Galaxy Digital’s $460M Helios Mine Pivot to AI Data Center

Galaxy Digital has secured a $460 million private placement to transform its Helios bitcoin mining site in Texas into a large-scale AI data center. The deal, backed by one of the world’s largest asset managers, includes issuance of 9.03 million new Class A shares and sale of 3.75 million shares by executives at $36 each. It is expected to close by October 17, 2025, pending TSX approval. Galaxy Digital will phase out outdated mining rigs and install high-performance computing hardware. Phase one will deliver 133 MW of IT capacity by early 2026. The full build-out targets 3.5 GW, positioning Helios as one of North America’s largest AI infrastructure projects. This pivot follows a $1.4 billion loan secured in August 2025 covering about 80% of Helios’ build costs. Under a 15-year agreement with AI cloud provider CoreWeave, Galaxy Digital will deliver AI and high-performance computing services from 2026. CoreWeave has committed 800 MW. Projected revenues exceed $1 billion annually. The move reflects a broader trend of bitcoin mining firms shifting to AI workloads amid halving-driven profit pressures.