Galaxy Targets $3.5B Notes Sale to Fund Texas AI Data Center Expansion

Galaxy Digital Inc. said on Wednesday that an indirect wholly owned subsidiary plans to offer $3.507 billion of senior secured notes due 2031 in a private placement to help fund the next phase of its Helios AI data center campus in Dickens County, Texas.

The issuer, Galaxy Helios Data Centers II LLC, said in an 8-K filing that the proceeds would finance part of the development and construction of two buildings containing eight data halls with 400 megawatts of utility capacity and 260 megawatts of critical IT capacity, as well as debt service reserves. The company said the offering remains subject to market conditions and there is no assurance it will be completed.

The filing adds to Galaxy’s push to turn Helios from a bitcoin mining site into a large artificial-intelligence and high-performance-computing campus. In an accompanying investor presentation, Galaxy said the project is leased to CoreWeave (NASDAQ: CRWV) under a 15-year base term with two five-year extension options and targets rent commencement in the second quarter of 2027.

The financing would follow an earlier $1.4 billion Helios project financing that Galaxy announced in August 2025. More recently, Galaxy said on July 6, 2026 that it had completed Phase I of the Helios campus, delivering 133 megawatts of critical IT load to CoreWeave and beginning rent under that lease in the second quarter of 2026.

Galaxy has been pitching Helios as a major diversification bet beyond crypto. The company said in April 2025 that CoreWeave had exercised an option for an additional 260 megawatts of critical IT load at the site, and later said CoreWeave had committed to the full 800 megawatts of approved power capacity at the campus.

The note sale also comes ahead of Galaxy’s next quarterly results. Galaxy shares, which began trading on Nasdaq in May 2025 under the ticker GLXY, closed at $25.41 on Tuesday, up 7.4% on the day.