StoneX has reiterated a Buy rating and a $57 price target on Galaxy Digital (GLXY), arguing that the market is overlooking the value of the company's Helios AI data center business. The call comes as investors weigh concerns about debt levels at CoreWeave, a major player in the same GPU-centric infrastructure space.
The brokerage's view, reported by The Block on October 19, centers on a perceived disconnect: anxiety over CoreWeave's balance sheet is casting a shadow over Galaxy Digital, despite the two companies having distinct operational and financial profiles. StoneX contends that this contagion effect has created a valuation gap for Galaxy's Helios asset.
Helios represents Galaxy Digital's push into the high-density computing infrastructure required for artificial intelligence workloads. The facility is designed to host the kind of GPU clusters that have become scarce and expensive, placing it in direct competition with specialized neocloud providers. However, Galaxy's broader financial structure — spanning trading, asset management, and mining — differs significantly from the highly leveraged growth models common among pure-play AI infrastructure firms.