Cryptomining firm Galaxy Digital Holdings is converting its flagship cryptomine data center in West Texas to host AI cloud provider CoreWeave.

Galaxy has entered a 15-year lease agreement with CoreWeave. Under the terms of the deal, Galaxy will deliver 133MW of Critical IT Load (200MW total) to host CoreWeave’s artificial intelligence (AI) and high-performance computing (HPC) infrastructure at the former’s Helios data center campus in the panhandle region of West Texas.

As part of the conversion process, Galaxy will be removing cryptomining hardware from the site.

Galaxy first announced an agreement with an unnamed hyperscaler back in November 2024, which has now been revealed as CoreWeave. Capacity will be delivered in phases, but the full 133MW is due to be delivered by the end of H1 2026. Over the 15-year term, Galaxy expects to generate approximately $4.5 billion of total revenue.

In an earnings call, Galaxy chief investment officer Christopher Ferraro said the company has already commenced the selective demolition of the 126,000-square-foot (11,705 sqm) data center shell and will begin unplugging mining machines in the second quarter. He added that the company will “continue to explore creative structures” to monetize its remaining A6 mining fleet.

“We’re building Phase I and future phases to a true Tier III N+1 redundancy across really all systems," he said.

Ferraro added that beyond the current contracted capacity, the company has ERCOT approval for an additional 600MW of gross power capacity at the campus, which CoreWeave has an option on. Further expansions are also planned.

“In addition to the 800MW of gross power capacity we’re already approved for, we have an additional 1.7GW under various stages of load study at Helios, which we anticipate some portion to be approved of in the next several months,” he said.

Galaxy describes itself as a digital asset and blockchain firm; its offerings include trading, lending, strategic advisory services, institutional-grade investment solutions, Bitcoin mining and hosting services, network validating services, and the development of enterprise self-custodial technology.

After breaking ground in July 2021, the 160-acre campus started operations in May 2022. Galaxy acquired the data center, located in Dickens County, from Argo Blockchain in late 2022 for approximately $65 million. As part of the deal, the two companies signed a two-year hosting deal. Argos sold the facility to pay down its debts amid the prospect of bankruptcy.

Aside from the Helios site, Galaxy Mining broke ground on its own cryptomining facility in Texas back in 2022 for a 2023 go-live date - though its current status is unclear. Galaxy recently reached a $200m settlement with the New York attorney general over its involvement in the promotion of the failed Luna cryptocurrency.

CoreWeave, which recently joined the Nasdaq, was founded in 2017 as a cryptomining firm but now offers access to GPUs for AI applications. The likes of Microsoft, OpenAI, and IBM are customers.

At the end of 2024, the company said it had 32 data centers operating more than 250,000 GPUs in total and more than 360MW of active power. It has an additional 10 new data centers planned across 2025 and a total of 1.3GW of contracted power.

As well as self-building, US data center providers serving CoreWeave include Lincoln, Chirisa, Flexential, TierPoint, Digital Realty, Switch, and Core Scientific. In Europe, CoreWeave is located in data centers owned by Bulk, Global Switch, EcoDataCenter, Digital Realty, and EdgeConneX.

Galaxy is the latest crypto-focused company looking to pivot to AI data centers amid increased demand for available capacity. The likes of Hive Digital Technologies, Northern Data, Applied Digital, Iris Energy, Mawson Infrastructure, Crusoe, and others are but a small number of those that have made the shift.

Core Scientific is also set to lease hundreds of megawatts of capacity to CoreWeave, and is another firm repurposing cryptomine facilities to host GPUs.