Completion of Phase I at Helios Campus

Galaxy Digital completed the first phase of development at its Helios data center campus, providing approximately 200 megawatts of gross power capacity. Of this total, 133 megawatts represent critical IT load allocated to CoreWeave under the terms of their agreement. The company reported that construction finished on schedule and within budget parameters.

The Helios site, located in West Texas, previously functioned as a large-scale Bitcoin mining operation. Galaxy acquired the facility from Argo Blockchain in 2022 for $65 million. Following the purchase, the company shifted focus toward retrofitting the location for AI and high-performance computing requirements.

CoreWeave's Long-Term Commitment

CoreWeave, a provider of GPU cloud services with prior involvement in crypto mining, has committed to 526 megawatts of critical IT load across three development phases at the Helios campus. This commitment utilizes the full 800 megawatts of gross power capacity currently approved for the site. The lease includes options for two five-year extensions.

Phase II construction has begun, with plans to add 260 megawatts of critical IT load. Data hall deliveries for this phase are scheduled to start in the first half of 2027. The overall project structure supports expansion to meet ongoing demand for AI-related computing resources.

Revenue Projections and Campus Scale

Galaxy projects that the contracted capacity at Helios will generate more than $1 billion in average annual revenue. This model provides a steady income source through long-term infrastructure agreements. The campus spans over 2,200 acres and holds approved power capacity of 1.63 gigawatts, with potential expansion up to 3.6 gigawatts pending additional grid assessments.

The transition at Helios aligns with broader sector movements where former mining sites adapt to support AI workloads. Both Galaxy and CoreWeave have moved from crypto mining activities toward infrastructure services focused on high-density computing demands.

Strategic Shift in Operations

Galaxy has positioned its data center activities as a component of its business portfolio. Following a reported $216 million loss in the first quarter tied to digital asset market conditions, the company notes that data center operations now account for a substantial portion of its activities alongside digital asset-related efforts.

Financing for the Helios project included a $1.4 billion debt facility and $350 million in equity commitment from Galaxy. The completed Phase I marks the start of revenue generation from the repurposed facility, with further phases in progress to expand operational capacity.