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Galaxy Digital’s expansion into AI infrastructure is finally starting to pay off, with its first data center conversion now delivered.
What's the Scoop?
- First Delivery: Galaxy Digital (NASDAQ: GLXY) has officially delivered its first data center hall at its Helios campus in West Texas to AI "hyperscaler" CoreWeave (NASDAQ: CRWV), providing the digital asset manager with a new $1B+ revenue stream from a long-term AI compute lease that is expected to payout over the next 15 years.
- Infrastructure Pivot: In December 2022, Galaxy announced its acquisition of the Helios campus (originally a BTC mining facility) for approximately $65M. In 2025, Galaxy entered into a lease agreement with CoreWeave for the facility, later securing a $1.4B project financing facility to accelerate the conversion from BTC mining facility into AI-ready data center.
- Earnings Report: Galaxy reported a Q1 2026 net loss of $216M, attributed to mark-to-market losses on its digital asset portfolio amid a widespread decline in crypto prices. Offsetting this, its digital asset segment delivered $49M of adjusted gross profit, meanwhile its trading volumes held flat against the backdrop of a ~25% industry decline. The relaunched Helios will begin contributing high-margin, crypto-uncorrelated revenue next quarter.
What's the Take?
Galaxy's Helios campus was already permitted, equipped with 1.6 gigawatts of total power access on tap. In an era with unprecedented demand for compute in which community opposition can greatly delay the construction of new data centers, having ready access to power connections is often considered more valuable than physical BTC mining infrastructure itself.
Nearly half of US data centers planned for this year are expected to be delayed or canceled. Lead times for power and infrastructure have stretched past five years.
— Galaxy (@galaxyhq) April 28, 2026
Against that backdrop, our Helios data center campus in West Texas is delivering:
→ First data hall delivered to… https://t.co/f87BiA87jY
