TLDR Galaxy delivered 133 MW of critical IT load to CoreWeave under the first phase of a 15-year lease. Helios transitioned from a bitcoin mining facility into an AI and high-performance comp
Galaxy completed the first Helios expansion by delivering 133 MW of critical IT load to CoreWeave. The delivery marked the site’s transition from bitcoin mining to AI infrastructure under a 15-year lease. Galaxy began collecting rent during the second quarter of 2026 after completing Phase I on schedule.
Galaxy delivered about 200 MW of gross power during the first construction phase. The company handed CoreWeave 133 MW of critical IT capacity under the signed lease. The agreement started generating rental income during the second quarter of 2026.
Helios started as a 180 MW Bitcoin mining facility in West Texas. Galaxy acquired the site from Argo Blockchain for $65 million during 2022. The company later converted the campus for AI and high-performance computing workloads.
CoreWeave also shifted away from cryptocurrency mining before expanding its AI cloud business. Ethereum ended proof-of-work mining after The Merge changed network validation. Both companies now focus on long-term infrastructure revenue instead of mining rewards.
Mining companies continue redirecting power capacity toward AI customers with stable demand. Galaxy benefits from long-term leases instead of depending on digital asset prices. The strategy provides steadier revenue through contracted infrastructure services.
Construction continues across Phase II with 260 MW of critical IT capacity. Data hall deliveries should begin during the first half of 2027. Galaxy expects the expansion to support future customer demand.
CoreWeave committed to 526 MW of critical IT load across three phases. The agreement covers the site’s approved 800 MW of contracted gross power. The leases could generate more than $1 billion in average annual revenue.
The Helios campus covers more than 2,200 acres in West Texas. Approved power capacity now totals 1.63 GW across the growing development. Galaxy also holds potential to expand total capacity to 3.6 GW.
Galaxy positions its data center business as protection against cryptocurrency market swings. The company reported a $216 million first-quarter loss after digital asset prices declined. Management expects infrastructure revenue to provide greater earnings stability over time.
Mike Novogratz said, “Completing Phase I on budget and on schedule affirms Galaxy’s position as an operator capable of executing hyperscale AI data center development.” He also said Galaxy now operates as “half a data-center company and half a digital-assets company.”
Galaxy expects the Helios campus to support sustained infrastructure growth through future development phases.
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