Helios is Galaxy Digital's data center campus in Dickens County, West Texas, converted from a Bitcoin mining site Galaxy acquired from Argo Blockchain in December 2022 for about $65 million. CoreWeave is the sole tenant for Helios I: 526 MW of critical IT load across three phases, using 800 MW of gross power, each phase on a 15-year base lease term.
Phase I (133 MW) was completed and fully delivered to CoreWeave by July 2026. Phase II (260 MW) is under construction, financed in July 2026 with $3.507 billion of 9.875 percent senior secured notes due 2031 issued by Galaxy Helios Data Centers II LLC, with data hall deliveries scheduled to begin in the second quarter of 2027. The campus holds 1.63 GW of ERCOT-approved gross power, including a further 830 MW approved in January 2026 that was not under lease at the third quarter of 2026.
- Location
- Dickens County, Texas
- Owner and operator
- Galaxy Digital Inc.
- Tenant
- CoreWeave, 526 MW of critical IT load across three phases, 15-year leases
- Approved power
- 1.63 GW gross (800 MW Helios I; 830 MW Helios II, unleased)
- Financing
- $1.4B Phase I term loan due 2028; $3.507B of 9.875% notes due 2031
Parties
| Party | Role |
|---|---|
| Galaxy Digital Inc. | Sponsor, owner, developer and operator |
| CoreWeave Inc. | Sole tenant for Helios I, all three phases |
| Galaxy Helios Data Centers II LLC | Issuer of the $3.507B Phase II notes |
| Galaxy Helios I LLC | Borrower under the $1.4B Phase I facility |
| Deutsche Bank AG, New York Branch | Initial lender under the Phase I facility |
| ERCOT and AEP Texas | Grid approval and utility service for the 1.63 GW |
Bonds
| Bond | CUSIP | Terms on record |
|---|---|---|
| Galaxy Helios Data Centers II LLC 9.875% senior secured notes due 2031 | 36322DAA4 | From the $3.507B single offering priced July 23, 2026 and closed July 28, 2026, sold under Rule 144A and Regulation S. Last print 94.25 on October 29, 2026; latest fund mark 100.27, period ended July 31, 2026. |
| Galaxy Helios Data Centers II LLC 9.875% senior secured notes due 2031 (Reg S) | U3190CAA2 | Second CUSIP on the same $3.507B offering; the registry's split of the two CUSIPs across two entity names is under review against the offering documents, which name a single issuer. Last print 90.50 on October 22, 2026. |
Financing on record
| Instrument | Terms on record |
|---|---|
| Phase I senior secured term loan, $1.4B | Borrower Galaxy Helios I LLC; closed August 15, 2025, maturing August 15, 2028. One-month Term SOFR with a 2.50 percent floor plus 4.75 percent; initial lender Deutsche Bank AG, New York Branch; agent GLAS USA LLC. Maximum loan-to-cost 80 percent; Galaxy provided the $350 million equity requirement. The registry baseline records $1.3 billion drawn at Q2 2026. |
Developments
The running record, newest first. Each entry is dated by the event, not by when it was collected.
| Date | Development | Source |
|---|---|---|
| 27 Oct 2026 | Q3 2026: first full quarter of Phase I revenueGalaxy reports net income of $323 million, Data Centers adjusted gross profit of $79 million and adjusted EBITDA of $69 million, with Phase II fully financed, under construction, on schedule and within budget, and tenant discussions under way for the unleased 830 MW. | Galaxy Digital Form 8-K (0001859392-26-000108)Grade A |
| 23 Jul 2026 | Phase II notes priced at $3.507 billionGalaxy Helios Data Centers II LLC prices $3.507 billion of 9.875 percent senior secured notes due 2031 to finance part of Phase II; the offering closes on July 28, 2026. | Galaxy Digital pricing releaseGrade B |
| 06 Jul 2026 | Phase I completed and delivered to CoreWeaveGalaxy completes Phase I and delivers all 133 MW of critical IT load to CoreWeave; rent commenced in the second quarter of 2026. | Galaxy Digital releaseGrade B |
| 15 Jan 2026 | ERCOT approves a further 830 MWFollowing the Large Load Interconnection Study, ERCOT approves an additional 830 MW and Galaxy signs a service agreement with AEP Texas, taking total approved and contracted capacity to 1.63 GW. | Galaxy Digital releaseGrade B |
| 15 Aug 2025 | Phase I financing closes; CoreWeave commits to all three phasesGalaxy closes the $1.4 billion Phase I project facility, announces the executed Phase II lease, and announces CoreWeave's exercise of the final Phase III option, taking commitments to 526 MW of critical IT load. | Galaxy Digital release and Form 8-KGrade A |
| 28 Mar 2025 | Phase I lease signed with CoreWeaveGalaxy announces the Phase I lease with CoreWeave: 133 MW of critical IT load on a 15-year term, with about $4.5 billion of expected total revenue over the term. | Galaxy Digital release, per Data Center DynamicsGrade B |
| 28 Dec 2022 | Galaxy acquires the Helios site from Argo BlockchainGalaxy acquires the Helios facility and real property in Dickens County from Argo Blockchain for $65 million. | Argo Blockchain announcementGrade B |
Record maintained by the AI infrastructure leverage monitor: SEC filings, county and municipal records, and the news operation’s own coverage, each entry graded at collection.