{"id":550115,"date":"2026-07-26T19:45:36","date_gmt":"2026-07-26T18:45:36","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=550115"},"modified":"2026-07-26T12:26:57","modified_gmt":"2026-07-26T11:26:57","slug":"the-brutal-346m-math-behind-galaxys-high-stakes-race-to-build-coreweaves-texas-ai-mega-center","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/the-brutal-346m-math-behind-galaxys-high-stakes-race-to-build-coreweaves-texas-ai-mega-center\/","title":{"rendered":"The brutal $346M math behind Galaxy&#8217;s high-stakes race to build CoreWeave&#8217;s Texas AI mega-center"},"content":{"rendered":"<p>Galaxy Digital\u2019s $3.507 billion financing for its CoreWeave data-center build in Texas comes with a steep price: about $346.3 million in annual interest.<\/p>\n<p>A Galaxy project subsidiary priced the 9.875% senior secured notes on July 23. The deal is slated to close July 28, and the <a href=\"https:\/\/investor.galaxy.com\/news-releases\/news-release-details\/galaxy-digital-inc-announces-pricing-3507-billion-senior-secured\">notes mature on Aug. 1, 2031<\/a>.<\/p>\n<p>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.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/coreweaves-20-billion-funding-haul-shows-why-bitcoin-is-losing-the-competition-for-liquidity\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">CoreWeave\u2019s $20 billion funding haul shows why Bitcoin is losing the competition for liquidity<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>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 the exact amount.<\/p>\n<h2>Repayment starts when construction ends<\/h2>\n<p>Principal repayment runs on a different schedule. The notes are due to amortize at 4% of original principal each year, subject to adjustment. That equals $140.28 million annually before adjustments, paid in semiannual installments, with the first payment date at least 10 months after project completion.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/hut-8-ai-data-center-bitcoin-collateral\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Hut 8 AI landlord data center strategy turns Bitcoin collateral into bridge capital<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>Interest starts on a fixed schedule, while principal repayments wait until construction is complete and can be adjusted. Creditors will hold first-priority claims on nearly all project assets and the parent company\u2019s stake in the issuer.<\/p>\n<p>The disclosed liens cover Galaxy Helios Data Centers II LLC, its project guarantor and the parent-held equity in the issuer. They do not extend to Galaxy Digital\u2019s assets generally.<\/p>\n<p>CoreWeave <a href=\"https:\/\/www.galaxy.com\/newsroom\/galaxy-announces-commitment-with-coreweave\">committed to approximately 260 MW of incremental critical IT load<\/a> for Phase II in April 2025. Galaxy described the terms as substantially similar to its previously announced 15-year, 133 MW Phase I agreement.<\/p>\n<p>Delivery is now the central operating test. On July 6, Galaxy said Phase I had been completed on schedule and that <a href=\"https:\/\/www.galaxy.com\/newsroom\/galaxy-completes-phase-i-of-its-helios-data-center-campus\">Phase II data-hall deliveries were expected to begin in the first half of 2027<\/a>.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/bitcoin-miner-cleanspark-signed-a-6-6b-ai-lease-before-securing-the-2-1b-required-to-build-it\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Bitcoin miner CleanSpark signed a $6.6B AI lease before securing the $2.1B required to build it<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>The construction schedule now carries a clear financial price. Interest starts in 2027, but principal repayments wait until the project is finished, putting Galaxy\u2019s delivery timeline at the heart of its CoreWeave deal and debt obligations through 2031.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Phase II handovers are expected to begin in 2027 as the project company takes on fixed cash costs.<\/p>\n","protected":false},"author":1264,"featured_media":550213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78326,60205,77968,2376],"tags":[81073,76769,79680,77433],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The brutal $346M math behind Galaxy&#039;s high-stakes race to build CoreWeave&#039;s Texas AI mega-center<\/title>\n<meta name=\"description\" content=\"Galaxy\u2019s CoreWeave data-center build carries 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