Galaxy Digital has successfully transformed its once massive Bitcoin mining facility into a revenue-generating AI data center, marking the completion of Phase I power delivery at the Helios campus in West Texas. The company handed over 133 megawatts of critical IT load to cloud provider CoreWeave under a 15-year lease, with rent officially commencing in the second quarter of 2026.
The milestone underscores a growing trend among crypto mining operators who are leveraging cheap, contracted electricity to host high-performance computing workloads. Helios began life as one of North America’s largest Bitcoin mines, an 180 MW facility Galaxy acquired from Argo Blockchain for $65 million in 2022. After winding down mining, the site was retrofitted for artificial intelligence and HPC, a pivot that mirrors CoreWeave’s own journey from Ethereum mining to GPU cloud services.
Phase I covered roughly 200 MW of gross power on schedule. Greenfield construction of Phase II is already underway, aiming to add 260 MW of critical IT load with data hall deliveries expected in the first half of 2027. Across all three phases, CoreWeave has committed to 526 MW of critical IT load—equivalent to the full 800 MW of gross power currently approved at Helios—under 15-year leases with two five-year extensions. Galaxy expects the contracted capacity to generate more than $1 billion in average annual revenue.
Founder and CEO Mike Novogratz emphasized the project’s significance, stating that completing Phase I on budget and on schedule affirms Galaxy’s capability in hyperscale AI data center development. The campus spans over 2,200 acres with approved power capacity now at 1.63 GW and potential to scale to 3.6 GW. The Helios segment provides Galaxy with a business line increasingly insulated from crypto price volatility, a strategic shift highlighted by a $216 million first-quarter loss driven by falling digital asset prices.
The deal between two former crypto miners-turned-AI operators reflects a broader industry recalibration as public miners seek steadier revenue streams beyond block rewards. For CoreWeave, the long-term Helios capacity secures its AI compute expansion, while Galaxy’s infrastructure pivot diversifies its revenue away from the digital asset market.
