the ramp-up period, Data Centers contributed $11 million of adjusted EBITDA in Q2, capturing the build toward full lease economics.

Structurally, the financing documents name Helios project entities as both issuer and guarantor, ensuring that disclosed credit support remains secured at the project level by pledged equity and assets.

From here, construction progress and tenant performance will be the main pressure points. Construction progress and tenant performance will serve as the primary pressure points for realizing these margins. This marks a critical juncture where infrastructure delivery must validate the strategic pivot away from pure crypto volatility.