Galaxy Digital has completed the first phase of power delivery at its Helios data center campus in West Texas, delivering about 200 megawatts of gross power to CoreWeave. The power delivery marks Helios’ move from a construction project into a revenue-generating AI data center campus. According to Mike Novogratz, founder and CEO of Galaxy, completing Phase I on budget and on schedule affirms Galaxy’s position as an operator capable of executing hyperscale AI data center development.
Phase I Details
The delivered power equals 133 MW of critical IT load under a 15-year lease, with rent beginning in the second quarter of 2026. CoreWeave also has roots in crypto mining, previously mining Ethereum before moving into GPU cloud services. The lease at Helios brings together two firms that moved from crypto infrastructure into AI compute.
Expansion Plans
Greenfield work is now underway on Phase II, which will add 260 MW of critical IT load, with data hall deliveries expected to begin in the first half of 2027. Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load at Helios, equaling the full 800 MW of gross power currently approved and contracted at the campus. Galaxy expects the contracted Helios capacity to generate more than $1 billion in average annual revenue.
Financial Details
Galaxy secured $1.4 billion in project financing to support the Helios buildout and committed $350 million of its own capital for the project. The financing helped fund the conversion of Helios from Bitcoin mining into AI and HPC infrastructure, diversifying Galaxy’s business beyond digital assets and creating a new source of data center revenue. The first CoreWeave deal was expected to generate about $4.5 billion over its term, or about $300 million per year
Based on reporting from crypto.news.
