Galaxy, a registered digital asset investment company with NASDAQ, said Friday it had secured $1.4 billion in funding to expand its Helios data center in western Texas.
The debt facility, which covers 80% of construction costs, has been operating for 36 months and will fund the site’s remodeling and expansion, the company said in a press release. Galaxy already offers $350 million in stock.
Stocks fell 2.2% in early trading, along with pullbacks in the broader market.
This agreement follows a lease agreement with AI cloud provider CoreWeave (CRWV). This is committed to all Helios’ 800 megawatt approval capacity. The first phase is expected to supply power to CoreWeave’s business in early 2026 under a long-term agreement, said founder and CEO Mike Novogratz.
The company predicted that CoreWeave transactions could generate more than $1 billion in average annual revenue over 15 years.
Galaxy, known primarily for its Crypto Trading, Asset Management and Venture businesses, is scrambling US tech companies to calculate power and resources amid the growing AI competition, expanding their data center operations. Terawulf (Wulf), former Bitcoin
Miners who pivoted HPC surged more than 50% on Thursday, signing a 10-year, $3.7 billion AI hosting agreement with Fluidstack and Tech Google, acquiring an 8% stake in the company.
In a July report, Jeffries said that two-thirds of Galaxy’s value could come from the data center business.
Read more: Terawulf jumps 22% in $3.7 billion AI hosting deals, while Google acquires 8% stake
