Galaxy Lands $1.4B for Texas Data Center Campus
The debt facility will fund the property's bitcoin-to-AI conversion.
Galaxy Digital has closed a $1.4 billion project financing deal for the development of Helios, an 800-megawatt data center campus in West Texas. The funding will cover the full cost of retrofitting the existing property and completion of the project’s first phase.
The company contributed $350 million in equity, with the remaining construction expenses to be financed through the newly secured debt facility. Structured with an 80 percent loan-to-cost ratio, the three-year financing vehicle is backed by all the assets components of Helios’s Phase 1.
Galaxy acquired the Dickens County asset in December 2022 for $65 million from Argo Blockchain. Originally used for bitcoin mining, the 1,000-acre campus is being repurposed to support AI and high-performance computing infrastructure. Redevelopment efforts are already underway.
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In March, CoreWeave entered a 15-year lease for 133 megawatts of capacity at Helios, marking the first phase of the site’s transformation. The agreement was later expanded to include an additional 260 megawatts of critical IT load, which will break ground during the second phase of development.
Galaxy anticipates that Phase 1 will be operational in the first half of next year, with Phase 2 set to be delivered in 2027. CoreWeave also recently exercised its final option to access another 133 megawatts, committing to the full 800 megawatts of approved capacity at the Helios campus.
Galaxy has an additional 2.7 gigawatts of potential capacity under various stages of load study at the property. At full build-out, Helios could support up to 3.5 gigawatts of power.
CoreWeave’s recent data center expansion
At the end of the second quarter, CoreWeave operated 33 data center campuses across the U.S. The facilities have a combined active power capacity of 470 megawatts and 2.2 gigawatts of contracted power.
Last month, CoreWeave announced a $6 billion investment for a new data center facility in Lancaster, Pa. Chirisa Technology and Machine Investment Group will develop the project that will deliver up to 300 megawatts at full build-out.
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