Galaxy delivered 133 megawatts of power to Coreweave at its Helios facility on July 6, 2026, formalizing a revenue path projected to exceed $1 billion annually once the full buildout is operational. Coreweave has committed to 526 megawatts across Helios Phases I-III under a 15-year lease. The transition follows tightening bitcoin mining margins after the April 2024 halving, when power costs rose and AI companies began paying higher rates for electricity that miners previously relied on, prompting Galaxy to pivot the site from cryptocurrency mining to AI infrastructure hosting.
Galaxy Delivers 133 MW to Coreweave at Helios on July 6, 2026
Rent on Phase I started in the second quarter of 2026. The full 526 megawatt buildout, once operational, will generate more than $1 billion in average annual revenue according to Galaxy. Phase I alone is projected to bring in approximately $4.5 billion in lease payments over 15 years, or roughly $300 million per year.
Coreweave signed on as anchor tenant in March 2025 under a 15-year lease. The company exercised two additional options over the following months, bringing its total commitment to 526 megawatts of critical IT load across three phases. That covers the full 800 megawatts of gross power currently approved at the site.
Site Transition From Bitcoin Mining to AI Infrastructure
The Helios site sits in Dickens County, approximately 60 miles from Lubbock. It started as a bitcoin mining facility built by Argo Blockchain in 2021. Galaxy bought it in late 2022 for roughly $65 million after Argo ran into financial trouble during the crypto winter.
Galaxy crews stripped out immersion cooling tanks and ASIC racks built for mining. In their place, they installed Tier III N+1 redundant power systems, high-density electrical infrastructure for GPU clusters, and more than 100 miles of fiber laterals connecting to long-haul routes.
Financial Structure and Revenue Projections
Galaxy funded the work with a $1.4 billion project-level debt facility, approximately $350 million in equity, and a separate $460 million raise from an outside asset manager in late 2025.
Coreweave brings its own GPUs and networking. Galaxy builds and operates the power and physical infrastructure, then passes through most operating costs. That structure supports site-level EBITDA margins near 90 percent, according to Galaxy.
Galaxy has expanded its land control at Helios to more than 2,200 acres. Approved power capacity now stands at 1.63 gigawatts, with potential to scale toward 3.6 gigawatts pending further grid studies. Roughly 830 megawatts of approved capacity at Helios remains uncontracted as of early 2026.
Novogratz Comments on Structural Shift to AI Power
Mike Novogratz, founder and CEO of Galaxy, remarked that the company proved it can execute hyperscale AI construction on budget and on schedule. He stated that the shift toward high-density, AI-ready power is structural, not cyclical.
He wrote: "Helios is now generating revenue across its entire 133 MW of IT load, and greenfield work on Phase II is already underway. The demand for high-density, AI-ready power is not a cycle; it is a structural shift, and Galaxy is built to meet it."
Phase II and III Expansion Timeline
Phase II is already under construction. Civil and structural work is underway on 260 megawatts of additional critical IT load, with data hall deliveries expected in the first half of 2027. Phase III is targeted for 2028.
Galaxy has signaled openness to additional tenants for the remaining uncontracted capacity. The company is also weighing a second campus near Waco.
FAQ
What did Galaxy deliver to Coreweave on July 6, 2026?
Galaxy delivered 133 megawatts of power to Coreweave at its Helios facility on July 6, 2026, formalizing a revenue path projected to exceed $1 billion annually once the full buildout is operational.
How much power has Coreweave committed to at Helios?
Coreweave has committed to 526 megawatts of critical IT load across Helios Phases I-III under a 15-year lease, covering the full 800 megawatts of gross power currently approved at the site.
When will Phase II data halls be delivered?
Phase II data hall deliveries are expected in the first half of 2027, with civil and structural work currently underway on 260 megawatts of additional critical IT load.
