Key Takeaways
- • Galaxy Digital plans to raise $3.5 billion through senior secured notes (junk bonds) in its first high-yield debt offering, with pricing scheduled for July 23, 2026, to fund the Helios Data Center Campus in Dickens County, West Texas.
- • CoreWeave has committed to a 15-year lease agreement (with two five-year extension options) for computing capacity, projected to generate over $1 billion in annual revenue for Galaxy Digital.
- • The debt structure requires 4% annual repayment of original principal beginning 10 months after construction completion, with Morgan Stanley and Goldman Sachs managing the offering.
- • Phase 1 of the Helios facility, delivering 133 MW of capacity, was completed in mid-2026, with Phase 2 expansion planned for 2027 to reach approximately 400 MW total critical IT data center capacity.
- • The financing underscores Galaxy Digital's strategic pivot toward AI infrastructure, competing in a capital-intensive sector alongside Applied Digital Corp., which recently raised $1.59 billion for similar CoreWeave compute capacity in North Dakota.
Summary
Galaxy Digital Inc. announced plans to raise approximately $3.5 billion through its inaugural high-yield bond offering to finance the Helios Data Center Campus, a flagship AI infrastructure project located in Dickens County, West Texas. The senior secured notes carry a five-year maturity and require 4% annual principal repayment beginning 10 months after construction completion, according to company filings. Morgan Stanley and Goldman Sachs Group Inc. are jointly managing the offering, with pricing expected on July 23, 2026.
The capital raise directly supports Galaxy Digital's expansion into AI infrastructure, moving beyond its core digital assets business. The funds will finance the Helios facility's development and establish debt service reserves. CoreWeave Inc., a leading provider of GPU cloud infrastructure, has secured the anchor tenant role through a 15-year base lease agreement (extendable by two five-year options) for computing capacity. CoreWeave's commitment projects to generate over $1 billion in annual revenue for Galaxy Digital, providing substantial revenue visibility to cover debt service obligations.
The project represents a phased development strategy. Phase 1, delivering 133 MW of operational capacity, was completed earlier in 2026 with CoreWeave commencing AI operations. Phase 2 is targeted for 2027 and will expand the facility to approximately 400 MW of critical IT infrastructure, positioning Helios as a major compute hub for AI workloads. This expansion trajectory reflects accelerating demand for GPU computing capacity among large language model operators and AI service providers.
Galaxy Digital's entry into high-yield debt markets represents a notable capital structure evolution for the company, which previously relied on convertible note offerings. The timing aligns with broader institutional capital deployment into AI infrastructure, evidenced by Applied Digital Corp.'s $1.59 billion junk-bond raise in June 2026 for CoreWeave compute capacity in North Dakota. These concurrent financings underscore the sector's capital intensity and strong investor appetite for long-duration, contractually-secured revenue streams in cloud AI infrastructure.
The capital raise directly supports Galaxy Digital's expansion into AI infrastructure, moving beyond its core digital assets business. The funds will finance the Helios facility's development and establish debt service reserves. CoreWeave Inc., a leading provider of GPU cloud infrastructure, has secured the anchor tenant role through a 15-year base lease agreement (extendable by two five-year options) for computing capacity. CoreWeave's commitment projects to generate over $1 billion in annual revenue for Galaxy Digital, providing substantial revenue visibility to cover debt service obligations.
The project represents a phased development strategy. Phase 1, delivering 133 MW of operational capacity, was completed earlier in 2026 with CoreWeave commencing AI operations. Phase 2 is targeted for 2027 and will expand the facility to approximately 400 MW of critical IT infrastructure, positioning Helios as a major compute hub for AI workloads. This expansion trajectory reflects accelerating demand for GPU computing capacity among large language model operators and AI service providers.
Galaxy Digital's entry into high-yield debt markets represents a notable capital structure evolution for the company, which previously relied on convertible note offerings. The timing aligns with broader institutional capital deployment into AI infrastructure, evidenced by Applied Digital Corp.'s $1.59 billion junk-bond raise in June 2026 for CoreWeave compute capacity in North Dakota. These concurrent financings underscore the sector's capital intensity and strong investor appetite for long-duration, contractually-secured revenue streams in cloud AI infrastructure.
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