Galaxy Digital raises $460 million to build Texas AI data center

    Crypto AI Updates04 mins


    Mike Novogratz’s Galaxy Digital has secured $460 million in private investment from one of the world’s largest asset managers to accelerate the transformation of a former Bitcoin mining site in Texas into an AI data center.

    The transaction includes the purchase of 12.77 million Class A shares at a price of $36 per share, with proceeds to be used for general corporate uses and expansion of the Helios campus, which is expected to deliver 133 megawatts of IT capacity in early 2026, the company announced Friday.

    “This significant investment in our company by the world’s largest and most sophisticated institutional investor will support our strategic vision and ability to build leading businesses across digital assets and data centers,” Novogratz said.

    The transaction is expected to close on or about October 17, 2025, subject to Toronto Stock Exchange approval.

    Galaxy stock ended Friday down 6%. Source: Google Finance

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    Galaxy receives $1.4 billion loan for Helios expansion

    This new investment follows Galaxy’s $1.4 billion financing facility secured in August to finance approximately 80% of Helios construction. Under a 15-year agreement with AI cloud infrastructure provider CoreWeave, Galaxy will provide computing power for AI and high-performance computing workloads starting in 2026.

    The company expects to generate more than $1 billion in annual revenue from this partnership, with total sales expected to be approximately $15 billion during the period.

    When fully built out, the Helios data center will have a capacity of 3.5 gigawatts, making it one of the largest AI infrastructure projects in North America. Of this, CoreWeave has committed 800 megawatts, and Galaxy plans to lease the remaining 2.7 gigawatts to additional clients.

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    More crypto companies pivot to AI

    The move comes as crypto-native companies increasingly pivot to AI infrastructure as Bitcoin’s hash rate reaches record levels, reducing the likelihood that miners will earn rewards.