Citizens has reiterated a Market Outperform rating on Galaxy Digital, maintaining a price target of $60.00. At the current trading level of $20.39, the target equates to nearly 200% upside.
The stock has exhibited notable volatility, with a beta of 3.76. Galaxy Digital's market capitalization stands at $7.98 billion, and the company remains unprofitable on a reported basis, showing a diluted EPS of -$0.61.
Central to Citizens' view is Galaxy's dual focus on digital assets and AI infrastructure, with particular emphasis on building high-performance computing capacity. The company is progressing development of large-scale HPC data center infrastructure at its Helios campus in West Texas. Galaxy has secured CoreWeave as a customer for roughly 800MW of gross capacity, which is expected to be brought online through 2028.
Beyond that contracted capacity, Galaxy holds an additional 2.7GW of potential power capacity at Helios. That pipeline includes 830MW that has received approval from ERCOT and about 1.9GW that remains under study and is pending approval. Citizens models a full development scenario of approximately 3.5GW of gross capacity, equivalent to roughly 2.3GW of critical IT load.
Using that full-build assumption, Citizens estimates the HPC business alone could account for more than $100 per share of equity value, with further upside as development progresses and leasing activity continues.
Separately, Galaxy's board has authorized a $200 million share repurchase program. The buyback is planned to occur over the next 12 months and signals management's confidence in the company's longer-term prospects.
Analyst coverage remains active and varied. Citizens has preserved its Market Outperform view and $60 target. Canaccord Genuity has reiterated a Buy rating and pointed to Galaxy's balance sheet strength, noting approximately $3 billion in equity capital. H.C. Wainwright continues to carry a Buy rating but lowered its price target to $40.00 from $45.00, applying a 5.5x price-to-book multiple to its revised 2026 year-end book value estimate.
The combination of a large, staged HPC development at Helios, a secured anchor customer for a portion of that capacity, a board-approved repurchase program, and differing analyst valuations underscores ongoing market interest in Galaxy Digital while also highlighting several execution and approval milestones that will determine how the investment thesis unfolds.
Summary
Citizens' reiterated Market Outperform rating and $60 price target on Galaxy Digital reflects the firm's view of the company as a diversified platform spanning digital assets and AI infrastructure, anchored by a growing HPC buildout at the Helios campus. CoreWeave is contracted for about 800MW, additional capacity totaling roughly 2.7GW is at various approval stages, and a $200 million buyback program has been authorized by the board. Other analysts hold Buy ratings but apply different valuation frameworks and price targets.
Key points
- Citizens keeps Market Outperform on Galaxy Digital with a $60 price target, implying nearly 200% upside from $20.39.
- Galaxy is building large-scale HPC capacity at the Helios campus, with CoreWeave contracted for about 800MW expected online through 2028 and an additional 2.7GW of potential capacity in approval or study phases.
- Galaxy announced a $200 million share repurchase program approved by its board; other analysts maintain Buy ratings with varied price targets and valuation methods.
Risks and uncertainties
- Profitability risk - Galaxy is not currently profitable, reporting a diluted EPS of -$0.61, which may affect investor returns and valuation comparatives in the near term.
- Execution and approval risk - The additional roughly 2.7GW of potential power capacity at Helios includes components pending study or approval, creating uncertainty around the timing and scale of future capacity additions and associated revenue.
- Market volatility - The stock has shown significant volatility, reflected in a beta of 3.76, which can amplify share price moves and investor outcomes.
Sectors impacted
- Technology infrastructure - HPC and AI data center development.
- Energy and utilities - Large-scale power capacity approvals and grid integration.
- Financial markets - Capital markets exposure through Galaxy's broader platform and implications for equity investors given buyback activity and analyst coverage.