CoreWeave (CRWV) Stock: Surge as Galaxy Launches Revenue at Helios With 133 MW AI Power Delivery

TLDR

• CoreWeave rises after Galaxy delivers 133 MW AI load at Helios

• Galaxy starts revenue from Phase I of its West Texas data center

  

• Helios shifts from Bitcoin mining into AI and HPC infrastructure

• CoreWeave commits to 526 MW across Helios development phases

• Galaxy targets over $1B in annual revenue from Helios capacity

CoreWeave shares gained after Galaxy turned its Helios campus into a revenue-generating AI data center site. CoreWeave closed at $86.46, up 5.77%, before slipping pre-market to $85.20, down 1.46%. The milestone adds long-term AI power capacity while linking two former crypto infrastructure players.

CoreWeave, Inc. Class A Common Stock, CRWV

Galaxy Delivers Phase I Power to CoreWeave

Galaxy completed the first power phase at Helios in West Texas. The company delivered about 200 MW of gross power to CoreWeave. That amount supports 133 MW of critical IT load under a 15-year lease.

The delivery moves Helios from development into commercial operations. Galaxy said rent under the Phase I lease began in the second quarter of 2026. Therefore, the site now adds contracted data center revenue to Galaxy’s business.

Galaxy delivered Phase I on schedule and within budget. The company positioned the milestone as proof of its execution in hyperscale AI infrastructure. CoreWeave gains more capacity for high-density computing demand.

Helios Shift Shows Crypto Infrastructure Pivot

Helios began as a large Bitcoin mining site before Galaxy acquired it from Argo Blockchain in 2022. Galaxy later moved to convert the facility for AI and high-performance computing workloads. That shift gave the campus a new role beyond mining.

The move also reflects a wider change across the mining sector. Public miners have shifted land and power capacity toward AI data centers. They made the move as cloud demand grew and mining margins faced pressure.

CoreWeave also came from crypto infrastructure before expanding into GPU cloud services. The company previously mined Ethereum before building its cloud platform. As a result, the Helios lease joins two firms that changed direction with market demand.

Phase II Expansion Extends Helios Revenue Path

Galaxy has started greenfield work on Phase II at Helios. That phase will add 260 MW of critical IT load. The company expects data hall deliveries to start in the first half of 2027.

Across Phases I through III, CoreWeave has committed to 526 MW of critical IT load. That equals the full 800 MW of gross power currently approved and contracted at Helios. The leases run for 15 years and include two five-year extension options.

Galaxy expects the contracted capacity to generate more than $1 billion in average annual revenue. The campus now spans more than 2,200 acres in West Texas. It also holds 1.63 GW of approved power capacity and may scale to 3.6 GW.

Financing Supports AI Data Center Buildout

Galaxy secured $1.4 billion in project financing for the Helios buildout. The company also committed $350 million of its own capital. That funding supported the conversion from Bitcoin mining into AI and HPC infrastructure.

The earlier CoreWeave agreement carried major revenue expectations. Galaxy previously expected the first deal to generate about $4.5 billion over its term. That implied about $300 million in annual revenue from the initial lease.

The latest delivery highlights the value of power access in AI infrastructure. Former mining sites can support new data center demand when they hold large energy capacity. For Galaxy, Helios adds a business line tied more to AI demand than crypto prices.

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