Galaxy Digital's Helios Subsidiary Launches $3.5B Debt Offering to Fund 400 MW Data Center for CoreWeave
GLXY sits 51% above its 52-week low of $16.43.
Summary
Galaxy Digital's Helios data center subsidiary announced a $3.507 billion debt offering to fund a 400 MW facility fully leased to CoreWeave, backed by $10.4 billion in minimum contracted lease payments over 15 years.
Key Events · Financing and Capital Events · GLXY
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$3.5B Debt Offering Launched
Subsidiary Galaxy Helios Data Centers II LLC intends to offer $3.507 billion in senior secured notes due 2031 to fund Phase II of the Helios data center campus — a 400 MW facility in Dickens County, Texas.
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Fully Leased to CoreWeave
The entire 260 MW of critical IT capacity is under a 15-year lease with CoreWeave, which is backed by Nvidia. The agreement includes $10.4 billion in minimum contracted lease payments and two 5-year extension options.
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Strong Project Economics
Illustrative financials show a 13.7% starting gross yield on cost, ~90% NOI margins, and full debt repayment by 2040, with cumulative levered free cash flow exceeding $3.7 billion over the lease term.
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Transformative Scale
At nearly 35% of Galaxy's current market cap, the $3.5 billion financing reflects both the capital intensity of the AI infrastructure build-out and the magnitude of the contracted revenue opportunity.
Analysis · GLXY · Crypto Assets
An indirect subsidiary of Galaxy Digital is raising $3.507 billion in senior secured notes to build Phase II of its Helios data center campus — a 400 MW facility fully leased to CoreWeave under a 15-year contract worth at least $10.4 billion. This transformative infrastructure financing locks in a high-quality, long-term revenue stream and validates the company's pivot into AI/HPC hosting. Illustrative financials project strong debt service coverage and full repayment by 2040, with cumulative post-debt cash flow exceeding $3.7 billion. While the notes add significant leverage, the project's contracted cash flows and CoreWeave's backing by Nvidia provide substantial credit support. The offering's size — nearly 35% of Galaxy's current market cap — underscores both the scale of the opportunity and the capital intensity of the build-out.
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In the 30 days to Sep 30, 2026, 42.1% of the 323 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.36%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, GLXY was trading at $24.79 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $9.9B. The 52-week trading range was $16.43 to $45.92. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.