Galaxy Digital (Provider) · CoreWeave (Buyer)
- Value
- at least $15B
- Capacity / term
- 526 MW · 15y
- $1.90M per MW-year
- First revenue
- 2026-04
- Sources
- [1] primary[2] tier-1
Phase I (133 MW) has been delivering revenue since rent commencement in Q2 2026. Phase II (260 MW) is expected to deliver in H1 2027, financed in part by a $3.507B senior secured note offering (Helios subsidiary, priced ~2026-07-22, 9.875% coupon due 2031); that financing is a capital-raise, not a separate compute deal, and is not its own ledger row. Total approved campus power is 1.63 GW with potential to scale to 3.6 GW; only the 526 MW CoreWeave has contracted for is counted here. Surfaced this run via the EDGAR watchlist hit on Galaxy Digital's Q2 2026 8-K (filed 2026-08-05); the underlying lease predates this run.
Conditions: 15-year base lease plus two five-year extension options. Capacity was committed in three tranches at Galaxy's Helios campus (Dickens County, TX): 133 MW critical IT signed 2025-03-28 (~$4.5B company-stated revenue over the 15-year term), a second 260 MW tranche signed August 2025 on similar terms, and a final 133 MW option CoreWeave later exercised, together totaling the 526 MW critical IT / 800 MW gross power CoreWeave has now committed to. Amount here uses Galaxy's own most recent combined guidance (average annual revenue 'more than $1 billion' across all three tranches, as restated in the July 2026 Phase I completion release) times the 15-year term, rather than summing the individually-announced tranche figures, to avoid double counting; treat $15B as a floor, not the company's headline number.