The brutal $346M math behind Galaxy’s high-stakes race to build CoreWeave’s Texas AI mega-center – Crypto News

Published

33 minutes ago

July 27, 2026

Dripp

Galaxy Digital’s $3.507 billion financing for its CoreWeave data-center build in Texas comes with a steep price: about $346.3 million in annual interest.

A Galaxy project subsidiary priced the 9.875% senior secured notes on July 23. The deal is slated to close July 28, and the notes mature on Aug. 1, 2031.

The financing is intended to cover part of two buildings with eight data halls at the Helios campus. The facilities are planned for 400 megawatts of utility capacity and 260 MW of critical IT capacity, with some proceeds also funding debt-service reserves.

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The 9.875% coupon works out to $346.3 million in annual interest, paid in cash every Feb. 1 and Aug. 1 starting in 2027. The first payment covers only part of a year, but Galaxy has not disclosed the exact amount.

Repayment starts when construction ends

Principal repayment runs on a different schedule. The notes are due to amortize at 4% of original principal each year, subject to adjustment. That equals $140.28 million annually before adjustments, paid in semiannual installments, with the first payment date at least 10 months after project completion.

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Interest starts on a fixed schedule, while principal repayments wait until construction is complete and can be adjusted. Creditors will hold first-priority claims on nearly all project assets and the parent company’s stake in the issuer.

The disclosed liens cover Galaxy Helios Data Centers II LLC, its project guarantor and the parent-held equity in the issuer. They do not extend to Galaxy Digital’s assets generally.