The disclosure and our analysis
Evidence dates
Evidence: Galaxy Digital Inc. third quarter 2026 press release and investor overview, filed as exhibits to a Form 8-K on October 27, 2026. Read October 28, 2026. Capacity and status figures below are as of that filing unless noted.
What Galaxy disclosed
1. **Phase I delivered:** Galaxy says all 133 MW of critical IT load under the Helios I, Phase I lease was delivered to CoreWeave by the end of the second quarter of 2026. The third quarter was the first full quarter of revenue from that lease. [Source 1]
2. **Phase II under construction:** Galaxy says Helios I, Phase II is fully financed and under construction, with both buildings and the supporting substation on schedule and within budget, and data hall deliveries scheduled to begin in the second quarter of 2027. The investor overview lists 260 MW of contracted critical IT load for Phase II with initial rent commencement in Q2 2027. [Source 1] [Source 2]
3. **Phase III leased:** the overview lists a third CoreWeave phase of 133 MW of contracted critical IT load with initial rent commencement in 2028. Across the three phases, Galaxy says CoreWeave has leased 526 MW of critical IT capacity. [Source 2]
4. **Financing:** Galaxy says it completed a $3.5 billion offering of senior secured notes to fund construction of Helios I, Phase II. The overview gives an estimated Phase II construction cost of $4.0 billion, labeled an internal estimate, and a Phase I construction cost of $1.8 billion. [Source 1] [Source 2]
5. **Unleased capacity:** Galaxy says it continues to advance discussions with prospective tenants for the additional 830 MW of approved capacity at Helios II not yet under lease. [Source 1]
6. **Campus and pipeline:** the overview describes Helios as over 2,200 contiguous acres in Dickens County, West Texas, about 60 miles from Lubbock, with 1,630 MW of total approved power capacity, 800 MW of gross leased capacity and more than 3,600 MW of total potential power capacity. Across Texas, Galaxy says its power pipeline now totals over 5.7 GW of potential capacity at eight named sites. That total assumes full approval and allocation of identified potential capacity. [Source 2]
How to read the megawatts
Galaxy uses two different bases, and they should not be combined. The 133 MW, 260 MW and 133 MW phase figures, and the 526 MW total, are critical IT load. The 800 MW leased figure is gross power capacity: the overview says the three CoreWeave phases represent about 200 MW, 400 MW and 200 MW of gross power capacity. The 830 MW at Helios II and the 1,630 MW campus figure are approved power capacity, also a gross power basis, not critical IT load. The reviewed filing does not say how much critical IT load 830 MW of approved power would support. [Source 2]
The 5.7 GW pipeline is potential capacity. Galaxy's own categories within it range from capacity contracted under executed options or leases, to capacity that has completed development milestones, to capacity conditionally classified as Batch Zero Studied Load subject to ERCOT's ongoing audit and community impact review, to expansion opportunities. It is not approved or available capacity. [Source 2]
Disclosed economics
The overview lists annual base revenue of $315 million for Phase I and $675 million for Phase II, and says the three phases together are anticipated to generate average annual revenue of over $1 billion. Galaxy says these figures reflect anticipated annual revenue at full turnover, including annual escalators, and that each data hall is leased through a 15-year base term that begins when the final data hall is turned over. It gives a total potential contract value of over $30 billion, which assumes two five-year extension options are exercised. These are company projections. [Source 2]
Status
On our status vocabulary, as of October 27, 2026: Helios I Phase I is Leased to CoreWeave, and Galaxy says its 133 MW of critical IT load has been delivered. Phase II is Under construction according to Galaxy, with data hall deliveries scheduled to begin in Q2 2027. Phase III is Leased, with rent expected to begin in 2028. The 830 MW at Helios II is described by Galaxy as approved capacity; the reviewed filing does not name the approving authority or its conditions, and it is not leased. None of this establishes capacity Available to new customers under our definition.
Buyer analysis
This is our analysis, not Galaxy's. The useful number is the 830 MW. It is the unleased approved power at a campus that has already delivered a first phase on schedule, by Galaxy's account, which makes it a large block of approved power that a large AI tenant could still contract. It is gross power, so the IT load a tenant could use would be lower, and Galaxy has not given a delivery schedule for it.
For buyers below hyperscale size, Helios is not a colocation option: the leased phases are dedicated to CoreWeave. Its relevance is as a signal of where large AI capacity is being built in West Texas and how long delivery takes. Phase II deliveries begin about a year after Phase I finished.
We have not assigned this project to a tracked market. Dickens County lies outside the metro areas Colocation Scout covers in Texas.
