Galaxy delivers 133 MW of critical IT load to CoreWeave as Helios bitcoin mine turns AI hub

Galaxy Digital Holdings Ltd. has closed a $1.4 billion project financing facility for the development of its Helios data center campus in Texas. The debt facility, which carries a 36-month term and is secured by assets associated with the first phase of the buildout, will support the initial retrofit and expansion of the campus, which was previously used for Galaxy's cryptomining operations before being converted to host AI cloud provider CoreWeave.

"This financing marks a major milestone in our transformation of Helios into a next-generation AI and HPC datacenter campus," said Mike Novogratz, founder and CEO of Galaxy. "We're on track and excited to deliver the first phase of power to CoreWeave beginning in early 2026. This project is a key step in diversifying Galaxy's business model as we expand beyond crypto and into the broader AI infrastructure space."

Galaxy has provided $350 million in equity toward the project, with the remaining construction costs covered by the debt facility. CoreWeave has now committed to leasing the full 800MW of approved capacity at the Helios campus under a 15-year agreement expected to generate average annual revenue of more than $1 billion. CoreWeave first signed for capacity at the site in April 2025, expanded its commitment later that month, and recently exercised its option to secure the final 133MW of critical IT load.

The 160-acre Helios campus broke ground in July 2021 and began operations in May 2022. Galaxy acquired the data center, located in Dickens County, from Argo Blockchain in late 2022 for approximately $65 million, and the two companies signed a two-year hosting deal as part of the transaction. Galaxy has stated that the campus has the potential to eventually support up to 3.5GW of power, with a further 2.7GW of capacity under various stages of load study.

As CoreWeave takes over the Helios campus, Galaxy is relocating its mining operations elsewhere, having signed a 48MW contract at Soluna's Project Kati data center, also in Texas. In May of this year, Galaxy Digital went public on the Nasdaq stock exchange, establishing a dual listing with the Toronto Stock Exchange.