Galaxy Digital's financing of CoreWeave's Texas mega-center carries $346 million in annual interest burden, revealing major AI infrastructure capex on a key peer.

Galaxy Digital's $3.507 billion financing for its CoreWeave data-center project in Texas comes with substantial annual cash costs. A Galaxy project subsidiary priced 9.875% senior secured notes on July 23, with the deal slated to close July 28 and notes maturing August 1, 2031. This coupon rate translates to approximately $346.3 million in annual interest, paid semiannually on February 1 and August 1 beginning in 2027.

The financing backs construction of two buildings with eight data halls at the Helios campus, designed for 400 megawatts of utility capacity and 260 MW of critical IT capacity. The proceeds also fund debt-service reserves. Creditors hold first-priority liens on nearly all project assets and Galaxy's equity stake in the project issuer, though these liens do not extend to Galaxy Digital's broader asset base.

Principal repayment follows a different schedule than interest. The notes amortize at 4% of original principal annually—approximately $140.28 million before adjustments—paid semiannually. Critically, principal repayments do not begin until project completion, with the first payment due at least ten months after that milestone.

Interest payments begin on a fixed schedule in 2027, creating an immediate financial obligation regardless of construction progress. However, principal repayments remain contingent on project completion, placing Galaxy's delivery timeline at the center of its obligations through 2031.

CoreWeave committed to approximately 260 MW of incremental critical IT load for Phase II in April 2025, under terms substantially similar to its 15-year, 133 MW Phase I agreement. Galaxy reported on July 6 that Phase I had been completed on schedule, with Phase II data-hall deliveries expected to begin in the first half of 2027. This construction schedule now carries explicit financial consequences, as any delay to Phase II handovers directly impacts Galaxy's ability to service its fixed costs.