Galaxy Digital, led by Mike Novogratz, has finalized a $1.4 billion loan to expedite the development of its Helios AI datacenter in Texas. The funding, announced on Friday, will cover 80% of the initial construction costs, with Galaxy contributing $350 million in equity. According to SEC filings, the loan is secured by assets of Galaxy Helios I and matures in August 2028.

Strategic Partnership with CoreWeave

The expanded Helios facility will power AI workloads under a long-term agreement with GPU cloud provider CoreWeave, starting in early 2026. CoreWeave has committed to leasing 800 megawatts of capacity at the campus, with Galaxy projecting over $1 billion in annual revenue from the 15-year deal. At full capacity, the datacenter will offer 3.5 gigawatts of power, leaving 2.7 gigawatts available for other clients.

From Bitcoin Mining to AI Infrastructure

The Helios site, originally acquired for Bitcoin mining operations in 2022, reflects a broader industry shift. CoreWeave, which began as a crypto miner, recently acquired Core Scientific for $9 billion to expand its AI capabilities. This transition highlights how digital asset firms are repurposing infrastructure to meet growing AI demand.

Industry-Wide Compute Convergence

Galaxy's move underscores the increasing overlap between cryptocurrency and AI infrastructure sectors. ——The deal demonstrates how specialized compute resources can be adapted across emerging technologies——, with 【$15 billion】 in potential revenue from the CoreWeave contract alone. As of press time, the project represents one of the largest private investments in Texas' tech infrastructure.