Galaxy Digital's pivot from crypto markets to AI infrastructure moved from promise to revenue this month. In its first-quarter 2026 results, the company said it delivered the first data hall at its Helios campus in West Texas to CoreWeave and began recognizing revenue under the Phase I lease in April.

The milestone matters because Helios was originally a large bitcoin mining site. Galaxy is now repositioning it as a long-duration AI and high-performance computing campus. The company said it remains on schedule to deliver substantially all 133 megawatts of critical IT load under Phase I by the end of the second quarter.

Galaxy still reported a $216 million net loss for Q1, which it attributed primarily to weaker digital-asset prices during the quarter. But the Helios update suggests the company's business mix is starting to change: recurring lease revenue from AI infrastructure is now coming online alongside its trading, staking, and treasury businesses.

The campus also has more room to grow. Galaxy said in January that ERCOT approved an additional 830 megawatts of power capacity at Helios, bringing total approved capacity to more than 1.6 gigawatts. In the Q1 release, the company said greenfield work on a 260 megawatt Phase II build is already underway, with deliveries expected to begin in the first half of 2027.