Galaxy Digital has locked down $3.507 billion in financing for a CoreWeave data-center build in Texas. The money comes from a senior secured note priced at 9.875%, which will cost the company roughly $346.5 million in annual interest. The notes were priced on July 23, are set to close on July 28, and mature on August 1, 2031.
What the financing covers
The deal covers part of two buildings with eight data halls at the Helios campus. The site is planned for 400 MW of utility capacity and 260 MW of critical IT capacity. Interest payments kick off in 2027, paid semiannually on February 1 and August 1. Principal repayment starts after construction finishes, amortizing at 4% of the original principal each year, with the first payment due at least 10 months after project completion.
Creditor protections and project timeline
Creditors hold first-priority liens on nearly all project assets and the parent company's stake in the issuer. But they don't have a claim on Galaxy Digital's general assets. CoreWeave committed to roughly 260 MW of incremental critical IT load for Phase II back in April 2025. Phase I of the project was completed on schedule as of July 6. Phase II data-hall deliveries are expected to start in the first half of 2027.
The next big date is the closing of the notes on July 28. After that, all eyes will be on Phase II deliveries beginning in 2027.
