Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when GLXY files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsGalaxy Digital subsidiary announces $3.5B notes offering to finance 260 MW AI data center
Filed July 22, 2026 · Period ending July 22, 2026 · ~2 min read
Key Changes
-
high
Galaxy Helios Data Centers II LLC announced $3.507B senior secured notes due 2031 to finance construction of 260 MW critical IT capacity data center in Dickens County, Texas, leased to CoreWeave for 15 years with 13.7% starting gross yield on cost.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
high
CoreWeave tenant has $43.6B market cap, $6.2B+ LTM revenue, $99.4B contracted revenue backlog as of Q1 2026, and Nvidia owns ~11.5% equity stake with up to $6.3B cloud capacity purchase obligation through April 2032.
Exhibit 99.1 view on EDGAR → -
high
Lease structure includes $10.4B minimum contracted payments, 3-5% annual rent escalators, ~90%+ NOI margin under near triple-net terms, with rent commencement targeted for Q2 2027 and two 5-year CoreWeave extension options.
Exhibit 99.1 view on EDGAR → -
high
Financial projections show rent growing from $155M in 2027 to $830M by 2042, with $3.507B debt fully amortized by 2040 and cumulative levered free cash flow after debt service reaching $3.765B by 2043.
Exhibit 99.1 view on EDGAR → -
medium
Galaxy Helios Campus has 1.63 GW of approved electrical capacity with 800 gross MW now leased to CoreWeave (including this 400 MW Phase II project); company has delivered Phase I demonstrating execution capability.
Exhibit 99.1 view on EDGAR →
Summary
Galaxy Digital announced a $3.5 billion senior secured notes offering through subsidiary Galaxy Helios Data Centers II LLC to finance construction of a 260 MW critical IT capacity AI data center in Texas. The facility is fully leased to CoreWeave, a GPU-accelerated cloud provider backed by Nvidia, under a 15-year triple-net lease with $10.4 billion in minimum contracted payments and a 13.7% starting gross yield on cost. CoreWeave's financial profile is strong: $43.6 billion market cap, over $6 billion in trailing revenue, and $99.4 billion in contracted backlog, with Nvidia holding an 11.5% equity stake and committed to purchasing up to $6.3 billion of cloud capacity through 2032.
For Galaxy Digital shareholders, this represents a major expansion of the company's data center infrastructure business into AI-focused facilities. The lease economics are attractive with 90%+ NOI margins and 3-5% annual rent escalators, and the financial projections show the $3.5 billion debt fully amortized by 2040 while generating cumulative levered free cash flow of $3.8 billion by 2043. The offering is subject to market conditions with no assurance of completion, but if successful, it positions Galaxy to capitalize on surging AI infrastructure demand through its 1.63 GW Helios Campus, where the company has already demonstrated execution capability by delivering Phase I.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Issuer intends to use the net proceeds from the Offering to finance a portion of the development and construction of two buildings containing eight data halls with a combined total of 400 megawatts (“MW”) of utility capacity and 260 MW of critical IT capacity (the “Project”) to be built on an approximately 260-acre property in Dickens County, Texas and to fund debt service reserves.
The proceeds will finance construction of a large-scale data center project in Dickens County, Texas, consisting of two buildings with eight data halls, 400 MW of utility capacity, and 260 MW of critical IT capacity on approximately 260 acres. Proceeds will also fund debt service reserves.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
This presentation, the information contained herein and the materials accompanying it (collectively, this “Presentation”) has been prepared by Galaxy Digital Inc. (“Parent”), Galaxy Helios Data Centers II LLC (the “Issuer”) and Galaxy Helios II LLC (the “Subsidiary Guarantor” and, together with Parent and the Issuer, the “Company Parties”) solely in connection with a proposed offering of senior secured notes (the “notes”) by the Issuer
Galaxy Digital Inc., through subsidiary Galaxy Helios Data Centers II LLC, is offering senior secured notes to finance a data center project. The notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and will not be registered under the Securities Act of 1933.
Added in current filing · view on EDGAR →
~$3.5Bn Financing of the Helios Data Center ... • Developing Project Speed Phase II (400 Gross MW / 260 MW Critical IT Load), leased to CoreWeave ... 260 MW Critical IT Load Under Contract 15 Years Base Lease Term + Two 5-Year CoreWeave Extension Options 13.7% Starting MRC Gross Yield on Cost $10.4Bn (3) (5) Minimum Contracted Lease Payments Q2’27 (5) Initial Targeted Rent Commencement Date ~90%+ (6) 3.0-5.0% (4) Annual Rent Escalator Near Triple Net Lease (7) NOI Margin
The approximately $3.5 billion financing will fund a 260 MW critical IT load data center (400 MW gross capacity) leased to CoreWeave for 15 years with two 5-year extension options. The lease has a 13.7% starting gross yield on cost, $10.4 billion in minimum contracted lease payments, targeted rent commencement in Q2 2027, annual rent escalators of 3-5% tied to CPI, and approximately 90%+ NOI margin under a near triple-net lease structure.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify