Galaxy Digital completed the first phase of power delivery at its Helios data center campus in West Texas on Monday, handing CoreWeave 133 megawatts of critical IT load under a 15-year lease. The delivery covered roughly 200 megawatts of gross power on schedule, with rent commencing under the Phase I lease in the second quarter of 2026, Galaxy said. The completion marks the site's transition from bitcoin mining to revenue-generating AI infrastructure, reflecting a broader shift across the mining sector as operators with contracted electricity reposition capacity toward AI tenants paying steadier revenue than block rewards.
Galaxy Delivers 133 MW Critical IT Load Under 15-Year CoreWeave Lease
Galaxy Digital delivered 133 megawatts of critical IT load to CoreWeave at the Helios data center campus in West Texas, covering approximately 200 megawatts of gross power. Rent will commence under the Phase I lease in the second quarter of 2026. The lease spans 15 years with two five-year extension options.
Helios Site Transitioned from Bitcoin Mining to AI Infrastructure
Helios began as one of North America's largest bitcoin mines, a 180-megawatt facility that Galaxy bought from Argo Blockchain for $65 million in 2022. Galaxy wound down mining operations and retrofitted the site for AI and high-performance computing workloads. CoreWeave, the GPU cloud provider leasing the capacity, previously mined Ethereum before The Merge ended proof-of-work rewards on the network, then rebuilt its business around AI compute. The Helios lease represents a deal between two companies that both exited crypto mining for the economics of AI power.
Phase II Construction Targets 260 MW Delivery in First Half of 2027
Greenfield construction is underway on 260 megawatts of critical IT capacity for Phase II. Data hall deliveries are expected to begin in the first half of 2027.
CoreWeave Commits 526 MW Across Three Phases for $1 Billion Annual Revenue
Across Phases I through III, CoreWeave has committed to 526 megawatts of critical IT load, representing the full 800 megawatts of gross power currently approved and contracted at Helios. The commitment is structured under 15-year leases with two five-year extension options, expected to generate more than $1 billion in average annual revenue. The campus spans more than 2,200 acres, with total approved power capacity at 1.63 gigawatts and the potential to scale to 3.6 gigawatts.
Galaxy Positions Data Center Segment as Insulated from Crypto Price Swings
Mike Novogratz, founder and CEO of Galaxy, 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. Helios anchors Galaxy's data center segment, which the company has positioned as insulated from crypto price swings after a $216 million first-quarter loss driven by falling digital asset prices. Novogratz has said Galaxy now runs as "half a data-center company and half a digital-assets company," reportedly telling investors that the firm's performance is starting to decouple from crypto prices.
FAQ
What did Galaxy Digital deliver to CoreWeave at the Helios data center?
Galaxy Digital delivered 133 megawatts of critical IT load to CoreWeave under a 15-year lease at the Helios data center campus in West Texas, covering approximately 200 megawatts of gross power. Rent will commence in the second quarter of 2026.
How did the Helios site transition from bitcoin mining to AI infrastructure?
Helios began as a 180-megawatt bitcoin mining facility that Galaxy bought from Argo Blockchain for $65 million in 2022. Galaxy wound down mining operations and retrofitted the site for AI and high-performance computing workloads, with CoreWeave committing to 526 megawatts of critical IT load across three phases under 15-year leases expected to generate more than $1 billion in average annual revenue.
When will Phase II of the Helios data center be delivered?
Phase II construction is underway on 260 megawatts of critical IT capacity, with data hall deliveries expected to begin in the first half of 2027.
