Inside Helios: What $990 Million in Annual Revenue Reveals About AI Data Centre Leasing

Cover: architectural rendering of Helios. Image credit: Galaxy.

Galaxy's third-quarter disclosures contain one of the clearest public windows yet into how a hyperscale AI lease is structured. The headline figure, about US$990 million of anticipated annual revenue from the first two phases of the Helios campus in Dickens County, Texas, is easy to quote and easy to misread. Reading it correctly requires three things: the phase table, the footnote and the legal registry that sits behind the buildings.

A LinkedIn discussion by Yair Titelboim prompted this review. Factual statements are sourced to company disclosures and official public records. The commercial implications and calculated ratios are PowerlandMap analysis.

What Galaxy has actually contracted

Galaxy's Form 8-K investor presentation of 27 October 2026 sets out the Helios I lease with CoreWeave. The contract covers 526 MW of critical IT load, equivalent to 800 MW of gross power, delivered in three phases. Each phase carries a 15-year base term with two optional five-year extensions.

The completion announcement for Phase I confirms that the first 133 MW is delivered. The remaining 393 MW of contracted IT is either under construction or planned. Treating the full 526 MW as operational would overstate live capacity by a factor of almost four.

Reading the US$990 million correctly

Galaxy's footnote is precise. The figures are anticipated annual revenue at full turnover, including contractual escalators. Revenue is earned as individual halls are delivered, and the 15-year base term begins at turnover of the final hall in each phase. The US$990 million is therefore a run-rate expectation once Phases I and II are fully handed over. It is not cash being received today, and Phase II will not reach full turnover in a single quarter.

With that caveat, the figures support a simple intensity calculation over the two phases that have disclosed revenue:

US$990,000,000 divided by (393 MW × 1,000 kW × 12 months) equals about US$210 per kW of critical IT per month, or roughly US$210,000 per MW per month.

This number should be handled carefully. It is a derived, indicative revenue intensity that includes escalation assumptions over the term. It is not a market quote, it should not be applied to the full 526 MW because Phase III revenue is undisclosed, and this calculation does not isolate electricity pass-throughs, service scope or indexation timing. It is a useful benchmark for comparing announced AI lease economics, not a universal price.

Who is who in the registry

The Texas Comptroller publishes registered qualifying data centres and large data-centre projects with distinct owner, occupant and operator registrations. For Helios, three entries are relevant.

• HELO1 DC: owner Galaxy Helios I (DC589085-OW3), occupant CoreWeave, Inc. (DC589085-OC2), operators Galaxy Helios I and CoreWeave Compute Acquisition Co. III, LLC.
• HEL02 DC: owner Galaxy Helios II LLC (LD104412-OW1), occupant CoreWeave, Inc. (LD104412-OC1), operators CoreWeave, Inc., Galaxy Helios II LLC and Galaxy Power, LLC.
• HEL05: owner Galaxy Helios III LLC (LD830408-OW1), occupant CoreWeave, Inc. (LD830408-OC1).

These are tax-exemption registrations. Their effective dates are exemption dates, not operational or lease dates, and the legal entity names should not be mapped mechanically onto Galaxy's commercial phases. What the registry does confirm is the separation of roles. Galaxy entities own the property, and CoreWeave occupies it.

The same lists show how CoreWeave structures capacity elsewhere in Texas. Switch AUS 4 is registered with owner Switch, LTD (DC440472-OW1), occupant CoreWeave, Inc. (DC440472-OC1) and three registered operators: Switch, LTD, an entity listed as "Coreweave Compute Acquistion Co. III, LLC" [sic], and CoreWeave Financing DDTL V-V, LLC (DC440472-OP1 to OP3), effective 26 June 2025. CoreWeave's quarterly report for the period ended 30 June 2026 records an August 2026 US$2.6 billion DDTL 5.5 facility borrowed by CoreWeave Financing DDTL V-V, LLC, with JPMorgan as administrative agent and maturity in September 2031. The entity link is real. The filings do not show that the loan is allocated to Switch AUS 4, and it should not be read as building capital expenditure or as funding provided by Switch. A financing vehicle appearing as a registered operator is a legal role, not evidence that it runs the facility technically.

Commercial implications

Delivery risk sits in the middle phase. Phase II carries US$675 million of the US$990 million and is still under construction. Hall-by-hall delivery from Q2 2027 means revenue ramps gradually, and any slippage moves the largest part of the run-rate.

Tenant concentration is total. All 526 MW of Helios I is leased to one counterparty. Long base terms help visibility, but the campus's revenue profile is tied to CoreWeave's own funding and customer commitments, which are themselves supported by structured, asset-level debt.

The unleased power is gross, not product. Galaxy reports 1,630 MW of approved gross grid capacity at the campus, including 830 MW at Helios II that is not yet leased, following its ERCOT interconnection studies. That is gross power, not critical IT, and it is neither commissioned nor immediately deliverable. Its eventual IT capacity requires a separately documented design and cannot be inferred by applying another phase's power ratio.

What PowerlandMap has updated

PowerlandMap read all 178 rows of the Comptroller's two lists on 1 November 2026. 40 rows were linked with registry roles and identifiers to 24 existing site records using reviewed facility-name and legal-entity matches, 32 rows were staged for review because the match was ambiguous, and 106 rows remain unmatched in this pass. Eleven entries are expired registrations and are labelled historical, not closed. The Helios record now carries the phase breakdown above, with 133 MW in the current delivered IT field and 526 MW retained separately as total contracted design IT, and the CoreWeave financing is held as issuer-level evidence separate from site capital expenditure. The Lambda-occupied LBB01 entry is now linked to Aligned's Caprock campus in Hale County, which the operator's own page confirms, and it is kept separate from the Fluidstack Abernathy campus. Switch AUS 4 remains under review. A building permit for Switch AUS NAP04 at 150 Dell Way in Round Rock is a candidate match, but the link between the two names has not been confirmed.

Primary sources

• Galaxy Form 8-K investor presentation, 27 October 2026
• Galaxy third-quarter 2026 financial results
• Galaxy completes Phase I of its Helios data-centre campus
• Galaxy completes ERCOT interconnection studies
• CoreWeave quarterly report, period ended 30 June 2026
• Texas Comptroller data-centre lists
• Aligned LBB-01 at the Caprock campus
• TDLR Helios Light Speed project record

This article is market analysis, not investment advice.