Key Takeaways
- • Galaxy Digital plans to issue $3.507 billion in senior secured notes due 2031 through subsidiary Galaxy Helios Data Centers II LLC to fund Phase 2 expansion of its Helios AI data center campus in Dickens County, Texas.
- • The proceeds will finance construction of two buildings containing eight data halls with 400 megawatts of utility capacity and 260 megawatts of critical IT capacity, plus debt service reserves, with rent commencement targeted for Q2 2027.
- • Galaxy has secured a 15-year lease with CoreWeave (NASDAQ: CRWV) anchoring the facility, with two five-year extension options, expected to generate approximately $1 billion in annual revenue once operational.
- • This $3.507 billion debt offering follows Galaxy's earlier $1.4 billion project financing facility closed in August 2025, representing a multi-phase capital strategy to convert the Helios bitcoin mining site into a large-scale AI and high-performance computing infrastructure campus.
- • The offering remains subject to market conditions with no assurance of completion, as stated in Galaxy's 8-K regulatory filing.
Summary
Galaxy Digital announced on July 22, 2026, that its indirect subsidiary Galaxy Helios Data Centers II LLC plans to offer $3.507 billion of senior secured notes due 2031 in a private placement. The offering is designed to fund the next development phase of its Helios AI data center campus located in Dickens County, Texas. According to regulatory filings and investor presentations, the debt proceeds will finance construction of two buildings containing eight data halls, providing 400 megawatts of utility capacity and 260 megawatts of critical IT capacity, along with debt service reserves.
The financing strategy reflects Galaxy's broader transformation of the Helios facility from its origins as a bitcoin mining operation into a comprehensive AI and high-performance computing infrastructure platform. A cornerstone of this pivot is the 15-year master lease agreement with CoreWeave, a leading compute infrastructure provider trading on NASDAQ under ticker CRWV. The lease includes two five-year extension options and is structured to commence rent collection in the second quarter of 2027, with projections of approximately $1 billion in annual revenue upon full operational capacity.
This $3.507 billion senior secured notes offering builds upon Galaxy's previously announced $1.4 billion project financing facility, which closed in August 2025. That earlier financing fully funded the initial retrofit and expansion phase of Helios, securing debt at 80% loan-to-cost with a 36-month term and comprehensive asset security. The staggered capital deployment across multiple financing instruments demonstrates Galaxy's methodical approach to managing construction risk and phasing revenue generation.
The company has disclosed that the notes offering remains contingent on market conditions, with no assurance the offering will be completed as currently contemplated. This standard caveat reflects typical market risk considerations for large institutional debt placements in the current financing environment. The aggressive expansion timeline and committed anchor tenant through CoreWeave position Helios as a material infrastructure asset within Galaxy Digital's portfolio as artificial intelligence workload demand continues to intensify across the data center sector.
The financing strategy reflects Galaxy's broader transformation of the Helios facility from its origins as a bitcoin mining operation into a comprehensive AI and high-performance computing infrastructure platform. A cornerstone of this pivot is the 15-year master lease agreement with CoreWeave, a leading compute infrastructure provider trading on NASDAQ under ticker CRWV. The lease includes two five-year extension options and is structured to commence rent collection in the second quarter of 2027, with projections of approximately $1 billion in annual revenue upon full operational capacity.
This $3.507 billion senior secured notes offering builds upon Galaxy's previously announced $1.4 billion project financing facility, which closed in August 2025. That earlier financing fully funded the initial retrofit and expansion phase of Helios, securing debt at 80% loan-to-cost with a 36-month term and comprehensive asset security. The staggered capital deployment across multiple financing instruments demonstrates Galaxy's methodical approach to managing construction risk and phasing revenue generation.
The company has disclosed that the notes offering remains contingent on market conditions, with no assurance the offering will be completed as currently contemplated. This standard caveat reflects typical market risk considerations for large institutional debt placements in the current financing environment. The aggressive expansion timeline and committed anchor tenant through CoreWeave position Helios as a material infrastructure asset within Galaxy Digital's portfolio as artificial intelligence workload demand continues to intensify across the data center sector.
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