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Galaxy Digital Deepens AI and HPC Pivot With Expanded CoreWeave Deal, Shares Surge
Galaxy shares surged 8% and are now 60% higher than their April lows.
Updated Apr 23, 2025, 2:48 p.m. Published Apr 23, 2025, 2:16 p.m.
What to know:
- Galaxy and CoreWeave expanded their partnership, with CoreWeave committing to an additional 260 MW of critical IT load at Galaxy’s Helios data center, increasing total capacity to 393 MW for AI and HPC operations.
- This move accelerates Galaxy’s shift from bitcoin mining to digital infrastructure, positioning the company as a major participant in the AI-driven data center market and supporting long-term growth through diversification.
Galaxy Digital (GLXY) said it deepened its strategic partnership with CoreWeave (CRWV), reinforcing its ambitions in the fast-growing artificial intelligence (AI) and high-performance computing (HPC) data center industry.
Under a 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, bringing the total committed capacity for AI and HPC operations at the site to 393 MW.
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The move marks another shift by Galaxy away from bitcoin mining, with the Helios campus acquired from Argo Blockchain in 2022 moving toward becoming a cornerstone for next-gen digital infrastructure. CEO Mike Novogratz emphasized the strategic value of diversifying the company's business across blockchain, crypto and AI, highlighting the long-term potential to maximize shareholder value.
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Galaxy shares rose as much as 8% in Toronto trading and are now up 60% from their April lows. CoreWeave rose as much as 13% as was recently trading 10% higher.
This announcement follows the March Phase I lease agreement that covered 133 MW over 15 years. The new Phase II commitment mirrors the terms of the initial deal and reflects both parties' confidence in the site's capacity and strategic location. With infrastructure upgrades already in motion, Phase I is expected to be service-ready by mid-2026, while Phase II will come online in 2027.
The site benefits from 800 MW of approved capacity and an additional 1.7 gigawatts currently undergoing evaluation — positioning Galaxy for further expansion.
CoreWeave retains exclusivity for even more capacity
Meanwhile, Galaxy is also exploring opportunities to monetize its legacy bitcoin mining infrastructure, signaling a decisive pivot in its operational focus.
Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
UPDATE (April 23, 14:49 UTC): Rewrites headline to add context.
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