Galaxy Digital's Helios campus delivers 133 MW to CoreWeave under a 15-year lease. Phase I done. Focus shifts to Phase II. The pivot from bitcoin mining to AI infrastructure is real.
Alpha Score of 19 reflects poor overall profile with poor momentum, poor quality, moderate sentiment. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
Galaxy Digital turned on 133 megawatts of power at its Helios campus in West Texas. The power goes to CoreWeave under a 15-year lease. Phase I billing starts in the second quarter of 2026.
That 133 MW is the first tranche of a bigger deal: CoreWeave will take up to 526 MW of critical IT load across Phases I through III. Once fully built, the Helios campus will use 800 MW of its approved gross power. Galaxy expects the lease to generate more than $1 billion in average annual revenue.
The milestone marks the end of Galaxy's bitcoin mining era. The company bought Helios in 2022 for $65 million, when the site ranked among North America's top 180 MW bitcoin mines. Galaxy halted crypto mining to repurpose the campus for high-performance computing and AI workloads.
Galaxy committed $350 million in equity at the start of the project. A $1.4 billion debt facility financed the rest, at 80% loan-to-cost. The company said Phase I met both its timeline and budget targets.
Mike Novogratz, Galaxy's founder and CEO, said the shift is structural, not cyclical. Demand for high-density, AI-ready power is a permanent change, he said. The firm now runs as an even mix of data infrastructure and digital assets, he told investors, adding that Galaxy's financial health is less tied to crypto market swings.
Phase II is already in the greenfield stage. Data hall deliveries are set to begin by mid-2027. The Helios campus covers more than 2,200 acres. Its approved power capacity stands at 1.63 gigawatts, with room to grow to 3.6 GW.
The announcement followed Galaxy's first-quarter loss of $216 million, mostly driven by declining crypto prices. The Helios pivot gives the company a second revenue stream.
CoreWeave (CRWV) CRWV stock page carries an Alpha Score of 19 out of 100, labeled Weak. The company's own AI tool, CoreWeave ARIA, recently launched as an integrated research agent within Weights & Biases. ARIA interprets experiment data to improve model performance. The system evaluates thousands of runs and tens of thousands of metrics.
Praneeth Gangavarapu, a PhD candidate at Scripps Research, said ARIA lets him generate reports, create sweep configurations from natural language, and automate manual work.
Galaxy also introduced an institutional OTC prediction-markets service. The offering targets hedge funds and family offices. It focuses on non-sports markets on Kalshi and Polymarket, covering politics and the economy. Clients can pair event contracts with hedges in equities and commodities.
Phase I is done. The next data halls arrive in mid-2027.
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