Why it matters
The strategic read
Turns Galaxy Helios from a power-rights and construction story into a live revenue-generating AI infrastructure platform for CoreWeave. The key signal is operating conversion: a former crypto-mining campus is now delivering critical IT load into a long-duration GPU-cloud lease, while Phase II construction continues and the full CoreWeave commitment absorbs the currently approved 800 MW gross-power base. It reinforces that scarce power, fast interconnection reuse and contracted AI-cloud demand are becoming one financeable asset.
Source-supported terms
What was disclosed
- 01
Galaxy announced on July 6, 2026 that it completed delivery of the first phase of power at its Helios data-center campus.
- 02
Phase I delivered approximately 200 MW of gross power, or 133 MW of critical IT load, to CoreWeave.
- 03
The capacity is delivered under Galaxy's 15-year lease agreement with CoreWeave.
- 04
Galaxy said Phase I was delivered on schedule and rent commencement under the Phase I lease began in the second quarter of 2026.
- 05
The release says Helios has transitioned from a large-scale construction project into a revenue-generating, AI-ready data-center campus.
- 06
Greenfield development is underway on the 260 MW critical IT Phase II build, with civil and structural work advancing.
- 07
Phase II data-hall deliveries are expected to begin in the first half of 2027.
- 08
Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load.
- 09
Galaxy said that 526 MW represents the full 800 MW of gross power currently approved and contracted at Helios.
- 10
The CoreWeave leases are 15-year leases with two five-year extension options.
- 11
Galaxy expects the CoreWeave lease stack to generate more than $1B in average annual revenue.
- 12
Galaxy said the Helios campus spans more than 2,200 acres and has expanded to 1.63 GW of total approved power capacity, with potential to scale to as much as 3.6 GW.
Disclosure boundary
What is known—and what is not
Primary Galaxy press release. Public materials disclose Phase I delivery, 133 MW critical IT load / 200 MW gross power, CoreWeave as tenant, 15-year lease structure, rent commencement timing, 526 MW critical IT commitment across Phases I-III, full 800 MW approved-and-contracted gross-power base, two five-year extension options, more-than-$1B average annual revenue expectation, Phase II construction status, and 1.63 GW / potential 3.6 GW campus scale. Public materials do not disclose the full lease, rent schedule by phase, extension economics, credit support, service-level terms, equipment vendors, construction/EPC contractors, financing sources for remaining phases, power price, utility-service tariff, interconnection upgrade cost allocation, customer remedies, termination rights, or whether future capacity beyond the CoreWeave commitment is contracted.