Galaxy Digital advancing 5.7 GW Texas AI data center pipeline with Helios expansion actively underway, largest single US capacity commitment despite state regulatory challenges.
Galaxy Digital is accelerating development of its Texas AI data center platform after completing the first phase of its Helios campus and beginning construction on the next expansion, supported by a $3.5 billion financing package dedicated to the project.
The company reported that its data center business generated its first quarter of revenue-generating operations in the second quarter of 2026 after delivering 133 MW of critical IT capacity at Helios in West Texas to anchor tenant CoreWeave. The facility, located in Dickens County, Texas, delivered 200 MW of gross power capacity under a 15-year lease agreement and reached full delivery by the end of Q2. Galaxy expects Phase I to generate approximately $80 million in quarterly leasing revenue beginning in the third quarter of 2026, with a projected adjusted EBITDA margin above 90% once operating at full capacity.
Following Phase I completion, Galaxy has moved into the next stage of Helios development. Phase II will add 260 MW of critical IT capacity and is being constructed with HITT Contracting as general contractor. HITT has been mobilized on-site since April 2026, with earthwork now complete and structural foundation work underway. Initial Phase II deliveries are expected to begin in the second quarter of 2027. To support construction, Galaxy completed a $3.5 billion private offering of senior secured notes through subsidiary Galaxy Helios Data Centers II LLC on July 28, 2026.
Galaxy continues expanding Helios into a large-scale AI infrastructure campus. The site currently has more than 1.6 GW of approved power capacity, while two additional 1 GW load requests—Helios III and Helios IV—are progressing through the ERCOT interconnection process. If approved, these expansions could increase the overall Helios campus potential to approximately 3.6 GW across more than 2,200 acres. Galaxy said it continues discussions with prospective tenants for additional approved capacity as demand for AI infrastructure grows.
Beyond Helios, Galaxy is expanding its Texas footprint through additional AI and HPC campuses. The company executed a development agreement to acquire approximately 500 acres at McGregor Industrial Park for its Merlin Data Campus, which has secured an initial agreement supporting 74 MW of capacity with potential expansion to 500 MW as utility infrastructure upgrades progress. Together with additional Texas sites progressing through ERCOT interconnection, Galaxy's Texas power pipeline has expanded to more than 5.7 GW, positioning the company among the largest AI infrastructure developers in the state.
Galaxy's expansion reflects a broader industry push to secure power and deliver AI infrastructure at scale. Across the country, developers are moving quickly from land acquisition and permitting into active construction and operations. TeraWulf recently brought 102 MW of critical IT capacity online at its Lake Mariner Data Campus in New York while advancing another 336 MW under construction, demonstrating a similar phased approach to scaling AI data center capacity. Galaxy's latest milestones show that its Texas strategy has moved beyond planning, with operational capacity delivered, major construction underway, and a multi-gigawatt pipeline positioned for future growth.