Galaxy Digital finished the first phase of its Helios campus in West Texas on July 6, 2026, delivering 133 megawatts of critical IT load to Coreweave. The buildout turns a former bitcoin mine into an AI power business Galaxy says will earn more than $1 billion a year.
Galaxy Digital has converted a shuttered Texas bitcoin mine into one of the larger AI infrastructure leases signed to date. The company delivered 133 megawatts of critical IT load to Coreweave at its Helios campus on July 6, 2026, starting revenue on the site’s first phase.
The property sits in Dickens County, about 60 miles from Lubbock. Argo Blockchain built it as a bitcoin mining facility in 2021, and Galaxy bought it in late 2022 for roughly $65 million after Argo hit financial trouble during the crypto winter. Margins for mining tightened after the April 2024 halving, power costs rose, and AI companies began paying more for the same electricity, so Galaxy shifted the site’s purpose.
Coreweave anchors a 15-year lease
Coreweave signed on as anchor tenant in March 2025 under a 15-year lease, then exercised two further options. Those brought its total commitment to 526 megawatts of critical IT load across three phases, covering the full 800 megawatts of gross power currently approved at the site.
Crews stripped out the immersion cooling tanks and ASIC racks built for mining and installed Tier III redundant power systems and more than 100 miles of fiber. Galaxy says the full 526-megawatt buildout, once operational, will generate more than $1 billion in average annual revenue. Phase I alone is projected to bring in about $4.5 billion in lease payments over 15 years, or roughly $300 million a year.
A template for stranded mining sites
Galaxy founder and CEO Mike Novogratz framed the pivot as lasting rather than temporary. According to Bitcoin News, Novogratz wrote that AI-ready power reflects a structural shift: “The demand for high-density, AI-ready power is not a cycle; it is a structural shift”.
The arrangement mirrors a broader pattern. Sites built for cheap power and open land are being repurposed for AI training and inference, where tenants pay steadier contracted rates instead of tracking bitcoin’s price swings. Galaxy funded the work with a $1.4 billion project-level debt facility, about $350 million in equity, and a separate $460 million raise in late 2025.
Phase II is already under construction, with data hall deliveries expected in the first half of 2027 and Phase III targeted for 2028. Roughly 830 megawatts of approved capacity at Helios remains uncontracted as of early 2026, and Galaxy is weighing a second campus near Waco.
Source: Bitcoin News
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