Overview
- The issuer priced $3.507 billion of 9.875% senior secured notes due 2031 and expects the private offering to close on July 28, with Goldman Sachs and Morgan Stanley as joint bookrunners.
- Proceeds will fund Phase II of the Helios campus in Dickens County, Texas, a two‑building expansion with eight data halls, 400 MW of utility capacity and 260 MW of critical IT capacity.
- CoreWeave has committed to 15-year leases covering the project’s full critical IT load and Galaxy projects more than $1 billion in annual revenue once operational.
- The notes are senior secured obligations guaranteed by a Galaxy Helios subsidiary, amortize at 4% of original principal starting about ten months after project completion, and pay interest semiannually.
- The deal marks Galaxy’s first U.S. high-yield bond sale and fits a wider trend of using junk bonds to fund large AI data centers while company projections show high short-term margins but carry standard construction, market and interest-rate risks.