Galaxy Digital Lands Whopping $1.4B Loan to Pivot Helios Mining Site Into AI Powerhouse

Galaxy Digital just pulled off a billion-dollar power move—converting a bitcoin mine into an AI data center. Because why pick one hype cycle when you can ride two?

The deal that redefines 'pivot'

That $1.4 billion loan isn't just financing—it's a bet that AI infrastructure will outperform crypto mining ROI. Wall Street's latest flavor of the month meets crypto's institutional darling.

From SHA-256 to neural networks

The Helios facility's transformation mirrors the industry's scramble for relevance. When your ASICs gather dust, repurpose them for matrix multiplication—the ultimate 'when life gives you lemons' play.

The cynical take

Another day, another nine-figure gamble dressed up as 'strategic repositioning.' At least this time they're not burning megawatts on dogecoin.

Loan Facility To Cover 80% Of Data Center Project

On Friday, August 15, Galaxy Digital announced the closing of a $1.4 billion debt facility to support the development of its Helios data center campus in West Texas. The project loan facility is expected to fund the initial repurposing and expansion of Helios to provide power for AI operations under its long-term agreement with CoreWeave.

The company’s media release revealed that while Galaxy has provided the $350 million equity requirement, the loan facility will cover roughly 80% of the construction costs for the project’s first phase. The $1.4 billion loan has a 36-month term and is secured by all the assets associated with the first phase of Helios’s buildout.

Mike Novogratz, Founder and CEO of Galaxy, said about the development:

This financing marks a major milestone in our transformation of Helios into a next-generation AI and HPC data center campus. We’re on track and excited to deliver the first phase of power to CoreWeave beginning in early 2026. This project is a key step in diversifying Galaxy’s business model as we expand beyond crypto and into the broader AI infrastructure space.

CoreWeave, a GPU cloud provider that started as a bitcoin mining company, entered into a lease agreement with Galaxy in August. According to the digital asset firm, this new agreement will grant CoreWeave access to an additional 260 MW of critical IT load for its AI and high-performance computing (HPC) operations.

Galaxy To Generate $1B Annual Revenue In CoreWeave Agreement

Galaxy Digital revealed that the infrastructural plan is to expand Helios into one of the largest and most advanced AI data center campuses in the world. At full buildout, the firm expects the Helios campus to support up to 3.5 GW of power.

With CoreWeave leveraging the Helios data center’s infrastructure for its AI and HPC operations, Galaxy expects an annual return of more than $1 billion over its 15-year agreement term. This puts the digital asset manager’s potential revenue at $15 billion at the end of its contract with CoreWeave.

As of the time of market closing on Friday, the stock of Galaxy Digital Inc. (GLXY) was valued at around $26.09, reflecting an over 8% decline in the past day.