Galaxy Digital completed the first stage of the transformation of the Helios campus in west Texas, delivering 133 megawatts (MW) of critical IT load capacity to CoreWeave. The operation marks the definitive conversion of the former bitcoin mine into a complex focused on artificial intelligence (AI) and high-performance computing.
The project’s first phase makes available approximately 200 MW of raw power for CoreWeave. According to Galaxy, the delivery was completed within the budget and timeline planned, while payments under the 15-year lease contract will begin in the second quarter of 2026.
Helios was acquired by Galaxy in 2022 for US$ 65 million, after the purchase of the Argo Blockchain facility. At the time, the site was one of the largest bitcoin mining operations in North America, with capacity of 180 MW. Since then, the company shut down mining and adapted the entire infrastructure to meet the growing demand for AI services.
The change follows CoreWeave’s own trajectory. Before Ethereum migrated to the proof-of-stake model, the company used GPUs to mine ETH. With mining ending on the network, it began directing its investments toward cloud computing focused on artificial intelligence.
This transformation is becoming increasingly common among companies linked to cryptocurrency mining. With access to low-cost power and infrastructure already in place, several companies have started serving AI clients, a segment that offers more predictable revenues than bitcoin mining.
While the first phase comes online, Galaxy is already working on the second stage of the project. The construction of an additional 260 MW of critical IT load infrastructure is underway, and delivery of the new data centers is expected to begin in the first half of 2027.
At the end of the three phases of expansion, CoreWeave will have contracted 526 MW of critical IT load, using the 800 MW of raw power currently approved for the Helios campus. The lease contracts last 15 years, with two renewal options for an additional five years each, and the expectation is average revenue of more than US$ 1 billion per year.
“Completion of Phase I within the budget and timeline planned reaffirms Galaxy’s position as an operator capable of executing the development of AI hyperscale data centers,” said Mike Novogratz, founder and CEO of Galaxy.
The campus covers more than 2,200 acres and currently has approved capacity of 1.63 gigawatts (GW), with expansion potential up to 3.6 GW.
The strategy also reduces Galaxy’s dependence on fluctuations in the cryptocurrency market. After recording a loss of US$ 216 million in the first quarter, pressured by falling prices of digital assets, the company began increasing its investments in infrastructure for artificial intelligence.
According to Novogratz, Galaxy currently operates as “half data center company and half digital asset company,” signaling a diversification of the business model and less dependence on cryptocurrency market volatility.