Galaxy Digital Acquires 500-Acre Parcel Near Waco, Texas for Data Center Campus

Nasdaq-listed data center firm Galaxy Digital is expanding its Texas footprint with the acquisition of approximately 500 acres in McGregor, McLennan County, southwest of Waco. The company paid $7.5 million for the land, which it plans to develop into a new data center campus within the McGregor Industrial Park. The initial phase is expected to deliver 75MW of grid-connected capacity beginning in 2028, with the potential to scale to several hundred megawatts by 2030, according to Galaxy.

The move marks Galaxy’s second major data center campus in Texas, following its Helios facility in Dickens County, about 300 miles northwest of McGregor. The Helios campus, originally built for cryptomining and acquired from Argo Blockchain in late 2022 for approximately $65 million, has since been largely leased to cloud provider CoreWeave, which committed to the full 800MW of approved capacity last year. That 15-year agreement is expected to generate average annual revenue of more than $1 billion, and the first data halls have already been handed over. Galaxy says the 1,500-acre Helios site could eventually support up to 3.5GW of power.

Galaxy CEO Mike Novogratz framed the McGregor acquisition as a strategic step to build a disciplined, multi-campus data center business. “We’ve spent the last several years proving in Dickens County that a privately funded data center can be a real, long-term partner to a rural community, adding to the tax base, funding local infrastructure, and creating jobs,” he said. “McGregor is the next step in our strategy. The demand for compute is a structural shift, not a passing cycle, and we believe the right way to meet it is by building infrastructure that strengthens the communities that host it.”

Galaxy plans to construct its own private substation on the McGregor campus and fund any necessary upgrades to local transmission infrastructure. The site will also employ a closed-loop cooling system to reduce water consumption. News of Galaxy’s land acquisition in the area first surfaced in June under the code name “Project Merlin.” The company is relocating its own cryptomining operations from Helios—which is being fully turned over to CoreWeave—and has already signed a 48MW hosting contract at Soluna’s Project Kati data center in Texas.

The broader industry context underscores the accelerating demand for data center capacity driven by AI and high-performance computing workloads. Galaxy’s ability to secure large, grid-connected parcels and build its own substations positions it to capture a share of that demand while maintaining a community-focused development model. The McGregor campus, if fully built out, would add significant megawatt capacity to a region already seeing a surge of data center construction in central Texas.