Galaxy Delivers First CoreWeave Tranche, Pushes Helios to 1.6 GW of AI Compute
Galaxy Digital delivered the first phase of its data center capacity to CoreWeave on Monday, expanding the Helios facility to 1.6 GW — among the largest single-site AI training capacities in North America.
Galaxy Digital handed CoreWeave the first delivery tranche of its Helios data center campus on Monday, taking the facility's contracted AI compute capacity to 1.6 gigawatts. The handover marks the conversion of Galaxy's 2024 pivot from Bitcoin mining hosting to AI infrastructure into operating revenue — and adds another one-and-a-half gigawatts of frontier-AI training capacity to a continent that doesn't have nearly enough of it.
From Mining Pivot to AI Operating Asset
Galaxy's Helios was originally designed for Bitcoin mining hosting; the company executed a 12-month conversion to GPU-ready AI hosting through 2025, retrofitting power, cooling, and network. The CoreWeave deal — signed in 2024, with capacity ramping in tranches through 2027 — was the anchor commitment that justified the rebuild. Q1 narrowed Galaxy's net loss meaningfully, primarily on the AI infrastructure segment beginning to recognize revenue from the Helios buildout.
Why 1.6 GW Is the Number
For context: a leading-edge LLM training run consumes a few hundred megawatts, sustained, for months. A single 1.6 GW campus can host concurrent training runs for OpenAI, Anthropic, and a third frontier lab without contention. CoreWeave's strategy has been to lock in multi-gigawatt capacity ahead of model labs needing it, then resell that capacity to whomever has the highest-margin training contract that quarter. Helios slots into that strategy as Tier-1 inventory.
BlockAI News' View
The Bitcoin-miner-to-AI-host conversion is finishing. Of the public miners who pivoted in 2023-2024, the ones with operating data centers and signed offtake — Galaxy, Core Scientific, Iris, Hut 8 — are now the ones with rerated valuations. The ones still framing themselves as miners are running out of time. CoreWeave's Helios delivery is a milestone for Galaxy, but it's also the playbook every miner with grid-connected megawatts is racing to copy before the AI infrastructure market consolidates around the early movers.
