NASDAQ: GLXY · PUBLIC

Galaxy

Galaxy is Mike Novogratz's public markets firm for digital assets: a trading and principal book that is trying to become an owner of AI power.

You are deciding whether to join a listed, founder-led financial firm whose profit swings with markets, at the moment its West Texas power campus starts throwing off rent.

The company you would actually join

Blockchain Lab analysis

Public reporting and the employer’s own releases. Not a relationship with Blockchain Lab. Not a credit opinion.

Founded: 2018, by Michael Novogratz.
Base: New York, with a real London seat on this desk. Operates as Galaxy Digital Inc. on Nasdaq.
Status: Public. Equity, if you are offered it, is a listed stock, not a private option.
People: Michael Novogratz, founder, CEO and director. Christopher Ferraro, president and chief investment officer. Anthony Paquette, chief financial officer. Michael Daffey, chairman. Compensation figures below are FY2025 pay as compiled by Yahoo Finance, not equity wealth.

Read Galaxy's revenue the way a markets person reads it, or you will fool yourself. Business Quant, standardising SEC filings, shows $8.56 billion of revenue and roughly $90 million of net loss for the quarter ended June 2026, and about $60 billion of revenue for FY2025. A software company with that top line would be a giant. Galaxy is booking principal and trading activity. The decision-useful lines are net income, equity, and the mix shifting toward contracted power.

Helios is that shift, and it is now partly real. Galaxy said on 6 July 2026 that Phase I was delivered: about 200 MW gross, 133 MW of critical IT load, in service for CoreWeave, with rent started in the second quarter. Phase II data halls are guided for the first half of 2027. Across phases, CoreWeave has committed to 526 MW of critical IT, which Galaxy says covers the 800 MW of gross power currently approved. The company describes site-level margins near 90 percent because it passes through most operating cost. Projections are not cash in the account. They are the reason a blockchain-infrastructure seat now sits inside a firm that also pours concrete in West Texas.

The two roles on this desk are institutional, not protocol-startup. A blockchain security lead is covering a firm that custodies, trades, advises, and now runs a data-centre counterparty. A London VP of backend is a public-company engineer: change control, production paths, and a regulator who can read the org chart. Neither role is 'come invent a chain'.

Founders

Michael Novogratz

Founder, CEO, director

Born 1965. Former Fortress partner and, before that, Goldman Sachs. He has run Galaxy as a public expression of his own market view since 2018. FY2025 reported pay was about $3.47 million. The firm is not a hired-CEO institution. The founder's risk appetite is the culture.

Christopher Ferraro

President and CIO

The operating pair to Novogratz on the investment side. Same reported FY2025 pay, about $3.47 million. A London infrastructure engineer will feel this firm through trading P&L and control functions, not through a product trio.

What the company sells

Digital assets

Trading, principal, and client activity. This is why the top line is enormous and the bottom line is not a software margin.

Asset management and advisory

Funds, banking, and the institutional coverage a markets firm sells. Not a consumer app.

Helios

A Dickens County, Texas campus bought as a distressed bitcoin mine and leased as AI-ready power. CoreWeave is the anchor tenant.

Capital

Q2 2026 revenue

$8.56 billion

Quarter ended June 2026. Gross, markets-heavy. Not SaaS revenue.

Q2 2026 net income

About −$90 million

Standardised from filings. The top line did not produce a profit.

FY2025 revenue

About $60 billion

Up sharply on FY2024. Same gross-revenue warning.

Share price

About $23

6 Oct 2026, Nasdaq. It moves. Do not underwrite your life to a quote in this paragraph.

2018
Formation
Founder capital, then a public listing in Canada
Galaxy listed first on the Toronto Stock Exchange. The U.S. listing is Nasdaq: GLXY. This is not a venture-round story. Later capital is equity and project finance, including the Helios facility.
Dec 2022
Helios acquisition
About $65 million
Bought the former Argo Blockchain site in Dickens County after the mining winter. The strategic act of the last four years is this purchase, not a Series D.
Mar 2025 onward
CoreWeave lease
15-year lease, 526 MW critical IT committed
Galaxy has said the full build is expected to produce more than $1 billion in average annual revenue, and that Phase I alone is on the order of $300 million a year. Those are company projections, not recognised revenue.

What should change your mind

Earnings volatility. Three of the last reported quarters into mid-2026 were losses. A bull-market comp conversation and a drawdown comp conversation are different jobs.
Key person. The franchise is still Novogratz's public voice.
Helios execution and tenant concentration. One anchor, CoreWeave, on a multi-year lease is both the asset and the risk.
Gross revenue headlines. Anyone who briefs you on '$60 billion revenue' without the net line is selling.

Ask them

Which legal entity employs this seat, and is the bonus pool trading P&L, group, or the infrastructure segment?
How much of blockchain security time is trading systems versus custody versus the data-centre estate?
For the London role: right to work, hybrid days, and whether 'VP' is a Galaxy title band or a team of reports.
What has Helios contributed to recognised revenue since rent started, as opposed to the $1 billion run-rate slide?

Sources

If a figure is not in those sources, it is not in this brief on purpose.

Open roles on this desk

Blockchain Security Lead
A lead security seat inside a public markets firm, not a protocol audit shop. The attack surface is trading, custody, and now a data-centre counterparty.
Remote · board 2026-08-14
VP, Senior Backend Developer - Blockchain Infrastructure
A London production-infrastructure role wearing a vice-president title. The work is the pipes. The title is Galaxy's.
London, England · board 2026-10-02