Novogratz shifts Galaxy from bitcoin mining to $1B AI power

Galaxy Digital delivered 133 megawatts of critical IT load to Coreweave at its Helios data center campus in Dickens County, Texas, on July 6, 2026. The delivery formalized a 15-year lease that commits Coreweave to 526 megawatts across Phases I–III and creates a path to more than $1 billion in average annual revenue for Galaxy.

Galaxy acquired the site, formerly operated by Argo Blockchain, in late 2022 for about $65 million. The Helios campus sits roughly 60 miles from Lubbock; Argo built the original mining facility in 2021.

Coreweave signed as the anchor tenant in March 2025 and exercised two option tranches in subsequent months to reach the 526 MW commitment. Rent for Phase I began in the second quarter of 2026.

Work crews removed immersion cooling tanks and ASIC racks used for bitcoin mining and installed Tier III N+1 redundant power systems, high-density electrical distribution for GPU clusters, and more than 100 miles of fiber laterals linked to long-haul routes.

Galaxy financed the conversion and buildout with a $1.4 billion project-level debt facility, about $350 million in equity, and a separate $460 million capital raise in late 2025. The company projects Phase I will deliver about $4.5 billion in lease payments over 15 years, roughly $300 million a year, and says the full 526 MW buildout will generate more than $1 billion in average annual revenue once operational.

Phase II construction is under way, with civil and structural work supporting an additional 260 MW of critical IT load and data halls expected in the first half of 2027. Phase III is targeted for 2028. Galaxy has expanded land control at Helios to over 2,200 acres and has approved power capacity of 1.63 gigawatts, with potential to scale toward 3.6 gigawatts pending further grid studies. About 830 megawatts of approved capacity remained uncontracted as of early 2026. The company is evaluating a second campus near Waco.

Under the lease, Coreweave will supply its own GPUs and networking. Galaxy will supply and operate power and physical infrastructure and pass through most operating costs. Galaxy estimates site-level EBITDA margins near 90 percent under that model.

Mike Novogratz, Galaxy’s founder and chief executive, wrote: “Helios is now generating revenue across its entire 133 MW of IT load, and greenfield work on Phase II is already underway. The demand for high-density, AI-ready power is not a cycle; it is a structural shift, and Galaxy is built to meet it.”

Sites built for low-cost power and open land for bitcoin mining are being repurposed for AI training and inference, where tenants seek contracted, steadier rates.