15-year CoreWeave deal expected to generate $1B annually
AUSTIN, TEXAS – Galaxy Digital has secured a $1.4 billion term loan to accelerate the buildout of its Helios artificial intelligence datacenter campus in Texas, positioning the company to capture a growing share of the global AI compute market.
The financing, announced Friday, will cover 80% of the construction costs for the project’s first phase, with Galaxy contributing $350 million in equity. According to a U.S. Securities and Exchange Commission filing, the loan — secured by all assets of Galaxy Helios I — matures on August 15, 2028.
The facility will power AI workloads under a 15-year agreement with GPU cloud provider CoreWeave, set to begin in early 2026.
“We’re building Helios into one of the most advanced AI and HPC datacenters in the country, leveraging our capital markets expertise and digital infrastructure,” said Galaxy Digital CEO Mike Novogratz.
CoreWeave has expanded its commitment to 800 megawatts of approved capacity at the Helios campus, leasing power, cooling, and physical infrastructure for AI and high-performance computing (HPC) operations. Galaxy expects to generate over $1 billion per year from the deal — about $15 billion in total revenue over the contract term.
At full buildout, Helios is projected to reach 3.5 gigawatts of power capacity, leaving 2.7 gigawatts available for other clients beyond CoreWeave.
From Bitcoin mining to AI supercomputing
Galaxy’s pivot into AI reflects a broader industry shift, with crypto-native firms repurposing mining infrastructure for the booming AI sector. The Helios site, originally acquired for Bitcoin mining in 2022, now anchors Galaxy’s AI strategy.
CoreWeave, itself a former crypto mining company, recently agreed to acquire Core Scientific in a $9 billion all-stock deal to expand its AI and HPC datacenter footprint.
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