Galaxy Digital, founded by Mike Novogratz, continues its transition from the cryptocurrency sector to the artificial intelligence sector. The company has secured a $460 million private investment to transform its former Bitcoin mining site in Texas into a large data center dedicated to AI and high-performance computing. This funding illustrates a growing trend: crypto players are reorienting their infrastructures towards AI as demand for computing power explodes.
In brief
- Galaxy Digital has raised $460 million to accelerate its conversion from mining to AI infrastructure.
- The capital comes from the sale of approximately 12.78 million shares, including a direct issuance and securities transferred by management.
- This raising follows a $1.4 billion credit facility established in August to finance the development of Helios.
Galaxy secures new funds for Helios project
According to the official announcement, Galaxy has reached an agreement with one of the world's largest asset managers for this $460 million investment. The transaction provides for the purchase of Class A common shares at $36 per unit: more than 9 million shares issued by the company and 3.75 million acquired from senior executives.
Key details of the investment and next steps:
- Joint sale of approximately 12.78 million shares represents $460 million
- Funds will be used for general corporate purposes and to accelerate development of the Helios campus in West Texas
- The Helios site is expected to reach a capacity of 133 MW in the first half of 2026, becoming the base for AI and HPC operations
- The transaction is expected to close on or around October 17, 2025, subject to approvals from the Toronto Stock Exchange
Novogratz said the investment strengthens Galaxy's financial position and supports its expansion in large-scale data infrastructure. He emphasized: “Seeing one of the world’s largest institutional investors place such confidence in us validates our strategy and ambition to build global leaders in digital assets and data centers. »
The development of Helios supported by $1.4 billion and a strategic partnership
This new investment is added to the $1.4 billion loan facility obtained in August to finance the expansion of Helios. This funding covers initial site development costs and enables the launch of the first phase of power supply for AI, in partnership with CoreWeave Inc.
At that time, Novogratz explained that Galaxy was moving forward with a disciplined and strategic approach aimed at making Helios one of the largest and most advanced AI data centers in the world. He attributed the project's progress to careful planning and consistent implementation by his team.
As part of the development of the site, CoreWeave has committed to all of the 800 megawatts allocated to the Helios project. Under the terms of the agreement, Galaxy expects to generate more than $1 billion in average annual revenue over the 15-year term of its partnership with CoreWeave.
The recently secured funding gives Galaxy the means to accelerate the development of the Helios project while consolidating its transition from cryptocurrency mining to large-scale artificial intelligence infrastructure.
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