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. CoreWeav