Galaxy delivers 133 MW of critical IT load to CoreWeave as Helios bitcoin mine turns AI hub

Galaxy Digital (GLXY) has completed the first phase of power delivery at its Helios data center campus in West Texas, handing CoreWeave (CRWV) 133 megawatts of critical IT load under a 15-year lease and marking the site's transition from bitcoin mining to revenue-generating AI infrastructure.

The delivery covered roughly 200 MW of gross power on schedule, with rent commencing under the Phase I lease in the second quarter of 2026, Galaxy said Monday.

Helios began as one of North America's largest bitcoin mines, an 180 MW facility that Galaxy bought from Argo Blockchain for $65 million in 2022, before winding down mining and retrofitting the site for AI and high-performance computing workloads.

That same pivot mirrors CoreWeave's own path. The GPU cloud provider mined Ethereum (ETH) before The Merge ended proof-of-work rewards on the network, then rebuilt around AI compute, making the Helios lease a deal between two companies that both exited crypto mining for the economics of AI power.

The trade has become a defining one across the mining sector, as operators with cheap, contracted electricity reposition idle or marginal capacity toward AI tenants paying steadier revenue than block rewards.

Phase II

Greenfield construction is underway on 260 MW of critical IT for Phase II, with data hall deliveries expected to begin in the first half of 2027.

Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load — the full 800 MW of gross power currently approved and contracted at Helios — under 15-year leases carrying two five-year extension options, expected to generate more than $1 billion in average annual revenue.

"Completing Phase I on budget and on schedule affirms Galaxy's position as an operator capable of executing hyperscale AI data center development," said Mike Novogratz, founder and CEO of Galaxy.

The campus spans more than 2,200 acres, with total approved power capacity now at 1.63 gigawatts and the potential to scale to 3.6 GW.

Helios anchors Galaxy's data center segment, which the company has positioned as insulated from crypto price swings after a $216 million first-quarter loss driven by falling digital asset prices.

Novogratz has said Galaxy now runs as "half a data-center company and half a digital-assets company," reportedly telling investors that the firm's performance is starting to decouple from crypto prices.