Milbank LLP advised Galaxy Digital Inc. (Nasdaq: GLXY) (TSX: GLXY) ("Galaxy"), a global leader in digital assets and data center infrastructure, on a $1.4 billion project financing facility ("Debt Facility") to support the continued development of its Helios AI data center campus in West Texas. The Debt Facility will fully fund the initial retrofit and expansion of Helios to deliver the first phase of power for AI and high-performance computing (HPC) operations under a long-term agreement with CoreWeave, Inc.
Galaxy has provided the $350 million equity requirement, with the remaining construction costs to be covered by the Debt Facility. The Debt Facility, previously announced on August 15, 2025, is secured at 80% loan-to-cost, has a 36-month term and is secured by all the assets associated with the first phase of Helios's buildout.
“AI and HPC operators need speed-to-power at grid-scale,” said Milbank Global Project, Energy and Infrastructure Finance partner Jaime Ramirez. “This landmark financing demonstrates how structured, asset-backed project finance can mobilize capital at the pace the market requires—pairing long-term offtake with construction funding to deliver capacity quickly.”
“Helios reflects the next generation of digital infrastructure—where data processing, power and infrastructure intersect,” added Global Project, Energy and Infrastructure Finance partner Carolina Walther-Meade. “We’re proud to support Galaxy on a complex, multi-phase platform that expands US AI capacity while applying rigorous project finance disciplines to an emerging asset class.”
The Milbank team comprised Mr. Ramirez and Ms. Walther-Meade, along with Global Project, Energy and Infrastructure Finance associates Claudia Martin and Gabriella Ferreira.
