Galaxy Digital is launching a $3.507 billion high-yield bond offering, with pricing set for July 23, to finance the second phase of its Helios Data Center Campus in Dickens County, West Texas. Core Weave Inc. has committed to 15-year lease agreements expected to generate over $1 billion annually.

This transaction marks Galaxy Digital's debut in the high-yield debt market, with the capital supporting a facility that will deliver 400 MW of total utility capacity and 260 MW of IT load. Goldman Sachs and Morgan Stanley are leading the offering. Galaxy anticipates an initial gross yield on cost of approximately 13.7%, with rent payments commencing in Q2 2027 and net operating income margins around 90%.

This move aligns with a trend of AI data center projects utilizing junk bonds for financing, with Core Weave serving as a key tenant. Galaxy expects cumulative cash flow after debt obligations to reach approximately $3.8 billion through 2043. The offering is structured as a Rule 144A/Reg S private placement, and its completion is not guaranteed.