Key Takeaways
- • Galaxy Digital secured a $460 million private investment from a major institutional asset manager at $36 per share, consisting of 12.77 million Class A shares, with closing expected around October 17, 2025, pending Toronto Stock Exchange approval.
- • The Helios campus project in Texas will deliver 133 megawatts of IT capacity in early 2026 and reach full buildout capacity of 3.5 gigawatts, positioning it as one of North America's largest AI infrastructure projects.
- • Galaxy signed a 15-year contract with CoreWeave (an AI cloud infrastructure provider) committing 800 megawatts to CoreWeave and planning to lease the remaining 2.7 gigawatts to additional clients, generating over $1 billion in annual revenue and approximately $15 billion over the contract term.
- • The $460 million investment follows a $1.4 billion loan facility secured in August 2025, funding approximately 80% of the Helios buildout and demonstrating institutional confidence in the pivot from Bitcoin mining to AI infrastructure.
- • Galaxy's strategic shift reflects a broader trend among crypto-native firms pivoting to AI infrastructure amid elevated Bitcoin hashrate, which reduces mining profitability and makes AI data center operations more attractive.
Summary
Galaxy Digital, the digital assets and infrastructure firm led by Mike Novogratz, has raised $460 million through a private investment to accelerate the transformation of its Texas-based Bitcoin mining facility into a large-scale AI data center. The transaction involves the purchase of 12.77 million Class A shares priced at $36 per share and is expected to close around October 17, 2025, subject to Toronto Stock Exchange approval. The proceeds will support general corporate operations and the expansion of Galaxy's Helios campus project.
The Helios facility represents a significant infrastructure play in the AI compute market. The campus is expected to deliver 133 megawatts of IT capacity by early 2026, with full buildout achieving 3.5 gigawatts of capacity—positioning it among North America's largest AI infrastructure projects. To fund this expansion, Galaxy has paired the $460 million equity raise with a $1.4 billion loan facility secured in August 2025, which covers approximately 80% of the Helios buildout costs. This dual-financing approach demonstrates substantial third-party institutional confidence in the project's commercial viability.
CoreWeave, an AI cloud infrastructure provider, has anchored the project with a 15-year contract. Under the agreement, CoreWeave will utilize 800 megawatts of the facility's capacity for AI and high-performance computing workloads beginning in 2026. Galaxy retains the right to lease the remaining 2.7 gigawatts to other clients. The partnership is projected to generate over $1 billion in annual revenue for Galaxy, with approximately $15 billion in total revenue across the 15-year contract term.
Galaxy's strategic pivot from Bitcoin mining to AI infrastructure reflects a sector-wide trend. Rising Bitcoin hashrate has compressed mining profitability, prompting crypto-native firms to diversify into higher-margin AI data center operations. The $460 million raise from a major institutional asset manager signals that traditional finance increasingly views cryptocurrency and digital asset firms as viable infrastructure operators in the emerging AI economy.
The Helios facility represents a significant infrastructure play in the AI compute market. The campus is expected to deliver 133 megawatts of IT capacity by early 2026, with full buildout achieving 3.5 gigawatts of capacity—positioning it among North America's largest AI infrastructure projects. To fund this expansion, Galaxy has paired the $460 million equity raise with a $1.4 billion loan facility secured in August 2025, which covers approximately 80% of the Helios buildout costs. This dual-financing approach demonstrates substantial third-party institutional confidence in the project's commercial viability.
CoreWeave, an AI cloud infrastructure provider, has anchored the project with a 15-year contract. Under the agreement, CoreWeave will utilize 800 megawatts of the facility's capacity for AI and high-performance computing workloads beginning in 2026. Galaxy retains the right to lease the remaining 2.7 gigawatts to other clients. The partnership is projected to generate over $1 billion in annual revenue for Galaxy, with approximately $15 billion in total revenue across the 15-year contract term.
Galaxy's strategic pivot from Bitcoin mining to AI infrastructure reflects a sector-wide trend. Rising Bitcoin hashrate has compressed mining profitability, prompting crypto-native firms to diversify into higher-margin AI data center operations. The $460 million raise from a major institutional asset manager signals that traditional finance increasingly views cryptocurrency and digital asset firms as viable infrastructure operators in the emerging AI economy.
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