Mike Novogratz’s Galaxy Digital has closed its $1.4 billion protected term loan facility to accelerate the development of the Helios Artificial Intelligence Data Center Campus in Texas.
On Friday, the company announced that the loan would cover about 80% of the construction costs of the first phase of the project, with Galaxy Digital giving $350 million in stake. According to a Securities and Exchange Commission application, the loan is protected by all assets of Galaxy Helios I, a subsidiary of Galaxy Digital, and matured on August 15, 2028.
Capital will fund the expansion of Helios AI Datacenter to provide power to AI workloads under a long-term agreement with graphics provider CoreWeave since early 2026.
The move highlights how digital asset companies can leverage their capital-raising capabilities and reuse their infrastructure to harness the growing demand for AI computing. This suggests that a broader computational and digital asset infrastructure may be converging.
Galaxy Digital expects $1 billion in annual revenue from CoreWeave deals
Galaxy also announced that AI service provider CoreWeave has brought full commitment to the full capacity of approval capabilities on the Helios campus. This means that CoreWeave leased the power, cooling and physical infrastructure for AI and high performance computing (HPC) operations.
Galaxy Digital said he expects annual revenue to exceed $1 billion from the CoreWeave transaction, which has a 15-year term. If it goes as planned, the company will earn an estimated $15 billion in total revenue from its contract with CoreWeave.
The company said it expects the Helios data center to have a full build-out of 3.5 gigawatts of power capacity. The data center, minus the deal with CoreWeave, will have an additional 2.7 gigawatts to offer to clients, potentially generating more revenue.
Related: Core Scientific’s biggest shareholder voted against CoreWeave’s acquisition offer
Crypto companies jump into AI
Galaxy Digital’s move to AI is part of a wider trend among cryptocurrency companies seeking new ways to grow when institutional capital goes to AI.
CoreWeave, originally a Crypto Mining Company, announced on July 7 that it had acquired Miner Core Scientific in a $9 billion all-stock transaction to expand its data center capabilities to support AI and HPC workloads.
Meanwhile, the Helios data center was originally acquired for the Bitcoin Mining Initiative. In 2022, Mike Novogratz said the acquisition of Helios was made to increase exposure to Bitcoin mining.
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