Galaxy Digital announced on August 15 that it secured $1.4 billion in debt financing to retrofit and expand its Helios data center campus in West Texas. The funding, covering 80% of construction costs, will transform the facility into a hub for artificial intelligence (AI) and high-performance computing (HPC) applications. Galaxy contributed $350 million in equity to finalize the deal.
The expansion follows a landmark agreement with AI cloud provider CoreWeave, which committed to utilizing all 800 megawatts of approved power capacity at Helios. The first phase is scheduled to deliver power to CoreWeave in early 2026 under a long-term contract projected to generate over $1 billion in average annual revenue across 15 years. At full capacity, the upgraded campus will support up to 3.5 gigawatts of power, positioning it among the world's largest data centers.
CEO Mike Novogratz called the financing a "major milestone" in Galaxy's strategic pivot beyond cryptocurrency, stating: "We're executing to transform Helios into one of the largest and most advanced AI datacenter campuses globally." The move aligns with a broader industry trend of crypto miners repurposing infrastructure for AI, exemplified by TeraWulf's recent $3.7 billion AI hosting deal with Google.
Despite the announcement, Galaxy's shares fell 2.2% in early trading amid broader market declines. Analysts from Jefferies highlighted the data center business's growing significance, estimating it may eventually constitute two-thirds of Galaxy's value.