Overview
- Galaxy’s Helios unit is offering $3.507 billion of senior secured notes due 2031 in a Rule 144A/Reg S placement marketed by Goldman Sachs and Morgan Stanley, with pricing scheduled for July 23.
- Proceeds will finance part of Helios Phase II in Dickens County, Texas, a two‑building expansion that adds 400 MW of utility capacity and 260 MW of critical IT capacity.
- CoreWeave has committed to 15‑year leases that cover the project’s critical IT load and are presented by Galaxy as the revenue anchor for the notes and debt‑service reserves.
- Company materials show illustrative 2028 run‑rate rent of $472 million, NOI of about $424 million, $10.4 billion in minimum contracted lease payments and projected cumulative post‑debt cash flow through 2043, all of which are forward‑looking and not guaranteed.
- The deal marks Galaxy’s move into the U.S. high‑yield market to monetize long‑dated AI leases, joining a recent wave of junk‑bond financings for data centers and creating near‑term construction work and regional partnerships but exposing investors to execution, construction and utilization risks.