Galaxy Digital Amplifies AI and HPC Strategy Through Expanded CoreWeave Agreement, Stock Soars

Galaxy Digital Expands AI and HPC Footprint with CoreWeave Deal, Stock Soars

Galaxy Digital (GLXY) shares surged 8%, marking a 60% increase from their lows earlier in April, after announcing an expanded partnership with CoreWeave (CRWV). The deal underscores Galaxy’s strengthening position in the booming fields of artificial intelligence (AI) and high-performance computing (HPC).

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

This deal further solidifies Galaxy’s shift away from its focus on bitcoin mining, with the Helios campus—purchased from Argo Blockchain in 2022—now evolving into a vital hub for next-generation digital infrastructure. Mike Novogratz, Galaxy’s CEO, emphasized the strategic importance of diversifying the company’s operations, stating that this expansion into AI and HPC aligns with their goal of creating long-term value for shareholders.

Following the announcement, Galaxy’s stock surged, while CoreWeave also saw its shares climb by as much as 13%, maintaining a 10% gain.

This new agreement builds on a Phase I lease finalized in March, covering 133 MW over 15 years, and the Phase II commitment follows the same terms. Both parties are confident in the site’s capacity and strategic location. Phase I is expected to be operational by mid-2026, with Phase II coming online in 2027.

The Helios campus is backed by 800 MW of approved capacity and an additional 1.7 gigawatts currently being reviewed, paving the way for further expansion opportunities.

In addition to its growing AI and HPC footprint, Galaxy is exploring avenues to monetize its legacy bitcoin mining infrastructure, signaling a decisive pivot away from its former operations.