Galaxy Digital Expands CoreWeave Partnership, Gains 260 MW for AI Operations
Galaxy Digital (GLXY) has strengthened its partnership with CoreWeave (CRWV) in the AI and high-performance computing sectors. Key points include:
- CoreWeave will access an additional 260 MW at Galaxy's Helios data center, increasing total capacity to 393 MW.
- This shift signals Galaxy's move away from bitcoin mining towards AI and HPC infrastructure.
- CEO Mike Novogratz highlighted the importance of diversifying across blockchain, crypto, and AI for maximizing shareholder value.
- Galaxy shares increased by 8% and are up 60% since April; CoreWeave shares rose by 13%.
- The new agreement follows a previous lease for 133 MW over 15 years, indicating confidence in the site’s potential.
- Infrastructure upgrades are underway, with Phase I expected to be operational by mid-2026 and Phase II in 2027.
- The site has 800 MW of approved capacity and an additional 1.7 GW under evaluation.
- CoreWeave maintains exclusivity for further capacity.
- Galaxy is also looking into monetizing its bitcoin mining assets, marking a significant operational change.