Galaxy Digital has moved to raise $3.5bn (£2.7bn) in the US high-yield debt market to bankroll a giant artificial intelligence (AI) data centre campus in West Texas, in one of the largest single junk bond bids linked to AI infrastructure so far this year.
The digital assets and AI infrastructure group plans to use proceeds from its debut high-yield bond to help finance the build-out of its Helios Data Center Campus in Dickens County and to fund debt service reserves tied to the project, according to a Bloomberg report.
The sale would make Galaxy part of a fast‐growing wave of infrastructure developers turning to speculative‐grade bonds to fund data centres catering to AI workloads. Bloomberg data indicates about $28bn has already been raised in 2026 via US junk bond offerings dedicated to AI-focused facilities.
The transaction is expected to price on 23 July, a person familiar with the deal told Bloomberg. Morgan Stanley and Goldman Sachs are leading the offering, which will consist of five‐year notes issued by a Galaxy subsidiary.
Structured repayments after construction
Under the proposed structure, the issuing entity is set to begin repaying 4% of the original principal every year, starting 10 months after construction on the Helios project is completed, the same source said, requesting anonymity because the terms are not yet public.
Galaxy has historically relied mainly on convertible notes to raise capital, making this move into the high-yield bond market a significant shift in its financing strategy.
The Helios campus, located in Dickens County around 60 miles (97km) east of Lubbock, already has regulatory approval for up to 1.6 gigawatts of power dedicated to AI and high‐performance computing, according to figures previously released by the company.
Galaxy says the first phase of Helios has been completed, with the next construction phase scheduled to begin in 2027 as it continues to scale the site for AI and high‐performance computing demands.
CoreWeave deal aims for $1bn a year in revenue
Earlier this month Galaxy announced that CoreWeave, a specialist AI cloud provider, had signed 15‐year agreements to lease computing capacity at the Helios campus.
According to Galaxy’s earlier statement, those contracts are expected to generate more than $1bn in annual revenue once the site is fully operational, positioning Helios as one of the firm’s largest long‐term infrastructure assets.
The partnership with CoreWeave places Helios among a cluster of large‐scale facilities under development to support intensive AI model training and cloud services.
The Galaxy bond comes on the heels of another sizable AI infrastructure financing. Bloomberg data show an Applied Digital subsidiary recently raised about $1.59bn in US high‐yield bonds to expand capacity for CoreWeave at a separate facility in North Dakota.
West Texas footprint strengthened by stadium deal
Galaxy is also tying its data centre investments to high‐profile regional partnerships. Last week, the firm signed a 15‐year agreement with Texas Tech University to rename the school’s American football venue Galaxy Stadium from the 2026 season.
According to Galaxy’s announcement at the time, the agreement also made the company Texas Tech Athletics’ official digital assets and data centre partner. Beyond naming rights, both parties said they plan to collaborate on artificial intelligence initiatives, workforce training programmes and opportunities involving student‐athletes’ names, images and likenesses. Financial terms were not disclosed.
The tie‐up links Galaxy’s operations in Dickens County with one of West Texas’s most prominent sports properties, further embedding the company in the region as Helios expands.
Push into Bitcoin ‘quantum readiness’
Even as Galaxy ramps up AI spending, it continues to invest in broader digital asset initiatives.
Earlier this week, the company introduced a $5 million Bitcoin Quantum Readiness Initiative to support developers working on technologies designed to prepare the Bitcoin network for future quantum computing risks.
According to Galaxy, the grant programme will fund research into quantum‐resistant signature schemes, wallet migration tools and independent security audits. The firm said it hopes universities, companies and other institutions will contribute both funding and technical expertise to accelerate post‐quantum cryptography.
Galaxy cited research from CryptoQuant estimating that about 6.9 million Bitcoin, worth roughly $461bn at current prices, could become vulnerable if future quantum computers can break today’s cryptographic protections. While the company said such machines do not pose an immediate threat, it argued that “preparing the ecosystem” would require years of coordination among developers, exchanges, wallet providers and infrastructure operators.
Regulated services and new crypto hedge fund
Galaxy has also expanded its regulated financial services business this year. In May, its subsidiary GalaxyOne Prime NY secured both a BitLicense and a Money Transmission License from the New York State Department of Financial Services, enabling the company to offer regulated digital asset trading and custody services to institutional clients in the state.
Earlier in 2026, Galaxy unveiled plans to launch a $100m hedge fund focused on cryptocurrency tokens and on financial services firms expected to benefit from greater digital asset adoption and evolving regulation.
With the planned $3.5bn junk bond sale, Galaxy is seeking to cement Helios as a flagship AI infrastructure hub while simultaneously broadening its reach across digital assets, institutional services and the long‐term resilience of the Bitcoin network.
