Woofun AI reports that Galaxy Digital is pursuing $3.5 billion in debt financing to support its Helios data center project in Dickens County, Texas, and to establish debt repayment reserves. The firm intends to issue bonds with a yield of approximately 9%, with Morgan Stanley and Goldman Sachs managing the issuance, which is scheduled for pricing on Thursday.

This marks the company’s inaugural high-yield bond offering, shifting from its previous reliance on convertible bonds. Galaxy Digital previously disclosed that CoreWeave has committed to a 15-year lease for computing power at the facility, projected to generate over $1 billion in annual revenue. The project’s first phase was completed earlier this year, with the second phase planned to commence in 2027.