Galaxy Expands CoreWeave Deal, Accelerates Shift From Bitcoin Mining to AI Hosting
Galaxy Digital has expanded its partnership with CoreWeave, announcing on Wednesday that CoreWeave has exercised its first option to secure an additional 260 megawatts (MW) of critical IT load at Galaxy’s Helios data center campus in West Texas.
The new agreement, referred to as Phase II, builds on the company’s earlier 15-year, 133 MW lease, which was announced in March. Under economic terms similar to the initial deal, the Phase II commitment increases CoreWeave’s total contracted capacity at the Helios site to approximately 393 MW.
The move deepens Galaxy’s strategic shift away from its traditional Bitcoin mining focus toward hosting artificial intelligence (AI) and high-performance computing (HPC) operations.
Site modifications at Helios, which Galaxy acquired from Argo Blockchain (NASDAQ: ARBK) in December 2022, are already underway to accommodate the new infrastructure. Phase I is expected to be ready for service in the first half of 2026, with Phase II capacity scheduled for delivery throughout 2027.
In addition to the 800 MW of gross power capacity already approved at Helios, Galaxy noted it has another 1.7 gigawatts under various stages of load study, paving the way for further expansions. CoreWeave also retains an exclusivity right to contract an additional 133 MW in the future, which would fully utilize Galaxy’s currently approved AI and HPC development capacity at the site.
The latest development follows the March 28 announcement, when Galaxy first revealed its plans to pivot the Helios facility into an AI and HPC hosting hub with CoreWeave as a flagship client. At the time, the agreement represented a major milestone in Galaxy’s diversification beyond cryptocurrency mining into broader digital infrastructure services.
As part of the transition, Galaxy said it is actively evaluating opportunities to monetize its remaining Bitcoin mining ASICs and infrastructure.
Galaxy mined 186 BTC during the fourth quarter of last year, which implied a realized proprietary Bitcoin hashrate of 3.09 EH/s.
