Galaxy Digital bolsters AI and HPC efforts by expanding partnership with CoreWeave and boosting its stock
Galaxy shares have risen 8% and are now 60% above their April low.
James Van Straten, AI Boost | Edited by Sheldon Reback Updated April 23, 2025, 2:48 PM Published April 23, 2025, 2:16 PM
Key points:
- Galaxy and CoreWeave have deepened their partnership, with CoreWeave committing to providing an additional 260 MW of critical IT workload capacity in Galaxy's Helios data center, bringing the total capacity to 393 MW for AI and HPC operations.
- The move accelerates Galaxy's transition from Bitcoin mining to digital infrastructure, solidifying the company's position as a significant player in the AI data center market and supporting long-term growth through diversification.
Galaxy Digital (GLXY) announced a strategic partnership with CoreWeave (CRWV), furthering its ambitions in the rapidly growing artificial intelligence (AI) and high-performance computing (HPC) data center space.
As part of the new agreement, CoreWeave will gain access to an additional 260 megawatts (MW) of dedicated critical IT load at the Galaxy Helios data center in West Texas, bringing the total dedicated capacity for AI and HPC operations at the site to 393 MW.
The move marks another shift away from Bitcoin mining for Galaxy, as the Helios campus acquired from Argo Blockchain in 2022 becomes the foundation of the next generation of digital infrastructure. CEO Mike Novogratz noted the strategic importance of diversifying the company's business model into blockchain, cryptocurrency, and AI, highlighting the long-term potential to maximize shareholder value.
Galaxy shares rose 8% in Toronto trading and are now up 60% from their April lows. CoreWeave shares jumped 13% and were recently trading 10% higher.
The announcement follows the March agreement for the first phase of the lease, covering 133 MW over a period of 15 years. The new commitment for the second phase reflects the terms of the original deal and demonstrates the confidence of both parties in the capacity and strategic location of the facility. With infrastructure upgrades already underway, the first phase is expected to be ready for commissioning by mid-2026, with the second phase coming online in 2027.
The facility has an approved capacity of 800 MW, with an additional 1.7 gigawatts currently being assessed, allowing Galaxy to prepare for further expansion.
CoreWeave retains exclusive rights to even greater capacity.
At the same time, Galaxy is also exploring ways to monetize its legacy Bitcoin mining infrastructure, highlighting a major turnaround in its operations.
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UPDATE (April 23, 14:49 UTC): Headline has been rewritten to add context.
