Galaxy Digital said Phase I of its Helios campus in West Texas has been completed, with 133 megawatts of critical IT load delivered to CoreWeave under a 15-year lease agreement. The company said the first phase met its construction schedule, drawing that load from roughly 200 MW of gross power, while lease payments are set to begin in the second quarter of 2026.
The handover moves Helios from construction into commercial operation. Galaxy framed the milestone as proof that it can build hyperscale AI infrastructure and bring it online. Founder and CEO Mike Novogratz said completing Phase I on budget and on schedule confirms Galaxy’s ability to execute large-scale AI data center development.
CoreWeave commits to 526 MW across the first three phases
Galaxy said CoreWeave has committed to 526 MW of critical IT load across the first three phases of the campus, covering the full 800 MW of gross power that Galaxy has approved and placed under contract at Helios. Over the life of the leases, the company projects average annual revenue of more than $1 billion.
Work on Phase II is already in progress. Galaxy said structural and civil construction is advancing on a 260 MW block, with delivery expected to begin in the first half of 2027. The leases run for 15 years and include two five-year extension options, which could keep CoreWeave at the site well into the following decade.
Helios expands beyond its mining roots
The Helios campus covers more than 2,200 acres. Its approved power capacity now stands at 1.63 gigawatts, with potential to reach 3.6 GW. Galaxy said that extra headroom gives it room to grow a multi-tenant campus at a time when power access has become the main bottleneck for new data center projects.
CoreWeave has also been adding power capacity elsewhere. The report noted that the company acquired bitcoin miner Core Scientific in a $9 billion all-stock deal, adding about 1.3 GW of gross capacity for AI and high-performance computing.
AI infrastructure becomes a new path for former miners
Galaxy’s results also reflect the shift. The company said profit rose by more than 1,500% as its trading business and the Helios buildout expanded, and Novogratz has previously identified the project as central to Galaxy’s future. The same pattern is showing up across the sector: the article points to TeraWulf’s recent 20-year, $19 billion agreement with Anthropic tied to about 401 MW of critical IT load in Kentucky.
For companies that once leaned heavily on bitcoin mining, AI data center leasing is becoming a concrete business line. In Helios’ case, Galaxy has now turned the first phase of the site into revenue-generating AI infrastructure tied to a long-term tenant.