Galaxy raises $460 million to advance Texas AI data center transformation

according to The Block, Galaxy Digital completed a private placement at $36 per share, issuing approximately 9 million new shares and selling about 3.8 million shares by management (including CEO Mike Novogratz). The transaction is expected to be completed after approval from the Toronto Stock Exchange.

The funds will be used for general corporate purposes and the next phase of construction at the Helios campus in Dickens County, Texas, which is being transformed from a Bitcoin mining site into a data center providing high-performance computing for CoreWeave. The first phase is expected to go live in the first half of 2026 and will support tens of thousands of high-end AI servers. Galaxy previously secured $1.4 billion in project financing and signed a 15-year lease with CoreWeave, with annual revenue expected to exceed $1 billion; this project could grow to become one of the largest data centers in the United States.