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Galaxy Digitals Helios Campus Shifts from Crypto Mining to AI-Driven Data Center, Securing $1B+ Revenue Stream
Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) has turned its once‑crypto‑mining campus in Dickens County, Texas, into a high‑performance computing (HPC) and artificial‑intelligence (AI) powerhouse.
The pivot followed a $1.4 billion project‑financing package that closed in August 2025 and a 15‑year lease agreement with AI‑cloud provider CoreWeave that began in March 2025. The Helios site, built for cryptocurrency mining, now hosts CoreWeave’s GPU‑based AI workloads.
According to a March 28, 2025 SEC filing, the lease is projected to generate more than $1 billion in annual revenue and maintain an EBITDA margin of roughly 90 %. It covers the entire 1.6 GW of power capacity the company secured from the Electric Reliability Council of Texas (ERCOT). In January 2026, Galaxy announced ERCOT approval for an additional 830 MW, effectively doubling the campus’s approved capacity.
CoreWeave will use the Helios facility to support training and inference workloads for its clients. The partnership is part of Galaxy’s broader strategy to move away from volatile crypto‑mining operations toward predictable, high‑margin data‑center services. Management has highlighted the strong balance sheet, ongoing share buybacks, and positive EBITDA outlook as key drivers of the shift.
In addition to the CoreWeave lease, Galaxy has filed permits for a second phase of the Helios campus that could add up to $3.5 billion in capital expenditures. The Phase 2 expansion would further increase the site’s capacity and potentially open new revenue streams from additional AI customers. The company’s website notes that it is evaluating opportunities to monetize remaining bitcoin mining ASICs and other infrastructure previously dedicated to crypto mining.
Galaxy’s Q3 2025 results painted a mixed picture. While overall revenue grew, the crypto‑mining segment declined sharply, offset by gains from the newly signed CoreWeave lease. The company’s EBITDA margin improved, reflecting the higher profitability of the data‑center business. Its balance sheet remains robust, with a debt‑to‑equity ratio that has fallen since the 2025 debt facility and a healthy cash reserve that supports ongoing capital expenditures.
The transition is also reflected in investor communications. In a Q4 2025 slide deck, Galaxy’s leadership emphasized the dual‑focus strategy, noting that the Helios campus would become a primary revenue generator. The deck projected that the CoreWeave lease alone would exceed $1 billion in average annual revenue.
Galaxy’s shift to AI data‑center operations aligns with broader industry trends. Demand for AI‑ready infrastructure has surged, and Texas has emerged as a leading location due to its favorable power grid and regulatory environment. ERCOT’s approval of the 830 MW expansion underscores the state’s capacity to support large‑scale data‑center projects.
Looking ahead, Galaxy Digital will report its Q1 2026 earnings in the coming weeks. Analysts will be watching the company’s ability to scale the Helios campus, secure additional tenants, and maintain high operating margins. Management has indicated that it will continue to evaluate opportunities to monetize its remaining crypto‑mining assets while focusing on the growth of its AI and HPC services.
In summary, Galaxy Digital has successfully repurposed its Helios campus from a crypto‑mining facility to a high‑margin AI data‑center, secured a lucrative 15‑year lease with CoreWeave, and positioned itself for significant revenue growth through a $3.5 billion expansion plan. The company’s strong balance sheet and ongoing capital allocation strategy suggest a compelling risk‑reward profile for investors interested in the evolving data‑center landscape.
The pivot followed a $1.4 billion project‑financing package that closed in August 2025 and a 15‑year lease agreement with AI‑cloud provider CoreWeave that began in March 2025. The Helios site, built for cryptocurrency mining, now hosts CoreWeave’s GPU‑based AI workloads.
According to a March 28, 2025 SEC filing, the lease is projected to generate more than $1 billion in annual revenue and maintain an EBITDA margin of roughly 90 %. It covers the entire 1.6 GW of power capacity the company secured from the Electric Reliability Council of Texas (ERCOT). In January 2026, Galaxy announced ERCOT approval for an additional 830 MW, effectively doubling the campus’s approved capacity.
CoreWeave will use the Helios facility to support training and inference workloads for its clients. The partnership is part of Galaxy’s broader strategy to move away from volatile crypto‑mining operations toward predictable, high‑margin data‑center services. Management has highlighted the strong balance sheet, ongoing share buybacks, and positive EBITDA outlook as key drivers of the shift.
In addition to the CoreWeave lease, Galaxy has filed permits for a second phase of the Helios campus that could add up to $3.5 billion in capital expenditures. The Phase 2 expansion would further increase the site’s capacity and potentially open new revenue streams from additional AI customers. The company’s website notes that it is evaluating opportunities to monetize remaining bitcoin mining ASICs and other infrastructure previously dedicated to crypto mining.
Galaxy’s Q3 2025 results painted a mixed picture. While overall revenue grew, the crypto‑mining segment declined sharply, offset by gains from the newly signed CoreWeave lease. The company’s EBITDA margin improved, reflecting the higher profitability of the data‑center business. Its balance sheet remains robust, with a debt‑to‑equity ratio that has fallen since the 2025 debt facility and a healthy cash reserve that supports ongoing capital expenditures.
The transition is also reflected in investor communications. In a Q4 2025 slide deck, Galaxy’s leadership emphasized the dual‑focus strategy, noting that the Helios campus would become a primary revenue generator. The deck projected that the CoreWeave lease alone would exceed $1 billion in average annual revenue.
Galaxy’s shift to AI data‑center operations aligns with broader industry trends. Demand for AI‑ready infrastructure has surged, and Texas has emerged as a leading location due to its favorable power grid and regulatory environment. ERCOT’s approval of the 830 MW expansion underscores the state’s capacity to support large‑scale data‑center projects.
Looking ahead, Galaxy Digital will report its Q1 2026 earnings in the coming weeks. Analysts will be watching the company’s ability to scale the Helios campus, secure additional tenants, and maintain high operating margins. Management has indicated that it will continue to evaluate opportunities to monetize its remaining crypto‑mining assets while focusing on the growth of its AI and HPC services.
In summary, Galaxy Digital has successfully repurposed its Helios campus from a crypto‑mining facility to a high‑margin AI data‑center, secured a lucrative 15‑year lease with CoreWeave, and positioned itself for significant revenue growth through a $3.5 billion expansion plan. The company’s strong balance sheet and ongoing capital allocation strategy suggest a compelling risk‑reward profile for investors interested in the evolving data‑center landscape.
