Galaxy Digital Turns On Phase I Helios for CoreWeave AI

Galaxy Digital has completed the first phase of its Helios data center campus and delivered power to CoreWeave, marking the company's shift to AI-ready revenue in the second quarter of 2026.

The Helios campus in Texas, originally built for bitcoin mining, now hosts AI compute workloads. CoreWeave, a cloud provider focused on GPU clusters, will use the capacity for training and inference. Galaxy said the transition reflects a broader push among crypto miners to repurpose infrastructure for high-performance computing.

Revenue from Phase I will begin contributing in Q2 2026, replacing some of the mining income that has been volatile with bitcoin's price. Galaxy has not disclosed financial terms of the CoreWeave deal. Company filings have indicated the contracts are expected to improve revenue quality and bring more predictable cash flows compared to mining alone.

The move aligns Galaxy with other miners that have pivoted to AI hosting, including Hut 8 and Riot Platforms. Galaxy Digital, led by Mike Novogratz, operates trading, asset management, and mining. The Helios facility was one of the largest bitcoin mining sites in the country before the conversion.

Phase II of the Helios campus remains under construction. Completion will add more megawatts of capacity, though Galaxy has not provided a timeline. The company plans to continue balancing crypto mining and AI hosting across its portfolio.

Galaxy Digital confirmed Phase I is operational and generating revenue from AI workloads.