Galaxy Digital acquires 500 acres in McGregor, Texas for a second AI data center campus. Mike Novogratz calls it the next step in a multi-campus strategy.
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Galaxy Digital has taken on a roughly 500-acre plot in McGregor, Texas, for a second AI and high-performance computing campus. The deal, signed with the city, puts the site inside the McGregor Industrial Park and generated about $7.5 million in land-sale revenue for the city.
Mike Novogratz, the founder and CEO, called McGregor "the next step in our strategy to build a disciplined, multi-campus data center business." He described demand for compute power as a structural shift rather than a temporary cycle, the company said Tuesday.
The project builds on Galaxy's 1.6 gigawatt Helios campus in Dickens County, West Texas, where the company is already the largest employer and taxpayer. Galaxy secured an initial agreement with the local utility to start construction on interconnection facilities. The first phase targets 74 megawatts of capacity.
Galaxy plans to push past the 75 MW threshold that ERCOT classifies as a large load, coordinating with the utility to expand. The company expects the site to start receiving power in 2028, with operations scaling up after that. It sees the campus eventually becoming a multi-hundred-megawatt facility by 2030, depending on new transmission.
The facility will run a closed-loop cooling system, the same water-efficient design used at Helios, which recirculates water rather than drawing continuously from local supply. Galaxy will fund and build its own private electrical substation, keeping infrastructure costs off local ratepayers. The company also carries its full tax obligations starting immediately, adding an estimated minimum of $130 million to McGregor's property tax base for schools and emergency services.
Construction is expected to support several hundred trade and construction jobs, with permanent operations roles to follow at what the company calls competitive salaries.
Galaxy trades on the Nasdaq under GLXY. At the July 27 close, shares sat at $22.70. The stock is down 7.01% over five days, 17.48% over the past month, and 32.23% over six months. Year to date, shares are off 0.83%, and the stock remains down 27.73% over the past year.
That volatility reflects the stock's high beta relative to broader crypto sentiment. Galaxy priced roughly $3.5 billion in senior secured notes tied to data center activity earlier this year. The company reports earnings on August 5.
The McGregor deal gives Galaxy a second concrete site in what Novogratz described as a multi-campus strategy built around long-term AI compute demand, separate from the swings in its share price.
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