Galaxy has completed the first phase of expansion at its Helios data center campus in West Texas, handing over 133 megawatts of critical IT load to CoreWeave. This milestone marks a significant transition for the facility, evolving from its original purpose as a Bitcoin mining site to a cutting-edge hub for artificial intelligence (AI) and high-performance computing infrastructure. Under a 15-year lease agreement, Galaxy began collecting rental income from the second quarter of 2026.
Major capacity milestone with 133 MW online
The initial construction phase delivered around 200 megawatts of gross energy capacity. Out of this, 133 megawatts was allocated to CoreWeave as critical IT capacity, in accordance with the terms of their contract. Galaxy confirmed the first phase was completed on schedule and within budget.
The Helios site was originally established in West Texas as a 180-megawatt Bitcoin mining facility. In 2022, Galaxy acquired the facility from Argo Blockchain for $65 million. Since then, the campus has been reconfigured to support AI and high-performance computing (HPC) workloads, reflecting industry-wide shifts in infrastructure demand.
Glossary: High-performance computing refers to infrastructure used for processing very large data sets and power-intensive computational tasks. Critical IT load means the usable capacity within a data center that’s allocated directly to servers and computing equipment.
CoreWeave, too, has evolved: formerly linked to crypto mining, it has pivoted towards cloud services focused on artificial intelligence. Following the end of Ethereum’s proof-of-work phase, the crypto mining sector has rapidly shifted. Both companies now rely more on long-term infrastructure contracts than on mining rewards for revenue growth.
Galaxy CEO Mike Novogratz commented that delivering the first phase on budget and on schedule demonstrates the company’s ability to develop large-scale AI data centers.
Second phase construction underway
The company is now working on the second phase of expansion, which is set to bring an additional 260 megawatts of critical IT capacity online. Delivery of these new data halls is expected in the first half of 2027. This growth is aimed at meeting rising customer demand for AI and HPC services in the future.
CoreWeave has committed to purchase a total of 526 megawatts of critical IT load at the Helios site across three development phases. The lease covers up to 800 megawatts of approved gross energy capacity at the campus.
| Category | Data |
|---|---|
| First phase delivery | 133 MW critical IT load |
| First phase gross power | Approx. 200 MW |
| Second phase capacity | 260 MW critical IT load |
| Total CoreWeave commitment | 526 MW |
Galaxy projects that long-term lease agreements like these could generate over $1 billion in annual average revenue. The company views this model as providing a more stable income stream compared to the volatility of digital asset prices.
Helios campus scales up capacity
The Helios campus covers more than 2,200 acres in West Texas. The overall project now has a total approved power capacity of 1.63 gigawatts. Galaxy also has the potential to expand the campus’s total capacity to as much as 3.6 gigawatts in the future.
The company is positioning its data center operations as a hedge against severe price swings in the cryptocurrency markets. Following a drop in digital asset values, Galaxy reported a $216 million loss in the first quarter. Management believes that over time, infrastructure revenue will deliver greater earnings stability.
Mike Novogratz highlights that approximately half of Galaxy’s current business comes from data center operations, with the other half relying on digital asset activities.
