Overview
- Galaxy secured McGregor City Council approval in a 5–1 vote and executed a development agreement on July 28 to acquire roughly 499–500 acres and invest more than $400 million to build six to eight data center buildings.
- The project starts with a 74 MW initial phase that Galaxy says could receive power in 2028 and is planned to expand to a multi-hundred-megawatt campus by 2030 if required transmission upgrades are completed.
- Under the deal Galaxy will build a private electrical substation, provide financial guarantees for local utility upgrades, and use closed-loop cooling while funding any needed water infrastructure to limit local cost burdens and water use.
- The development will supply several hundred construction jobs, about 30 or more permanent operations roles, roughly $7–7.5 million in land-sale revenue to McGregor, and an estimated increase of at least $130 million to the city’s taxable property base.
- Investors reacted negatively to the announcement with GLXY shares falling about 8%, and the company’s ability to finance multi‑phase expansion remains a near-term watch point given ongoing Helios financing and construction risks.