Galaxy Digital has completed the first phase of retooling at Helios, West Texas, by transferring 133 MW of critical IT load to the AI hyperplayer CoreWeave under a 15-year lease agreement. The project has been delivered on time and within budget, with CoreWeave committing 526 MW of three-phase capacity to cover the entire current 800 MW of Helios gross capacity.

The company forecasts average annual contract revenue above $1 billion, despite a net loss of $216 million in Q1 2026 due to declining digital asset prices. Galaxy acquired Helios for $65 million from Argo Blockchain in late 2022, starting the transition from mining to infrastructure for AI and HPC. In January 2026, the site received an additional 830 MW, and the total approved capacity reached 1.63 GW.