A major player at the intersection of cryptocurrency and high technology, Galaxy Digital, has announced the completion of the first phase of an ambitious transformation of its Texas-based Helios campus. The facility, once a bitcoin mining hub, has now been fully repurposed to serve artificial intelligence. The first phase, executed strictly on time and within budget, delivered 133 MW of critical IT load to hyperscaler CoreWeave under a long-term 15-year lease agreement.
From Mining to AI: The New Era of Helios
As a reminder, in late 2022, Galaxy Digital acquired this facility for $65 million from the financially troubled Argo Blockchain. The deal was initially viewed as strategic: instead of increasing hash rate, Mike Novogratz's company decided to repurpose the site for high-performance computing (HPC) and AI infrastructure. Judging by the pace, this decision has proven to be more than prescient.
The second phase of construction is already underway. It involves commissioning an additional 260 MW of critical load, with deliveries beginning in the first half of 2027. CoreWeave has already committed to all three phases, totaling 526 MW. This covers the current contracted volume of 800 MW of gross capacity at Helios.
Financial Contours of the Deal
Galaxy Digital's projected average annual revenue from these contracts will exceed $1 billion. This is particularly telling against the backdrop of the company's recent financial report: a net loss of $216 million was recorded for the first quarter of 2026, driven by a correction in the digital asset market. Diversification toward AI infrastructure is becoming not just a trend, but a vital strategy for survival and growth amid cryptocurrency market volatility.
The scale of the project is impressive: in January 2026, the site received an additional 830 MW of capacity, and the total volume of completed interconnection studies approved by ERCOT has exceeded 1.6 GW. In effect, Helios is transforming into one of the key data center operators in Texas.
Analytical Conclusion
The transformation of Galaxy Digital is a vivid example of how the crypto industry is adapting to new realities. While miners worldwide suffer from worsening economics (JPMorgan analysts estimate the average bitcoin mining cost at $78,000, making operations unprofitable for 20% of pools), Mike Novogratz's company has found a way to capitalize on its energy assets in the much more stable and rapidly growing AI sector. This is not just a change of focus, but a savvy hedge against the crypto winter.