Galaxy Digital Holdings ($GLXY) is highlighted as potentially undervalued compared to Fermi ($FRMI), which is targeting an IPO at a similar market cap despite GLXY's stronger balance sheet and existing data center expertise. The author suggests GLXY could achieve 10GW of data center capacity by 2035, with potential for rapid expansion to 1.6GW by 2028/2029 if an equity partner is secured and approvals are granted by year-end. Investors should monitor GLXY's progress in its data center ambitions and potential partnerships.