Key Takeaways
- • Galaxy Digital completed Phase I of its Helios data center campus conversion, delivering 200MW of gross power (133MW critical IT load) on schedule to AI cloud firm CoreWeave, marking the transition from cryptomining to AI infrastructure revenue generation.
- • CoreWeave has committed to 526MW of critical IT load (800MW gross power) across three phases under 15-year leases, representing a structural shift in demand for high-density, AI-ready computing capacity rather than cyclical demand.
- • The Helios campus in West Texas—acquired from Argo Blockchain for approximately $65 million in late 2022—has expanded its total approved power capacity to 1.63GW with potential to scale to 3.6GW, positioning Galaxy as a hyperscale AI data center operator.
- • Galaxy is relocating its mining operations to a 48MW contract at Soluna's Project Kati data center in Texas, reflecting the broader industry pivot away from bitcoin mining toward AI infrastructure.
- • Phase II greenfield development is underway, with the company on track to deliver additional capacity as CoreWeave's multi-phase deployment continues.
Summary
Galaxy Digital has successfully completed the first phase of its strategic pivot from cryptomining to AI and high-performance computing infrastructure at its flagship Helios data center campus in West Texas. The company delivered 200MW of gross power capacity (133MW of critical IT load) on schedule to CoreWeave, a major AI cloud services provider, marking a significant operational milestone in the broader industry transition toward artificial intelligence workloads.
The Helios campus represents a material repositioning of Galaxy's infrastructure strategy. Originally developed as a cryptomining facility—breaking ground in July 2021 and commencing bitcoin mining operations in May 2022—the 160-acre facility was acquired from Argo Blockchain for approximately $65 million in late 2022. Following the announcement of the pivot to CoreWeave last year, Galaxy has converted existing cryptomining infrastructure and begun greenfield development to support AI workloads. Phase II development, encompassing 260MW, is already underway.
CoreWeave's long-term commitment underpins the economics of this transition. The AI cloud firm has committed to consuming 526MW of critical IT load (800MW gross power) across three phases, all under 15-year lease agreements. This multi-phase deployment provides Galaxy with stable, predictable revenue streams and validates the strategic shift toward AI infrastructure as a structural demand driver rather than a cyclical opportunity. According to Mike Novogratz, Galaxy's founder and CEO, "Completing Phase I on budget and on schedule affirms Galaxy's position as an operator capable of executing hyperscale AI data center development."
The Helios campus has significant expansion potential. The total approved power capacity has expanded to 1.63GW with the potential to scale to as much as 3.6GW across the 2,200-acre site, positioning Galaxy to capture additional AI workload demand in the near term. To accommodate CoreWeave's expansion at Helios, Galaxy is relocating its remaining mining operations to a 48MW contract at Soluna's Project Kati data center in Texas, effectively completing the transition away from cryptomining operations at this critical asset.
The Helios campus represents a material repositioning of Galaxy's infrastructure strategy. Originally developed as a cryptomining facility—breaking ground in July 2021 and commencing bitcoin mining operations in May 2022—the 160-acre facility was acquired from Argo Blockchain for approximately $65 million in late 2022. Following the announcement of the pivot to CoreWeave last year, Galaxy has converted existing cryptomining infrastructure and begun greenfield development to support AI workloads. Phase II development, encompassing 260MW, is already underway.
CoreWeave's long-term commitment underpins the economics of this transition. The AI cloud firm has committed to consuming 526MW of critical IT load (800MW gross power) across three phases, all under 15-year lease agreements. This multi-phase deployment provides Galaxy with stable, predictable revenue streams and validates the strategic shift toward AI infrastructure as a structural demand driver rather than a cyclical opportunity. According to Mike Novogratz, Galaxy's founder and CEO, "Completing Phase I on budget and on schedule affirms Galaxy's position as an operator capable of executing hyperscale AI data center development."
The Helios campus has significant expansion potential. The total approved power capacity has expanded to 1.63GW with the potential to scale to as much as 3.6GW across the 2,200-acre site, positioning Galaxy to capture additional AI workload demand in the near term. To accommodate CoreWeave's expansion at Helios, Galaxy is relocating its remaining mining operations to a 48MW contract at Soluna's Project Kati data center in Texas, effectively completing the transition away from cryptomining operations at this critical asset.
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