Key Takeaways
- • Galaxy Digital completed Phase I of Helios data center campus on schedule and on budget, delivering 133 MW of critical IT load to CoreWeave on July 6, 2026, marking the transition from construction to revenue-generating operations with rent commencement in Q2 2026.
- • CoreWeave has committed to 526 MW of critical IT load across Phases I through III under 15-year leases with two five-year extension options, with total contracted gross power of 800 MW, generating an expected average of more than $1 billion in annual revenue.
- • Phase II development is underway with 260 MW of critical IT load, with data hall deliveries expected to commence in the first half of 2027, demonstrating Galaxy's execution capability in hyperscale AI infrastructure development.
- • Mike Novogratz, Founder and CEO of Galaxy Digital, emphasized the company's position as a capable operator of hyperscale AI data center development, citing on-time, on-budget delivery as validation of Galaxy's execution model.
- • Galaxy previously secured $1.4 billion in project financing to accelerate Helios AI data center development, supporting Phase II and III expansion of the 526 MW facility.
Summary
Galaxy Digital Inc. (Nasdaq: GLXY) has completed Phase I of its Helios data center campus in West Texas, delivering approximately 200 megawatts of gross power—equivalent to 133 megawatts of critical IT load—to CoreWeave. The completion, announced on July 6, 2026, marks a significant milestone in the company's transition from a large-scale construction project to a revenue-generating AI-ready data center facility, with rent commencement having begun in the second quarter of 2026. The Phase I delivery was achieved on schedule and within budget, demonstrating Galaxy's execution capability in hyperscale AI infrastructure development.
Under a 15-year master lease agreement with two five-year extension options, CoreWeave has committed to consuming 526 megawatts of critical IT load across Phases I through III, covering the full 800 megawatts of gross power currently approved and contracted at Helios. This long-term commitment is expected to generate more than $1 billion in average annual revenue for Galaxy Digital. The phased development approach allows for systematic capacity expansion while securing long-term revenue visibility from a single anchor tenant.
Phase II development is actively underway, with civil and structural work advancing on the 260-megawatt critical IT load expansion. Data hall deliveries for Phase II are anticipated to commence in the first half of 2027, maintaining Galaxy's development timeline. Mike Novogratz, Founder and CEO of Galaxy Digital, highlighted that the Phase I completion "affirms Galaxy's position as an operator capable of executing hyperscale AI data center development," noting that Helios is now generating revenue across its entire 133 megawatt IT load capacity.
The project reflects growing demand for dedicated AI data center capacity, as companies across the artificial intelligence sector face extended wait times for power allocation from traditional providers. Galaxy's ability to deliver 133 megawatts of operational capacity on schedule positions it competitively within the emerging AI infrastructure market. The $1.4 billion project financing facility secured by Galaxy Digital provides additional capital to accelerate Phase II and Phase III development, supporting the company's expansion within the contracted 526-megawatt commitment to CoreWeave.
Under a 15-year master lease agreement with two five-year extension options, CoreWeave has committed to consuming 526 megawatts of critical IT load across Phases I through III, covering the full 800 megawatts of gross power currently approved and contracted at Helios. This long-term commitment is expected to generate more than $1 billion in average annual revenue for Galaxy Digital. The phased development approach allows for systematic capacity expansion while securing long-term revenue visibility from a single anchor tenant.
Phase II development is actively underway, with civil and structural work advancing on the 260-megawatt critical IT load expansion. Data hall deliveries for Phase II are anticipated to commence in the first half of 2027, maintaining Galaxy's development timeline. Mike Novogratz, Founder and CEO of Galaxy Digital, highlighted that the Phase I completion "affirms Galaxy's position as an operator capable of executing hyperscale AI data center development," noting that Helios is now generating revenue across its entire 133 megawatt IT load capacity.
The project reflects growing demand for dedicated AI data center capacity, as companies across the artificial intelligence sector face extended wait times for power allocation from traditional providers. Galaxy's ability to deliver 133 megawatts of operational capacity on schedule positions it competitively within the emerging AI infrastructure market. The $1.4 billion project financing facility secured by Galaxy Digital provides additional capital to accelerate Phase II and Phase III development, supporting the company's expansion within the contracted 526-megawatt commitment to CoreWeave.
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