Galaxy Digital Inc. has acquired a $1.4 billion project financing facility to accelerate the development of the next stage of Helios AI data center campus in West Texas. The funds will be utilized to retrofit and expand the campus to deliver the first phase of power for artificial intelligence (AI) and high-performance computing (HPC) workloads under a long-term supply agreement with CoreWeave Inc.
The debt capital, structured at 80% loan-to-cost, is due in 36 months and is collateralized by all assets of Helios’ first-phase construction. Galaxy has contributed $350 million in equity so far, and the new facility is used to finance construction on a balance. Deal terms were reported to the SEC, as directed prior in the company’s second-quarter earnings announcement.
“This capital raise is a pivotal step in transforming Helios into a next-generation AI and HPC hub,” said Mike Novogratz, Galaxy’s founder and CEO. “We’re on schedule to supply CoreWeave with initial power by early 2026, marking a major move in our shift from a crypto-focused model toward broader AI infrastructure.”
Wave of growth at the West Texas site
The financing comes as there has been a surge of growth at the West Texas campus. CoreWeave has already committed to the campus’s entire approved capacity of 800 megawatts, following the signing of deals for initial and backup power assignments during the course of this year. The transactions will generate more than $1 billion in average annual revenues for Galaxy over the next 15 years, assuming full utilization of the contracted IT load.
Helios is the leader of Galaxy’s long-term infrastructure strategy, with 2.7 gigawatts of incremental power capacity under consideration and potential to build out to 3.5 GW at build-out—making it one of the world’s largest AI datacenter campuses.
Read also: Joule Inks Deal to Power Utah’s Largest, and Most Advanced Data Center Campus
Galaxy Digital Helios AI Data Center in Texas: Project Factsheet
Project Overview
Location: West Texas
Developer: Galaxy Digital Inc.
Primary Customer: CoreWeave Inc.
Project Type: AI and High-Performance Computing (HPC) Infrastructure
Financial Structure
Total Project Financing: $1.75 Billion
Debt Financing: $1.4 billion
Structure: 80% loan-to-cost
Term: 36 months
Security: All assets tied to Helios first-phase buildout
Equity Contribution: $350 million (Galaxy Digital)
Revenue Projections
Expected Annual Revenue: $1+ billion average over 15 years
Revenue Source: Long-term supply agreement with CoreWeave
Assumption: Full utilization of agreed IT load capacity
Technical Specifications
Phase 1 Capacity
Committed Capacity: 800 megawatts
Customer: CoreWeave Inc. (full capacity commitment)
Workload Type: AI and HPC computing
Future Expansion Potential
Additional Capacity Under Study: 2.7 gigawatts
Maximum Buildout Potential: 3.5 gigawatts total
Strategic Position: Among world’s largest AI datacenter campuses
Project Timeline
Initial Power Delivery: Early 2026
Contract Duration: 15-year long-term supply agreement
Current Status: Construction phase with secured financing
Read also: Turner & Wohlsen Construction Selected for $6 Billion CoreWeave Data Center, Pennsylvania
