- Galaxy Digital secured a $460 million private investment to develop an Artificial Intelligence (AI) data center at its Helios campus in Texas.
- The investment comes from one of the world’s largest asset managers through a purchase of 12.77 million Class A shares at $36 per share.
- The company recently acquired a $1.4 billion loan to cover about 80% of the construction costs for the Helios buildout.
- A 15-year contract with CoreWeave will see Galaxy Digital provide computing power for AI and high-performance computing from 2026.
- The expansion is part of a wider move among crypto companies shifting focus from mining to AI infrastructure.
Galaxy Digital has announced a $460 million private placement from a major asset management firm to accelerate its transformation of a former Bitcoin mining site in Texas into a data center focused on artificial intelligence.
The deal involves the purchase of 12.77 million Class A shares at $36 each, according to the company’s official announcement. The new capital will support general business needs and fund an expansion of Galaxy’s Helios campus. The expansion is expected to deliver 133 megawatts of IT capacity by early 2026.
Mike Novogratz, CEO of Galaxy Digital, stated, “Having one of the world’s largest and most sophisticated institutional investors make such a significant investment in our company will support our strategic vision and our ability to build leading businesses across digital assets and data centers.” The transaction is slated to close around October 17, 2025, after it is reviewed by the Toronto Stock Exchange.
The funding follows a $1.4 billion loan facility secured by Galaxy in August, intended to cover most of the costs for the Helios project. Under a 15-year agreement with CoreWeave, an AI cloud infrastructure provider, Galaxy Digital will supply compute power for artificial intelligence and high-performance computing needs, beginning in 2026. The company projects that the deal could generate over $1 billion in annual revenue, totaling around $15 billion over the duration of the partnership.
Once complete, the Helios center is planned to reach a total capacity of 3.5 gigawatts, making it one of the largest AI infrastructure sites in North America. CoreWeave has committed to using 800 megawatts of this capacity, while Galaxy Digital aims to lease the remaining space to other clients.
Crypto firms like Galaxy Digital are increasingly turning toward AI and cloud computing, with rising Bitcoin mining difficulty making mining less profitable. In a related move, CoreWeave acquired crypto miner Core Scientific earlier this year in a $9 billion all-stock deal to further scale its AI and high-performance computing operations.
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