The brutal $346M math behind Galaxy’s high-stakes race to build CoreWeave’s Texas AI mega-center

Jul. 26, 2026 at 6:45 pm GMT • 2 min read 01 Galaxy priced $3.507 billion of senior secured notes for Helios Phase II, backing CoreWeave-linked data-center construction in Texas. 02 The debt carries 9.875% interest, implying about $346.3 million a year in cash costs and secured liens on project assets. 03 CoreWeave deliveries are expected in 2027, but principal amortization and interest payments depend on the project staying on schedule.Galaxy Digital’s $3.507 billion financing for its CoreWeave data-center build in Texas comes with a steep price: about $346.3 million in annual interest.A Galaxy project subsidiary priced the 9.875% senior secured notes on July 23. The deal is slated to close July 28, and the notes mature on Aug. 1, 2031.The financing is intended to cover part of two buildings with eight data halls at the Helios campus. The facilities are planned for 400 megawatts of utility capacity and 260 MW of critical IT capacity, with some proceeds also funding debt-service reserves.The 9.875% coupon works out to $346.3 million in annual interest, paid in cash every Feb. 1 and Aug. 1 starting in 2027. The first payment covers only part of a year, but Galaxy has not disclosed t...