New York-based Galaxy Digital, a crypto and digital infrastructure company, plans to raise about US$3.5 billion through its first junk-bond sale.

The proceeds will help fund the Helios data center campus in Dickens County, Texas, where CoreWeave has committed to lease computing capacity.

The five-year notes are being marketed at a yield of about 9% and are expected to price on Thursday, with Morgan Stanley and Goldman Sachs leading the sale.

Helios has 1.63 gigawatts of approved power capacity.

Galaxy said Phase I was completed earlier this year, delivering 133 megawatts of critical information technology load to CoreWeave, while Phase II data hall deliveries are expected in the first half of 2027.

Galaxy said the proceeds will fund part of the project and debt-service reserves.

It has also said CoreWeave has committed 526 megawatts of critical information technology load across Phases I, II, and III under 15-year leases expected to generate more than US$1 billion in average annual revenue.

Data shows data center developers have raised about US$28 billion in the US junk-bond market this year for specific AI infrastructure projects.

🔗 Source: Bloomberg