Novogratz Pushes Galaxy Past Bitcoin Mining Into $1B AI Power Business

Galaxy Digital finished the first phase of its Helios data center campus in West Texas on July 6, 2026, delivering 133 megawatts of critical IT load to Coreweave.

Coreweave signed on as anchor tenant in March 2025 under a 15-year lease. The company exercised two more options over the following months, bringing its total commitment to 526 megawatts of critical IT load across three phases. That covers the full 800 megawatts of gross power currently approved at the site.

Crews stripped out immersion cooling tanks and ASIC racks built for mining. In their place, they installed Tier III N+1 redundant power systems, high-density electrical infrastructure for GPU clusters, and more than 100 miles of fiber laterals connecting to long-haul routes.

Rent on Phase I started in the second quarter of 2026. Galaxy says the full 526 megawatt buildout, once operational, will generate more than $1 billion in average annual revenue. Phase I alone is projected to bring in about $4.5 billion in lease payments over 15 years, or roughly $300 million a year.

Galaxy funded the work with a $1.4 billion project-level debt facility, about $350 million in equity, and a separate $460 million raise from an outside asset manager in late 2025.

Mike Novogratz, founder and CEO of Galaxy, remarked that the company proved it can execute hyperscale AI construction on budget and on schedule. He said the shift toward high-density, AI-ready power is structural, not cyclical.

He 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.”

Phase II is already under construction. Civil and structural work is underway on 260 megawatts of additional critical IT load, with data hall deliveries expected in the first half of 2027. Phase III is targeted for 2028.

Coreweave brings its own GPUs and networking. Galaxy builds and operates the power and physical infrastructure, then passes through most operating costs. That structure supports site-level EBITDA margins near 90 percent, according to Galaxy.

Galaxy has expanded its land control at Helios to more than 2,200 acres. Approved power capacity now stands at 1.63 gigawatts, with potential to scale toward 3.6 gigawatts pending further grid studies.