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Galaxy Digital has secured a $1.4 billion loan to repurpose its Helios Bitcoin mining center into an artificial intelligence data center. This move aligns with the digital asset management firm’s long-term deal with the Graphics Processing Unit (GPU) provider CoreWeave Inc.
Loan Facility To Cover 80% Of Data Center Project
On Friday, August 15, Galaxy Digital announced the closing of a $1.4 billion debt facility to support the development of its Helios data center campus in West Texas. The project loan facility is expected to fund the initial repurposing and expansion of Helios to provide power for AI operations under its long-term agreement with CoreWeave.
The company’s media release revealed that while Galaxy has provided the $350 million equity requirement, the loan facility will cover roughly 80% of the construction costs for the project’s first phase. The $1.4 billion loan has a 36-month term and is secured by all the assets associated with the first phase of Helios’s buildout.
Mike Novogratz, Founder and CEO of Galaxy, said about the development:
This financing marks a major milestone in our transformation of Helios into a next-generation AI and HPC data center campus. We’re on track and excited to deliver the first phase of power to CoreWeave beginning in early 2026. This project is a key step in diversifying Galaxy’s business model as we expand beyond crypto and into the broader AI infrastructure space.
CoreWeave, a GPU cloud provider that started as a Bitcoin mining company, entered into a lease agreement with Galaxy in August. According to the digital asset firm, this new agreement will grant CoreWeave access to an additional 260 MW of critical IT load for its AI and high-performance computing (HPC) operations.
Galaxy To Generate $1B Annual Revenue In CoreWeave Agreement
Galaxy Digital revealed that the infrastructural plan is to expand Helios into one of the largest and most advanced AI data center campuses in the world. At full buildout, the firm expects the Helios campus to support up to 3.5 GW of power.
With CoreWeave leveraging the Helios data center’s infrastructure for its AI and HPC operations, Galaxy expects an annual return of more than $1 billion over its 15-year agreement term. This puts the digital asset manager’s potential revenue at $15 billion at the end of its contract with CoreWeave.
As of the time of market closing on Friday, the stock of Galaxy Digital Inc. (GLXY) was valued at around $26.09, reflecting an over 8% decline in the past day.
The price of GLXY on the daily timeframe | Source: GLXY chart on TradingView
Featured image from iStock, chart from TradingView
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