Galaxy Digital Expands AI and HPC Focus with CoreWeave Deal, Shares Surge
Galaxy Digital (GLXY) shares jumped by 8% and are now up 60% from their April lows, following the announcement of an expanded partnership with CoreWeave (CRWV). This move highlights Galaxy’s growing ambitions in the rapidly expanding artificial intelligence (AI) and high-performance computing (HPC) sectors.
Under the new agreement, CoreWeave will gain access to an additional 260 megawatts (MW) of critical IT load at Galaxy’s Helios data center campus in West Texas. This brings the total AI and HPC capacity at the site to 393 MW, strengthening Galaxy’s presence in the data center industry.
The deal marks a significant pivot away from bitcoin mining, as the Helios campus—acquired from Argo Blockchain in 2022—continues to evolve into a key player in the infrastructure supporting next-gen technologies. Mike Novogratz, CEO of Galaxy Digital, highlighted the strategic value of diversifying the company’s operations into blockchain, crypto, and AI, underscoring the long-term growth potential to enhance shareholder returns.
As a result of the announcement, Galaxy’s stock soared, reflecting investor confidence in the company’s evolving strategy. CoreWeave also saw an uptick, rising as much as 13%, and recently trading 10% higher.
This new deal follows the Phase I lease agreement in March, which committed 133 MW over 15 years. The Phase II commitment mirrors the terms of the initial agreement, showing mutual trust in the site’s capabilities and its strategic location. Phase I is expected to be service-ready by mid-2026, while Phase II will come online in 2027.
The Helios campus is uniquely positioned, with 800 MW of approved capacity and an additional 1.7 gigawatts under evaluation, opening the door for further expansion.
In addition to the AI and HPC focus, Galaxy is actively exploring ways to monetize its legacy bitcoin mining infrastructure, signaling a clear shift in its operational strategy.
