Galaxy Digital has completed the first phase of transforming its Helios campus in West Texas, leasing 133 MW of critical IT load to AI hyperscaler CoreWeave under a 15-year 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 complete. On time. On budget. All 133 MW of critical IT load is now generating full revenue,” the company stated.

The second phase of the data center, which will add 260 MW, is already under construction. Galaxy plans to begin delivering data halls for this phase in the first half of 2027.

The company noted that CoreWeave has committed to three phases totaling 526 MW of critical IT load. This will cover the entire current capacity of 800 MW gross power already approved and contracted for Helios, according to Galaxy.

According to the firm’s forecasts, the average annual revenue from these contracts will exceed $1 billion. However, in the first quarter of 2026, the company reported a net loss of $216 million, primarily due to falling digital asset prices.

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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

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

In January 2026, the site secured an additional 830 MW of capacity, bringing the total completed studies for large load interconnections approved by ERCOT and contracted with the power supplier to over 1.6 GW. By July, the company reported 1.63 GW of approved capacity.

In June, JPMorgan analysts noted a decline in mining economics this year. According to their estimates, the average cost to mine a single coin is $78,000, making operations unprofitable for 20% of miners at current asset prices.