Galaxy Digital says five Texas data-center projects totaling about 4.2 GW have received conditional classifications in ERCOT's Batch Zero process. Two were classified as Base Load and three as Studied Load.
The word conditional matters. These classifications place projects within the Batch Zero process, but they are not final interconnection approvals and do not establish energization dates. ERCOT is also verifying the data-center projects moving through its large-load process.
Cover: AI-generated conceptual illustration, not a photograph of a Galaxy facility or ERCOT equipment.
Galaxy's five classified projects
Galaxy disclosed the following results on September 8, 2026:
| Project | Gross capacity | Conditional classification |
|---|---|---|
| Helios I | 800 MW | Base Load |
| Helios II | 830 MW | Base Load |
| Caspian | 700 MW | Studied Load |
| Selene | 900 MW | Studied Load |
| Helios III | 1,000 MW | Studied Load |
The capacities sum to about 4.23 GW, which Galaxy rounds to approximately 4.2 GW. The company says Caspian was submitted as Base Load but conditionally classified as Studied Load. Galaxy's project update
Galaxy also says Helios II received ERCOT approval in January 2026 and remains scheduled to energize in 2028. That date is the developer's current schedule, not an energization date granted by the new conditional classification. The company's release identifies the conditional status, audit outcome and interconnection timing as forward-looking risks.
Base Load and Studied Load are different positions in the study
Galaxy describes Batch Zero as a system-wide study of qualifying large-load projects. Under its summary of the process, Base Load projects are modeled in the study without a further capacity-allocation step. Studied Load projects are subject to capacity allocation within that study.
That distinction does not turn Studied Load into a rejection. It does mean the study still has to determine the capacity available to those projects. For Caspian, Selene and Helios III, the disclosed classifications therefore should not be read as confirmation that all 2.6 GW will be available on a particular date.
ERCOT's September 3 market notice said large loads were conditionally included subject to one or more conditions, according to an analysis that quotes the notice. Failure to meet an applicable condition can disqualify a load from Batch Zero. The same analysis reports that a move from Base Load to Studied Load can use the Planning Guide's dispute and reconciliation process. Analysis quoting ERCOT Market Notice M-A080326-04
Two verification workstreams cover different projects
The current review follows an August 3 directive to verify data centers advancing through ERCOT's large-load interconnection process. A Baker Botts analysis of the directive and ERCOT proceedings identifies two separate workstreams:
- The Batch Zero Audit applies to large loads of at least 75 MW seeking inclusion in Batch Zero.
- The Community Impact Audit applies to computational loads of at least 25 MW that have not yet energized.
That creates three practical groups. Computational loads of at least 75 MW are described as subject to both audits. Non-computational loads of at least 75 MW face the Batch Zero Audit, while computational loads from 25 MW up to 75 MW face the Community Impact Audit. Baker Botts overview of the verification process
The Batch Zero verification can include requests for information routed through a project's transmission or distribution service provider. The requested support can address project capacity, claimed qualification dates, study status, site control, financial security, agreements and ownership.
The separate community-impact review collects a wider set of information, including ownership, power supply, public financial assistance, water use, cooling technology and mitigation measures. It should not be confused with the Batch Zero eligibility decision simply because many large data centers fall within both groups.
What can remove a project from Batch Zero
The audit standard is more specific than a general demand for perfect paperwork. The Baker Botts analysis says ERCOT can notify a project when information conflicts with its eligibility attestation. It says ERCOT has emphasized two removal triggers: a determination that an attestation was materially false, or a failure by the interconnecting entity to respond within the stated time.
That makes prompt, consistent responses important. It does not support saying that every minor documentation gap automatically removes a project.
The study timetable remains unsettled
An April 9, 2027 Batch Zero study deadline was still on the books in September, but ERCOT regulatory-policy executive Chad Seely said the study would not be completed by then, according to reporting that quotes his August 20 remarks. That report says final transmission planning was expected in fall 2027, while noting that the April deadline had not yet been formally replaced or extended. Batch Zero timeline analysis
The careful interpretation is that the schedule is unresolved. A conditional classification does not supply a replacement completion date, an allocation for Studied Load projects or an energization authorization.
What developers and investors should track
For Galaxy, the immediate facts are bounded: about 1.63 GW is conditionally classified as Base Load and 2.6 GW as Studied Load. All five disclosed classifications remain conditional while verification continues.
The next useful evidence will be ERCOT notices on verification outcomes and a revised study schedule. Until those arrive, project announcements should keep four milestones separate: conditional classification, completion of verification, capacity allocation for Studied Load, and final permission to energize.
Sources
This article was researched and fact-checked against the following sources:
- Galaxy Provides Update on ERCOT Batch Zero Large Load Classifications | Tue, 09/08/2026 - 16:30 (investor.galaxy.com)
- Texas Large Load Interconnection Update: ERCOT Batch Zero Pause and Verification Process | Thought Leadership | August 2026 | Baker Botts (bakerbotts.com)
- Every Batch Zero classification ERCOT issued is conditional, and Galaxy’s 2,600 MW went to studied load (electroneconomics.substack.com)
