Galaxy Digital advances 5.7 GW Texas AI data center pipeline with Helios expansion ongoing.

Galaxy Digital is accelerating development of its Texas AI data center platform following completion of the first phase of its Helios campus and the launch of Phase II construction, backed by a $3.5 billion financing package. The company achieved its first revenue-generating quarter in Q2 2026, delivering 133 MW of critical IT capacity at Helios in West Texas to anchor tenant CoreWeave.

**Helios Phase I Operations**

Galaxy completed delivery of the Helios Data Center Campus in Dickens County, Texas, providing 200 MW of gross power capacity and 133 MW of critical IT load under a 15-year lease agreement with CoreWeave. The facility reached full operational status by the end of Q2 2026, marking Galaxy's transition into revenue-generating data center operations. The company expects Phase I to generate approximately $80 million in quarterly leasing revenue beginning in Q3 2026, with an anticipated project-level adjusted EBITDA margin exceeding 90% at full Phase I capacity.

**Phase II Expansion and Financing**

Galaxy has mobilized construction on Phase II, which will add 260 MW of critical IT capacity. HITT Contracting has served as general contractor since April 2026, with earthwork now complete and structural foundation work underway. The expansion will include additional data halls, with initial deliveries expected to begin in Q2 2027. To support construction, Galaxy completed a $3.5 billion private offering of senior secured notes through subsidiary Galaxy Helios Data Centers II LLC on July 28, 2026.

**Future Helios Growth**

The Helios site currently has more than 1.6 GW of approved power capacity. Two additional projects—Helios III and IV—represent 1 GW load requests each progressing through the ERCOT interconnection process. If approved, these expansions could increase the overall Helios campus potential to approximately 3.6 GW across more than 2,200 acres.

**Broader Texas Footprint**

Beyond Helios, Galaxy is expanding its Texas presence through additional facilities. The company executed a development agreement to acquire approximately 500 acres at McGregor Industrial Park for its Merlin Data Campus, which has secured an initial 74 MW capacity agreement with potential expansion to 500 MW as utility infrastructure upgrades progress. Two additional Texas sites are also advancing through ERCOT interconnection processes. Together, these projects have expanded Galaxy's Texas power pipeline to more than 5.7 GW, positioning the company among the largest AI infrastructure developers in the state and reflecting the broader industry competition for power and development-ready sites to support growing AI workloads.