Galaxy Digital Holdings Ltd. has closed a $1.4 billion project financing facility for the development of its Helios data center campus in Texas.

The Helios campus was previously used by Galaxy for cryptomining, before being converted to host AI cloud provider CoreWeave.

The debt facility will be used for the initial retrofit and expansion of the Helios campus.

"This financing marks a major milestone in our transformation of Helios into a next-generation AI and HPC datacenter campus," said Mike Novogratz, founder and CEO of Galaxy.

"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."

Galaxy has provided $350 million in equity, and the remaining construction costs will be covered by the debt facility, which has a 36-month term and is secured by the assets associated with the first phase of Helios' buildout.

According to Galaxy, CoreWeave has now committed to leasing the full 800MW of approved capacity at the Helios campus, which will generate an average annual revenue of more than $1 billion over the 15-year term of the agreement.

CoreWeave first signed on to secure capacity at the site in April 2025, expanding the commitment later that month, and recently exercised its option to secure the final 133MW of critical IT load at the campus.

After breaking ground in July 2021, the 160-acre Helios campus started operations in May 2022. Galaxy acquired the data center, located in Dickens County, from Argo Blockchain in late 2022 for approximately $65 million. As part of the deal, the two companies signed a two-year hosting deal.

Galaxy says that the campus has the potential to eventually support up to 3.5GW of power. The company has a further 2.7GW of power capacity under "various stages of load study."

With CoreWeave set to take over the Helios campus, Galaxy Digital is moving its mining operations elsewhere, having signed a 48MW contract at Soluna's Project Kati data center in Texas.

In May of this year, Galaxy Digital went public on the Nasdaq stock exchange, giving it a dual listing with the Toronto Stock Exchange.