Galaxy Digital closed a $1.4 billion project financing facility to accelerate the expansion of its Helios datacenter campus in Dickens County, West Texas, fast-tracking delivery of AI and high-performance computing (HPC) infrastructure for CoreWeave. The debt facility, secured at 80% loan-to-cost with a 36-month term, will fully fund the retrofit and expansion of Helios. Galaxy provided the $350 million equity requirement.
The financing aligns with Galaxy’s execution of a second-phase lease agreement with CoreWeave. Under the deal, CoreWeave will access an additional 260 MW of critical IT load for AI and HPC operations, following its earlier commitment of 133 MW. With these agreements, CoreWeave has now locked in the full 800 MW of approved power capacity at Helios. Galaxy expects to generate over $1 billion in average annual revenue from CoreWeave across the 15-year agreement term.
Longer term, Galaxy is pursuing 2.7 GW of additional power capacity under study, bringing Helios’ potential full buildout to 3.5 GW—making it one of the largest AI datacenter campuses globally. The site benefits from access to Texas’s ERCOT grid, with a mix of wind, solar, and natural gas resources, providing the scale and redundancy needed for large-scale AI operations. “This financing marks a major milestone in our transformation of Helios into a next-generation AI and HPC datacenter campus,” said Mike Novogratz, Founder and CEO of Galaxy.
- $1.4 billion debt facility closed to fund Helios datacenter expansion
- $350 million equity already provided by Galaxy
- CoreWeave secures 800 MW of critical IT load across phased leases
- Average annual revenue forecast: $1+ billion over 15 years
- Helios full buildout potential: 3.5 GW power capacity
- Located in Dickens County, Texas, with grid access to wind, solar, and gas power sources
🌐 Analysis: Galaxy Digital, founded by Mike Novogratz, built its reputation in digital asset trading, investment, and blockchain infrastructure. Its acquisition and redevelopment of the Helios site marked a strategic pivot away from crypto mining into AI and HPC datacenter services. The location in West Texas provides a unique advantage: vast available land, strong interconnection to ERCOT, and proximity to abundant renewable generation that aligns with AI customers’ sustainability goals.
CoreWeave, one of the fastest-growing AI cloud providers and a major NVIDIA partner, has become Galaxy’s anchor tenant at Helios. Galaxy builds and operates the underlying datacenter and power infrastructure, while CoreWeave leases long-term capacity to deploy its GPU clusters at scale. This arrangement secures Galaxy a predictable revenue stream while giving CoreWeave assured access to up to 800 MW of critical load in a region capable of further multi-gigawatt expansion. The partnership exemplifies how infrastructure specialists and AI-focused cloud platforms are aligning to rapidly scale compute in energy-rich U.S. markets.
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