Galaxy Digital Secures $460M to Build Massive AI Hub in Texas
Galaxy Digital has raised $460 million from one of the world’s largest asset managers as it accelerates its transformation from crypto infrastructure to artificial intelligence (AI) powerhouse.
The fresh capital will fund the conversion of its former Bitcoin mining site in Texas into a high-performance computing (HPC) hub dedicated to AI workloads.
The investment, priced at $36 per share, involves the issuance of approximately 9 million new shares and the sale of 3.8 million shares by Galaxy executives, including CEO Mike Novogratz. The transaction is expected to close on Oct. 17, pending approval from the Toronto Stock Exchange, according to a company press release issued Friday.
Galaxy Expands Helios Facility for AI Era
The funding will support the next phase of development at Helios, Galaxy’s data center campus in Dickens County, Texas. Originally built as one of North America’s largest Bitcoin mining operations, Helios is being reimagined as a high-capacity HPC site for AI-cloud provider CoreWeave.
The first stage of the AI conversion — designed to host tens of thousands of advanced AI servers — is slated to go live in the first half of 2026. Future phases will expand Helios into one of the largest data centers in the United States.
Galaxy previously acquired the Helios facility from Argo Blockchain in 2022 for $65 million and secured a $1.4 billion project-finance facility to back the transformation. A 15-year lease with CoreWeave is expected to generate over $1 billion in annual revenue, signaling Galaxy’s long-term commitment to bridging the crypto and AI industries.
Institutional Confidence in Galaxy’s AI Ambitions
“Strengthening our balance sheet is essential to scaling Galaxy Digital’s data center business efficiently while maintaining the financial flexibility to support future growth,†said Novogratz.Â
“Having one of the world’s largest and most sophisticated institutional investors make such a significant investment in our company will support our strategic vision and our ability to build leading businesses across digital assets and data centers.â€
The deal reflects growing institutional confidence in Galaxy’s shift toward diversified infrastructure. Following Bitcoin’s fourth halving in April 2024, many mining firms have moved beyond traditional mining operations to leverage their energy assets and technical expertise for AI and HPC hosting.
Market Reaction and Strategic Outlook
Galaxy’s U.S.-listed shares (NASDAQ: GLXY) surged to an all-time high above $44 before closing just under $40, as broader tech and crypto markets retreated following President Donald Trump’s remarks about new tariffs on Chinese imports. In after-hours trading, Galaxy’s stock dropped roughly 3.22%.
Galaxy Digital share price (Source: Google Finance)
The fundraising positions Galaxy Digital as a key bridge between the digital asset economy and the AI infrastructure boom, potentially setting a precedent for other crypto-native firms pivoting toward hybrid blockchain-AI models.
