Galaxy Digital delivers first 200MW phase to CoreWeave under 15-year lease

Galaxy Digital has officially delivered the first phase of power capacity at its Helios data center in West Texas to CoreWeave, marking a concrete milestone in what might be the most dramatic corporate pivot in crypto history. The delivery covers approximately 200 MW of gross power, including 133 MW designated for critical IT loads, under a 15-year lease agreement.

From mining rigs to GPU racks

The Helios campus sits on 160 acres in Dickens County, Texas. Galaxy Digital acquired it from Argo Blockchain back in December 2022 for approximately $65 million. At the time, it was a Bitcoin mining operation. Now it’s being rebuilt as a high-performance computing facility optimized for artificial intelligence workloads.

The lease with CoreWeave was signed on March 28, 2025. Selective demolition and removal of mining equipment kicked off in Q2 2025. Full delivery of this initial tranche is expected to wrap up in the first half of 2026.

CoreWeave has committed to utilizing the entire 800 MW of approved capacity at the Helios site through phased expansions. Galaxy secured a $1.4 billion project financing facility in August 2025 to fund the retrofit and expansion. Shortly after, the Electric Reliability Council of Texas (ERCOT) approved an additional 830 MW expansion, pushing potential capacity at the site beyond 1.6 gigawatts.

The economics of switching sides

The financial math here tells a compelling story. Galaxy bought the site for $65 million. The 15-year lease with CoreWeave is projected to generate average annual revenue exceeding $1 billion. Even accounting for the $1.4 billion in project financing needed for the conversion, the return profile looks dramatically different from what Bitcoin mining could have delivered.

No specific cryptocurrency tokens are linked to this power leasing arrangement. This is pure infrastructure economics, stripped of any token dynamics or DeFi mechanics.

What this means for crypto-native companies

For investors watching Galaxy Digital specifically, the key metrics to track are delivery timelines for subsequent phases, CoreWeave’s utilization rates once facilities go live, and whether the ERCOT-approved expansion beyond 800 MW gets built out. The $1.4 billion financing facility provides runway, but execution risk on a project of this scale is real.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.