Galaxy Digital has completed the first phase of powering its Helios data center campus in West Texas.
The company provided CoreWeave with approximately 200 MW of total power, representing 133 MW of critical IT loads, under a 15-year lease.
This delivery marks Helios’ transition from a construction project to a revenue-generating AI data center campus. Galaxy said rent under the Phase I lease will begin in the second quarter of 2026.
“Completing Phase I on budget and on schedule affirms Galaxy’s position as a viable operator for hyperscale AI data center development,” said Mike Novogratz, founder and CEO of Galaxy.
From Bitcoin mining to AI infrastructure
Helios started out as one of the largest Bitcoin mining sites in North America. Galaxy purchased the facility from Argo Blockchain in 2022 and has since moved on to retrofit the site for artificial intelligence and high-performance computing workloads.
This change reflects broader changes across the mining sector. As previously reported, public miners are moving power capacity and land towards the use of AI data centers as cloud demand increases and Bitcoin mining margins continue to be squeezed.
CoreWeave also has roots in crypto mining. The company was mining Ethereum before moving to GPU cloud services. The lease at Helios brings together two companies that have transitioned from crypto infrastructure to AI computing.
CoreWeave ensures long-term capacity
Greenfield work is currently underway in Phase II, which will add 260 MW of significant IT load, according to Galaxy. Deliveries of data halls at that stage are expected to begin in the first half of 2027.
Across Phases I through III, CoreWeave has worked on 526 MW of Helios’ critical IT workload. This represents a total of 800 MW of power currently approved and contracted on campus under a 15-year lease agreement with two five-year extension options.
Galaxy expects its contracted Helios capacity to generate average annual revenues of more than $1 billion. The campus currently spans more than 2,200 acres and has an approved power capacity of 1.63 gigawatts with the potential to expand to 3.6 gigawatts, the company said.
AI pivots following previous funding
Galaxy has secured $1.4 billion in project funding to support construction of Helios. The company also committed $350 million of its own capital toward the project.
This funding helped fund Helios’ transformation from Bitcoin mining to AI and HPC infrastructure. At the time, Galaxy said the project would help it diversify its business beyond digital assets and create new revenue streams for its data centers.
As previously reported, the original CoreWeave deal was expected to generate approximately $4.5 billion over the term, or approximately $300 million annually. Analysts also noted that Helios has significant unused power capacity, which could lead to further expansion of Galaxy.
The latest milestone shows how power access has become a major asset for the former mine site. While Galaxy still operates in digital assets, Helios has given the company a business line that relies more on AI demand than cryptocurrency prices.
