Galaxy Digital Completes First Phase of Helios Data Center Campus

Galaxy Digital has completed the first phase of its Helios data center campus in West Texas, delivering 133 megawatts of critical IT load to Coreweave. This milestone marks a significant shift for Galaxy, which has transitioned from a bitcoin mining facility to an AI power business.

The Helios data center campus started as a bitcoin mining facility built by Argo Blockchain in 2021, but Galaxy purchased it in late 2022 for approximately $65 million after Argo faced financial difficulties during the crypto winter. As the market shifted and power costs rose, difficulty climbed, and AI companies began paying more for electricity previously used by miners, Galaxy readjusted its strategy.

Coreweave signed a 15-year lease with Galaxy in March 2025 as an anchor tenant, committing to 526 megawatts of critical IT load across three phases. This covers the full 800 megawatts of gross power currently approved at the site. Once operational, the full buildout is projected to generate more than $1 billion in average annual revenue.

Galaxy funded the project with a $1.4 billion project-level debt facility and about $350 million in equity. Phase I alone is expected to bring in roughly $300 million per year in lease payments over 15 years. Novogratz, founder and CEO of Galaxy, stated that 'Helios is now generating revenue across its entire 133 MW of IT load,' emphasizing that the shift towards high-density, AI-ready power is structural, not cyclical.