Galaxy Digital Deepens AI and HPC Commitment with Enhanced CoreWeave Deal, Stock Rallies

Galaxy Digital Enhances AI and HPC Capabilities with CoreWeave Deal, Shares Surge

Galaxy Digital (GLXY) saw its shares climb 8%, bringing them up 60% from the lows of earlier this month, after announcing the expansion of its strategic partnership with CoreWeave (CRWV). The deal positions Galaxy to strengthen its presence in the rapidly evolving sectors of artificial intelligence (AI) and high-performance computing (HPC).

As part of the new agreement, CoreWeave will gain access to an additional 260 megawatts (MW) of IT capacity at Galaxy’s Helios data center campus in West Texas, increasing the total AI and HPC operational capacity to 393 MW.

This marks a significant step in Galaxy’s shift away from its previous focus on bitcoin mining. The Helios campus, which was acquired from Argo Blockchain in 2022, is now emerging as a cornerstone for next-gen digital infrastructure. Mike Novogratz, CEO of Galaxy, highlighted the company’s strategic vision of diversifying into blockchain, crypto, and AI, aiming to build long-term value for its shareholders.

The announcement sent Galaxy’s shares soaring by 8%, while CoreWeave also saw a strong uptick, gaining as much as 13% at its peak and maintaining a 10% increase in trading.

This new agreement builds on the Phase I lease signed in March, which committed 133 MW over 15 years. The Phase II commitment mirrors the terms of the original agreement and further affirms both companies’ confidence in the site’s strategic location and its capacity. Phase I is expected to be operational by mid-2026, with Phase II following in 2027.

The Helios campus is already supported by 800 MW of approved capacity, with an additional 1.7 gigawatts undergoing evaluation, setting the stage for even further growth.

In addition to advancing its AI and HPC infrastructure, Galaxy is exploring ways to monetize its legacy bitcoin mining infrastructure, marking a decisive move away from its earlier focus on cryptocurrency mining.