The brutal $346M math behind Galaxy’s high-stakes race to build CoreWeave’s Texas AI mega-center
Galaxy Digital raised $3.507 billion to finance part of its CoreWeave data-center expansion at the Helios campus in Texas through 9.875% senior secured notes due Aug. 1, 2031. The deal carries about $346.3 million in annual cash interest, with payments starting in 2027 and then due every Feb. 1 and Aug. 1. The proceeds fund two buildings with eight data halls, supporting 400 MW of utility capacity and 260 MW of critical IT capacity, with some money reserved for debt service. Principal amortizes at 4% of original principal annually, or about $140.28 million before adjustments, but only after construction is complete. Creditors have first-priority claims on most project assets and the parent’s equity in the issuer, not Galaxy Digital’s broader assets. Phase I was completed on schedule, and Phase II deliveries are expected in the first half of 2027.
