Galaxy turns Helios Bitcoin mine into AI hub for CoreWeave

Galaxy Digital has completed the first phase of power delivery at its Helios data center campus in West Texas. 

The company delivered about 200 megawatts of gross power, equal to 133 MW of critical IT load, to CoreWeave under a 15-year lease.

The delivery marks Helios’ move from a construction project into a revenue-generating AI data center campus. Galaxy said rent under the Phase I lease began in the second quarter of 2026.

“Completing Phase I on budget and on schedule affirms Galaxy’s position as an operator capable of executing hyperscale AI data center development,” said Mike Novogratz, founder and CEO of Galaxy.

From Bitcoin mining to AI infrastructure

Helios started as one of North America’s largest Bitcoin mining sites. Galaxy bought the facility from Argo Blockchain in 2022 and later moved to retrofit the site for artificial intelligence and high-performance computing workloads.

The shift reflects a wider change across the mining sector. As previously reported, public miners have been moving power capacity and land toward AI data center use as cloud demand rises and Bitcoin mining margins stay under pressure.

CoreWeave also has roots in crypto mining. The company previously mined Ethereum before moving into GPU cloud services. Its lease at Helios brings together two firms that moved from crypto infrastructure into AI compute.

CoreWeave commits to long-term capacity

Galaxy said greenfield work is now underway on Phase II, which will add 260 MW of critical IT load. Data hall deliveries for that phase are expected to begin in the first half of 2027.

Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load at Helios. That equals the full 800 MW of gross power currently approved and contracted at the campus under 15-year leases with two five-year extension options.

Galaxy expects the contracted Helios capacity to generate more than $1 billion in average annual revenue. The company said the campus now spans more than 2,200 acres, with 1.63 gigawatts of approved power capacity and the potential to scale to 3.6 gigawatts.

AI pivot follows earlier financing

Galaxy secured $1.4 billion in project financing to support the Helios buildout. The company also committed $350 million of its own capital for the project.

That financing helped fund the conversion of Helios from Bitcoin mining into AI and HPC infrastructure. At the time, Galaxy said the project would help diversify its business beyond digital assets and create a new source of data center revenue.

As previously reported, the first CoreWeave deal was expected to generate about $4.5 billion over its term, or about $300 million per year. Analysts also noted that Galaxy could expand further because Helios had large unused power capacity.

The latest milestone shows how power access has become a major asset for former mining sites. Galaxy still operates in digital assets, but Helios gives the company a business line that depends more on AI demand than crypto prices.