As of July 6, 2026, Galaxy Digital has taken a significant step by completing the first phase of its Helios data center campus in West Texas. This new endeavor not only delivers a remarkable 133 megawatts of critical IT load to Coreweave but also sets the stage for a potential revenue path exceeding $1 billion.

Why This Shift Matters

The importance of this development cannot be overstated, as it reflects a strategic pivot that could reshape the AI and cryptocurrency sectors:

  • Galaxy has delivered 133 MW to Coreweave, initiating a long-term revenue model.
  • Coreweave has committed to 526 MW over three phases under a 15-year lease.
  • The total capacity target for Helios is an impressive 3.6 GW.
  • Phase II is already under construction, expected to deliver in 2027.

The site was originally launched as a bitcoin mining facility by Argo Blockchain in 2021 but was acquired by Galaxy in late 2022 for about $65 million, after Argo faced financial difficulties during the crypto winter. Following the April 2024 bitcoin halving, which tightened profit margins due to rising power costs and increased mining difficulty, Galaxy recognized the market shift towards AI.

Coreweave became the anchor tenant in March 2025, committing to 526 megawatts across Helios' phases, aligning with the site's total 800 megawatt capacity. The renovations involved significant upgrades: traditional mining equipment was replaced with advanced electrical infrastructure suitable for AI computations.

What Comes Next for Galaxy

As Galaxy moves forward, the full 526 megawatt operation is expected to bring in over $1 billion in average annual revenue, while the initial phase is projected to yield approximately $4.5 billion in rental income over 15 years, averaging around $300 million per year.

Mike Novogratz, CEO of Galaxy, expressed confidence in their operational model, emphasizing that the current demand for high-density power for AI is part of a structural evolution rather than a cyclical trend. With construction already underway for Phase II, and data hall deliveries expected in early 2027, Galaxy is well-placed to capitalize on this momentum.

Looking Ahead

In the coming months, observers should pay attention to the further developments at the Helios site, especially the completion of Phase II and the planning of Phase III aimed for 2028. As AI power needs continue to surge, Galaxy's strategic moves could significantly impact both the AI and crypto sectors.

Disclaimer: This material is for informational purposes only and does not constitute financial advice.