Galaxy Digital pivots Helios site from Bitcoin mining to AI compute

The project, which began as one of North America’s largest cryptocurrency mining operations, is being retrofitted to meet the surging demand for high-performance computing. Mike Novogratz, founder and CEO of Galaxy, stated that hitting these targets on budget and on schedule solidifies the company’s role in hyperscale infrastructure development. Rent for this initial phase commenced in the second quarter of 2026, signaling a pivot toward stable, AI-driven data center revenue rather than the volatile margins of digital asset mining.

Expansion efforts are already moving forward with Phase II, which aims to add 260 megawatts of critical IT load by early 2027. CoreWeave has committed to a total of 526 megawatts across the first three phases, utilizing the entirety of the campus's 800-megawatt contracted capacity. With 15-year leases and potential for future growth at the 2,200-acre site, Galaxy anticipates the campus will generate over $1 billion in average annual revenue. This transition, backed by $1.4 billion in project financing, underscores a broader industry trend where miners leverage their existing power access to capitalize on the AI infrastructure boom.