Company exercises option to take more capacity with Galaxy.
AI cloud company CoreWeave is leasing additional capacity at Galaxy’s data center campus in Texas.
Galaxy Digital Holdings Ltd. this week announced that CoreWeave has exercised its first option to access an additional 260MW of critical IT capacity at the former’s Helios data center campus.Phase II capacity is expected to be delivered throughout 2027.
"This Phase II commitment with CoreWeave marks another major step in Galaxy's evolution as a trusted partner for the next generation of data center infrastructure," said Mike Novogratz, founder and CEO of Galaxy. "New and advanced digital infrastructure is already rapidly reshaping industries and opening new opportunities. Diversifying our business across blockchain, crypto and AI allows us to maximize cash flow and deliver greater value to shareholders. CoreWeave has been a fantastic partner throughout this process."
Galaxy announced it was pivoting its Helios data center campus in the panhandle region of West Texas from cryptomining to AI hosting earlier this month.
CoreWeave initially signed on to lease 133MW of critical load (200MW total), which is set to be delivered in phases out to the end of H1 2026. Work is underway to convert the 126,000-square-foot (11,705 sqm) data center from Bitcoin operations to AI and HPC uses.
CoreWeave also retains exclusivity to enter into a further agreement to access up to an additional 133MW at the site.
After breaking ground in July 2021, the 160-acre 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. Argos sold the facility to pay down its debts amid the prospect of bankruptcy.
As well as the 800MW total capacity, Galaxy has an additional 1.7GW of capacity in various stages of study at the campus.
CoreWeave, which recently joined the Nasdaq, was founded in 2017 as a cryptomining firm but now offers access to GPUs for AI applications. The likes of Microsoft, OpenAI, and IBM are customers.
At the end of 2024, the company said it had 32 data centers operating more than 250,000 GPUs in total and more than 360MW of active power. It has an additional ten new data centers planned throughout 2025 and a total of 1.3GW of contracted power.
As well as self-building, US data center providers serving CoreWeave include Lincoln, Chirisa, Flexential, TierPoint, Digital Realty, Switch, and Core Scientific – the latter of which is also retrofitting former cryptomine facilities to AI use.
Galaxy is the latest crypto-focused company looking to pivot to AI data centers amid increased demand for available capacity. The likes of Hive Digital Technologies, Northern Data, Applied Digital, Iris Energy, Mawson Infrastructure, Crusoe, and others are but a small number of those that have made the shift.
