Key Takeaways
- • Galaxy Digital closed a $1.4 billion project financing facility to fund the initial retrofit and expansion of its Helios datacenter campus in West Texas, with Husch Blackwell serving as local counsel on regulatory and real estate structuring.
- • CoreWeave Inc., an AI and high-performance computing operator, has committed to the full 800 MW of approved power capacity at Helios through a series of phased lease agreements, with the most recent phase adding 260 MW of critical IT load capacity.
- • The financing represents a strategic shift for Galaxy Digital from its original bitcoin mining use case at Helios (acquired in late 2022) to AI and HPC infrastructure, capitalizing on surging enterprise demand for specialized computing resources.
- • Husch Blackwell's energy team provided specialized counsel on both regulatory compliance for energy provision to the data center and real estate structuring for the phased campus development, including shared facility arrangements.
- • CoreWeave has exercised all options to access power capacity at the campus, signaling strong confidence in the facility and locking in long-term operational commitments under terms aligned across multiple phases.
Summary
Husch Blackwell's energy practice has closed advisory work on a $1.4 billion project financing facility for Galaxy Digital, marking a significant milestone in the transformation of the Helios datacenter campus in West Texas into a major AI and high-performance computing hub. The debt facility will finance the initial retrofit and expansion of the facility to support CoreWeave Inc., a specialized AI and HPC operator, under a long-term service agreement.
The transaction reflects a strategic pivot for Galaxy Digital. The company acquired Helios in late 2022 initially for bitcoin mining operations, but has since repositioned the asset to capture the accelerating institutional demand for AI infrastructure. Through a series of phased lease agreements with CoreWeave, Galaxy has structured commitments that now cover the full 800 MW of approved power capacity at the campus. In August 2025, Galaxy executed a lease for the second phase, adding 260 MW of critical IT load capacity on terms consistent with the earlier phase agreement. CoreWeave has also exercised its final option to access an additional 133 MW, completing its full commitment to the site.
Husch Blackwell provided specialized local counsel addressing two critical transaction elements: the regulatory structure governing energy provision to the datacenter campus and the real estate framework supporting phased development and shared use of campus facilities. These advisory areas reflect the complexity of scaling enterprise-grade datacenter operations in the energy-constrained West Texas market, where regulatory compliance and infrastructure coordination are essential prerequisites for execution.
The financing closing illustrates the emerging infrastructure financing market supporting AI compute capacity, where long-term power purchase commitments from established operators like CoreWeave provide the revenue stability necessary to attract project-level debt financing. Galaxy's ability to secure $1.4 billion in project financing underscores investor confidence in both the Helios asset quality and the sustainability of CoreWeave's multi-phase capacity commitments.
The transaction reflects a strategic pivot for Galaxy Digital. The company acquired Helios in late 2022 initially for bitcoin mining operations, but has since repositioned the asset to capture the accelerating institutional demand for AI infrastructure. Through a series of phased lease agreements with CoreWeave, Galaxy has structured commitments that now cover the full 800 MW of approved power capacity at the campus. In August 2025, Galaxy executed a lease for the second phase, adding 260 MW of critical IT load capacity on terms consistent with the earlier phase agreement. CoreWeave has also exercised its final option to access an additional 133 MW, completing its full commitment to the site.
Husch Blackwell provided specialized local counsel addressing two critical transaction elements: the regulatory structure governing energy provision to the datacenter campus and the real estate framework supporting phased development and shared use of campus facilities. These advisory areas reflect the complexity of scaling enterprise-grade datacenter operations in the energy-constrained West Texas market, where regulatory compliance and infrastructure coordination are essential prerequisites for execution.
The financing closing illustrates the emerging infrastructure financing market supporting AI compute capacity, where long-term power purchase commitments from established operators like CoreWeave provide the revenue stability necessary to attract project-level debt financing. Galaxy's ability to secure $1.4 billion in project financing underscores investor confidence in both the Helios asset quality and the sustainability of CoreWeave's multi-phase capacity commitments.
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