Galaxy Digital (NASDAQ: $GLXY) is planning to sell $3.5 billion U.S. of junk bonds to help fund the expansion of its Helios artificial intelligence (A.I.) data centre located in Texas.
The company plans to use the proceeds from its first junk bond sale to finance growth of the data centre campus located in Dickens County, Texas
Galaxy Digital is the latest A.I. infrastructure developer to tap the U.S. high-yield debt market to fund A.I. infrastructure projects. More From Cryptoprowl: Developers have already raised $28 billion U.S. through junk bond offerings this year, according to data from Bloomberg Markets. Earlier in July, Galaxy Digital said that CoreWeave (NASDAQ: $CRWV) had signed a 15-year agreement to lease computing capacity at its Texas campus.
The CoreWeave contract is expected to generate more than $1 billion U.S. in annual revenue for Galaxy Digital. The company has said that the first phase of the Helios project has already been completed. Construction on the next phase is expected to begin in 2027 as Galaxy expands the campus.