The Daily Dig
Galaxy Digital just got conditional classifications from ERCOT on five of their Texas data center projects. The group covers roughly 4.2 gigawatts of gross power capacity under ERCOT's Batch Zero large load interconnection process.
Base Load, Locked In
Two of those projects were already in the clear before Batch Zero even started. Helios I, at 800 MW, and Helios II, at 830 MW, both landed Base Load status. That means they're modeled into ERCOT's system-wide study without needing further capacity allocation.
Helios II got its ERCOT approval in January 2026, ahead of the study's March 4 validation-check date. It's still on track to energize in 2028, and leasing isn't affected.
Galaxy is developer, owner, and operator on this project. They'll hold the retail electricity service agreements themselves, folding power costs into the broader hosting and lease deals with clients.
Show Your Work
The other three projects didn't get off that easy. Caspian, Selene, and Helios III all came back classified as Studied Load, meaning they're subject to further capacity allocation as ERCOT works through the study.
Caspian is the interesting one. Galaxy submitted it as Base Load, and ERCOT classified it as Studied anyway.
Selene checks in at 900 MW. Helios III is a 1,000 MW load request, also at the Helios campus.
Grid Under Audit
None of this is happening in a vacuum. Texas' Governor issued a directive on August 3, 2026, and the Public Utility Commission followed on August 20, 2026, granting ERCOT "good cause" exceptions.
Those exceptions let ERCOT issue conditional classifications while it audits the data center projects in its interconnection queue, a process expected to take several months. Galaxy says they'll comply with whatever comes out of it.
Galaxy's full development pipeline now totals more than 5.7 GW of potential capacity across four sites. That includes a second 1,000 MW load request at Helios still working through interconnection, plus Merlin, a new campus taking shape in McGregor, Texas, with room for another 500 MW.
Snapshot:
Developer/Owner/Operator: Galaxy Digital Inc. (Nasdaq: GLXY)
Location: Texas (ERCOT territory)
Batch Zero Total Capacity: Approximately 4.2 GW gross power capacity across five projects
Helios I: 800 MW, Batch Zero Base Load, approved prior to Batch Zero process
Helios II: 830 MW, Batch Zero Base Load, approved January 2026, ahead of the study's March 4 validation-check date; part of more than 1.6 GW already approved at Helios; on schedule to energize 2028; leasing not impacted
Caspian: 700 MW, Batch Zero Studied Load (submitted by Galaxy as Base Load)
Selene: 900 MW, Batch Zero Studied Load
Helios III: 1,000 MW load request, Batch Zero Studied Load
Regulatory Status: PUC of Texas granted ERCOT good cause exceptions on August 20, 2026, following the Governor's August 3, 2026 directive, permitting conditional classification during an audit expected to take several months
Total Development Pipeline: More than 5.7 GW of potential power capacity across four sites
Additional Pipeline Projects: Second 1,000 MW load request at Helios (in ERCOT process); Merlin, a new campus in McGregor, Texas, with potential for 500 MW of gross power capacity
TheJobWalk Thoughts
The split between Base Load and Studied Load is the real story for anyone pricing work at Helios. All five classifications remain conditional while ERCOT's audit runs, but Helios II carries the most clarity of the group, with its capacity already approved and a 2028 energization target still standing. That's a useful data point for subs and suppliers gauging when real work starts, even if nothing here is guaranteed until the audit closes.
Caspian is the one worth watching. Galaxy submitted it as Base Load, and ERCOT still conditionally classified it as Studied Load, which shows requesting a classification doesn't guarantee getting it. Anyone bidding scope on Selene or Helios III should treat capacity, and the timeline tied to it, as pending until ERCOT's review wraps.
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