Galaxy Provides Update on ERCOT Batch Zero Large Load Classifications
Galaxy secures conditional ERCOT classifications for 4.2 GW and expands its Texas data center power pipeline to more than 5.7 GW.
Rhea-AI Summary
Galaxy Digital (GLXY) reported that five Texas data center projects have received conditional ERCOT Batch Zero large load classifications, covering about 4.2 GW of gross power capacity.
Helios I (800 MW) and Helios II (830 MW) at the Helios campus are classified as Batch Zero Base Load, with this capacity approved in January 2026 as part of more than 1.6 GW already cleared at Helios. Helios II remains on schedule to energize in 2028, and leasing is described as unaffected by the process.
Caspian (700 MW), Selene (900 MW), and Helios III (1,000 MW) are conditionally classified as Batch Zero Studied Load, meaning they are subject to capacity allocation in ERCOT’s ongoing system-wide study and audit. Galaxy’s data center development pipeline now exceeds 5.7 GW of potential power capacity across four Texas sites, including a second 1,000 MW Helios request and the 500 MW Merlin campus in McGregor.
Positive
- 4.2 GW of Texas data center projects received conditional ERCOT large load classifications
- Helios I 800 MW and Helios II 830 MW approved as Batch Zero Base Load
- Helios II remains on schedule to energize in 2028 with leasing described as unaffected
- Total data center development pipeline exceeds 5.7 GW of potential power capacity
- Merlin McGregor campus adds up to 500 MW potential gross power capacity
Negative
- Caspian 700 MW, Selene 900 MW, and Helios III 1,000 MW classed as Studied Load, subject to capacity allocation
- ERCOT audit and community impacts review are expected to take several months, prolonging uncertainty for Batch Zero projects
News Explained
The grid classifications remain conditional, with ERCOT's audit expected to continue for several months.
For the classified projects, Galaxy remains the developer, owner and operator and will hold the retail electricity service agreements; power costs are included in broader hosting or lease arrangements with clients.
On
ERCOT expects that audit and its related community-impacts review to take several months, leaving the classifications conditional while that process continues.
Key Figures
- Conditional capacity classifications
- 4.2 GW gross power capacity
- Five Texas data center projects under ERCOT Batch Zero
- Helios I capacity
- 800 MW
- Batch Zero Base Load classification
- Helios II capacity
- 830 MW
- Batch Zero Base Load classification
- Helios approval timing
- January 2026
- ERCOT approval received before the March 4 study validation-check confirmation date
- Caspian capacity
- 700 MW
- Batch Zero Studied Load classification
- Selene capacity
- 900 MW
- Batch Zero Studied Load classification
- Helios III capacity
- 1,000 MW
- Batch Zero Studied Load classification
- Development pipeline
- More than 5.7 GW
- Potential power capacity across four sites
Historical Context
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Data centers generated $20 million adjusted gross profit and $11 million adjusted EBITDA
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ERCOT's Batch Zero process groups qualifying projects into a single, system-wide study that allocates available transmission capacity. Base Load projects are modeled in the study and are not subject to further capacity allocation, while Studied Load projects are subject to capacity allocation as part of the study. ERCOT has released conditional classifications as part of the on-going audit and community impacts review process.
Galaxy Projects Approved Prior to the Batch Zero Process:
- Helios I — 800 megawatts (MW) at the Helios data center campus, classified as Batch Zero Base Load.
- Helios II — 830 MW at the Helios data center campus, classified as Batch Zero Base Load. The capacity received ERCOT approval in January 2026, before the March 4 study validation-check confirmation date, and is part of the more than 1.6 GW already approved at Helios. The project remains on schedule to energize in 2028, and leasing is not impacted by the process. As the developer, owner and operator of this project, Galaxy will hold all retail electricity service agreements as part of its operations, with power costs included in broader hosting or lease arrangement with clients.
Galaxy Batch Zero Expansion Projects:
Caspian — 700 MW of gross power capacity, classified as Batch Zero Studied Load. Galaxy submittedCaspian as Base Load; the project has been conditionally classified as Studied Load.- Selene — 900 MW, classified as Batch Zero Studied Load.
- Helios III — a 1,000 MW load request at the Helios campus, classified as Batch Zero Studied Load.
Following the Governor's August 3, 2026, directive, the Public Utility Commission of
Galaxy's data center development pipeline now totals more than 5.7 GW of potential power capacity across four sites. This includes a second 1,000 MW load request at Helios, also progressing through ERCOT's interconnection process, and Merlin, a new campus in
About Galaxy
Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, growing the economy that runs on code. Galaxy delivers the onchain infrastructure that connects institutions to digital assets, including trading, advisory, asset management, staking, self-custody, and tokenization. Galaxy also develops and operates data center infrastructure to power AI and HPC workloads. Anchored by its Helios campus in Texas, Galaxy is building a multi-gigawatt pipeline of more than 5.7 GW of potential capacity, positioning it among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available at www.galaxy.com.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
The information in this document may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, including statements regarding the classification, verification, study, interconnection, energization timing, capacity and leasing of our Texas data center projects. Statements that are not historical facts are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the conditional nature of the Batch Zero classifications described above and the possibility that a classification is modified, withdrawn or not confirmed; (2) the outcome, scope and duration of the verification and audit being conducted by ERCOT and the Public Utility Commission of Texas, and the risk that a project is removed from Batch Zero; (3) the absence of a replacement date for delivery of Batch Zero study results and the resulting uncertainty in interconnection timelines; (4) delays or failures in permitting, regulatory approvals, construction, power interconnection, or commissioning; (5) our ability to secure tenants and execute leases for uncontracted capacity on expected terms or timelines, or at all; (6) changes in applicable laws or regulations and adverse regulatory or legislative developments, including in Texas; (7) changes or events that impact the AI/HPC and digital asset industry, including potential regulation, that are out of our control; (8) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (9) liquidity or economic conditions impacting our business; (10) technological challenges, cyber incidents or exploits; and (11) those other risks contained in filings we make with the Securities and Exchange Commission (the "SEC") from time to time, including in our Quarterly Report on Form 10-Q, available at www.sec.gov/edgar.
Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
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SOURCE Galaxy Digital Inc.
FAQ
What is the difference between ERCOT Batch Zero Base Load and Studied Load for Galaxy’s projects?
In ERCOT’s Batch Zero process, Base Load projects are modeled in the system-wide study and are not subject to further capacity allocation. In contrast, Studied Load projects are subject to capacity allocation as part of that study. Galaxy’s Helios I and Helios II are classified as Base Load, while Caspian, Selene, and Helios III are conditionally classified as Studied Load.
Which Galaxy projects were approved prior to the ERCOT Batch Zero process and what is their status?
Helios I (800 MW) and Helios II (830 MW) at the Helios data center campus received ERCOT approval in January 2026, before the March 4 study validation-check confirmation date. This capacity is part of more than 1.6 GW already approved at Helios, and the Helios II project remains on schedule to energize in 2028 with leasing described as not impacted by the Batch Zero process.
How is the ERCOT audit process affecting Galaxy’s Batch Zero expansion projects?
Following the Texas Governor’s August 3, 2026 directive, the Public Utility Commission of Texas granted ERCOT good cause exceptions on August 20 permitting conditional classification of data center projects while ERCOT audits them. ERCOT expects this audit and community impacts review to take several months. Galaxy’s Caspian, Selene, and Helios III projects currently hold conditional Studied Load classifications during this process, and the company states it will comply with any additional requirements that result.
What projects make up Galaxy’s more than 5.7 GW data center development pipeline?
Galaxy’s development pipeline of more than 5.7 GW of potential power capacity spans four Texas sites. It includes Helios I and II, Helios III and a second 1,000 MW load request at the Helios campus, the Caspian and Selene projects, and Merlin, a new data center campus in McGregor, Texas, with potential for up to 500 MW of gross power capacity.
How will Galaxy handle electricity service agreements for its Texas data centers?
Galaxy describes itself as the developer, owner, and operator of the Helios and Batch Zero expansion projects. It plans to hold all retail electricity service agreements as part of its operations. Power costs are to be included within broader hosting or lease arrangements with clients at these data centers.