Galaxy Digital Holdings Ltd. (TSX: GLXY) today announced that CoreWeave Inc. has exercised its first option to access additional critical IT load for CoreWeave’s artificial intelligence (“AI”) and high-performance computing (“HPC”) operations at Galaxy’s Helios data center campus in the panhandle region of West Texas, pursuant to terms substantially similar to those outlined in the 15-year, 133 megawatt (“MW”) lease agreement previously announced on March 28, 2025 (“the Phase I agreement”).
Under the Phase II option agreement, Galaxy has agreed to deliver approximately 260 MW of incremental critical IT load1 to host CoreWeave’s AI and HPC operations at its Helios data center campus. This incremental capacity would be structured under similar economic terms as the Phase I Agreement and would increase CoreWeave’s total contracted capacity for AI and HPC operations at the Helios data center campus to approximately 393 MW of critical IT load2.
“This Phase II commitment with CoreWeave marks another major step in Galaxy’s evolution as a trusted partner for the next generation of data center infrastructure,” said Mike Novogratz, Founder and CEO of Galaxy. “New and advanced digital infrastructure is already rapidly reshaping industries and opening new opportunities. Diversifying our business across blockchain, crypto and AI allows us to maximize cash flow and deliver greater value to shareholders. CoreWeave has been a fantastic partner throughout this process.”
Site modifications to support the Helios data center campus’s transition from bitcoin mining operations to hosting AI and HPC infrastructure are already underway. Galaxy expects Phase I of its agreement with CoreWeave to be ready for service in the first half of 2026. Critical IT load under Phase II is expected to be delivered throughout 2027. In addition, CoreWeave retains exclusivity to enter into a further agreement to access up to an additional 133 MW of critical IT load at the Helios data center campus in order to utilize all of Galaxy’s currently approved capacity for AI and HPC data center development and services.
Galaxy acquired the Helios data center campus in Dickens County, Texas, in December 2022 from Argo Blockchain PLC. In addition to the 800 MW of gross power capacity that is already approved at the current Helios project substation, Galaxy has an incremental 1.7 gigawatts of power capacity currently under various stages of load study, allowing the company to expand its power capacity to support additional AI and HPC data center infrastructure development.
“We’ve been incredibly impressed by the people and leadership in Dickens County and the great state of Texas,” added Mr. Novogratz. “We’re honored to partner with them as we invest in the state’s future and help support its transformation into a digital infrastructure powerhouse.”
In connection with Galaxy’s shift toward focusing on hosting AI and HPC data center infrastructure, Galaxy is evaluating several opportunities to monetize its remaining bitcoin mining ASICs and infrastructure.
DLA Piper LLP acted as legal counsel to Galaxy on the lease and option agreement.
