Morgan Stanley puts $GLXY's odds of getting its next 800MW approved by Q4 2025 or early 2026 at 80-95% (see reasons below)! Honestly pretty solid report from Morgan Stanley although the value they are ascribing to the Digital Asset Business & Helios feels very conservative / low. They estimate only a 35% chance of getting the remaining 1.9GW approved after this next 800MW tranche. To me that feels very low given their is an additional substation (Pitchfork - follow @stefanvanderlux for detective details) being built right next to Helios to support this additional power & Galaxy is proving itself by executing on their CoreWeave contract (and likely another 800MW with a big tech player in the coming years).