Galaxy Digital Inc. has announced that five of its Texas data center projects received conditional classifications under the Electric Reliability Council of Texas Batch Zero large load interconnection process, covering approximately 4.2 gigawatts of gross power capacity.

The Nasdaq-listed company, which trades under the ticker GLXY, disclosed the update on September 8, 2026, marking a significant milestone in its push to become one of the largest data center developers in North America.

How the Batch Zero Process Works

ERCOT's Batch Zero process groups qualifying projects into a single, system-wide study that allocates available transmission capacity.

The process distinguishes between two categories of projects: Base Load and Studied Load. Base Load projects are modeled directly in the study and are not subject to further capacity allocation, while Studied Load projects are subject to capacity allocation as part of the ongoing study. ERCOT has released conditional classifications as part of a continuing audit and community impacts review process.

Pre-Batch Zero Approvals at the Helios Campus

Two of Galaxy's five projects received Base Load classifications, reflecting that they had obtained ERCOT approval before the March 4 study validation-check confirmation date.

The first, Helios I, covers 800 megawatts at Galaxy's Helios data center campus.

The second, Helios II, adds 830 megawatts at the same campus. Together, these two projects account for more than 1.6 gigawatts already approved at Helios, with capacity approval granted in January 2026. Galaxy stated that the Helios campus project remains on schedule to energize in 2028 and that leasing is not impacted by the Batch Zero process.

As the developer, owner, and operator of the project, Galaxy said it will hold all retail electricity service agreements as part of its operations, with power costs included in broader hosting or lease arrangements with clients.

Three Expansion Projects Land in the Studied Load Category

Galaxy's three expansion projects received conditional Studied Load classifications, meaning they remain subject to capacity allocation as the ERCOT study proceeds.

The first expansion project, called Caspian, carries 700 megawatts of gross power capacity.

Galaxy had originally submitted Caspian for Base Load classification, but it was conditionally classified as Studied Load.

The second expansion project, Selene, covers 900 megawatts and also received a Studied Load classification. The third, Helios III, is a 1,000-megawatt load request at the existing Helios campus and likewise landed in the Studied Load category.

Galaxy stated that as the developer, owner, and operator of these projects, it will hold all retail electricity service agreements, with power costs included in broader hosting or lease arrangements with clients, mirroring the structure described for the Helios Base Load projects.

Regulatory Context: Governor's Directive and PUCT Action

The conditional classifications came against a backdrop of state-level regulatory intervention. Following a directive issued by the Texas Governor on August 3, 2026, the Public Utility Commission of Texas on August 20 granted ERCOT good cause exceptions permitting conditional classification while the grid operator audits data center projects in its interconnection queue.

ERCOT has indicated it expects the audit process to take several months.

Galaxy said the company will comply with any additional requirements that result from the Governor's directive. The language suggests that while the company has secured conditional classifications, further requirements could emerge as the audit progresses.

Pipeline Grows Beyond 5.7 Gigawatts

The five Batch Zero projects are part of a broader development pipeline that Galaxy says now totals more than 5.7 gigawatts of potential power capacity across four sites. In addition to the projects classified under Batch Zero, Galaxy disclosed two further developments progressing through ERCOT's interconnection process.

The first is a second 1,000-megawatt load request at the Helios campus, separate from Helios III, which is also working its way through the interconnection process.

The second is Merlin, described as a new campus located in McGregor, Texas, with the potential for 500 megawatts of gross power capacity.

Galaxy did not provide a timeline or classification status for either of these additional projects in the announcement.

Company Positioning

Galaxy Digital describes itself as a global leader in digital assets and data center infrastructure. Beyond data center development, the company offers services including trading, advisory, asset management, staking, self-custody, and tokenization.

The company is headquartered in New York City with offices across North America, Europe, the Middle East, and Asia. Galaxy frames its Helios campus in Texas as the anchor of what it describes as a multi-gigawatt pipeline, positioning the company among the largest and fastest-growing data center developers in North America.

The 5.7-gigawatt total pipeline figure encompasses both the Batch Zero classified projects and the additional interconnection requests disclosed in the September 8 announcement.