Summary

  • Galaxy reported $454.749m of preliminary Q3 adjusted EBITDA: $395.025m from Treasury & Corporate, $68.746m from Data Centers and a $9.022m loss in Digital Assets.
  • The Data Centers segment recorded a $0.435m net loss. Its reconciliation adds back $75.439m of “notes interest and other expense” before reaching adjusted EBITDA.
  • Quarterly data-centre capex rose to $757m, while revenue-generating critical IT load remained 133 MW at both Q2 and Q3 quarter-end.

Galaxy’s $455m headline is real. Its cast list is the story. Treasury & Corporate accounted for $395m of the preliminary adjusted-EBITDA total, Data Centers for $69m and Digital Assets for a $9m loss. The company’s announcement talks about both digital assets and AI infrastructure; the segment table shows which business carried this quarter’s non-GAAP result.

The Data Centers line deserves attention on its own. Galaxy says the segment produced $79.068m of adjusted gross profit and $68.746m of adjusted EBITDA in Q3, its first full revenue-generating quarter under the Helios I Phase I lease. The 133 MW of critical IT load had already been delivered to the tenant by the end of Q2. The cumulative delivered-load figure was still 133 MW at the end of Q3. The quarter supplied a full period of lease operations, not another turn of the delivery counter.

Then comes the bridge. Data Centers reported a $0.435m net loss. Galaxy’s reconciliation adds back $75.439m under the line “notes interest and other expense,” alongside depreciation, taxes, equity compensation and other adjustments, producing $68.746m of adjusted EBITDA. That label groups interest with other expense; the release does not split the two. The distance between adjusted EBITDA and the segment’s net result has a visible financing line in the middle.

Construction is consuming real scale. Galaxy reported $757m of Data Centers capital expenditure during Q3, compared with $448m in Q2. The segment’s assets reached $6.8bn and liabilities $5.3bn. Its release says Helios I Phase II is fully financed and under construction, with data-hall deliveries scheduled to begin in Q2 2027. It also says 830 MW of approved Helios II capacity remained without a lease, while tenant discussions continued. Those are separate states: financed construction, a stated delivery schedule, approved capacity and signed lease coverage are not interchangeable boxes.

The Q3 release calls the financial information preliminary and unaudited. The company’s later quarter filing can settle the final statements. Until then, the useful operating question is not whether a $69m adjusted-EBITDA quarter sounds large or small. It is whether delivered load, lease revenue and segment net income rise as the $757m quarterly build programme turns into new halls.

Sources