Galaxy delivers first 200 MW at Helios to CoreWeave under 15-year lease

Galaxy Digital said Phase I power is now fully operational at its Helios data center campus in West Texas, providing CoreWeave with 133 megawatts of critical IT capacity under a 15-year lease and cementing the site’s shift from bitcoin mining to AI infrastructure. The campus, originally a 180 MW North American bitcoin mine that Galaxy bought in 2022 for $65 million, has been repurposed for artificial intelligence and high-performance computing after the company halted mining operations there. Galaxy said Phase I was completed on time and on budget, backed by $350 million in equity and a $1.4 billion debt facility structured at 80% loan-to-cost, with Phase 1 billing set to begin in the second quarter of 2026. Phase II is now in the greenfield stage with structural work underway and data hall deliveries expected by mid-2027, while CoreWeave’s total commitment across Phases I through III stands at 526 MW of critical IT load, exhausting the site’s 800 MW of approved gross power. Galaxy has said the Helios deal is expected to generate more than $1 billion in average annual revenue. The 2,200-acre campus has 1.63 gigawatts of approved power capacity and room to expand to 3.6 GW. The update comes after Galaxy reported a $216 million first-quarter loss, largely tied to weaker crypto prices, underscoring its push to balance digital assets exposure with data infrastructure. Separately, Galaxy launched an institutional over-the-counter prediction markets service tied to Kalshi and Polymarket, while CoreWeave recently introduced CoreWeave ARIA, an AI research agent integrated into Weights & Biases.