LG Doucet and Milk Road Pro researcher Martin examine whether Galaxy’s 30% selloff has left the market undervaluing its shift from crypto into AI infrastructure. Their analysis puts Galaxy’s enterprise value near $11 billion after accounting for debt, cash, stablecoins, and its crypto portfolio—not simply its $6.1 billion market cap.
Martin estimates Helios 1 could generate more than $1 billion in annual EBITDA under its CoreWeave contract once completed, supporting a potential $17.3 billion valuation at a 16-times multiple. They also assess the risks of relying on a single tenant, the scarcity value of energized power, Galaxy’s additional data-center pipeline, and its institutional crypto business.
The central takeaway is an asymmetric thesis rather than a near-term price prediction: Helios alone may eventually justify more than Galaxy’s current valuation, but construction, financing, tenant exposure, and uncertain market timing remain material considerations.
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