Galaxy handed over 133 MW of critical IT load to CoreWeave at Helios, a West Texas campus that formerly housed bitcoin mining operations. The handoff marks Phase I completion of the site's pivot toward AI compute capacity.
The deal reflects a broader shift in the sector. Mining operations have faced margin pressure as bitcoin's price recovery has slowed relative to electricity costs in high-capacity regions. Operators with existing infrastructure and grid access are repurposing sites for the more immediate demand: training and inference clusters for large language models and other AI workloads.
CoreWeave, which raised $200 million in Series B funding last year according to public reporting, has been aggressively leasing GPU clusters to enterprises and cloud platforms. Helios now joins its roster of U.S. data centers competing for AI workload contracts. The 133 MW delivery represents meaningful capacity in a market where hyperscalers are racing to secure compute power.
Galaxy's decision to lease rather than operate the site signals confidence in CoreWeave's ability to monetize AI infrastructure faster than bitcoin mining would under current market conditions. The company retains optionality if market conditions shift, but the transaction commits Helios to the AI trajectory for Phase I.
Phase II plans remain undisclosed. Galaxy has not specified whether additional capacity will follow, or whether remaining hashrate operations will stay at the site or migrate elsewhere.