Galaxy converted a former bitcoin farm to AI computing - ForkLog

# Galaxy converted a former bitcoin farm to AI computing

Galaxy Digital completed the first phase of retrofitting the Helios campus in West Texas and transferred 133 MW of critical IT load to AI hyperscaler CoreWeave under a 15-year lease agreement.

Phase I of our Helios data center campus is done. On schedule. On budget.

All 133MW of critical IT load now generating full revenue.

Phase II is already underway. 260MW more, live in H1 2027.

Big things coming.$GLXY pic.twitter.com/xAoVGh3FL6

— Galaxy (@galaxyhq) July 6, 2026

"The first phase of our Helios data center campus is completed. On schedule. Within budget. All 133 MW of critical IT load now generates full revenue," the statement said.

Construction is already underway for the second phase of the data center on site, with 260 MW. Galaxy plans to begin deliveries of data halls under the next phase in the first half of 2027.

The company stated that CoreWeave has taken on commitments for three phases totaling 526 MW of critical IT load. This will cover the entire current volume of 800 MW of gross capacity already approved and contracted at Helios, Galaxy estimated.

According to the firm's forecasts, average annual revenue from the contracts will exceed $1 billion. At the same time, for the first quarter of 2026, the company reported a net loss of $216 million, primarily related to the decline in digital asset prices.

Galaxy Digital Reports $216M Q1 Loss as Crypto Prices Fall

Galaxy Digital reported a net loss of $216 million for Q1 2026, primarily driven by a roughly 20% decline in digital asset prices. Total assets stood at around $10 billion, with equity of $2.8 billion and $2.6 billion… pic.twitter.com/FYRFQylRGt

— Wu Blockchain (@WuBlockchain) April 28, 2026

At the end of 2022, Galaxy bought Helios for $65 million from financially troubled Argo Blockchain. After the deal, Mike Novogratz's firm began transitioning the facility from mining to hosting infrastructure for AI and HPC.

In January 2026, the site received an additional 830 MW of capacity, and the total volume of completed studies for connecting large loads, approved by ERCOT and contracted from the power supplier, exceeded 1.6 GW. In July, the company reported 1.63 GW of approved capacity.

Recall that in June, JPMorgan analysts stated a deterioration in mining economics this year. According to experts, the average cost to mine one coin was $78,000, which at the current asset price makes the activity of 20% of miners unprofitable.