Galaxy Digital is accelerating development of its Texas AI data center platform after completing the first phase of its Helios campus and beginning construction on the next expansion, supported by a $3.5 billion financing package dedicated to the project.
The company reported that its data center business generated its first quarter of revenue-generating operations in the second quarter of 2026 after delivering 133 MW of critical IT capacity at Helios in West Texas to anchor tenant CoreWeave.
Alongside the operational milestone, Galaxy is expanding its broader Texas development pipeline to more than 5.7 GW of potential power capacity, positioning the company among the largest AI infrastructure developers in the state.
Helios Phase I Reaches Full Delivery
Galaxy completed delivery of the first phase of its Helios Data Center Campus in Dickens County, Texas, delivering 200 MW of gross power capacity and 133 MW of critical IT load under a 15-year lease agreement with CoreWeave.
The facility reached full delivery by the end of the second quarter, marking the company’s transition into revenue-generating data center operations.
Galaxy expects Phase I to generate approximately $80 million in quarterly leasing revenue beginning in the third quarter of 2026, supported by contracted payments from the delivered capacity.
The company also expects the project to achieve a project-level adjusted EBITDA margin above 90% once operating at full Phase I capacity.
Helios Phase II Moves Into Active Construction
Following completion of Phase I, Galaxy has moved into the next stage of Helios development.
Phase II will add 260 MW of critical IT capacity and is being constructed with HITT Contracting serving as general contractor.
HITT has been mobilized on-site since April 2026, with earthwork now complete and structural foundation work underway.
The expansion will include additional data halls, with initial deliveries expected to begin in the second quarter of 2027.
To support construction, Galaxy completed a $3.5 billion private offering of senior secured notes through its subsidiary Galaxy Helios Data Centers II LLC on July 28, 2026. The proceeds will fund construction of Helios Phase II.
Helios Campus Targets Multi-Gigawatt Scale
Beyond the current buildout, Galaxy continues expanding Helios into a large-scale AI infrastructure campus.
The site currently has more than 1.6 GW of approved power capacity, while two additional 1 GW load requests—Helios III and Helios IV—are progressing through the ERCOT interconnection process.
If approved, the expansions could increase the overall Helios campus potential to approximately 3.6 GW across more than 2,200 acres.
Galaxy said it continues discussions with prospective tenants for additional approved capacity at Helios as demand for AI infrastructure grows.
Galaxy Expands Texas Development Pipeline
Beyond Helios, Galaxy is expanding its Texas footprint through additional AI and HPC campuses.
The company executed a development agreement to acquire approximately 500 acres at McGregor Industrial Park for its Merlin Data Campus.
The project has secured an initial agreement supporting 74 MW of capacity, with potential expansion to 500 MW as utility infrastructure upgrades progress.
Galaxy is also advancing two additional Texas sites:
- Caspian: Approximately 700 MW potential capacity
- Selene: Approximately 900 MW potential capacity
Both sites remain subject to ERCOT interconnection processes.
Together, these developments have expanded Galaxy’s Texas power pipeline to more than 5.7 GW, reinforcing the company’s strategy of securing large-scale sites with access to future power growth.
AI Infrastructure Race Drives New Data Center Construction
Galaxy’s expansion reflects a broader industry push to secure power and deliver AI infrastructure at scale.
Across the country, developers are moving quickly from land acquisition and permitting into active construction and operations. TeraWulf recently brought 102 MW of critical IT capacity online at its Lake Mariner Data Campus in New York while advancing another 336 MW under construction, demonstrating a similar phased approach to scaling AI data center capacity.
As AI workloads increase demand for high-density computing, companies are increasingly competing for access to power, transmission infrastructure and development-ready sites.
Galaxy’s latest milestones show that its Texas strategy has moved beyond planning, with operational capacity delivered, major construction underway and a multi-gigawatt pipeline positioned for future growth.
Project Factsheet: Helios Data Center Campus
Location: Dickens County, Texas
Developer: Galaxy Digital
Primary Tenant: CoreWeave
Campus Scale: More than 2,200 acres
Phase I
Status: Completed and operational
Capacity:
- 200 MW gross power
- 133 MW critical IT load
Milestone: Fully delivered in Q2 2026 under a 15-year lease agreement.
Expected Revenue: Approximately $80 million quarterly leasing revenue beginning Q3 2026.
Helios Phase II
Status: Active construction
Capacity: 260 MW critical IT capacity
General Contractor: HITT Contracting
Construction Progress:
- Contractor mobilized April 2026
- Earthwork completed
- Structural foundation work underway
Delivery Target: Q2 2027
Funding: Supported by $3.5 billion senior secured notes offering.
Helios Future Expansion
Potential Capacity: Up to 3.6 GW
Current Approved Power: More than 1.6 GW
Future Expansion: Helios III and Helios IV (two 1 GW ERCOT load requests)
Merlin Data Campus
Location: McGregor, Texas
Site Size: 500 acres
Initial Capacity: 74 MW
Future Potential: Up to 500 MW
Status: Early development
Caspian Site
Potential Capacity: Approximately 700 MW
Status: ERCOT interconnection process
Selene Site
Potential Capacity: Approximately 900 MW
Status: ERCOT interconnection process
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