Galaxy Digital (GLXY) has received approval for an 830MW power expansion at its Helios data center, which could generate over $10 billion in equity value once fully built, based on comparable leases from Hut 8 (HUT) and Cipher (CIFR). The provided sensitivity analysis highlights that this valuation is achievable with a 5.25% stabilized cap rate and $10MM CapEx per MW. Investors should consider the significant value creation opportunity in GLXY's data center expansion, despite execution risks.