• StoneX analyst Mark Palmer reiterated a Buy rating and $57 target on GLXY in a note dated October 19, 2026, per The Block.
• CoreWeave is the sole tenant for Helios's first 800 MW and had $35.6 billion of debt outstanding at the end of June 2026, per The Block.
• Galaxy closed a $1.4 billion Helios project facility on August 15, 2025, with an 80% loan-to-cost ratio and a 36-month term, per Galaxy.
• GLXY traded at $16.57 on October 19, 2026, after falling about 30% in two weeks, so the $57 target is more than three times the quoted price.
• Watch CoreWeave's cost of capital, further Helios delivery milestones and how Galaxy replaces the construction-stage facility.

StoneX has reiterated a Buy rating and a $57 price target on Galaxy Digital, saying the market undervalues Helios, the company's AI data center campus in West Texas. The risk the market is pricing is specific: CoreWeave is the sole tenant for the first 800 MW, and its borrowing costs have risen. The useful question is how one tenant's credit sits underneath Galaxy's project debt.

What the StoneX note argues

The Block reports that StoneX analyst Mark Palmer's note, dated October 19, 2026, keeps a Buy rating and a $57 target on GLXY. It argues the market assigns effectively no value to Galaxy's digital asset operations and undervalues the data center business. GLXY fell about 30% over two weeks before rising 2.5% to $16.57 that Monday, so the target sits more than three times above the quoted price. It is one analyst's opinion, not a verified valuation.

One tenant carries the contracted cash flows

Per The Block, CoreWeave is the sole tenant for Helios's first 800 MW. It has committed to 526 MW of critical IT load across three phases, and Galaxy delivered the first 133 MW in July under a 15-year lease. The note says the contracted cash flows rest on a single counterparty whose cost of capital has jumped. CoreWeave had $35.6 billion of debt outstanding at the end of June 2026, and its contracted backlog rose to $104 billion over five quarters.

How the first phase was financed

Galaxy said it closed a $1.4 billion project financing facility for Helios on August 15, 2025. The debt carries an 80% loan-to-cost ratio and a 36-month term, and it is secured by the first-phase assets. Galaxy supplied the $350 million equity requirement. Per an SEC filing reported by The Block, Deutsche Bank was the initial lender. Galaxy said it expected average annual revenue above $1 billion over the 15-year leases, assuming full utilization.

Where the financing risk concentrates

A 36-month, construction-stage facility will need to be replaced by longer-term financing, and that refinancing will likely be priced off the lease. This is the desk's inference, not a finding from the sources. If CoreWeave's cost of capital stays elevated, lenders may demand more for a lease with one tenant. The sources do not give refinancing terms, so the facility's maturity and Galaxy's recourse obligations remain the figures to check in its filings.

What this means for readers

Treat the $57 target as an opinion and test the three things that can be checked: CoreWeave's debt and funding costs in its filings, Galaxy's Helios delivery progress against the 526 MW commitment, and the terms and timing of any refinancing of the 2025 facility. Galaxy reported an $85 million net loss for the second quarter of 2026, and Helios's first revenue included $11 million of adjusted EBITDA, per The Block. This is credit analysis, not a recommendation on any security.