Galaxy Targets Full 133 MW CoreWeave Delivery at Helios by End of Q2

Galaxy Digital has begun generating revenue from its Helios data center campus in Texas after delivering the first data hall to CoreWeave, marking a key milestone in its transition from bitcoin mining to high-performance computing infrastructure.

The New York-based firm said in its first-quarter results that the handover in April activates the Phase I lease and starts revenue recognition, with the company on track to deliver substantially all 133 megawatts of critical IT load by the end of the second quarter.

The update provides the clearest indication yet that Galaxy Digital is moving beyond construction into operational execution at Helios, a site that anchors its broader push into AI and hyperscale data center hosting.

Helios is being developed as a multi-phase campus with 526 megawatts of contracted critical IT load across three phases under a long-term agreement with CoreWeave. The lease spans 15 years with extension options and is expected to generate more than $1 billion in average annual revenue once fully ramped, according to company estimates. Galaxy said lease-level EBITDA margins are anticipated to reach around 90%.

Phase I represents the initial 133 megawatts now being delivered, while construction of the 260-megawatt Phase II is already underway, with data hall deliveries expected to begin in the first half of 2027. A third phase will complete the 526-megawatt buildout.

At the campus level, Galaxy has secured more than 1.6 gigawatts of total approved power capacity after receiving an additional 830 megawatts of approval from ERCOT during the quarter. The Helios site spans more than 1,500 acres, positioning it among the larger power-backed data center developments being repurposed from legacy mining infrastructure.

The company said it is in discussions with potential tenants for the remaining capacity, citing strong demand for large-scale power access from AI and cloud operators.

The Helios progress comes as Galaxy reported a net loss of $216 million for the first quarter, largely tied to declines in digital asset prices. The data center segment is expected to begin contributing to earnings from the second quarter as revenue from the CoreWeave lease ramps.

The shift reflects a broader recalibration across the bitcoin mining sector, where persistently low hashprice has pressured margins and accelerated efforts to secure more stable, contracted revenue streams. Galaxy’s Helios campus is emerging as one of the more advanced examples of that transition moving from concept to cash flow, as miners and infrastructure firms race to reposition power assets for AI workloads.

Still, the scale of the project underscores the capital intensity and execution risk tied to the pivot. With more than a gigawatt of capacity still to be built or leased, the pace at which Galaxy can continue to convert Helios into fully utilized, revenue-generating infrastructure will be closely watched by investors and peers alike.