Galaxy Delivers 133 MW to CoreWeave as Bitcoin Mine Becomes AI Hub

• Galaxy delivered 133 MW of critical IT load to CoreWeave under a 15-year lease.
• Helios shifted from Bitcoin mining into a revenue-generating AI data center campus.
• Phase II adds 260 MW as Galaxy targets over $1B in annual revenue from Helios.

Galaxy has completed the first phase of power delivery at its Helios data center campus in West Texas. The milestone provides 133 megawatts of critical IT load to CoreWeave while transforming a former Bitcoin mining facility into a revenue-generating artificial intelligence infrastructure campus.

Helios Completes First Phase of AI Infrastructure

Galaxy announced the completion of Phase I at its Helios data center campus by delivering 133 megawatts of critical IT load to CoreWeave. The delivery also includes approximately 200 megawatts of gross power under a 15-year lease agreement signed between both companies.

The company confirmed that Phase I reached completion on schedule, while lease payments officially commenced during the second quarter of 2026. Consequently, Helios has shifted from a large-scale construction project into an operational AI-ready campus generating recurring revenue.

Galaxy acquired the Helios facility from Argo Blockchain in 2022, when the site operated as one of North America’s largest Bitcoin mining facilities. After the acquisition, the company gradually transitioned the property toward artificial intelligence and high-performance computing infrastructure instead of cryptocurrency mining.

CoreWeave also shares a similar background after previously operating Ethereum mining infrastructure before expanding into AI cloud computing services. Therefore, the agreement represents another example of crypto-focused companies repositioning infrastructure toward growing demand for AI computing capacity.

Galaxy founder and CEO Mike Novogratz said completing Phase I on budget demonstrates the company’s ability to deliver hyperscale AI infrastructure projects. He added that Helios now generates revenue across its entire operational capacity while construction continues on the project’s next development stage.

Expansion Plans Target Long-Term AI Growth

Galaxy has already started greenfield construction on Phase II, which will introduce another 260 megawatts of critical IT capacity to Helios. The company expects deliveries from the second development phase to begin during the first half of 2027.

Across Phases I through III, CoreWeave has committed to 526 megawatts of critical IT load under long-term lease agreements. Those contracts cover the site’s approved 800 megawatts of gross power and include two optional five-year lease extensions.

Galaxy expects the Helios agreements to generate more than $1 billion in average annual revenue throughout the contracted lease period. Meanwhile, the campus spans more than 2,200 acres and currently holds approved capacity totaling 1.63 gigawatts.

The company also stated that Helios could eventually expand to approximately 3.6 gigawatts as additional development opportunities emerge. 

Overall, the project highlights how former cryptocurrency mining facilities increasingly support artificial intelligence infrastructure instead of depending solely on digital asset markets.

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