CoreWeave Receives First 133 MW From Galaxy's Helios Campus

What happened

Galaxy Digital delivered approximately 200 MW of gross power, equal to 133 MW of critical IT load, to CoreWeave at its Helios data center campus in Dickens County, Texas. The delivery completes Phase I under a 15-year lease agreement, with rent commencement beginning in the second quarter of 2026. Galaxy said Phase I came in on budget and on schedule. The site was originally a Bitcoin mining facility acquired from Argo Blockchain in December 2022 for $65 million and has since been converted to serve AI and high-performance computing workloads. CoreWeave now operates the capacity as part of its broader portfolio of more than 1 GW of active power across 49 data centers in North America and Europe.

Why it matters

For CoreWeave, the Helios arrangement secures long-term access to high-density power infrastructure purpose-built for AI computing. The 15-year lease provides capacity certainty as demand for AI-ready data centers intensifies. CoreWeave has committed to 526 MW of critical IT load across Phases I through III, representing the full 800 MW of gross power currently approved at the site. This is the first phase of a multi-year buildout that ties CoreWeave to a single large-scale campus with expansion optionality. The arrangement also reflects CoreWeave's strategic shift from Ethereum mining origins to becoming a major AI cloud computing provider, positioning the company alongside hyperscalers competing for scarce power allocations in favorable regulatory environments like ERCOT.

Bigger picture

The Helios project illustrates a broader trend of crypto-era infrastructure being repurposed for AI workloads. Galaxy's conversion of a Bitcoin mining site into a revenue-generating data center campus demonstrates how companies with power expertise are pivoting toward AI as a structural demand driver. Galaxy closed a $1.4 billion project financing facility in August 2025 to fund the Phase I retrofit and expansion, contributing $350 million in equity with the debt facility covering remaining costs at 80% loan-to-cost. ERCOT approved an additional 830 MW in January 2026, described as the largest single-site allocation in ERCOT's large-load interconnection queue at the time. Total approved capacity at Helios has reached 1.63 GW, with potential to scale to 3.6 GW. The economics reflect a shift from cyclical crypto mining revenue to long-duration contracted infrastructure cash flows, a model increasingly pursued by companies seeking to monetise power access in constrained markets.

What to watch

Phase II is now in the greenfield stage, with data hall deliveries expected to begin in the first half of 2027. Investors should monitor whether subsequent phases meet delivery timelines and whether CoreWeave's utilisation rates justify the contracted capacity. The ERCOT-approved expansion beyond 800 MW remains a wildcard, as buildout decisions will depend on CoreWeave's demand trajectory and Galaxy's capital allocation priorities. Any updates on lease economics, extension options, or additional tenant commitments at Helios would signal whether the campus can sustain its projected revenue run rate.