Galaxy Digital completes Phase I of Helios AI data center, delivers 133 MW of power to CoreWeave

Galaxy Digital has reached a major milestone in its shift from cryptocurrency mining to artificial intelligence infrastructure. The company has reported that Phase I power is fully operational at its Helios data center campus in West Texas.

This grants CoreWeave (CRWV) 133 megawatts of critical IT capacity through a 15-year lease, marking the site’s evolution from bitcoin mining to AI operations. Phase 1 billing starts in Q2 2026.

Originally a top-tier 180 MW North American bitcoin mine, Galaxy purchased Helios in 2022 for $65 million. Galaxy has since halted crypto mining to pivot the site toward AI and high-performance computing.

Galaxy’s Phase II is in its greenfield stage

Phase I met both its timeline and budget targets according to Galaxy. At the start of the project, Galaxy committed $350 million in equity, with the remaining construction cost financed through the closing of a $1.4 billion debt facility at 80% loan-to-cost.

At the time, Mike Novogratz, Founder and CEO of Galaxy, had noted, “We’re on track and excited to deliver the first phase of power to CoreWeave beginning in early 2026. This project is a key step in diversifying Galaxy’s business model as we expand beyond crypto and into the broader AI infrastructure space.” 

More recently, he said that the demand for high-density, AI-ready power is not a cycle; it is a structural shift, and Galaxy is built to meet it. He further stated that the firm now operates as an even mix of data infrastructure and digital assets, reassuring investors that the firm’s financial health is increasingly independent of crypto market trends. 

Now that Phase 1 is done, the company can focus fully on Phase II and III. Phase II is now in the greenfield stage, with structural work underway. Data hall deliveries are set to begin by mid-2027. 

“Completing Phase I on budget and on schedule affirms Galaxy’s position as an operator capable of executing hyperscale AI data center development,” Novogratz said in the announcement.

CoreWeave will secure 526 MW of critical IT load across Phases I–III, once completed, exhausting the site’s 800 MW of approved gross power. Galaxy still expects the deal to drive over $1 billion in average annual revenue. 

In total, Galaxy’s Helios campus covers more than 2,200 acres. Its approved power capacity sits at 1.63 gigawatts, with room to expand to 3.6 GW. The announcement follows Galaxy reporting a $216 m first-quarter loss. This was largely driven by declining crypto prices.

Galaxy and CoreWeave recently launched new offerings

Meanwhile, Galaxy also introduced an institutional OTC prediction markets offering, managed by its Global Markets trading desk. The offering now allows hedge funds, family offices, and other institutional investors to trade in prediction markets at an institutional scale with enhanced privacy. 

The service focuses purely on non-sports prediction markets on Kalshi and Polymarket, tracking everything from politics to the economy. It enables clients to pair event contracts with hedges in equities and commodities, creating a comprehensive risk plan rather than siloed exposure management. 

Last month, CoreWeave also debuted CoreWeave ARIA, an integrated AI research agent within Weights & Biases that interprets experiment data to maximize model performance. ARIA was developed using W&B Weave, CoreWeave’s agent development platform.

According to the firm, the agent converts existing experiment data into better models and reliable agents. The system also rapidly evaluates thousands of runs and tens of thousands of metrics.

“ARIA has become a valuable part of my daily workflow,” said Praneeth Gangavarapu, PhD Candidate, at Scripps Research. He explained, “It helps me quickly generate reports, create sweep configurations from natural language, and automate tasks that would otherwise require a lot of manual setup.”

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