Galaxy Digital raises $460M to transform Texas Bitcoin mine into AI data center

Galaxy Digital, the cryptocurrency and digital assets firm led by Mike Novogratz, has clinched a staggering $460 million investment to convert its former Bitcoin mining facility in Texas into one of North America’s largest AI data centers. The initiative marks a major pivot for the company, aligning it with the surging global demand for artificial intelligence infrastructure.

Key Takeaways

$460M raised from a leading global asset manager via private equity.
Funds will overhaul the Helios campus in Texas into a massive AI and high-performance computing (HPC) center.
Galaxy anticipates generating over $1 billion in annual revenue from its flagship AI client, CoreWeave.
The project positions Galaxy Digital at the forefront of a trend: crypto firms repurposing mining centers for AI.

The Investment Deal

The $460 million capital injection came through the purchase of 12.77 million Class A shares at $36 per share from one of the world’s largest asset managers. The offering, set to close by October 2025 pending Toronto Stock Exchange approval, fuels both Galaxy’s general expansion and, most notably, the transformation of its 1,500-acre Helios campus in Dickens County, Texas.

This latest investment follows a $1.4 billion loan secured in August 2025, covering much of the project's groundwork costs.

From Bitcoin Mining to AI Computing

Originally acquired in 2022 for $65 million, the Helios site was once dedicated to Bitcoin mining—a sector that has come under pressure from declining mining rewards and increased regulatory scrutiny. The revamped campus will eventually offer:

133 megawatts of IT capacity in its first phase, live by early 2026.
Full buildout potential of 3.5 gigawatts, placing it among the continent’s largest AI infrastructure projects.

State-of-the-art upgrades—including advanced cooling systems and distributed power for high-density AI workloads—are central to the site’s AI transformation.

Strategic Partnership and Revenue Outlook

In a 15-year contract, Galaxy will provide compute power to CoreWeave, a leader in AI cloud infrastructure. CoreWeave has already committed to lease 800 megawatts of capacity, while Galaxy intends to offer the remainder to other HPC and AI clients. Projected annual revenue from this single client is expected to top $1 billion, potentially generating $15 billion over the contract’s lifetime.

A table summarizing Helios' transformation:

Facility

Previous Use

Planned Use

Projected Capacity (Full Buildout)

Helios, TX Campus

Bitcoin Mining

AI Data Center

3.5 gigawatts

Crypto Firms Shift To AI

Galaxy’s ambition echoes an industry-wide trend. As Bitcoin mining profitability wanes, crypto firms like CoreWeave—recently expanding its own AI infrastructure through a major acquisition—are scrambling to adapt. AI infrastructure spending is projected to grow at almost 36% annually through 2030, intensifying competition and opportunity for digital asset companies with power-intensive infrastructure.

While Galaxy’s share price initially enjoyed a brief lift post-announcement, wider market volatility has since weighed on its valuation. Nonetheless, analysts see the long-term prospects of this strategic pivot as a major positive for the company.

Galaxy Digital’s move underscores how the energy-hungry infrastructure once used for crypto mining is now finding new life powering the next generation of AI applications.

Sources

Galaxy Digital raises $460M to transform Texas Bitcoin mine into AI data center, ADVFN Ltd.
Galaxy Digital raises $460M to transform Texas Bitcoin mine into AI data center — TradingView News, TradingView.
Galaxy raises $460 million to advance Texas AI data center transformation, RootData.
Galaxy's $460M Data Center Reinvention, AInvest.

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