Galaxy Digital secures \$1.4B to convert Helios campus into AI and HPC hub

Galaxy Digital Inc. has finalized a $1.4 billion financing deal to convert its Helios campus in West Texas from cryptocurrency mining to artificial intelligence (AI) and high-performance computing infrastructure (HPC). The financing will support the agreement with CoreWeave Inc., which has committed to the approved capacity of 800 megawatts.

The deal has been secured at an 80% loan-to-cost ratio for 36 months. Galaxy has generated $350 million in equity, while a debt facility covers the rest. According to the deal terms, the project’s first phase is set to begin in early 2026. 

Galaxy plans to repurpose the Helios campus into an AI and HPC service platform

Galaxy acquired the Helios campus in 2022 and is now repurposing it as an AI and HPC service platform to meet the growing demand for AI services. The lease agreement covers 15 years and is expected to generate revenue exceeding $1 billion. CoreWeave has agreed to expand in stages, eventually using all the 800 MW capacity for IT load.

We’ve closed a $1.4B project financing facility to accelerate development of our Helios AI datacenter in Texas, fast-tracking delivery of critical AI and HPC infrastructure under our long-term agreement with @CoreWeave.

Helios is on track to become one of the largest AI… pic.twitter.com/fKcKaSGL4l

— Galaxy (@galaxyhq) August 15, 2025

Helios’ site can scale up to 3.5 GW, with 2.7 GW under load study. Currently, an additional 1.7 GW is under construction, which, when fully operational, will advance the site to be among the most extensive AI datacenter facilities in the U.S.

CoreWeave data centre deployment at Helios will utilize NVIDIA H100 graphics processing units (GPUs). Liquid cooling technology will also reduce energy consumption by up to 40%. Power utility will be sourced from 100% carbon-free onsite renewable energy.

Galaxy and CoreWeave are reportedly working on a joint mission to establish AI governance frameworks to address regulatory and ethical requirements, such as algorithmic transparency and data privacy standards. The joint venture has also highlighted plans to expand beyond Texas and Nevada in a $1.2 billion expansion initiative.

The plan will incorporate exascale computing and AI applications, supported by a proposed 10-year cloud service agreement. Galaxy will contribute $750 million towards the deal, and CoreWeave will deliver $450 million via a loan facility. 

In addition to the agreement with CoreWeave, Galaxy has secured a lease agreement for the second phase of the data centre development, which will offer CoreWeave an additional 260MW of IT load. The deal comes after CoreWeave completed its final option for 133 MW, culminating in a final commitment of 800 MW. All assets associated with the first phase have secured the financing deal for the Helios project. 

Galaxy appoints Matt Friedrich to oversee global legal functions

The AI infrastructure firm replaced Andrew Siegel on 11th August with Matt Friedrich as Chief Legal Officer. He will be in charge of global legal and compliance functions from September 8, 2025. Friedrich will report directly to CEO Mike Novogratz. He possesses a wealth of experience from Cognizant, Chevron, and the Department of Justice.

The AI firm reported its Q2 financial results, which show a gross profit of $299 million. According to the report, the company generated $3.2 billion in revenue throughout the last twelve months. Some analysts have adjusted the profit forecasts for the AI infrastructure firm for the upcoming quarter.

The AI infrastructure firm has also committed to several partnerships previously, including a 48 MW deployment with Soluna Holdings Inc. at Project Kati 1 in Texas. The Project Kati 1 is expected to reach full capacity by Q1 2026. The firm has also collaborated with Mill City Ventures III Ltd. to manage a $450 million SUI treasury. 

The Helios facility design has combined advanced computing technology, renewable energy sources, and scalability to cater to the growth in demand for AI-related services. Galaxy Digital stated that the Helios project and associated expansions form part of its strategy to deliver predictable long-term revenue through fixed-price contracts. The project will be constructed in phases, followed by consistent investment in infrastructure, governance, and sustainable measures. 

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