Galaxy Completes Phase I of Its Helios Data Center Campus, Delivering 133 Megawatts of Critical IT Load to CoreWeave

Galaxy Digital completed delivery of Phase I power at its Helios data center campus, delivering ~200MW gross power (133MW critical IT load) to CoreWeave under a 15-year lease. Rent commencement begins in Q2 2026, with Phase II greenfield construction underway for 260MW critical IT load and Phase II data hall deliveries expected in H1 2027. CoreWeave has committed to 526MW of critical IT load across Phases I–III under 15-year leases expected to generate >$1B in average annual revenue, supporting Galaxy’s transition to a revenue-generating AI-ready campus.

Analysis

The real signal is that the business is shifting from “option on AI land banking” to a partially de-risked cash-flow asset, which should tighten Galaxy’s equity beta and broaden the buyer base from crypto traders to infra investors. The market may still underappreciate how much of the upside now depends on financing spread and asset-level returns, not just headline megawatts; that matters because contracted revenue can look large while equity IRR stays mediocre if capex, interest expense, or dilution outrun rent growth.

CoreWeave is the other beneficiary because scarce power is the binding constraint on GPU deployment, so each on-time tranche supports its time-to-revenue and reduces the chance it has to source capacity at even worse economics elsewhere. Second-order, this helps every alternative AI power owner with shovel-ready interconnects, but it pressures less-prepared would-be entrants: the scarce assets are transmission, transformers, and permits, not just land. In the 1-3 month window, the key catalyst is proof that Phase II spend stays on schedule without a balance-sheet event; in 6-18 months, the issue is whether the lease stream is durable enough to justify a multi-campus rerate.

The contrarian view is that the market may be overpaying for approved capacity as if it were fully monetizable optionality, when in reality the economic value is gated by capital intensity, lease counterparty concentration, and execution at every incremental phase. A reversal would come from any delay in Phase II, higher funding costs, or signs that CoreWeave’s demand growth is decelerating enough to make the long-dated lease look less valuable. If the stock pops on the release, I would expect a better entry later unless management follows with disclosed capex, financing terms, and target project returns that prove equity economics, not just project momentum.

Key Decisions for Investors

• Buy GLXY on any post-announcement pullback; treat this as a 3-6 month rerating trade only if the market is still valuing it like a speculative crypto proxy. Invalidate if Phase II slips or if financing/dilution forces the equity story back to capital raise risk.
• Add CRWV on weakness as a scarcity-of-power beneficiary, but keep position size modest because the lease concentration cuts both ways. Watch for any revision to 2027 capacity needs or customer mix that would suggest the power buildout is ahead of demand.
• If long GLXY already, consider pairing it against a basket short of mature data-center cash flows (e.g., DLR/EQIX) only if the market starts paying a large premium for AI-power option value. The trade works if investors re-rate developers faster than stabilized REITs over the next 1-3 months.
• Set an alert on GLXY equity financing terms and project-level returns disclosed in the next update; if implied project IRR does not clear the cost of capital by a wide margin, fade the enthusiasm rather than chase the headline.