Galaxy Digital has completed the first phase of its Helios campus in West Texas and begun earning lease revenue, delivering 133 MW of critical IT load to CoreWeave under a 15-year agreement. The company met its Phase I schedule and drew that load from roughly 200 MW of gross power, with lease payments beginning in the second quarter of 2026.
The delivery moves Helios out of construction and into commercial operation, and Galaxy presents it as evidence that the company can build AI infrastructure at hyperscale and bring it into service. Mike Novogratz, the founder and CEO of Galaxy described this, saying “completing Phase I on budget and on schedule affirms Galaxy’s position as an operator capable of executing hyperscale AI data center development.”
“Helios is now generating revenue across its entire 133 MW of IT load, and greenfield work on Phase II is already underway. The demand for high-density, AI-ready power is not a cycle; it is a structural shift, and Galaxy is built to meet it.”
Phase II Build Advances
CoreWeave has committed to 526 MW of critical IT load across the campus’s first three phases, the full extent of the 800 MW of gross power Galaxy has approved and placed under contract at Helios. Galaxy projects average annual revenue above $1 billion over the 15-year lease terms. Development of the second phase is underway, with structural and civil work progressing on a 260 MW block that Galaxy expects to begin delivering in the first half of 2027.
The leases run for 15 years and include two five-year extension options, carrying CoreWeave’s tenancy into the following decade. The tenant has expanded its power holdings elsewhere, acquiring bitcoin miner Core Scientific in a $9 billion all-stock deal that adds about 1.3 GW of gross capacity for AI and high-performance computing.
Helios Capacity Scales Up
Helios spans more than 2,200 acres, and its approved power capacity now stands at 1.63 gigawatts, with potential to reach 3.6 GW. The added headroom positions Galaxy to expand a multi-tenant campus as power availability becomes the primary constraint on new data center development.
Galaxy’s financial results reflect the pivot, with profit rising more than 1,500% as its trading operations and the Helios buildout expanded, a project Novogratz has identified as central to the company’s future. The move aligns with a wider shift among former bitcoin miners toward AI, most recently TeraWulf’s 20-year, $19 billion agreement with Anthropic for about 401 MW of critical IT load in Kentucky. The same rotation is visible in valuations, where AI’s climbing worth against a softening Bitcoin market has pulled institutional capital toward compute infrastructure.