The Helios data center campus in West Texas, operated by Galaxy, has achieved a crucial milestone by delivering 133 megawatts of critical IT load to CoreWeave. This transition represents a significant shift for the facility, which was initially established as a Bitcoin mining site. Now, it is emerging as a hub for artificial intelligence (AI) and high-performance computing (HPC) solutions. The new lease agreement spans 15 years, with rental income set to begin in the second quarter of 2026.
Expanded Capacity Achievements
The recently completed construction phase supplied around 200 megawatts of total energy capacity, with CoreWeave receiving 133 megawatts designated for critical IT load. Galaxy successfully concluded this phase both on time and within budget limits. Originally built for Bitcoin mining, the Helios site underwent a transformation following its acquisition by Galaxy from Argo Blockchain in 2022 for $65 million. This repositioning aligns with the industry’s increasing demand for infrastructure capable of supporting AI and HPC tasks.
Can CoreWeave Meet Rising Demand?
Yes, CoreWeave is strategically shifting to address the growing need for AI-focused cloud services. Known for its involvement in crypto mining, the company has evolved following Ethereum’s transition away from proof-of-work. Current market trends indicate both Galaxy and CoreWeave are pivoting towards long-term infrastructure contracts, offering a more consistent revenue stream than depending on mining rewards.
CoreWeave has expressed its intent to acquire 526 megawatts of critical IT load at the Helios campus through three developmental phases. The entire lease arrangement allows for a maximum of 800 megawatts of gross energy capacity.
- First phase completed with 133 MW for CoreWeave
- 200 MW gross energy ready for initial use
- Second phase to introduce 260 MW more by 2027
- The total commitment from CoreWeave: 526 MW
Galaxy forecasts long-term leasing will generate over $1 billion in average annual revenue, promoting financial stability compared to volatile digital asset markets. Located on more than 2,200 acres, the Helios campus currently has an authorized power capacity of 1.63 gigawatts, with feasible future expansion reaching 3.6 gigawatts. Tapping into data center operations provides a hedge against the volatility of cryptocurrency markets, which recently resulted in a $216 million loss for the company in the first quarter. About half of Galaxy’s business activities now comprise data center operations, according to CEO Mike Novogratz, balancing out digital asset endeavors.
