Galaxy to Pay $346M a Year for CoreWeave Texas Build

Galaxy Digital’s project subsidiary priced $3.507 billion of 9.875% senior secured notes on July 23 to help fund Helios Phase II, a CoreWeave-linked data-center build in Texas. The deal is set to close July 28 and the notes mature Aug. 1, 2031.

Proceeds will finance part of two buildings with eight data halls at the Helios campus, including about 400 megawatts of utility capacity and roughly 260 megawatts of critical IT capacity. Some funds will also be reserved for debt-service requirements.

The 9.875% coupon implies roughly $346.3 million in cash interest each year, payable semiannually on Feb. 1 and Aug. 1 beginning in 2027. The first interest payment will cover a partial period; the issuer has not disclosed the amount.

Principal repayment follows a different timetable. The notes are scheduled to amortize at 4% of original principal per year, about $140.28 million before adjustments, paid in semiannual installments. The first principal payment is due at least 10 months after project completion and may be adjusted based on the construction schedule.

Creditors will hold first-priority liens on nearly all project assets and on the parent-held equity in the issuer. The disclosed security interests cover Galaxy Helios Data Centers II LLC, the project guarantor and the parent’s equity stake in the issuer; they do not extend to Galaxy Digital’s broader corporate assets.

CoreWeave committed to approximately 260 megawatts of incremental critical IT load for Phase II in April 2025 under terms similar to the Phase I agreement. Galaxy reported Phase I was completed on schedule and that Phase II data-hall handovers are expected to begin in the first half of 2027.

Interest payments begin on a fixed schedule in 2027, while principal amortization depends on project completion. The timing of Phase II handovers will determine when principal repayments start and how long the project carries the annual cash interest costs through the notes’ 2031 maturity.