Galaxy Digital Could Use $460M to Convert Former Bitcoin Mining Site in Texas Into AI Data Center

• $460M raised via 12.77M Class A shares at $36 each, funding Helios AI data center expansion

• Helios to deliver 133 MW of IT capacity in early 2026 and 3.5 GW at full buildout (800 MW committed to CoreWeave)

• Galaxy previously secured a $1.4B loan facility and expects >$1B annual revenue from the CoreWeave partnership

Galaxy Digital AI data center: Galaxy Digital secures $460M to convert its Texas mining site into the Helios AI data center; details on capacity, timeline, and partner commitments.

Galaxy Digital has raised $460 million via a private placement to accelerate conversion of its Texas Bitcoin mining campus into the Helios AI data center, targeting near-term and long-term compute capacity for AI and HPC customers.

Mike Novogratz’s Galaxy Digital announced a $460 million private investment from one of the world’s largest asset managers to accelerate conversion of its former Bitcoin mining site in Texas into a large-scale AI data center. The financing consists of 12.77 million Class A shares priced at $36 per share, with proceeds prioritized for corporate purposes and Helios expansion. The transaction is expected to close around Oct. 17, 2025, subject to Toronto Stock Exchange approval.

Galaxy stock ends Friday down by 6%. Source: Google Finance

What is the Helios AI data center plan?

The Helios data center is Galaxy Digital’s conversion of a Texas Bitcoin mining campus into a multi-gigawatt AI and high-performance computing (HPC) hub. The campus will deliver an initial 133 megawatts (MW) of IT capacity in early 2026 and scale to a planned 3.5 gigawatts (GW) at full buildout, with 800 MW already committed to CoreWeave.

How will the $460M financing be used?

Galaxy will allocate the proceeds to general corporate purposes and to accelerate construction and infrastructure work across the Helios campus. The funding complements a previously announced $1.4 billion loan facility intended to fund roughly 80% of Helios’ buildout costs.

Why is CoreWeave important to the project?

Under a 15-year contract, CoreWeave will consume committed capacity for AI and HPC workloads starting in 2026. Galaxy projects the CoreWeave partnership will generate over $1 billion in annual revenue and about $15 billion across the contract term, underpinning the economic case for the Helios expansion.

When will capacities come online and what are the targets?

Initial IT capacity of 133 MW is expected in early 2026, with phased expansions thereafter. At full buildout, Helios aims for 3.5 GW total capacity, of which CoreWeave has committed 800 MW; Galaxy intends to lease the remaining 2.7 GW to additional institutional customers.

Frequently Asked Questions

Will Galaxy’s Helios data center use the existing mining infrastructure?

Galaxy will repurpose campus assets where feasible but will invest in significant electrical and cooling upgrades to meet AI and HPC performance and reliability standards.

Who are the project partners and what is the revenue outlook?

CoreWeave is a primary anchor tenant with an expected >$1B annual revenue contribution under the 15-year contract; Galaxy projects roughly $15B over the contract term from this partnership.

Key Takeaways

• $460M financing: Accelerates conversion of a Texas Bitcoin mining site into Helios AI data center.
• Phased capacity: 133 MW targeted in early 2026 and 3.5 GW at full buildout; CoreWeave committed 800 MW.
• Commercial backing: Combined with a $1.4B loan facility, Galaxy expects significant long-term revenue from AI infrastructure contracts.

Conclusion

Galaxy Digital’s $460 million private placement marks a decisive pivot from Bitcoin mining to large-scale AI infrastructure with the Helios project. The financing, combined with a $1.4 billion loan and the CoreWeave partnership, positions Helios as a potential North American AI hub. Watch for regulatory clearances and phased capacity milestones through 2026.