Galaxy Digital Delivers First 200MW to CoreWeave AI Campus

Galaxy Digital delivered the first 200 MW of power capacity at its Helios data center in West Texas to CoreWeave, marking the first concrete milestone in the site's conversion from a Bitcoin mine to an AI computing campus. The initial tranche includes 133 MW designated for critical IT loads, and the entire agreement runs for 15 years, Galaxy said.

The Helios site covers 160 acres in Dickens County. Galaxy bought it from Argo Blockchain for roughly $65 million in December 2022, when it was a straight Bitcoin mining operation. Now the company is retrofitting the facility for high-performance computing, targeting AI workloads.

CoreWeave signed the lease on March 28, 2025. Selective demolition and removal of mining gear began in the second quarter of 2025, and Galaxy expects full delivery of this first phase by the first half of 2026. CoreWeave has committed to using the full 800 MW of approved capacity through phased expansions.

Galaxy secured a $1.4 billion project financing facility in August 2025 to fund the conversion and expansion. Shortly after, the Electric Reliability Council of Texas approved an additional 830 MW on the site, pushing potential total capacity beyond 1.6 GW.

The purchase price was $65 million. Galaxy projects the 15-year lease with CoreWeave will generate average annual revenue above $1 billion – a sharp shift from the lumpy returns of Bitcoin mining. The $1.4 billion financing facility gives it runway to execute the buildout. Full delivery of the initial 200 MW tranche is set for the first half of 2026.