Galaxy Delivers 133 MW to CoreWeave at Helios Campus

Galaxy Digital transferred 133 megawatts of critical IT load to CoreWeave at its Helios data center campus in West Texas, completing Phase I power delivery and converting the site from bitcoin mining to AI infrastructure. The transfer is covered by a 15-year lease, with commercial rent scheduled to begin in the second quarter of 2026.

Phase I covered roughly 200 MW of gross power and was finished on schedule, Galaxy reported. Under the Phase I agreement CoreWeave will occupy 133 MW of critical IT capacity.

Galaxy has started greenfield construction for Phase II, which will add 260 MW of critical IT capacity. Data hall deliveries for Phase II are expected in the first half of 2027. Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load, which represents the full 800 MW of gross power currently approved and contracted at Helios. The leases include two five-year extension options and are expected to generate more than $1 billion in average annual revenue for the campus over their terms.

Helios began as a bitcoin mining facility. Galaxy acquired an 180 MW site from Argo Blockchain for $65 million in 2022, then wound down mining operations and retrofitted the campus to support AI and high-performance computing workloads. The campus spans more than 2,200 acres, with total approved power capacity of 1.63 gigawatts and potential to expand to 3.6 GW.

CoreWeave previously operated Ethereum mining infrastructure before the network left proof-of-work rewards and rebuilt its business around GPU-based AI compute. The Helios lease pairs two companies that transitioned from crypto mining to serving AI and machine-learning customers.

Mike Novogratz, Galaxy's founder and CEO, described the Phase I completion this way: “Completing Phase I on budget and on schedule affirms Galaxy's position as an operator capable of executing hyperscale AI data center development.”

Galaxy reported a $216 million loss in the first quarter tied to falling digital asset prices and has described its operations as “half a data-center company and half a digital-assets company.”