Galaxy Digital has accomplished the primary section of energy provide at its Helios knowledge 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 settlement.
The supply marks Helios’ transfer from a development mission to a revenue-generating AI knowledge heart campus. Galaxy mentioned leasing underneath the Part I lease started within the second quarter of 2026.
“Finishing Part I on price range and on schedule confirms Galaxy’s place as an operator able to executing hyperscale AI knowledge heart improvement,” mentioned Mike Novogratz, founder and CEO of Galaxy.
From Bitcoin mining to AI infrastructure
Helios began out as one of many largest Bitcoin mining websites in North America. Galaxy bought the Argo Blockchain facility in 2022 and later moved in to modernize the location for high-performance computing and synthetic intelligence workloads.
The change displays a broader change throughout the mining sector. As beforehand reported, public miners have been shifting energy capability and land towards the usage of AI knowledge facilities as cloud demand will increase and Bitcoin mining margins stay underneath strain.
CoreWeave additionally has its roots in cryptocurrency mining. The corporate beforehand mined Ethereum earlier than shifting into GPU cloud companies. Its lease on Helios brings collectively two firms that moved from crypto infrastructure to AI computing.
CoreWeave Commits to Lengthy-Time period Capability
Galaxy mentioned greenfield work is already underway on Part II, which can add 260 MW of vital IT load. Deliveries of knowledge rooms for that section are anticipated to start within the first half of 2027.
In Phases I to III, CoreWeave has dedicated to 526 MW of vital IT load on Helios. That equates to the entire 800 MW of gross energy at present accepted and contracted on the campus underneath 15-year leases with two five-year extension choices.
Galaxy expects Helios’ contracted capability to generate greater than $1 billion in common annual income. The corporate mentioned the campus now spans greater than 2,200 acres, with 1.63 gigawatts of accepted energy capability and the potential to scale to three.6 gigawatts.
AI pivot follows earlier funding
Galaxy secured $1.4 billion in mission financing to assist the development of Helios. The corporate additionally dedicated $350 million of its personal capital to the mission.
That funding helped finance Helios’ conversion from Bitcoin mining to AI and HPC infrastructure. On the time, Galaxy mentioned the mission would assist diversify its enterprise past digital belongings and create a brand new income stream for the information heart.
As beforehand reported, the primary cope with CoreWeave was anticipated to generate about $4.5 billion over its life, or about $300 million per 12 months. Analysts additionally famous that Galaxy might broaden additional as a result of Helios had a big unused power capability.
The most recent milestone exhibits how entry to power has turn into an necessary asset for former mines. Galaxy nonetheless operates in digital belongings, however Helios offers the corporate a line of enterprise that relies upon extra on AI demand than cryptocurrency costs.
