Galaxy Digital (GLXY) Has One Counterparty Wearing Three Hats

Galaxy Digital (GLXY) has a particularly compact relationship map around CoreWeave (CRWV). The company discloses CoreWeave as the expected initial customer for its AI and high-performance computing data-center business, the customer for its Helios campus, and an investment in its portfolio. One counterparty, three different lines on the map.

Galaxy describes the customer concentration directly:

"We expect that our AI/HPC data center business will initially be highly dependent on a single customer, CoreWeave, and may continue to derive a significant portion of the revenue of our Data Centers operating business segment from such single customer for the…"

Galaxy Digital / SEC filing / February 26, 2026

In plain English, Galaxy says the data-center business starts with CoreWeave as its single customer and may keep generating a significant share of segment revenue from it. The sentence is forward-looking, so this is a disclosed expected structure, not a reported revenue split.

The physical asset is tied to the same name:

"Galaxy’s Helios data center campus, located in the panhandle region of West Texas, is developing 133 MW of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave Inc. (“CoreWeave”)."

Galaxy Digital / SEC filing / August 5, 2025

That gives the relationship a concrete shape: a 133 MW critical-load campus, using about 200 MW of gross power capacity, being developed for CoreWeave. Galaxy also disclosed CoreWeave among its investments, tying the customer relationship to its investment book as well.

The infrastructure underneath Galaxy’s products is less concentrated by name, but still organized around named platforms. Galaxy identifies Amazon.com (AMZN) and Microsoft (MSFT) as the operators of the cloud infrastructure it uses:

"For instance, we rely on computing infrastructure operated by Amazon Web Services (“AWS”) and Microsoft Azure (“Azure”) to host or operate some or all of certain key products or functions of our business."

Galaxy Digital / SEC filing / February 26, 2026

Amazon appears again as part of the technology infrastructure description:

"Technology and Data Technology Infrastructur e : Our technology infrastructure includes cloud platforms such as Amazon Web Services, third-party data centers, and our Helios campus."

Galaxy Digital / SEC filing / February 26, 2026

So the map has both sides of the data-center equation: Galaxy says it relies on Amazon and Microsoft for some key functions, while its own Helios campus is being developed for CoreWeave.

Elsewhere, Galaxy says it provides validator services to eleven blockchain networks, including Ethereum and Solana. It also says it may co-invest with third parties, including parties related to its founder, through joint ventures or other entities. Those disclosures point to a wider operating and ownership network, though they do not identify a single commercial counterparty in the same way the CoreWeave disclosures do.

Galaxy’s investment book names Forward Industries (FWDI), Bitcoin ETFs, CPO, and Xapo in connection with 2025 unrealized losses:

"The net loss for the year ended December 31, 2025 was primarily attributable to net unrealized losses on investments in Forward Industries, Bitcoin ETFs, CPO, and Xapo, partially offset by net realized gains primarily attributable to CPO and Bitcoin ETFs."

Galaxy Digital / SEC filing / February 26, 2026

The rest of the map comes from counterparties naming Galaxy in their own filings. Soluna Holdings (SLNH) calls Galaxy a customer and a partner. Gemini Space Station (GEMI) calls Galaxy a partner and a lender. Core Scientific (CORZ) calls Galaxy a competitor. Galaxy also discloses its acquisition of the Helios bitcoin-mining facility and operations from Argo Blockchain (ARBK) in December 2022.

That leaves Galaxy connected to a customer, investee, and data-center project in CoreWeave; cloud infrastructure operated by Amazon and Microsoft; validator networks; co-investment vehicles; and counterparties that describe it as customer, partner, lender, or competitor. The concentration is not hidden in the edges of the map. It is sitting in the middle, wearing a CoreWeave badge.

These are relationships disclosed in SEC filings, mapped by jodie’s analytics. This is not investment advice.