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Galaxy faces $346M annual interest bill
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Galaxy faces $346M annual interest bill

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  • Galaxy Digital's AI data centre project carries about $346 million in annual interest costs.
  • The financing supports the expansion of the Helios campus for CoreWeave in Texas.
  • The company must complete construction on schedule to begin generating revenue.

Galaxy Digital faces an annual interest bill of about $346 million after raising $3.507 billion to expand its Helios AI data centre campus in Texas for CoreWeave.

The financing will support the next phase of the Helios project, where CoreWeave has signed a long-term lease for AI computing capacity, making the construction schedule critical to future cash flow.

The senior secured notes carry a 9.875% interest rate and mature in 2031, with principal repayments beginning after construction is completed.

Galaxy has already completed the first phase of Helios, delivering 133 megawatts of critical IT load to CoreWeave under a 15-year lease agreement.

The Helios campus was originally developed for Bitcoin (CRYPTO:BTC) mining before Galaxy converted it into infrastructure for artificial intelligence workloads.

The project reflects a broader trend of cryptocurrency companies repurposing mining facilities to meet growing demand for AI data centres and high-performance computing.

At the time of reporting, Bitcoin price was $64,892.58.

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