Galaxy narrows Q1 loss 27% to $216M; Helios data center scales to 1.6 GW with CoreWeave leases

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

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  ERCOT approved 1.6 GW of power capacity at Helios (doubled from 800 MW), with 393 MW of critical IT load leased to CoreWeave under Phase II/III agreements starting 2027; 830 MW remains available for future contracts.

  MD&A: Helios Data Center verify on EDGAR →
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  Net loss improved from $295M in Q1 2025 to $216M in Q1 2026 (27% improvement), but impairment charges surged 153% to $284M driven by higher DeFi asset exposure amid 22% bitcoin and 29% ether price declines.

  MD&A: Financial Results verify on EDGAR →
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  Property and equipment jumped 578% to $1.8B (from $262M) as Helios build-out accelerated, funded by $1.4B Deutsche Bank credit facility ($1.1B drawn), $1.3B exchangeable notes, and $478M June equity raise.

  MD&A: Capital Deployment verify on EDGAR →