Galaxy Turns a Bitcoin Mine Into a $15B AI Data Center

Galaxy Digital is converting a former Bitcoin mining campus in West Texas into a $15 billion AI data center complex. The company signed a 15-year lease with CoreWeave, an AI cloud computing firm backed by Nvidia, covering 800 megawatts of capacity. The Helios campus, acquired for $65 million in early 2023 from Argo Blockchain, was appraised at more than $15 billion in Galaxy's 2025 annual report.

Phase I of the project, carrying 133 MW of critical IT load, went live around July 7, 2026. The Texas grid operator ERCOT has approved an expansion of total power capacity at the site to 1.6 GW. Galaxy raised $460 million in October 2025 specifically for the Helios transformation, then secured an additional $1.4 billion in project financing. In total, the company has assembled more than $1.8 billion in outside capital pointed at a single asset.

Once the CoreWeave lease reaches full operational status, Galaxy projects the arrangement will generate more than $1 billion in annual revenue. That revenue stream is contracted for 15 years, giving Galaxy cash flow visibility that most crypto-native peers lack.

CEO Mike Novogratz has framed Helios as a central piece of the firm's future. Galaxy started as a crypto-focused merchant bank and asset manager. The data center business now accounts for a significant portion of the company's valuation. The shift is visible in the stock: Galaxy Digital is no longer purely a crypto firm whose fortunes track Bitcoin price cycles. It is increasingly a hybrid–part digital asset manager, part AI infrastructure operator with a long-term contracted revenue base.

For investors, the risks sit on two fronts. First, AI infrastructure is capital-intensive and buildout timelines are long. Delays in construction, grid interconnection, or CoreWeave's own business trajectory could compress projected returns. Second, the $15 billion appraisal on an asset that cost $65 million a few years ago deserves scrutiny. Appraisals of novel asset classes sometimes reflect optimistic assumptions about future demand rather than conservative current-market comparables.

CoreWeave is Nvidia-backed, and the AI boom has driven demand for GPU clusters and the data centers that house them. The Helios campus is one of the largest single-site conversions of its kind. Galaxy's bet assumes that the demand for AI compute will continue to outpace supply, and that a 15-year lease with a marquee tenant provides a margin of safety that crypto mining alone never did.

For Galaxy Digital, the math is stark. A $65 million land purchase, $1.8 billion in outside capital, and a lease that could yield $1 billion a year in revenue. The stock is no longer just a crypto proxy.