Data center profile · Dickens County, near Afton, West Texas

Helios (Galaxy Digital and CoreWeave)

Galaxy Digital's West Texas campus, CoreWeave leasing 526 MW IT capacity: first 133 MW in service, 393 MW more leased, 1.63 GW grid power approved.

Phase I running, Phase II building. Phase I was delivered on schedule and rent began in the second quarter of 2026; civil and structural work is advancing on the 260 MW Phase II. Phase III (133 MW) is leased; Galaxy's filings show no delivery date.
The campus, Satellite image, Aug. 27, 2025
526 MW
IT capacity CoreWeave has committed to across three phases
company statement; 133 MW delivered, 393 MW still to build
133 MW
Phase I IT capacity delivered and earning rent
about 200 MW of grid power; rent began in Q2 2026
1.63 GW
grid power approved and under utility agreement
ERCOT and AEP Texas; about 800 MW is leased and 830 MW is not
$3.507B
Phase II notes sold in July 2026
9.875% senior secured notes due Aug. 1, 2031
OperatorGalaxy Digital (owner and developer)
CustomerCoreWeave (sole tenant under 15-year leases with two 5-year extension options)
Planned IT capacity1.1 GW at full build-out (our estimate from the company or utility power figure)
First building in serviceIn service since June 2026 (about 133 MW of IT capacity live)
Next deadlineJune 2027: Target (Galaxy deck): Phase II rent begins in Q2 2027
The site

The site from above

Satellite overview
Satellite image, Aug. 27, 2025.
Power

Power and the grid

200 MW energized · 600 MW contracted

Phase I, energizedOperating for CoreWeave
200 MW
about 200 MW of grid power for 133 MW of IT capacity SEC filing · June 2026
Phases II and III, leasedLeased to CoreWeave, under construction
600 MW
600 MW of gross power supports the extra 393 MW of IT capacity SEC filing · Aug. 2026
Additional ERCOT approval, not yet leasedApproved, uncontracted to tenants
830 MW
ERCOT approval for an additional 830 MW (Jan. 2026); no tenant yet Company · Jan. 2026
Energized nowContractedApproved

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. 2021
    800 MW interconnection in place
    The original developer, Argo Blockchain, holds ERCOT approval for up to 800 MW at the site substation before Galaxy owns it. see Permits
  2. Jan. 15, 2026
    ERCOT approves 830 MW more
    The grid operator completes its large-load study; AEP Texas signs a service agreement for the added capacity, and Wind Energy Transmission Texas provides transmission. see Permits
  3. Aug. 2026
    Texas orders an audit
    The Governor directs state regulators to audit all data centers in the ERCOT process; Galaxy says existing approvals predate the directive. see Permits
  4. Not set
    Utility contract terms: not public
    No term, minimum bill or exit fee in the AEP Texas service agreement has been published. Company · Oct. 2026
  5. Sept. 8, 2026
    ERCOT conditionally classifies the added 830 MW
    ERCOT lists the added 830 MW as conditional base load, to be energized in 2028, subject to its audit. Company · Sept. 2026
Queue positions on record
  1. Jan. 1, 2026
    ERCOT queue LLIS, Helios II
    830 MW, Large Load Interconnection Study completed, in-service date 2028, at Helios campus, Dickens County, TX Company · Jan. 2026
  2. Sept. 8, 2026
    ERCOT queue Batch Zero, Helios I
    800 MW, classified Batch Zero Base Load Company · Sept. 2026

Grid upgrades

What the grid is building for this load: the asset, its cost, who pays and when it is due to be energized. An upgrade may serve a later phase, not the first building.

Permits

Permits checklist

1 pending · 2 granted · 2 checked, nothing on file

Risks

What could slow it down

Money

Money on record

$3.507B
Phase II senior secured notes, closed Jul. 28, 2026
9.875% due Aug. 1, 2031; Galaxy's holding partnership gave an uncapped completion guarantee SEC filing · July 2026
$1.4B
Phase I construction loan from Deutsche Bank
$1.3B drawn at Jun. 30, 2026; SOFR plus 4.75%; matures Aug. 15, 2028 SEC filing · June 2026
$10.4B
minimum contracted payments for Phase II
company investor presentation; excludes a $100M options payment already received SEC filing · July 2026
$1.49B
construction commitment outstanding
Galaxy's quarterly filing, Jun. 30, 2026 SEC filing · June 2026
$18.9M
first quarter of data center leasing revenue
Q2 2026, from Phase I rent SEC filing · June 2026
$65M
price Galaxy paid Argo Blockchain for the site
Dec. 2022 (press) News report · Dec. 2022
$150M
Phase I rent received in advance
booked as deferred lease revenue at Dec. 31, 2025 SEC filing · June 2026
Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. July 2021
    Site Argo Blockchain breaks ground on a bitcoin mining site here, with an 800 MW interconnection (press) News report · Jan. 2026
  2. Dec. 28, 2022
    Money Galaxy buys the site from Argo for about $65M (press) News report · Dec. 2022
  3. March 28, 2025
    Money CoreWeave signs the Phase I lease for 133 MW of IT capacity SEC filing · June 2026
  4. April 23, 2025
    Money CoreWeave exercises its first option for about 260 MW more Company · July 2026
  5. Aug. 15, 2025
    Money Phase I financing closes: a $1.4B Deutsche Bank term loan SEC filing · June 2026
  6. Sept. 2025
    Money CoreWeave exercises its final option, for 133 MW more, bringing its total to 526 MW Company · July 2026
  7. Jan. 15, 2026
    Power ERCOT approves 830 MW more; total approved capacity passes 1.6 GW Company · Jan. 2026
  8. June 2026
    Construction Phase I rent begins and Galaxy books its first data center leasing revenue SEC filing · June 2026
  9. July 28, 2026
    Money Galaxy closes $3.507B of senior secured notes to fund Phase II SEC filing · July 2026
  10. Aug. 2026
    Permits Texas's Governor orders an audit of data centers in the grid queue SEC filing · Aug. 2026
  11. June 2027
    Construction Target date for Phase II rent to begin SEC filing · July 2026
  12. Aug. 1, 2031
    Money Phase II notes mature SEC filing · July 2026
Construction activity

Building activity by quarter

Since May 2022: 4 OSHA inspections; 2 satellite captures.

OSHA visits
Satellite
’23
’24
’25
’26
Dot size: records in the quarter, largest = 3. Two-digit years mark each first quarter.
The buildings

Specs

2,200+ acres
campus today; the original mining site was 160 acres
Company · July 2026
260 MW IT, 400 MW utility
Phase II: two buildings with eight data halls
SEC filing · July 2026
15 years + 2 x 5
CoreWeave lease term and extension options
Company · July 2026
Who is involved

Owners, partners and builders

Owners and developers
  • Galaxy Digital Inc.: owner, developer and operator
  • Galaxy Helios I and Galaxy Helios Data Centers II: project companies for Phases I and II
  • Argo Blockchain: original developer, sold the site in Dec. 2022
Tenant
  • CoreWeave: sole tenant, 526 MW committed across three phases
Lenders
  • Deutsche Bank: Phase I term loan
  • Morgan Stanley: led the Phase II notes sale
  • Bank of New York Mellon: trustee for the Phase II notes
Power and regulators
  • AEP Texas: serving utility
  • Wind Energy Transmission Texas: transmission provider
  • ERCOT, the Public Utility Commission of Texas and the Governor: approvals and the audit
Builders on site
  • Premier Electrical Staffing LLC: contractor on site per OSHA inspection 346033277; 1 OSHA inspection
  • Anistar Technologies LLC: contractor on site per OSHA inspection 346033343; 1 OSHA inspection
  • Wachter, Inc.: contractor on site per OSHA inspection 346028822
  • Vector Power LLC: contractor on site per OSHA inspection 348740788
  • Vector Power LLC - Osha Referral inspection at 984 CO RD 112: 1 OSHA inspection
Still unknown

Open questions

Where this comes from

209 records from 25 documents

Drawn from securities filings, company statements, news reports, state agency records, public and commercial datasets and satellite captures, each kept with its date and source. The bar shows documents by type.

SEC filing 8Company 7News report 6State agency 3Dataset 2Satellite 0
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (41)
  • On-site generation: not stated
    “In total, the Electric Reliability Council of Texas (ERCOT) has approved over 1.6 gigawatts (GW) of gross power capacity at our Helios campus”
    SEC filing · Oct. 2026 · grade A
  • ERCOT-wide large load context (not campus-specific): 9,456 MW system-wide have received Approval to Energize; ERCOT observed a 4,316 MW non-simultaneous peak from approved loads in August 2026.
    “Of the 9,456 MW that have received Approval to Energize, ERCOT has observed a non-simultaneous monthly peak consumption of 4,316 MW in August 2026”
    State agency · Sept. 2026 · grade A
  • Grid operator: ERCOT
    “In total, the Electric Reliability Council of Texas (ERCOT) has approved over 1.6 gigawatts (GW) of gross power capacity at our Helios campus”
    SEC filing · Aug. 2026 · grade A
  • Phase II Data Center Lease executed between Galaxy Power LLC (landlord) and CoreWeave, Inc. (tenant), the lease later assigned to Galaxy Helios Data Centers II LLC
    “the lease agreement dated August 8, 2025, between Galaxy Power LLC, as landlord, and CoreWeave, Inc., as tenant”
    SEC filing · July 2026 · grade A
  • Utility service: 400 MW
    “two buildings containing eight data halls with a combined total of 400 megawatts (MW) of utility capacity and 260 MW of critical IT capacity (the Project)”
    SEC filing · July 2026 · grade A
  • IT capacity: 260 MW
    “260 MW Critical IT Load Under Contract 15 Years Base Lease Term + Two 5-Year CoreWeave Extension Options”
    SEC filing · July 2026 · grade A
  • Grid upgrade due to be energized by: Nov. 30, 2028
    “Faisan: Construct New 345 kV Station. Interconnect the Helios II load to the new Faisan 345 kV station.”
    Dataset · July 2026 · grade A
  • transmission upgrade (TPIT): Planned
    “Faisan: Construct New 345 kV Station. Interconnect the Helios II load to the new Faisan 345 kV station.”
    Dataset · July 2026 · grade A
  • IT capacity: 133 MW
    “has developed the first 133 megawatts (MW) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave, Inc.”
    SEC filing · June 2026 · grade A
  • Utility service: 200 MW
    “utilizing approximately 200 MW of gross power capacity”
    SEC filing · June 2026 · grade A
  • Phase I lease announced: CoreWeave takes 133 MW critical IT capacity (approximately 200 MW gross) on a 15-year lease
    “under a 15-year lease agreement (the Lease Agreement) entered into in April 2025”
    SEC filing · June 2026 · grade A
  • 830 MW of ERCOT-approved capacity remains uncontracted; company states campus potential up to 3.6 GW including capacity under load study, portfolio context only, never booked as campus MW beyond the mw campus stated obs
    “The remaining 830 MW of approved power capacity remains available to be contracted”
    SEC filing · June 2026 · grade A
  • Construction stage: operating-partial
    “Greenfield development is underway on the 260 MW of critical IT Phase II build, with civil and structural work advancing”
    Company · Oct. 2026 · grade B
  • Utility service: 1,630 MW
    “The capacity received ERCOT approval in January 2026, before the March 4 study validation-check confirmation date, and is part of the more than 1.6 GW already approved at Helios.”
    Company · Sept. 2026 · grade B
  • Interconnection status: ERCOT: 1,630 MW approved (Helios I 800 MW energized; Helios II 830 MW approved Jan 2026, energize 2028); Helios I+II conditional Batch Zero Base Load; Helios III 1,000 MW Batch Zero Studied Load
    “Galaxy Digital Inc. today announced that five of its Texas data center projects received conditional classifications under the ERCOT Batch Zero large load interconnection process”
    Company · Sept. 2026 · grade B
  • large load interconnection request: classified Batch Zero Base Load (conditional)
    “Helios I — 800 megawatts (MW) at the Helios data center campus, classified as Batch Zero Base Load.”
    Company · Sept. 2026 · grade B
  • large load interconnection request: classified Batch Zero Base Load (conditional)
    “Helios II — 830 MW at the Helios data center campus, classified as Batch Zero Base Load.”
    Company · Sept. 2026 · grade B
  • Galaxy's second Texas campus, the approximately 500-acre McGregor campus (Project Merlin, McLennan County), announced July 28, 2026, is a SEPARATE campus. Nothing of McGregor's (74-75 MW initial phase, development agre
    “The McGregor campus is Galaxy's second in Texas”
    Company · July 2026 · grade B
  • IT capacity: 133 MW
    “delivering approximately 200 megawatts ("MW") of gross power - 133 MW of critical IT load - to CoreWeave under the Company's 15-year lease agreement”
    Company · July 2026 · grade B
  • IT capacity: 526 MW
    “Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load - the full 800 MW of gross power currently approved and contracted at Helios”
    Company · July 2026 · grade B
  • IT capacity: 133 MW
    “Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load — the full 800 MW of gross power currently approved and contracted at Helios”
    Company · July 2026 · grade B
  • IT capacity: 526 MW
    “Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load — the full 800 MW of gross power currently approved and contracted at Helios”
    Company · July 2026 · grade B
  • Utility service: 800 MW
    “the full 800 MW of gross power currently approved and contracted at Helios”
    Company · July 2026 · grade B
  • Utility service: 1,630 MW
    “the campus's total approved power capacity has expanded to 1.63 GW”
    Company · July 2026 · grade B
  • Stated campus size: 3,600 MW
    “with the potential to scale to as much as 3.6 GW”
    Company · July 2026 · grade B
  • Site acres: 2200 acres
    “Spanning more than 2,200 acres, the campus's total approved power capacity has expanded to 1.63 GW”
    Company · July 2026 · grade B
  • CoreWeave exercises its first option (Phase II): approximately 260 MW incremental critical IT capacity, deliveries expected throughout 2027; total committed rises to approximately 393 MW
    “Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load”
    Company · July 2026 · grade B
  • CoreWeave exercises its final option (Phase III, 133 MW critical IT); total commitment reaches 526 MW critical IT, the full 800 MW of then-approved gross power
    “the full 800 MW of gross power currently approved and contracted at Helios”
    Company · July 2026 · grade B
  • large load interconnection request: Large Load Interconnection Study completed; ERCOT approval received
    “The capacity received ERCOT approval in January 2026, before the March 4 study validation-check confirmation date, and is part of the more than 1.6 GW already approved at Helios.”
    Company · Jan. 2026 · grade B
  • Utility: AEP Texas Inc.
    “Galaxy has also executed a service agreement with AEP Texas Inc. (AEP) for this additional capacity”
    Company · Jan. 2026 · grade B
  • Utility service: 830 MW
    “received approval from the Electric Reliability Council of Texas (ERCOT) for an additional 830 megawatts (MW) of computing demand at its Helios data center campus in West Texas”
    Company · Jan. 2026 · grade B
  • Power plan: grid
    “Galaxy has also executed a service agreement with AEP Texas Inc. (AEP) for this additional capacity”
    Company · Jan. 2026 · grade B
  • large load interconnection (LLIS): approved
    “In addition to the 800 MW of gross power capacity that is already approved at the current Helios project substation”
    Company · Jan. 2026 · grade B
  • large load interconnection study (LLIS): approved
    “has completed a Large Load Interconnection Study (LLIS) and received approval from the Electric Reliability Council of Texas (ERCOT) for an additional 830 megawatts (MW) of computing demand”
    Company · Jan. 2026 · grade B
  • ERCOT approves an additional 830 MW on LLIS completion; AEP Texas service agreement executed; total approved and utility-contracted capacity exceeds 1.6 GW
    “This approval brings Galaxy's total LLIS-complete, ERCOT-approved, and utility-contracted power capacity at Helios to over 1.6 gigawatts (GW)”
    Company · Jan. 2026 · grade B
  • large load interconnection request: conditionally classified Batch Zero Studied Load
    “Three additional projects—Caspian (700 MW), Selene (900 MW), and Helios III (1,000 MW)—were classified as Studied Load.”
    News report · Sept. 2026 · grade C
  • large load interconnection request: service agreement executed
    “Galaxy has also executed a service agreement with AEP Texas Inc. for this additional capacity. Galaxy's transmission interconnection provider will be Wind Energy Transmission Texas.”
    News report · Jan. 2026 · grade C
  • Argo Blockchain breaks ground on the Helios mining facility in Dickens County, TX; the project held an interconnection agreement for up to 800 MW from the outset
    “After breaking ground in July 2021, the 160-acre Helios campus started operations in May 2022”
    News report · Jan. 2026 · grade C
  • Cryptomining operations start at Helios (Argo Blockchain); initial phase approximately 200 MW
    “the 160-acre Helios campus started operations in May 2022”
    News report · Jan. 2026 · grade C
  • Original target date: 2026
    “Initial power is set to become available in early 2026”
    News report · April 2025 · grade C
  • Announced: July 22, 2021
    “today announced that it has broken ground on its highly-anticipated, renewable energy-focused 200-megawatt (MW) cryptocurrency mining facility in Dickens County, Texas”
    News report · July 2021 · grade C
Money and contracts (69)
  • data center lease (Phase I): termination FINDING: no termination, cancellation or early-exit clause for any Helios lease is disclosed in any public document; the executed lease texts are not public
    “The following table represents future minimum lease income of the Company's operating leases as of June 30, 2026”
    SEC filing · Oct. 2026 · grade A
  • data center lease (Phase II): termination FINDING: termination/cancellation terms of the Phase II lease are not stated in the indenture, the investor presentation or any other public document; the lease text is not publi
    “Section 4.21 No Modification of Data Center Lease”
    SEC filing · Oct. 2026 · grade A
  • tax abatement (Chapter 312): missing agreement finding FINDING: no Chapter 312 tax abatement or other local incentive agreement for this campus was found in the Texas Comptroller registry searches or any other source ope
    “GALAXY HELIOS II QUALIFIED OPPORTUNITY ZONE BUSINESS, LLC, as HoldCo”
    SEC filing · Oct. 2026 · grade A
  • End user: not stated
    “for CoreWeave, Inc. (CoreWeave) under a 15-year lease agreement (the Lease Agreement) entered into in April 2025”
    SEC filing · Aug. 2026 · grade A
  • phase delivery: delivery 393 MW critical IT
    “600 MW of this gross power capacity will support the incremental 393 MW of critical IT load leased to CoreWeave under the Phase II (the “Phase II Lease”) and Phase III (the “Phase III Lease”) leases”
    SEC filing · Aug. 2026 · grade A
  • senior secured notes (Phase II): completion guarantee customary, uncapped completion guarantee of the Project provided by GDH LP
    “In connection with the Notes, GDH LP provided a customary, uncapped completion guarantee with respect to the Project”
    SEC filing · Aug. 2026 · grade A
  • phase delivery: delivery 260 MW critical IT
    “Phase II Contracted Critical IT Load 260 MW Q2 2027 Initial Rent Commencement”
    SEC filing · Aug. 2026 · grade A
  • phase delivery: delivery 133 MW critical IT
    “Phase III Contracted Critical IT Load 133 MW 2028 Initial Rent Commencement”
    SEC filing · Aug. 2026 · grade A
  • Tenants: CoreWeave, Inc.
    “Tenant means (i) with respect to the Project, CoreWeave, Inc., a Delaware corporation”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): execution date lease dated August 8, 2025
    “Data Center Lease means the lease agreement dated August 8, 2025, between Galaxy Power LLC, as landlord, and CoreWeave, Inc., as tenant”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): amendments First Amendment dated January 21, 2026; Second Amendment dated June 3, 2026
    “as amended by that certain First Amendment, dated January 21, 2026, and by that certain Second Amendment, dated June 3, 2026”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): assignment lease assigned to the Issuer (Galaxy Helios Data Centers II LLC) under an Assignment & Assumption Agreement
    “as assigned to the Landlord pursuant to the Assignment & Assumption Agreement”
    SEC filing · July 2026 · grade A
  • senior secured notes (Phase II): maturity August 1, 2031
    “GALAXY HELIOS DATA CENTERS II LLC promises to pay ... the principal sum ... on August 1, 2031. Interest Payment Dates: February 1 and August 1”
    SEC filing · July 2026 · grade A
  • senior secured notes (Phase II): optional redemption redeemable before August 1, 2028 at 100% of principal plus Applicable Premium (make-whole)
    “At any time prior to August 1, 2028, the Issuer may, on any one or more occasions, redeem all or a part of the Notes at a redemption price equal to 100.000% of the principal amount”
    SEC filing · July 2026 · grade A
  • Phase II notes close: $3.507 billion 9.875% senior secured notes due 2031 issued by Galaxy Helios Data Centers II LLC
    “completed its previously announced private offering (the Offering) of 9.875% Senior Secured Notes due 2031 (the Notes)”
    SEC filing · July 2026 · grade A
  • The campus sits in a federal Qualified Opportunity Zone: the Phase II HoldCo is Galaxy Helios II Qualified Opportunity Zone Business, LLC
    “GALAXY HELIOS II QUALIFIED OPPORTUNITY ZONE BUSINESS, LLC, as HoldCo”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): scope 260 MW critical IT capacity; 400 MW utility capacity; two buildings, eight data halls
    “two buildings containing eight data halls with a combined total of 400 megawatts (MW) of utility capacity and 260 MW of critical IT capacity (the Project)”
    SEC filing · July 2026 · grade A
  • senior secured notes (Phase II): principal and coupon 3507000000 USD; 9.875% per annum, payable semi-annually February 1 and August 1 USD
    “has priced a $3.507 billion private offering (the Offering) of 9.875% senior secured notes due 2031 (the Notes)”
    SEC filing · July 2026 · grade A
  • senior secured notes (Phase II): amortization 4.00% per annum of original principal, semi-annual, first payment at least ten months after Project completion
    “The Notes will amortize at a rate of 4.00% per annum of the original principal amount subject to adjustment”
    SEC filing · July 2026 · grade A
  • senior secured notes (Phase II): guarantee and security fully and unconditionally guaranteed by Galaxy Helios II LLC; first-priority liens on substantially all assets of Issuer and Guarantor and on the Issuer's equity
    “The Notes will be fully and unconditionally guaranteed by Galaxy Helios II LLC, a wholly owned direct subsidiary of the Issuer (the Guarantor)”
    SEC filing · July 2026 · grade A
  • senior secured notes (Phase II): use of proceeds finance a portion of the development and construction of the Phase II Project (two buildings, eight data halls) and fund debt service reserves
    “The Issuer intends to use the net proceeds from the Offering to finance a portion of the development and construction of two buildings containing eight data halls”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): minimum contracted lease payments 10400000000 USD
    “$10.4Bn Minimum Contracted Lease Payments ... Reflects remaining lease payments under the lease and does not include a $100M options payment already received”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): rent escalator CPI-linked: 3% annually if CPI below 3%; 5% if CPI above 5%; equal to CPI in between
    “3% if CPI is below 3%; 5% if CPI is greater than 5%; If CPI is between 3%-5%, annual escalation rate shall be equal to the CPI”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): expense structure near triple-net; operating expenses of $15 per kW per month borne as stated in the presentation
    “Near Triple Net Lease ... Includes operating expenses of $15 / kW / month ... Tenant will pay expenses associated with operating the Premises”
    SEC filing · July 2026 · grade A
  • data center lease (Phase II): rent commencement (target) Q2 2027
    “Q2'27 Initial Targeted Rent Commencement Date”
    SEC filing · July 2026 · grade A
  • Construction commitment: 1489200000 USD
    “the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $ 1,489.2 million”
    SEC filing · June 2026 · grade A
  • Data center leasing revenue: 18877000 USD
    “Data center leasing revenue 18,877”
    SEC filing · June 2026 · grade A
  • data center lease (Phase I): scope 133 MW critical IT capacity; approximately 200 MW gross power
    “has developed the first 133 megawatts (MW) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave, Inc.”
    SEC filing · June 2026 · grade A
  • data center lease (Phase I): term 15 years
    “under a 15-year lease agreement (the Lease Agreement) entered into in April 2025”
    SEC filing · June 2026 · grade A
  • data center lease (Phase I): prepaid rent 150000000 USD
    “Deferred lease revenue represents payments received in advance of the Company's performance obligation under the lease agreements in its Data Centers segment”
    SEC filing · June 2026 · grade A
  • data center leases (all phases): minimum lease income (commenced leases) 4747792000 USD
    “The following table represents future minimum lease income of the Company's operating leases as of June 30, 2026 ... Total future minimum lease income $ 4,747,792”
    SEC filing · June 2026 · grade A
  • data center lease (Phase III): scope / option exercise 133 MW critical IT capacity (200 MW gross); final option exercised Q3 2025
    “600 MW of this gross power capacity will support the incremental 393 MW of critical IT load leased to CoreWeave under the Phase II (the Phase II Lease) and Phase III (the Phase III Lease) leases”
    SEC filing · June 2026 · grade A
  • project financing facility (Phase I): facility amount 1400000000 USD
    “entered into a credit agreement (the Credit Agreement) with Deutsche Bank AG providing for a senior secured term loan facility in an aggregate principal amount of up to $ 1.4 billion”
    SEC filing · June 2026 · grade A
  • project financing facility (Phase I): interest rate SOFR plus 4.75%, subject to a 2.5% SOFR floor
    “Loans under the Credit Agreement bear interest at a rate per annum equal to the Secured Overnight Financing Rate (SOFR) plus an applicable margin of 4.75 %, subject to a floor of 2.5 %”
    SEC filing · June 2026 · grade A
  • project financing facility (Phase I): maturity August 15, 2028 (36-month term)
    “Commitments under the Credit Agreement will mature on August 15, 2028, unless otherwise earlier terminated pursuant to the terms of the Credit Agreement”
    SEC filing · June 2026 · grade A
  • project financing facility (Phase I): prepayment voluntary prepayment permitted subject to a Prepayment Premium
    “Galaxy Helios I may repay amounts borrowed and/or terminate the commitments under the Credit Agreement (in whole or part) at any time subject to the payment of a Prepayment Premium”
    SEC filing · June 2026 · grade A
  • project financing facility (Phase I): drawn amount 1300000000 USD
    “As of June 30, 2026, the outstanding amount drawn on this facility was $ 1.3 billion”
    SEC filing · June 2026 · grade A
  • project financing facility (Phase I): purpose / jurisdiction finance construction and development of the Dickens County data center project
    “The intended use for this facility is to finance the construction and development of a data center project in Dickens County, Texas and related costs”
    SEC filing · June 2026 · grade A
  • Phase I financing closes: $1.4 billion senior secured term loan facility (Galaxy Helios I LLC / Deutsche Bank AG), 36-month term
    “On August 15, 2025, Galaxy Helios I LLC (Galaxy Helios I), a wholly owned subsidiary of GDH LP, entered into a credit agreement”
    SEC filing · June 2026 · grade A
  • Phase I rent commencement (Q2 2026); Galaxy recognizes its first data center leasing revenue, $18,877 thousand in Q2 2026
    “Data center leasing revenue 18,877”
    SEC filing · June 2026 · grade A
  • tenant lease: capacity 133 MW critical IT
    “Phase III lease provides for the uptake of an additional 133 MW of incremental critical IT load.”
    SEC filing · Feb. 2026 · grade A
  • phase delivery: delivery 260 MW critical IT
    “Will be completed in phases, with the full capacity for Phase I expected to be delivered by the end of the first half of 2026, Phase II throughout 2027, and Phase III starting in 2028.”
    SEC filing · Feb. 2026 · grade A
  • compute services (end customer): scope not named
    “CoreWeave, as our anchor tenant, has leased a total of 526 MW of critical IT capacity for a period of 15 years, generating an anticipated average annual revenue of over $1B for the combined three phases.”
    SEC filing · Feb. 2026 · grade A
  • utility service agreement: termination / minimum billing FINDING: no term, minimum-billing, exit-fee or termination term of the AEP Texas service agreement is public; the agreement text is not published
    “Galaxy's transmission interconnection provider will be Wind Energy Transmission Texas, LLC (WETT), who facilitated the LLIS studies”
    Company · Oct. 2026 · grade B
  • Tenant status: signed
    “under 15-year leases that include two five-year extension options and are expected to generate more than $1 billion in average annual revenue”
    Company · July 2026 · grade B
  • Tenant status: contracted, sole tenant, 15-year leases, Phases I-III
    “Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load”
    Company · July 2026 · grade B
  • Tenant lease: rent commencement
    “Phase I was delivered on schedule, with rent commencement under the Phase I lease beginning in the second quarter of 2026.”
    Company · July 2026 · grade B
  • Tenant lease: renewal
    “Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load - the full 800 MW of gross power currently approved and contracted at Helios - under 15-year leases that include two five-year extension options”
    Company · July 2026 · grade B
  • Tenant lease: delivery
    “Greenfield development is underway on the 260 MW of critical IT Phase II build, with civil and structural work advancing and Phase II data hall deliveries expected to commence in the first half of 2027.”
    Company · July 2026 · grade B
  • data center lease (Phase I): extension options two five-year extension options
    “under 15-year leases that include two five-year extension options and are expected to generate more than $1 billion in average annual revenue”
    Company · July 2026 · grade B
  • data center lease (Phase I): rent commencement Q2 2026
    “Phase I was delivered on schedule, with rent commencement under the Phase I lease beginning in the second quarter of 2026”
    Company · July 2026 · grade B
  • utility service agreement: scope 830 MW additional capacity (LLIS-complete increment)
    “Galaxy has also executed a service agreement with AEP Texas Inc. (AEP) for this additional capacity”
    Company · Jan. 2026 · grade B
  • Tenants: CoreWeave, Inc.
    “With these additional agreements, CoreWeave has now committed to the full 800 MW of approved power capacity at the Helios datacenter campus.”
    Company · Aug. 2025 · grade B
  • Tenant lease: execution
    “In August, Galaxy executed the lease agreement with CoreWeave for the second phase of its Helios datacenter development. Under this agreement, CoreWeave will access an additional 260 MW of critical IT load”
    Company · Aug. 2025 · grade B
  • Tenant lease: execution
    “CoreWeave recently exercised its final option with the Company to access an additional 133 MW of critical IT load for its AI and HPC operations.”
    Company · Aug. 2025 · grade B
  • Tenant lease: capacity 133 MW critical IT
    “CoreWeave recently exercised its final option with the Company to access an additional 133 MW of critical IT load for its AI and HPC operations.”
    Company · Aug. 2025 · grade B
  • Tenant lease: execution
    “pursuant to terms substantially similar to those outlined in the 15-year, 133 megawatt ("MW") lease agreement previously announced on March 28, 2025 ("the Phase I agreement")”
    Company · April 2025 · grade B
  • Tenant lease: capacity 133 MW critical IT
    “pursuant to terms substantially similar to those outlined in the 15-year, 133 megawatt ("MW") lease agreement previously announced on March 28, 2025 ("the Phase I agreement")”
    Company · April 2025 · grade B
  • Tenant lease: term 15 years
    “pursuant to terms substantially similar to those outlined in the 15-year, 133 megawatt ("MW") lease agreement previously announced on March 28, 2025 ("the Phase I agreement")”
    Company · April 2025 · grade B
  • Tenant lease: delivery
    “Galaxy expects Phase I of its agreement with CoreWeave to be ready for service in the first half of 2026.”
    Company · April 2025 · grade B
  • Tenant lease: execution
    “CoreWeave Inc. has exercised its first option to access additional critical IT load”
    Company · April 2025 · grade B
  • Tenant lease: capacity 260 MW critical IT
    “Under the Phase II option agreement, Galaxy has agreed to deliver approximately 260 MW of incremental critical IT load”
    Company · April 2025 · grade B
  • Tenant lease: term 15 years
    “pursuant to terms substantially similar to those outlined in the 15-year, 133 megawatt ("MW") lease agreement previously announced on March 28, 2025 ("the Phase I agreement")”
    Company · April 2025 · grade B
  • Tenant lease: delivery
    “Critical IT load under Phase II is expected to be delivered throughout 2027.”
    Company · April 2025 · grade B
  • Galaxy moved its own bitcoin mining off the campus as CoreWeave takes over; Galaxy signed a 48 MW hosting contract at Soluna's Project Kati (separate site, context only, no MW booked here)
    “Galaxy is moving its mining operations elsewhere, having signed a 48MW contract at Soluna's Project Kati data center in Texas”
    News report · July 2026 · grade C
  • Tenant lease: contract value 4500000000 USD
    “Over the 15-year term, Galaxy expects to generate approximately $4.5 billion of total revenue.”
    News report · March 2025 · grade C
  • asset acquisition: purchase price 65000000 USD
    “an Argo subsidiary will sell its Helios facility in Dickens County, Texas for $65 million (£54 million) and refinance its asset-backed loans”
    News report · Dec. 2022 · grade C
  • asset acquisition: related financing and hosting new $35 million asset-backed loan from Galaxy to Argo; two-year hosting agreement for Argo's mining fleet at Helios
    “Argo will maintain ownership of all mining machines, and Galaxy will host Argo's fleet of Bitmain S19J Pros at Helios”
    News report · Dec. 2022 · grade C
  • Galaxy Digital acquires Helios from Argo Blockchain for approximately $65 million, with a $35 million asset-backed loan to Argo and a two-year Argo hosting agreement
    “an Argo subsidiary will sell its Helios facility in Dickens County, Texas for $65 million (£54 million) and refinance its asset-backed loans”
    News report · Dec. 2022 · grade C
Permits and government (4)
  • state audit directive: directed
    “in August 2026, the Governor of Texas directed the Public Utility Commission of Texas (PUCT) and ERCOT to conduct a comprehensive verification and audit of all data centers advancing through ERCOT's interconnection process”
    SEC filing · Aug. 2026 · grade A
  • Texas governor directs PUCT/ERCOT audit of all data centers in the ERCOT interconnection process; Galaxy's 10-Q flags that the review may impact power approval timelines at certain of its sites. The campus's existing app
    “PUCT and ERCOT must complete this audit before any data center project moves forward. This review may impact the power approval timelines for certain of our data center sites”
    SEC filing · Aug. 2026 · grade A
  • grid capacity approval (total): approved
    “In total, the Electric Reliability Council of Texas (ERCOT) has approved over 1.6 gigawatts (GW) of gross power capacity at our Helios campus”
    SEC filing · June 2026 · grade A
  • air permit (TCEQ): none found
    “Pending Air Permits: Information on Current Applications ... New Source Review (NSR) case-by-case and standard permit applications”
    State agency · Oct. 2026 · grade B
Site and other (8)
  • Developer: Galaxy Digital Inc.
    “The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops and operates HPC infrastructure”
    SEC filing · Aug. 2026 · grade A
  • Owner operator: Galaxy Digital Inc.
    “The Data Centers segment comprises the Helios infrastructure assets”
    SEC filing · Aug. 2026 · grade A
  • County code: Dickens County, TX (48125)
    “to be built on an approximately 260-acre property in Dickens County, Texas”
    SEC filing · July 2026 · grade A
  • Stage: operating (Phase I) / building (Phases II-III)
    “Phase I was delivered on schedule, with rent commencement under the Phase I lease beginning in the second quarter of 2026”
    Company · Oct. 2026 · grade B
  • Cooling: closed-loop cooling system
    “Just like its Helios data center campus, the facility will use a closed-loop cooling system that recirculates water internally, keeping water use low”
    Company · July 2026 · grade B
  • Campus name: Helios Data Center Campus
    “Galaxy Completes Phase I of Its Helios Data Center Campus, Delivering 133 Megawatts of Critical IT Load to CoreWeave”
    Company · July 2026 · grade B
  • Current target date: 2026
    “Phase I was delivered on schedule, with rent commencement under the Phase I lease beginning in the second quarter of 2026”
    Company · July 2026 · grade B
  • Site acres: 160 acres
    “After breaking ground in July 2021, the 160-acre Helios campus started operations in May 2022”
    News report · Dec. 2022 · grade C

Imagery and records: Satellite imagery: Maxar via Esri World Imagery Wayback.