Galaxy acquires 500 acres in Texas for AI data center

Galaxy Digital, a firm led by Mike Novogratz, has announced a major expansion of its artificial intelligence infrastructure with the acquisition of approximately 500 acres in McGregor, Texas, for a new high-performance computing and AI data center campus. The company’s shares fell 8.08% on Tuesday, July 28, 2026, closing at $20.86 following the announcement.

The project, which received approval from the McGregor City Council, represents Galaxy’s second major data center investment in Texas, complementing its existing 1.6-gigawatt Helios campus in Dickens County. Under a development agreement with the city, Galaxy will purchase the city-owned land for over $7 million, generating approximately $7.5 million in municipal revenue. The company plans to invest more than $400 million to construct six to eight data center buildings within the McGregor Industrial Park.

The initial phase of the campus is planned to start operations with 74 megawatts of capacity, with power delivery expected to begin in 2028. Galaxy aims to expand the site into a multi-hundred-megawatt operation by 2030. To support the development, the company will construct a dedicated electrical substation and has...