Key Takeaways
- • Galaxy Digital completed Phase I of its Helios data center campus in West Texas, delivering 200 MW of gross power with 133 MW of critical IT load to CoreWeave under a 15-year lease agreement, with rent commencement in Q2 2026.
- • CoreWeave exercised its final option to access the additional 133 MW capacity, bringing total committed critical IT load across Phases I–III to 526 MW (the full 800 MW of approved gross power) under 15-year leases with two five-year extension options.
- • Galaxy secured a $1.4 billion project financing facility to fund initial retrofit and expansion of the Helios campus, positioning the facility to transition from construction phase into revenue-generating operations.
- • The Phase I delivery was completed on schedule and on budget; Phase II greenfield development (260 MW critical IT load) is underway with data hall deliveries expected in H1 2027, expected to generate over $1 billion in average annual revenue across all phases.
- • The milestone demonstrates Galaxy Digital's execution capability in hyperscale AI data center development and marks Helios's operational transition to an AI-ready campus serving high-performance computing and artificial intelligence workloads.
Summary
Galaxy Digital Inc. (Nasdaq: GLXY) announced the completion of Phase I at its Helios data center campus located in West Texas, delivering approximately 200 megawatts of gross power, of which 133 megawatts represents critical IT load capacity. The capacity has been delivered to CoreWeave under a 15-year master lease agreement, with rent commencement beginning in the second quarter of 2026. This Phase I delivery represents the facility's transition from a large-scale construction project into an operational, revenue-generating AI-ready data center campus.
The completion occurred on schedule and within budget, reflecting Galaxy's demonstrated capability to execute hyperscale AI infrastructure development from concept through operations. Galaxy Digital CEO Mike Novogratz stated that "Completing Phase I on budget and on schedule affirms Galaxy's position as an operator capable of executing hyperscale AI data center development." The facility is now fully generating revenue across its entire 133 MW of deployed IT load capacity.
CoreWeave's exercise of its final capacity option brings the total critical IT load commitment across Phases I through III to 526 megawatts—representing the full 800 megawatts of gross power currently approved and contracted at the Helios campus. These commitments are structured under 15-year lease agreements that include two five-year extension options and are projected to generate more than $1 billion in average annual revenue once all phases reach full deployment. To support this buildout, Galaxy closed a $1.4 billion project financing facility designated for the initial retrofit and expansion of the Helios campus.
Phase II development is already underway on a greenfield basis, targeting 260 megawatts of critical IT load with civil and structural work progressing. Data hall deliveries for Phase II are expected to commence in the first half of 2027. This sequential deployment strategy maintains momentum in the Helios campus development while Phase I achieves operational stability and revenue generation, positioning Galaxy to capture sustained demand from CoreWeave and the broader AI and high-performance computing market.
The completion occurred on schedule and within budget, reflecting Galaxy's demonstrated capability to execute hyperscale AI infrastructure development from concept through operations. Galaxy Digital CEO Mike Novogratz stated that "Completing Phase I on budget and on schedule affirms Galaxy's position as an operator capable of executing hyperscale AI data center development." The facility is now fully generating revenue across its entire 133 MW of deployed IT load capacity.
CoreWeave's exercise of its final capacity option brings the total critical IT load commitment across Phases I through III to 526 megawatts—representing the full 800 megawatts of gross power currently approved and contracted at the Helios campus. These commitments are structured under 15-year lease agreements that include two five-year extension options and are projected to generate more than $1 billion in average annual revenue once all phases reach full deployment. To support this buildout, Galaxy closed a $1.4 billion project financing facility designated for the initial retrofit and expansion of the Helios campus.
Phase II development is already underway on a greenfield basis, targeting 260 megawatts of critical IT load with civil and structural work progressing. Data hall deliveries for Phase II are expected to commence in the first half of 2027. This sequential deployment strategy maintains momentum in the Helios campus development while Phase I achieves operational stability and revenue generation, positioning Galaxy to capture sustained demand from CoreWeave and the broader AI and high-performance computing market.
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