Galaxy Digital has accomplished the primary part of energy supply at its Helios information heart campus in West Texas.
The corporate delivered about 200 megawatts of gross energy, equal to 133 MW of vital IT load, to CoreWeave underneath a 15-year lease.
The supply marks Helios’ transfer from a development undertaking right into a revenue-generating AI information heart campus. Galaxy stated hire underneath the Section I lease started within the second quarter of 2026.
“Finishing Section I on price range and on schedule affirms Galaxy’s place as an operator able to executing hyperscale AI information heart improvement,” stated Mike Novogratz, founder and CEO of Galaxy.
From Bitcoin mining to AI infrastructure
Helios began as one in every of North America’s largest Bitcoin mining websites. Galaxy purchased the power from Argo Blockchain in 2022 and later moved to retrofit the positioning for synthetic intelligence and high-performance computing workloads.
The shift displays a wider change throughout the mining sector. As beforehand reported, public miners have been shifting energy capability and land towards AI information heart use as cloud demand rises and Bitcoin mining margins keep underneath strain.
CoreWeave additionally has roots in crypto mining. The corporate beforehand mined Ethereum earlier than shifting into GPU cloud companies. Its lease at Helios brings collectively two companies that moved from crypto infrastructure into AI compute.
CoreWeave commits to long-term capability
Galaxy stated greenfield work is now underway on Section II, which can add 260 MW of vital IT load. Knowledge corridor deliveries for that part are anticipated to start within the first half of 2027.
Throughout Phases I by way of III, CoreWeave has dedicated to 526 MW of vital IT load at Helios. That equals the total 800 MW of gross energy presently permitted and contracted on the campus underneath 15-year leases with two five-year extension choices.
Galaxy expects the contracted Helios capability to generate greater than $1 billion in common annual income. The corporate stated the campus now spans greater than 2,200 acres, with 1.63 gigawatts of permitted energy capability and the potential to scale to three.6 gigawatts.
AI pivot follows earlier financing
Galaxy secured $1.4 billion in undertaking financing to help the Helios buildout. The corporate additionally dedicated $350 million of its personal capital for the undertaking.
That financing helped fund the conversion of Helios from Bitcoin mining into AI and HPC infrastructure. On the time, Galaxy stated the undertaking would assist diversify its enterprise past digital property and create a brand new supply of information heart income.
As beforehand reported, the primary CoreWeave deal was anticipated to generate about $4.5 billion over its time period, or about $300 million per 12 months. Analysts additionally famous that Galaxy may broaden additional as a result of Helios had massive unused energy capability.
The most recent milestone reveals how energy entry has turn into a serious asset for former mining websites. Galaxy nonetheless operates in digital property, however Helios provides the corporate a enterprise line that relies upon extra on AI demand than crypto costs.
