Galaxy Targets Full 133 MW CoreWeave Delivery at Helios by End of Q2
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Key Takeaways
- Galaxy Digital narrowed its quarterly net loss to $216 million in Q1 2026, supported by a liquidity position of $2.6 billion in cash and stablecoins.
- The first data hall at the 1.63 GW Helios Campus was delivered in April 2026, with Phase I rent commencement under the CoreWeave lease expected in Q2 2026.
Galaxy Digital has begun generating revenue from its Helios data center campus in Texas after delivering the first data hall to CoreWeave (NASDAQ: CRWV), 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%.
