Galaxy Digital Inc. has completed the first phase of its Helios data center campus in West Texas, delivering approximately 200 megawatts of gross power and 133 megawatts of critical IT load to CoreWeave under the terms of a 15-year lease agreement.

The milestone, announced, was delivered on schedule, with rent commencement under the Phase I lease beginning in the second quarter of 2026.

Phase I Delivered On Budget and On Schedule

The completion of Phase I marks a significant transition for the Helios campus, shifting it from an active construction project into a revenue-generating facility. Galaxy, which trades on Nasdaq under the ticker GLXY, described the milestone as a demonstration of its ability to develop and deliver hyperscale artificial intelligence infrastructure from concept through to operational status.

Mike Novogratz, Founder and CEO of Galaxy, said the on-schedule and on-budget delivery affirms the company's standing as an operator capable of executing hyperscale AI data center development.

"Helios is now generating revenue across its entire 133 MW of IT load, and greenfield work on Phase II is already underway," Novogratz said.

"The demand for high-density, AI-ready power is not a cycle; it is a structural shift, and Galaxy is built to meet it."

Phase II Construction Advancing Toward 2027 Delivery

With Phase I now operational, Galaxy has turned its attention to Phase II, which encompasses 260 megawatts of critical IT load.

Greenfield development on Phase II is described as underway, with civil and structural work advancing at the West Texas site.

The company expects Phase II data hall deliveries to commence in the first half of 2027. The phased construction approach reflects the scale of what Galaxy is building at Helios.

The campus spans more than 2,200 acres and has seen its total approved power capacity expand to 1.63 gigawatts, with the potential to scale to as much as 3.6 gigawatts.

Galaxy has characterized access to reliable and scalable power as the defining constraint for AI infrastructure as demand for high-density, high-performance computing continues to accelerate.

CoreWeave Committed to Full 526 Megawatts Across Phases I Through III

CoreWeave, the AI cloud infrastructure company, is the tenant behind the full scope of contracted capacity at Helios across the first three phases.

The company has committed to 526 megawatts of critical IT load, representing the full 800 megawatts of gross power currently approved and contracted at Helios, under 15-year leases.

Those leases include two five-year extension options and are expected to generate more than one billion dollars in average annual revenue for Galaxy.

The depth of the CoreWeave commitment underscores the long-term nature of the arrangement.

Galaxy has positioned the Helios campus as a cornerstone of its data center strategy, and the lease structure provides a stable revenue foundation as the company continues to build out subsequent phases.

Helios is positioned as a Multi-Gigawatt Platform

Galaxy is describing Helios not merely as a single campus project but as the anchor of a broader ambition to build what it calls a multi-campus, multi-tenant, multi-gigawatt data center platform.

The campus's expanded approved power capacity of 1.63 gigawatts already places Galaxy among what the company describes as the largest and fastest-growing data center developers in North America.

The potential to scale to 3.6 gigawatts materially extends the company's development runway beyond the currently contracted phases.

The approved capacity expansion, combined with the committed CoreWeave leases and the progression through sequential phases of construction, reflects a development pipeline that extends well into the latter half of this decade.

Galaxy has framed the additional capacity as directly tied to what it characterizes as a structural, rather than cyclical, shift in demand for AI-ready computing infrastructure.

Galaxy's Broader Business Context

Galaxy Digital describes itself as a global leader in digital assets and data center infrastructure. Beyond its data center operations, the company operates a digital assets platform that includes institutional access to trading, advisory services, asset management, staking, self-custody, and tokenization technology.

The company is headquartered in New York City and maintains offices across North America, Europe, the Middle East, and Asia.

The Helios campus represents a significant expansion of Galaxy's footprint into physical AI infrastructure, complementing its established digital assets business.

The company's ability to deliver Phase I of Helios on schedule provides an operational proof point as it continues development of subsequent phases and pursues its stated goal of building a large-scale, multi-campus data center presence.