Galaxy Digital Strengthens AI and HPC Expansion with CoreWeave Agreement, Shares Surge

Galaxy Digital (GLXY) saw its shares rise 8%, climbing 60% from their lows earlier this month, following the announcement of an expanded strategic partnership with CoreWeave (CRWV). This move highlights Galaxy’s increasing focus on the growing sectors of artificial intelligence (AI) and high-performance computing (HPC).

Under the terms of the new agreement, CoreWeave will secure an additional 260 megawatts (MW) of critical IT infrastructure at Galaxy’s Helios data center campus in West Texas, bringing the total dedicated AI and HPC capacity at the site to 393 MW.

This agreement marks a significant shift for Galaxy, as the company continues to pivot away from bitcoin mining and moves forward with its plans to transform the Helios campus—which it acquired from Argo Blockchain in 2022—into a leading facility for next-generation digital infrastructure. Mike Novogratz, CEO of Galaxy Digital, stressed the importance of diversifying its business model to include blockchain, crypto, and AI, positioning the company for long-term growth and enhanced shareholder value.

Following the announcement, Galaxy’s stock saw an 8% surge, while CoreWeave experienced a rise of up to 13%, maintaining a 10% gain in trading.

This new agreement follows a Phase I lease deal signed in March for 133 MW over 15 years, with the Phase II commitment reflecting similar terms. Both companies have expressed confidence in the site’s capacity and its strategic location. Phase I is expected to be ready for service by mid-2026, while Phase II will be fully operational in 2027.

The Helios campus is supported by 800 MW of approved capacity, with an additional 1.7 gigawatts under evaluation, positioning Galaxy for substantial growth in the coming years.

In addition to its expansion into AI and HPC, Galaxy is also exploring ways to monetize its legacy bitcoin mining assets, further demonstrating its shift away from its original focus.