Galaxy Digital's Helios Data Center Campus Enters Revenue Phase with 133 MW Delivery
Event summary
- Galaxy Digital completed Phase I of its Helios data center campus, delivering 133 MW of critical IT load to CoreWeave under a 15-year lease.
- Phase I was delivered on schedule, with rent commencement beginning in Q2 2026.
- Phase II development is underway, targeting 260 MW of critical IT load with data hall deliveries expected in H1 2027.
- CoreWeave has committed to 526 MW of critical IT load across Phases I-III, expected to generate over $1 billion in average annual revenue.
The big picture
Galaxy Digital's transition of Helios from construction to revenue-generating operations underscores its capability in hyperscale AI data center development. The structural shift towards high-density power demand positions Galaxy as a key player in meeting the evolving needs of AI and high-performance computing workloads. With commitments totaling 526 MW and potential for further expansion, the company is anchoring itself as a multi-campus, multi-tenant platform.
What we're watching
- Execution Risk
- Whether Galaxy can sustain its development pace for Phase II and beyond, given the scale of future commitments.
- Market Demand
- How sustained the demand for high-density AI-ready power will be, as it underpins Galaxy's long-term strategy.
- Competitive Positioning
- The pace at which Galaxy can expand its total approved power capacity to 3.6 GW, solidifying its position in the AI infrastructure space.