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

A notable development has hit the crypto markets. 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. The financing is intended to cover part of two buildings with eight data halls at the Helios campus.

Market Dynamics

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. Related Reading CoreWeave’s $20 billion funding haul shows why Bitcoin is losing the competition for liquidity CoreWeave’s financing haul shows how AI is pulling capital and liquidity away from Bitcoin. Jul 11, 2026 Oluwapelumi Adejumo The 9.

875% coupon works out to $346. 3 million in annual interest, paid in cash every Feb. 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. 28 million annually before adjustments, paid in semiannual installments, with the first payment date at least 10 months after project completion.

Market Impact

Related Reading Hut 8 AI landlord data center strategy turns Bitcoin collateral into bridge capital Hut 8’s $16. 8 billion AI data center lease base shows how power access, project debt, and Bitcoin collateral are financing a move beyond mining. May 27, 2026 Liam 'Akiba' Wright 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.

CoreWeave committed to approximately 260 MW of incremental critical IT load for Phase II in April 2025. Galaxy described the terms as substantially similar to its previously announced 15-year, 133 MW Phase I agreement. Delivery is now the central operating test.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.