GLXY · Galaxy Digital

Galaxy Digital Inc., through its indirect wholly owned subsidiary Galaxy Helios Data Centers II LLC, announced its intention to issue $3.507 billion in senior secured notes due 2031. The notes will be offered privately to qualified institutional buyers and non-U.S. persons. The net proceeds are earmarked to finance a portion of the development and construction of a significant data center project located on an approximately 260-acre property in Dickens County, Texas. The project consists of two buildings with eight data halls, providing 400 MW of utility capacity and 260 MW of critical IT capacity. The tenant for the project is CoreWeave, a cloud provider focused on AI and HPC workloads, which has a $99.4 billion contracted revenue backlog. The lease has a 15-year base term plus two five-year extension options, with a starting gross yield on cost of 13.7%, annual rent escalators tied to CPI (3-5%), and near triple-net terms. The offering is subject to market conditions and there is no assurance that it will be completed. This financing is a critical step in scaling Galaxy's data center infrastructure to meet growing AI demand.