Galaxy Digital said this week that the second phase of its Helios data center campus in Dickens County, Texas, is under construction for CoreWeave, while 830 MW of approved power capacity at the site remains unleased. The details come from the company's third-quarter 2026 results, filed as exhibits to a Form 8-K on October 27.
Helios sits on more than 2,200 contiguous acres roughly 60 miles from Lubbock in West Texas. Phase I, leased to CoreWeave, delivered all 133 MW of critical IT load by the end of the second quarter of 2026 at a construction cost of $1.8 billion.
Phase II carries 260 MW of contracted critical IT load and is fully financed through $3.5 billion in senior secured notes. Galaxy puts its estimated construction cost at $4.0 billion, an internal figure, and data hall deliveries are scheduled to begin in the second quarter of 2027. Phase III is also leased to CoreWeave for 133 MW of critical IT load, with rent starting in 2028. Across the three phases, CoreWeave holds 526 MW of critical IT load, equal to about 800 MW of gross power.
Separate from those leases, the campus has 1,630 MW of total approved power capacity and more than 3,600 MW of total potential capacity. The 830 MW of approved capacity tied to Helios II is measured in gross power rather than IT load, and Galaxy said it is in discussions with prospective tenants.
Galaxy projects annual base revenue of $315 million from Phase I and $675 million from Phase II, and more than $30 billion in total potential contract value if two five-year extensions are exercised. Those are company projections.
Source: Colocation Scout -- https://colocationscout.com/news-galaxy-helios-phase-ii-q2-2027-830mw-unleased.html