Most investors trying to profit from AI are buying chips, software stocks, or startup equity. Mike Novogratz is buying the buildings that house the computers doing the actual work.
Galaxy Digital’s CEO has made a decisive strategic pivot: rather than betting on which AI company wins the race, he’s building the track. The firm is transforming its Helios campus in West Texas into a large-scale AI data center complex, a project that has already attracted over $1.8B in outside capital and earned an appraisal north of $15B in Galaxy’s 2025 annual report.
From Bitcoin mines to AI factories
Galaxy acquired the Helios site in early 2023 for $65 million, buying it from Argo Blockchain. The 160-acre property in West Texas was originally dedicated to Bitcoin mining.
Galaxy began converting Helios into AI and high-performance computing facilities in 2025. Phase I of the project, carrying a critical IT load of 133 MW, went live around July 7, 2026. ERCOT, the Texas grid operator, has already approved an expansion of total power capacity at the site to 1.6 GW.
