Galaxy Digital Delivers First Power Phase in West Texas, Enabling CoreWeave’s 133 MW AI Buildout - Crypto Economy

TL;DR:

• Galaxy completed Phase 1 of critical IT load delivery at Helios, transferring 133 MW to CoreWeave under a 15-year lease agreement.
• CoreWeave contracted 526 MW across three phases at the West Texas campus; projected annual revenues exceed $1 billion.
• The site, originally one of North America’s largest bitcoin mines, was acquired by Galaxy from Argo Blockchain for $65 million in 2022.

Galaxy Digital completed the first phase of power delivery at its Helios data center campus, located in West Texas, transferring to CoreWeave 133 megawatts of critical IT load under a 15-year lease agreement. The delivery covered approximately 200 MW of gross power within the planned schedule; rent collection is set to begin in the second quarter of 2026, according to the company.

Helios began as one of the largest bitcoin mines in North America, a 180 MW facility that Galaxy purchased from Argo Blockchain for $65 million in 2022. After mining operations ceased, the site was repurposed for artificial intelligence and high-performance computing workloads.


The Evolution of Two Former Miners

CoreWeave’s trajectory is a direct parallel to Galaxy’s. The GPU cloud computing provider mined Ethereum before The Merge eliminated proof-of-work rewards on the network, and then rebuilt its business model around AI compute. The Helios deal represents, in that sense, a negotiation between two companies that abandoned cryptocurrency mining in favor of the AI infrastructure economy.

That transformation has become a dominant trend in the sector. Companies with cheap, contracted electricity repurpose their idle capacity for AI clients that offer more stable revenues than block rewards.

Ground construction to deliver 260 MW of critical IT load for Phase 2 is already underway. Data hall deliveries are scheduled for the first half of 2027. In total, CoreWeave committed to 526 MW across three phases, under 15-year contracts with two five-year extension options each.


Galaxy Decouples from Crypto Prices

The campus spans more than 2,200 acres, with an approved power capacity of 1.63 gigawatts and the potential to scale to 3.6 GW. Mike Novogratz, founder and CEO of Galaxy, stated that completing Phase 1 on time and on budget “reaffirms the company’s ability to execute hyperscale AI data center development.”

The company recorded a loss of $216 million in the first quarter, driven by the decline in digital asset prices, and Novogratz has noted that the firm’s performance is beginning to decouple from cryptocurrency prices.