Key facts
- Galaxy Digital has secured $1.4 billion in debt financing to convert its Helios bitcoin mining site into an AI data center.
- CoreWeave is the sole tenant, committing to 526 megawatts of IT load across three phases.
- The company projects over $1 billion in average annual revenue once the 526 MW buildout is operational.
- Phase I alone is projected to generate approximately $4.5 billion in lease payments over 15 years.
- The transformation involves installing high-density electrical infrastructure for GPU clusters, replacing mining equipment.
Galaxy Digital is repurposing its Helios data center campus in West Texas, originally built for bitcoin mining, into a large-scale infrastructure hub for artificial intelligence workloads. The company has completed the first phase of the project, delivering 133 megawatts of critical IT load to AI cloud provider CoreWeave on July 6, 2026.
This transition is supported by a $1.4 billion debt facility arranged by Deutsche Bank, with Galaxy Digital contributing $350 million in equity and securing additional funding from an asset manager. CoreWeave has committed to 526 megawatts of capacity across three phases of the Helios campus under a 15-year lease. Galaxy Digital acquired the site, previously owned by Argo Blockchain, for approximately $65 million after Argo faced financial difficulties.
The shift reflects a broader trend in the energy and data center sectors, where infrastructure built for the energy-intensive demands of bitcoin mining is being adapted for the high-density power requirements of AI training and inference. Galaxy Digital's CEO, Mike Novogratz, stated that the demand for AI-ready power is a structural shift. The company is already undertaking construction for Phase II, which will add another 260 megawatts of IT load, with deliveries anticipated in the first half of 2027. The total approved power capacity at Helios could eventually scale to 3.6 gigawatts.
Galaxy Digital's strategy focuses on building and operating the power and physical infrastructure, passing most operating costs to tenants like CoreWeave, which provides its own GPUs and networking. This model is expected to yield high site-level EBITDA margins. The company has also expanded its land control at Helios to over 2,200 acres, signaling potential for further expansion or additional tenants.