Galaxy Digital’s $3.507 Billion CoreWeave Financing Carries $346.3 Million in Annual Interest
Key Takeaways
- •The financing supports part of Galaxy Digital’s Helios campus expansion, including two buildings and eight data halls.
- •The planned facilities are expected to provide 400 MW of utility capacity and 260 MW of critical IT capacity.
- •The notes have a 9.875% coupon and are scheduled to mature on Aug. 1, 2031.
- •Interest payments begin in 2027, while principal amortization starts at least 10 months after project completion.
- •Collateral is focused on Helios project entities and related equity, rather than broadly covering Galaxy Digital’s assets.
Galaxy Digital’s $3.507 billion financing tied to its CoreWeave data-center project carries notes that mature on Aug. 1, 2031.
The financing is designed to fund part of two buildings with eight data halls at the Helios campus. The planned facilities are expected to support 400 megawatts of utility capacity and 260 MW of critical IT capacity. Critical IT capacity refers to power available for computing equipment, while utility capacity includes the broader facility load needed to operate the site. A portion of the proceeds will also be used to fund debt-service reserves.
The notes carry a 9.875% coupon, equal to $346.3 million in annual interest. Interest is scheduled to be paid in cash every Feb. 1 and Aug. 1 beginning in 2027. The first payment will cover only a partial year, and Galaxy has not disclosed the exact amount of that initial payment.
Principal repayment begins after construction
Principal repayment follows a separate timetable. The notes are scheduled to amortize at 4% of original principal each year, subject to adjustment. Before any adjustments, that equals $140.28 million annually, paid in semiannual installments. The first principal payment date will be at least 10 months after project completion.
As a result, interest begins on a fixed schedule, while principal repayments do not start until construction is complete and may be adjusted. Creditors will hold first-priority claims on nearly all project assets and on the parent company’s equity stake in the issuer.
The disclosed liens apply to Galaxy Helios Data Centers II LLC, its project guarantor, and the parent-held equity in the issuer. They do not extend broadly to Galaxy Digital’s assets, making the collateral package focused on the Helios project entities rather than the company as a whole.
CoreWeave committed in April 2025 to approximately 260 MW of incremental critical IT load for Phase II. Galaxy said the terms were substantially similar to its previously announced 15-year, 133 MW Phase I agreement.
Delivery has become the key operating milestone. On July 6, Galaxy said Phase I had been completed on schedule and that Phase II was underway.
The construction timetable now has a defined financial cost. Interest begins in 2027, while principal repayment waits until the project is complete, making Galaxy’s delivery schedule central to both its CoreWeave agreement and its debt obligations through 2031.