Galaxy Digital Inc (GLXY) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Galaxy Digital second-quarter 2026 earnings call. Today's call is being recorded. To ask a question, you may press star then 1 on your touch-tone phone. And to withdraw your question, please press star then 2. At this time, I would like to turn the conference over to Mr. Jonathan Goldowski, Head of Investor Relations. Please go ahead.

早安，歡迎參加 Galaxy Digital 2026 年第二季財報電話會議。今天的電話會議將被錄音。如欲提問，請在您的按鍵式電話上按星號再按 1。如欲撤回提問，請按星號再按 2。此刻，我想將會議交給投資人關係主管 Jonathan Goldowski 先生。請開始。

Good morning, and welcome to Galaxy's second-quarter 2026 earnings call. Before we begin, please note that our remarks, including answers to your questions, may include forward-looking statements. Actual results could differ materially from those described in these statements as a result of various factors, including those identified in the disclaimers in our earnings release or other filings which have been filed with the U.S. Securities and Exchange Commission and on SEDAR+.

早安，歡迎參加 Galaxy 2026 年第二季財報電話會議。在開始之前，請注意我們的發言（包括對各位提問的回答）可能包含前瞻性陳述。由於各種因素，實際結果可能與這些陳述所描述者存在重大差異，其中包括我們新聞稿中的免責聲明或其他已向美國證券交易委員會（SEC）以及在 SEDAR+ 提交之文件中所識別的因素。

Forward-looking statements speak only as of today and will not be updated.

前瞻性陳述僅截至今日有效，且不會更新。

Additionally, we may discuss references to non-GAAP metrics, the reconciliations of which can also be found in our earnings release.

此外，我們可能會討論非 GAAP 指標之相關內容，其調節表亦可在我們的財報新聞稿中查閱。

Finally, none of the information on this call constitutes a recommendation, solicitation or offer by Galaxy or its affiliates to buy or sell any securities.

最後，本次電話會議中的任何資訊均不構成 Galaxy 或其關係企業對任何證券之買入或賣出建議、招攬或要約。

With that, I'll turn it over to Mike Novogratz, Founder and CEO of Galaxy.

接下來，我把時間交給 Galaxy 創辦人暨執行長 Mike Novogratz。

Good morning, everyone.

各位早安。

Listen, the second quarter was transformational for Galaxy.

聽我說，第二季對 Galaxy 而言是具有轉折性的。

Behind the numbers is a single idea. The economy is increasingly running on code.

數字背後其實是一個核心概念。經濟正日益以程式碼運行。

Finance is moving on chain and AI is remaking every industry. Both run on infrastructure, the financial rails on one side, the power and compute on the other.

金融正在上鏈，而 AI 正在重塑每一個產業。兩者都依賴基礎設施：一端是金融軌道，另一端是電力與算力。

Galaxy is one of the few companies building at both ends of it today.

Galaxy 是當今少數同時在這兩端建設的公司之一。

This quarter, both sides delivered.

本季，兩端業務皆有交付成果。

On the data center side, I couldn't be more proud of our team. We delivered Phase 1 at Helios on schedule and on budget, and that's not easy. The campus is now generating cash flow.

在資料中心方面，我對我們的團隊感到無比自豪。我們按期且在預算內交付了 Helios 的第一期工程，這並不容易。該園區目前已開始產生現金流。

We acquired three new data center sites, bringing our development pipeline to 5-plus gigawatts of potential power capacity and positioning Galaxy as one of the largest data center developers and operators in the world.

我們收購了三個新的資料中心場址，使我們的開發管線提升至超過 5 吉瓦的潛在電力容量，並使 Galaxy 成為全球最大的資料中心開發商與營運商之一。

Finally, we completed a $3.5 billion high-yield financing, the largest in our history, ensuring we have the capital to execute under developing roadmap.

最後，我們完成了 35 億美元的高收益融資，為公司史上最大規模，確保我們具備資本以依據正在推進的路線圖執行。

2026 is also an inflection point for our digital assets business.

2026 年同時也是我們數位資產業務的拐點。

Crypto bear markets are the best time to build, and we certainly are in one.

加密貨幣熊市是最適合建設的時期，而我們確實正處於其中。

While token prices and trading activity remain subdued, we're seeing tremendous demand for the infrastructure that will power the next generation of financial markets. Today, we're working with some of the largest financial institutions in the world as they build out their digital asset capabilities. Last quarter, we signed our first major infrastructure engagement with Bank of New York, one of the largest custodians in the world, to further develop its digital asset infrastructure. We believe this is just the beginning.

雖然代幣價格與交易活動仍然低迷，但我們看到對將驅動下一代金融市場之基礎設施有極為強勁的需求。目前，我們正與全球一些最大的金融機構合作，協助其建置數位資產能力。上季，我們與紐約梅隆銀行（Bank of New York）簽署了首個重大基礎設施合作案；該行是全球最大的託管機構之一，合作內容為進一步開發其數位資產基礎設施。我們相信這只是開始。

Across both segments, the through line is the same, transforming finance and powering AI.

在兩個業務分部中，貫穿始終的主軸相同：改造金融並為 AI 提供動力。

Data centers and digital assets are each strong businesses in their own right, and today we're building the infrastructure underneath both of them.

資料中心與數位資產各自都是強勁的業務，而我們今天正在打造支撐兩者的底層基礎設施。

I want to give you a few quick thoughts on clarity.

我想就「Clarity」給各位幾點簡短看法。

Of course, everyone would have been happy if it had been passed already.

當然，如果它早就通過了，大家都會很高興。

Things aren't that easy.

事情沒那麼容易。

We're all sitting here waiting to see the White House's response to the ethics compromise that's been put forward, a bipartisan compromise between Senator Gallego and Senator Tillis.

我們都在等待白宮對已提出之倫理妥協方案的回應；該方案是由 Gallego 參議員與 Tillis 參議員提出的跨黨派妥協。

It's late. It does not look like anything will happen before the recess. And so there is some hope still that these guys will get together in September. I know from speaking to senators daily that all these issues are very close. And so we'll see where the political will turns out.

時間已晚。看起來在休會前不太可能有任何進展。因此仍有一些希望，這些人會在 9 月聚在一起。我每天與參議員交談得知，所有這些議題其實都已非常接近共識。所以我們將看看政治意願最終會如何發展。

If clarity doesn't pass, it's not the end of the world. We've been living without it.

如果 Clarity 未能通過，也不是世界末日。我們一直在沒有它的情況下運作。

Since this business started. There has been a commitment from both the SEC chair and the CFDC chair that they will work really hard and quick to put out rules of the road to regulate crypto in a much more direct way.

自這個產業開始以來就是如此。SEC 主席與 CFDC 主席都承諾，他們將非常努力且迅速地提出「遊戲規則」，以更直接的方式來監管加密貨幣。

Finally, I'd love to welcome Steve VanRozak to our Board. Steve has built and scaled some of the world's most complex technology companies, bringing more than three decades of senior operating leadership across IT, infrastructure, large-scale MA and capital allocation.

最後，我很高興歡迎 Steve VanRozak 加入我們的董事會。Steve 曾建立並擴張全球一些最複雜的科技公司，在 IT、基礎設施、大型併購（M&A）與資本配置方面擁有超過三十年的高階營運領導經驗。

This combination of operating expertise, capital discipline and deep technology experience will further strengthen our Board as we continue expanding our digital assets and trading center infrastructure platform.

這種營運專長、資本紀律與深厚科技經驗的結合，將在我們持續擴展數位資產與交易中心基礎設施平台之際，進一步強化董事會。

And with that, I'll hand it over to Tony.

接下來，我把時間交給 Tony。

Thanks, Mike, and thank you everyone again for joining the call today. As in previous quarters, I'll start by walking through our consolidated financials, then dive into our operating businesses before turning it over to Chris to go into a bit more detail on data centers.

謝謝你，Mike，也再次感謝各位今天參與電話會議。如同前幾季，我將先帶各位回顧合併財務數據，接著深入說明我們的營運業務，然後再交給 Chris，就資料中心部分提供更進一步的細節。

As Mike mentioned, Q2 unfolded against a challenging macro backdrop for digital assets, but our business continued to perform. It's quarters like this that building a diversified business model with recurring revenue that is uncorrelated to market activity becomes especially valuable.

如 Mike 所提，第二季在數位資產面臨具挑戰性的總體環境下展開，但我們的業務仍持續表現。在這樣的季度，建立一個多元化、具經常性收入且與市場活動不相關的商業模式，其價值尤其凸顯。

In Q2, Phase 1 of our Helios data center came online with the first 133 megawatts of critical IT delivered to Coreweave. That's the start of a real shift in our earnings profile, which I'll speak to in a few moments.

第二季，我們 Helios 資料中心第一期正式上線，首批 133 兆瓦的關鍵 IT 容量已交付給 Coreweave。這標誌著我們獲利結構的實質轉變，我稍後會再談。

For the second quarter, we reported GAAP net loss of $85 million or $0.09 per share and firmwide adjusted EBITDA of negative $77 million.

就第二季而言，我們依 GAAP 認列淨損 8,500 萬美元（每股 0.09 美元），全公司調整後 EBITDA 為負 7,700 萬美元。

These results were driven primarily by the depreciation of digital asset prices during the quarter, with our Treasury and Corporate segment reporting an adjusted gross loss of $42 million.

這些結果主要受本季數位資產價格下跌所影響，其中我們的財庫與企業（Treasury and Corporate）分部回報調整後毛損 4,200 萬美元。

Combined operating businesses adjusted gross profit was $86 million and adjusted EBITDA was $1 million, both up significantly from Q1.

合併營運業務的調整後毛利為 8,600 萬美元，調整後 EBITDA 為 100 萬美元，兩者皆較第一季大幅成長。

Firmwide operating expenses, excluding grossed up transaction costs, the impairment of digital assets and pass-through data center operator expenses were $172 million in Q2, up $25 million quarter-over-quarter, driven primarily by previously capitalized interest and depreciation expense that is now being recognized alongside data center revenue.

第二季全公司營運費用（不含加總列示的交易成本、數位資產減損以及資料中心營運商的轉嫁費用）為 1.72 億美元，較前一季增加 2,500 萬美元，主要因先前資本化的利息與折舊費用，現已隨資料中心收入一併開始認列。

Turning to the balance sheet, we ended the period with $10.8 billion in total assets, up 9% from the prior period.

再看資產負債表，本期末總資產為 108 億美元，較前期增加 9%。

Total equity was $2.7 billion, essentially flat quarter-over-quarter with 72% of our equity capital now allocated to our two operating businesses.

股東權益總額為 27 億美元，較前一季基本持平；目前我們的權益資本中有 72% 已配置至兩項營運業務。

That mix has shifted toward our operating businesses over the past year, and as we've said previously, we expect data centers to represent a growing share of our capital base as we continue to invest in the build-out.

在過去一年中，該組合已逐步轉向我們的營運業務；且如我們先前所述，隨著我們持續投資擴建，我們預期資料中心將在我們的資本基礎中占比持續提高。

Cash and stablecoins were $2.5 billion, down 6% from Q1, reflecting cash deployed into our operating businesses during the quarter, primarily around the Helios build.

現金與穩定幣為25億美元，較第一季下降6%，反映本季將現金投入我們的營運業務，主要用於Helios建置。

We also held approximately $1.2 billion in net digital assets and investments at quarter end, down 15% from Q1, reflecting both the depreciation of crypto prices and a modest reduction in our overall net digital asset exposure.

我們在季末亦持有約12億美元的淨數位資產與投資，較第一季下降15%，反映加密資產價格下跌，以及我們整體淨數位資產曝險小幅降低。

Turning to our operating results, beginning with digital assets.

接著看我們的營運成果，先從數位資產開始。

Crypto prices declined double-digits in Q2 with a corresponding moderation in trading volumes and on-chain activity across the industry. Despite the weaker environment, our digital assets segment generated adjusted gross profit of $66 million, up $17 million or 34% quarter-over-quarter.

第二季加密資產價格出現兩位數下跌，產業整體交易量與鏈上活動亦相應降溫。儘管環境轉弱，我們的數位資產部門仍創造6,600萬美元的調整後毛利，較上季增加1,700萬美元或34%。

Delivering top-line growth despite lower digital asset prices and weaker industry activity reflects continued market share gains and further demonstrates that our earnings are becoming less dependent on the overall direction of the market.

在數位資產價格走低、產業活動轉弱的情況下仍能實現營收成長，反映我們持續提升市占，並進一步顯示我們的獲利對整體市場走勢的依賴度正在降低。

Within global markets, adjusted gross profit was $49 million, up significantly from Q1 despite trading volumes declining 7%, driven by strength in our electronic trading business and disciplined risk management across the desks.

在全球市場業務中，調整後毛利為4,900萬美元，儘管交易量下降7%，仍較第一季顯著成長，主要受惠於我們電子交易業務的強勁表現，以及各交易台嚴謹的風險管理。

In lending, our average loan book increased modestly from the prior quarter despite the softer environment. That growth was driven by strong originations toward the end of the quarter, along with the successful pre-launch of our Galaxy on-chain financing rate offering, which I'll discuss in more detail in a moment.

在放貸業務方面，儘管環境較為疲弱，我們的平均放款餘額較上季小幅增加。成長動能來自季末強勁的放款承作量，以及我們Galaxy鏈上融資利率產品成功的上市前推出，我稍後會更詳細說明。

We also continue to expand in areas where we're seeing growing institutional demand.

我們也持續在看到機構需求成長的領域擴張。

During the quarter, we launched our OTC Prediction Markets offering, extending our derivatives platform to enable institutional clients to implement full multi-asset hedging strategies around event-driven markets.

本季我們推出OTC預測市場（Prediction Markets）產品，延伸我們的衍生品平台，使機構客戶能在事件驅動型市場中執行完整的多資產避險策略。

We believe this is an area that will continue to see increasing adoption over time as more companies and institutions seek to manage business-specific risks that are difficult to hedge with traditional instruments and require 24/7 risk management.

我們相信，隨著更多企業與機構尋求管理難以用傳統工具避險、且需要24/7風險管理的特定業務風險，該領域將隨時間持續提高採用率。

Separately, we launched the Galaxy On-Chain Financing Rate, or GOFR, a fully managed risk-controlled lending solution that provides clients with efficient access to on-chain credit markets through a single Galaxy counterparty at an optimized borrowing rate.

另外，我們推出Galaxy On-Chain Financing Rate（GOFR），這是一項全代管、風險受控的放貸解決方案，透過單一Galaxy交易對手方，讓客戶以最佳化借款利率高效率地進入鏈上信貸市場。

This product removes the operational complexity of interacting with decentralized protocols and has already generated nearly $300 million of loan originations, reflecting strong early demand from clients.

此產品消除了與去中心化協議互動的營運複雜度，且已帶來近3億美元的放款承作量，反映客戶早期需求強勁。

We also brought to market the Galaxy Curator, an institutional vault curation offering built on Morpho and integrated with Fireblocks, providing more than 2,400 institutional clients with access to curated on-chain yield strategies.

我們也推出Galaxy Curator，這是一項建立於Morpho並與Fireblocks整合的機構金庫策展（vault curation）服務，讓超過2,400家機構客戶可使用經策展的鏈上收益策略。

These launches reflect our continued focus on expanding our platform in areas where we see long-term demand while creating additional opportunities to serve clients across multiple products and businesses.

這些產品上市反映我們持續聚焦於在看見長期需求的領域擴展平台，同時創造更多機會，透過多項產品與業務為客戶提供服務。

Turning to Asset Management and Infrastructure Solutions, we delivered an adjusted gross profit of $17 million and ended the quarter with approximately $7 billion in combined assets under management and assets under stake. This balance was down 12% from Q1, primarily reflecting lower digital asset prices and modest net outflows during the quarter.

接著看資產管理與基礎設施解決方案，我們實現1,700萬美元的調整後毛利，季末合計管理資產（AUM）與質押資產（assets under stake）約70億美元。該餘額較第一季下降12%，主要反映數位資產價格下跌，以及本季小幅淨流出。

We continue to expand our investment platform with strategies focused on areas where we see long-term capital formation and believe we have a competitive edge.

我們持續擴展投資平台，聚焦於我們看見長期資本形成、且相信具備競爭優勢的領域之策略。

During the quarter, we launched the Galaxy Fintech Fund with over $100 million of assets at launch. This long-short equity hedge fund is focused on the digital asset transformation of financial services, a theme that has been central to Galaxy's business strategy since the founding of the company.

本季我們推出Galaxy Fintech Fund，成立時資產規模超過1億美元。這檔多空股票避險基金聚焦於金融服務的數位資產轉型，該主題自公司創立以來一直是Galaxy商業策略的核心。

We also launched Sweep. A tokenized private equity fund in partnership with State Street Investment Management, and one of the few tokenized money market funds that offers 24-7 liquidity while also serving as eligible margin collateral on Galaxy's platform.

我們也推出Sweep。這是一檔與State Street Investment Management合作的代幣化私募股權基金，同時也是少數提供24/7流動性的代幣化貨幣市場基金之一，並可在Galaxy平台上作為合格的保證金抵押品。

Looking ahead to the second-half of '26, we expect to raise the next vintage of the Galaxy Ventures franchise, building on the early success and strong investment performance of our inaugural fund, we expect the '26 vintage to be larger and to continue to focus on blockchains, stablecoin, digital payments and tokenization.

展望2026年下半年，我們預期將募集下一期（vintage）的Galaxy Ventures系列基金；在首期基金早期成功與強勁投資表現的基礎上，我們預期2026年期將規模更大，並持續聚焦區塊鏈、穩定幣、數位支付與代幣化。

Since 2018, when we began investing balance sheet capital, our venture strategy has consistently delivered top decile DPI relative to industry benchmarks across every vintage. That track record positions us well as we continue to scale our venture business.

自2018年我們開始投入資產負債表資金進行投資以來，我們的創投策略在每一期（vintage）相對於產業基準皆持續交出前十分位（top decile）的DPI。這樣的績效紀錄，使我們在持續擴大創投業務規模時具備良好優勢。

On to digital infrastructure. Last quarter, we discussed how every layer of the capital markets value chain is investing in infrastructure to support a financial system built on digital rails.

接著談數位基礎設施。上季我們討論過，資本市場價值鏈的每一層都在投資基礎設施，以支援建立在數位軌道（digital rails）上的金融體系。

This investment is being driven by the significant operational and economic benefits that digital infrastructure can deliver, including lower operating costs, improved capital efficiency and collateral mobility, faster settlement, broader distribution and the ability to bring new products to market more quickly.

這些投資由數位基礎設施可帶來的重大營運與經濟效益所驅動，包括更低的營運成本、更佳的資本效率與抵押品流動性、更快的結算、更廣的分銷，以及更快速將新產品推向市場的能力。

Over the past few quarters, we've seen a meaningful shift in how institutions are approaching this challenge.

在過去幾個季度，我們看到機構在應對此挑戰的方式上出現顯著轉變。

Increasingly, firms are moving beyond outsourcing core infrastructure to third-party providers and instead are looking to own and control the underlying technology themselves.

愈來愈多公司不再僅將核心基礎設施外包給第三方供應商，而是希望自行擁有並掌控底層技術。

And our platform has evolved alongside our clients' changing needs.

而我們的平台也隨著客戶需求的變化同步演進。

Rather than offering a single off-the-shelf solution, we've evolved our stack into modular building blocks that enable institutions to build digital asset servicing capabilities around their own operating models spanning custody, key management, staking, trading, settlement, and wallet infrastructure.

我們不再提供單一的現成解決方案，而是將技術堆疊演進為模組化的建構元件，使機構能依其自身營運模式建立數位資產服務能力，涵蓋託管、金鑰管理、質押、交易、結算與錢包基礎設施。

That strategy reached an important milestone in Q2 when we signed a multi-year agreement with Bank of New York, the world's largest custodian, to further advance digital asset infrastructure for institutional markets.

該策略在第二季達成重要里程碑：我們與紐約梅隆銀行（Bank of New York, BNY）—全球最大的託管銀行—簽署多年期協議，以進一步推進機構市場的數位資產基礎設施。

This agreement entails Galaxy serving as a design partner to BNY across the full range of digital infrastructure, including support for staking on BNY's digital asset custody platform.

此協議包含Galaxy作為BNY在全方位數位基礎設施上的設計合作夥伴，包括支援在BNY數位資產託管平台上的質押（staking）。

We already have a team of forward-deployed engineers on site and look forward to deepening that relationship over time.

我們已派駐一支前線工程師團隊進駐現場，並期待隨時間推進深化合作關係。

This engagement reflects the trust that leading financial institutions are placing in our technology and engineering capabilities while also demonstrating our ability to monetize our best-in-class product and engineering talent through strategic engagements.

此合作反映領先金融機構對我們技術與工程能力的信任，同時也展現我們能透過策略性合作，將一流的產品與工程人才變現的能力。

These engagements are inherently complex, requiring extensive solution design, commercial alignment, and deep technical integration over extended periods of time.

這類合作本質上相當複雜，需要在長時間內進行大量的解決方案設計、商業條件對齊，以及深度技術整合。

We've spent several years investing in these relationships, and while these engagements have long development cycles, we're encouraged to see them beginning to translate into commercial opportunities. We believe these types of strategic partnerships position Galaxy at the center of the next generation of digital infrastructure as capital markets continue to evolve.

我們已投入數年經營這些關係；雖然此類合作的開發週期較長，但我們很高興看到它們開始轉化為商業機會。我們相信，隨著資本市場持續演進，這類策略夥伴關係將使Galaxy位於下一代數位基礎設施的核心。

We're also continuing to expand our distribution through additional integrations. Following BlackRock's selection of Galaxy as a validator for its Ethereum staking fund last quarter, Morgan Stanley Wealth Management has now selected Galaxy to help power staking for two new digital asset ETPs extending our role as a staking provider to the wealth industry. We also announced a new partnership that enables Morgan Stanley Wealth clients to lend digital assets to Galaxy and receive in-kind spot crypto ETPs through a new referral program.

我們也持續透過更多整合來擴大分銷。繼上季BlackRock選擇Galaxy作為其以太坊質押基金的驗證者後，Morgan Stanley Wealth Management現亦選擇Galaxy協助為兩檔新的數位資產ETP提供質押服務，將我們作為質押服務提供者的角色延伸至財富管理產業。我們也宣布一項新合作夥伴關係，透過新的轉介計畫，使Morgan Stanley Wealth客戶可將數位資產出借給Galaxy，並以實物交割方式獲得現貨加密資產ETP。

Since Q4 of last year, we've reoriented our business around the convergence of traditional and digital financial services, a structural trend we believe Galaxy is uniquely positioned to serve.

自去年第四季以來，我們已將業務重新聚焦於傳統與數位金融服務的融合；我們相信這是一項結構性趨勢，而Galaxy具備獨特優勢可提供相關服務。

We brought our infrastructure business onto one single platform, aligned leadership and added senior talent across product and technology to support it.

我們將基礎設施業務整合至單一平台，對齊領導團隊，並在產品與技術領域增聘資深人才以提供支援。

Q2 showed that strategy translating into commercial results, new distribution. Partnerships are expanding our footprint and opening new channels for customers, which will help drive organic growth and recurring revenue over time.

第二季顯示該策略正轉化為商業成果與新的分銷動能。合作夥伴關係正在擴大我們的版圖並開啟新的客戶通路，將有助於隨時間推動有機成長與經常性收入。

Turning to data centers, Q2 was the segment's first quarter of real operating financial results as we delivered all data halls to CoreWeave under the Phase 1 lease agreement prior to quarter end.

談到資料中心，第二季是該分部首次呈現實際營運的財務成果，因為我們在季末前已依第一期租賃協議將所有資料機房（data halls）交付給 CoreWeave。

As a result, beginning this quarter, we'll be reporting a more detailed set of metrics in our financial statements and supplements.

因此，自本季起，我們將在財務報表與補充資料中揭露一套更為詳細的指標。

On the consolidated income statement, you'll see leasing revenue, which reflects the total contracted rent over the life of each lease, including annual escalators, recognized under GAAP on a straight line basis.

在合併損益表上，您會看到租賃收入（leasing revenue），其反映各項租約存續期間的總合約租金（包含年度調升），並依 GAAP 以直線法認列。

Within our data center segment reporting, you'll also see operator revenue, which is the pass-through charges we recover from our customer for power, utility, and other related operating services, along with the equally offsetting associated operator expenses.

在我們的資料中心分部揭露中，您也會看到營運商收入（operator revenue），也就是我們向客戶回收的電力、公用事業及其他相關營運服務的代收代付費用，以及與之等額抵銷的相關營運商費用（operator expenses）。

As with other segments, we will report adjusted gross profit and adjusted EBITDA for data centers. Non-GAAP measures, we believe, offer a clearer view of the segment's underlying performance.

與其他分部相同，我們將為資料中心揭露調整後毛利（adjusted gross profit）與調整後 EBITDA。我們認為非 GAAP 指標能更清楚呈現該分部的基本面表現。

For data centers specifically, adjusted gross profit will exclude the pass-through operator costs, thereby isolating economic profit that we actually generate from our operations.

就資料中心而言，調整後毛利將排除代收代付的營運商成本，從而聚焦於我們實際由營運所產生的經濟利潤。

With that framework in place, data centers generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA in Q2, both reflecting the phased delivery of data halls throughout the quarter.

在此架構下，資料中心於第二季產生 2,000 萬美元的調整後毛利與 1,100 萬美元的調整後 EBITDA，兩者皆反映本季期間資料機房分階段交付的情況。

Total data center operating expenses, excluding pass-through operator costs, were $21 million in the quarter, reflecting depreciation and interest expense that began recognition as the data halls were delivered.

本季資料中心營運費用總額（不含代收代付的營運商成本）為 2,100 萬美元，反映隨資料機房交付而開始認列的折舊與利息費用。

With Phase 1 now fully online, beginning in the third quarter, we expect Phase 1 to generate its first full quarter of leasing revenue of approximately $80 million and a project level adjusted EBITDA margin of over 90%. Data center CapEx was $448 million in Q2, up from $354 million in Q1.

第一期現已全面上線，自第三季起，我們預期第一期將貢獻首個完整季度的租賃收入約 8,000 萬美元，且專案層級的調整後 EBITDA 利潤率超過 90%。第二季資料中心資本支出（CapEx）為 4.48 億美元，高於第一季的 3.54 億美元。

In the coming quarters, you should expect CapEx to continue increasing alongside the pace of construction at Helios.

在接下來幾季，您應可預期資本支出將隨 Helios 的施工進度持續增加。

This quarter, we also recognized a clean electricity investment tax credit of approximately $65 million.

本季我們亦認列約 6,500 萬美元的潔淨電力投資稅額抵免（investment tax credit）。

Given our upseat corporate structure, only roughly half of this federal credit flowed through our P&L this quarter as a $32 million tax benefit on the data centers segment income statement.

鑑於我們的上層企業架構（upseat corporate structure），本季僅約一半的聯邦抵免額流入損益表，於資料中心分部損益表中以 3,200 萬美元的稅務利益呈現。

At quarter end, the data center segment had approximately $2.5 billion in total assets and $1.5 billion in total liabilities, and we expect both to keep growing as we continue to scale the business.

截至季末，資料中心分部總資產約 25 億美元、總負債約 15 億美元；隨著我們持續擴大業務規模，預期兩者仍將持續成長。

Lastly, as Mike mentioned, related to financing for Phase 2 of Helios, on July 28, we completed a private 144A offering of $3.5 billion of five-year senior secured notes structured at an 85% loan to cost.

最後，如 Mike 所提，關於 Helios 第二期的融資，我們於 7 月 28 日完成一筆私募 144A 發行，發行 35 億美元、五年期的優先擔保票據（senior secured notes），結構為成本貸款比（loan to cost）85%。

Combined with the equity Galaxy has already contributed to the project, this financing funds the remainder of Phase 2 at Helios, which will add an additional 260 megawatts of critical IT capacity starting next year.

結合 Galaxy 先前已投入該專案的股權資金，此融資將為 Helios 第二期的其餘部分提供資金，並自明年起新增 260 兆瓦的關鍵 IT 容量。

With that, I'll turn it over to Chris for more details on data centers. Chris.

接下來我把時間交給 Chris，請他就資料中心提供更多細節。Chris。

Thanks, Tony.

謝謝，Tony。

I'm proud to say that we delivered phase one at Helios on schedule and on budget. In today's data center market, that's more than a construction milestone. It's proof that we can execute at scale and that credibility matters as we expand Helios, add new customers and partners, and develop future campuses.

我很自豪地說，我們已按期且在預算內交付 Helios 第一期。在今日的資料中心市場，這不僅是一個施工里程碑。這證明我們具備規模化執行能力，而在我們擴建 Helios、增加新客戶與合作夥伴並開發未來園區之際，可信度至關重要。

Turning to phase two, construction is tracking well.

談到第二期，施工進度追蹤良好。

HIT Contracting joined the project this year as our new general contractor and has been mobilized on site since April.

HIT Contracting 今年以我們新的總承包商身分加入專案，並自 4 月起已在現場動員。

As one of the industry's leading builders of hyperscale data centers, HIT's decision to partner with Galaxy reflects the quality of the Helios campus, our team and the opportunity we're building together.

作為業界領先的超大規模（hyperscale）資料中心建造商之一，HIT 決定與 Galaxy 合作，反映 Helios 園區的品質、我們的團隊，以及我們共同打造的機會。

Earth work is now complete and structural foundation work is underway.

土方工程現已完成，結構基礎工程正在進行中。

We remain on schedule and expect to commence Phase 2 data hall deliveries in the second quarter of 2027.

我們仍按計畫推進，並預期於 2027 年第二季開始交付第二期資料機房。

Phase 2 comprises eight data halls in total with seven online by the end of 2027 and the final data hall following in early 2028.

第二期合計包含八座資料機房，其中七座將於 2027 年底前上線，最後一座將於 2028 年初接續上線。

As Tony highlighted, we've now fully funded Phase 2 with Galaxy Equity and our recent high-yield note issuance.

如 Tony 所強調，我們現已透過 Galaxy 股權資金與近期高收益票據發行，為第二期完成全額資金到位。

Capital continues to find its way to well-structured contracted infrastructure like Helios, and we're grateful for the partners who supported us in getting there.

資本持續流向像 Helios 這類結構完善、具合約支撐的基礎設施，我們也感謝支持我們達成此目標的合作夥伴。

The third and final phase of Helios 1, which represents an additional 200 megawatts of gross power and 133 megawatts of critical IP load, is expected to come online throughout 2028, rounding out Helios 1's three-phase build-out.

Helios 1 的第三期亦為最後一期，代表額外 200 兆瓦的總電力（gross power）與 133 兆瓦的關鍵 IT 負載（critical IT load），預期將於 2028 年期間陸續上線，完成 Helios 1 的三期建置。

On our remaining 830 megawatts of approved capacity at Helios II, conversations continue to advance and we remain constructive on both the customer side and the economics.

就 Helios II 已核准的剩餘 830 兆瓦容量而言，相關洽談持續推進，我們在客戶端與經濟性兩方面仍保持正向看法。

Much of the timing here comes down to where prospective customers sit in their own internal capacity planning and buying windows relative to when our available capacity at Helios is set to energize.

此處的時程很大程度取決於潛在客戶自身內部容量規劃與採購窗口，與我們在 Helios 可用容量預計通電（energize）的時間點之相對關係。

Leases for power at this scale are increasingly being signed well ahead of energization and demand shows no signs of slowing, which gives us a strong amount of confidence in how this timeline will play out for Galaxy. Furthermore, other market dynamics are at play that signal to us that sometimes patience is a virtue. New potential tenants are showing up to the market regularly now, providing a wider service area to discuss potential long-term partnerships.

如此規模的電力租約正日益在通電前很久就完成簽署，且需求未見放緩跡象，這讓我們對該時程將如何為 Galaxy 展開抱持高度信心。此外，還有其他市場動態正在發酵，向我們顯示有時耐心是一種美德。新的潛在承租戶如今也更頻繁地進入市場，讓我們有更廣的服務範圍可洽談潛在的長期合作夥伴關係。

New guarantee and lease wrap structures are being formalized to help better shape the risk reward opportunity for us as a long-term infrastructure owner.

新的保證（guarantee）與租約包裝（lease wrap）結構正在制度化，以協助我們作為長期基礎設施持有者，更好地塑造風險報酬機會。

And probably most importantly, while forward market demand for power and compute is stronger today than it's ever been, forward market supply of new projects, while ambitiously headlined, is very quickly being constrained now by both physical delivery and political headwinds.

而且可能最重要的是，雖然遠期市場對電力與算力的需求如今比以往任何時候都更強，但遠期市場的新專案供給即便標題看似雄心勃勃，卻正迅速受到實體交付能力與政治逆風的雙重限制。

Make no mistake, the team here is laser focused on evaluating all the opportunities available for Helios II. We are just balancing that with our belief that an approved project at near gigawatt scale is not an asset that we should deploy lightly.

毫無疑問，這裡的團隊正高度專注於評估 Helios II 的所有可用機會。我們只是同時在權衡：一個已核准、接近 GW 規模的專案，不是我們應該輕率投入的資產。

In the meantime, we've already placed deposits and issued purchase orders on more than $180 million of long-lead electrical equipment, including main power transformers and switchgear.

同時，我們已就超過 1.8 億美元的長交期電氣設備支付訂金並下達採購訂單，包括主電力變壓器與開關設備（switchgear）。

Taking these steps early helps ensure that we're proactively managing infrastructure procurement to support our energization timelines and plan ramp schedule while increasing the attractiveness and hence the value of the project to prospective tenants.

及早採取這些步驟，有助於我們主動管理基礎設施採購，以支援通電時程與爬坡計畫，同時提升專案對潛在承租戶的吸引力，進而提高其價值。

On the utility side, we're encouraged by the continued progress on West Pitchfork Switching Station, which is currently under construction and will support the energization of this 830 megawatts of additional capacity.

在公用事業端，我們對 West Pitchfork Switching Station 的持續進展感到鼓舞；該站目前正在施工，將支援這額外 830 兆瓦容量的通電。

At Helios, beyond the existing 1.6 gigawatts of approved capacity across Helios 1 and 2, our incremental expansion opportunity now stands at 2 gigawatts, split evenly across two separate points of interconnection, Helios 3 and Helios 4.

在 Helios，除 Helios 1 與 2 合計既有 1.6 GW 的核准容量外，我們目前的增量擴張機會達到 2 GW，平均分布於兩個獨立的併網點（points of interconnection），即 Helios 3 與 Helios 4。

We submitted the required batch zero documentation and attestation package for Helios 3 and posted $50 million of financial security with the interconnecting transmission service provider ahead of ERCOT's July 24 deadline.

我們已在 ERCOT 7 月 24 日截止日前，提交 Helios 3 所需的 batch zero 文件與聲明（attestation）資料包，並向併網的輸電服務提供商繳交 5,000 萬美元的財務擔保。

Based on the completion of those milestones and the requirements of PIGR 145, we expect the 1 gigawatt Helios 3 interconnection to qualify for inclusion in batch 0 as study load.

基於已完成上述里程碑以及 PIGR 145 的要求，我們預期 1 吉瓦的 Helios 3 併網將符合納入第 0 批次作為研究負載的資格。

Helios 4 has not yet reached those same milestones, and as a result, we expect it to move through a subsequent ERCOT batch process with energization occurring on a later timeline.

Helios 4 尚未達成相同的里程碑，因此我們預期其將進入後續的 ERCOT 批次流程，並在較晚的時程完成送電。

But we continue to invest ahead of demand because of what we're seeing in the market, strong customer interest, persistent power scarcity and continued demand for large-scale compute infrastructure.

但我們仍會在需求出現之前持續投資，因為我們在市場上看到的情況包括：強勁的客戶興趣、持續的電力短缺，以及對大規模運算基礎設施的需求延續。

At Galaxy Power, our strategy and ambitions have always extended beyond just Helios. I'm very proud now to be able to say that over the past two months, we've added three new sites across Texas, extending our development pipeline and creating multiple avenues for future growth of the business.

在 Galaxy Power，我們的策略與企圖心一直不僅限於 Helios。我很自豪地表示，在過去兩個月，我們在德州新增了三個新據點，延伸了我們的開發管線，並為公司未來成長創造多條路徑。

First of those new campuses is Merlin, where subsequent to quarter end, Galaxy executed a development agreement to acquire 500 acres of land in the McGregor Industrial Park in McGregor, Texas, for the development of a new AI and HPC data center campus.

這些新園區中的第一個是 Merlin。於季度結束後，Galaxy 簽署了一份開發協議，將收購德州 McGregor 市 McGregor 工業園區內 500 英畝土地，用於開發新的 AI 與 HPC 資料中心園區。

Galaxy is advancing the electrical infrastructure for the campus and we've secured an initial agreement from the utility to support construction of the required interconnection facilities. We expect the initial 74 megawatt phase to begin energization in 2028, subject to development milestones, including execution of an interconnect agreement and a supply agreement with the local utility.

Galaxy 正在推進該園區的電力基礎設施建設，並已取得公用事業單位的初步協議，以支持建置所需的併網設施。在達成開發里程碑（包括簽署併網協議以及與當地公用事業單位簽署供電協議）的前提下，我們預期首期 74 兆瓦將於 2028 年開始送電。

At Merlin, we also plan to request additional capacity through ERCOT's batch process to support development above the 75-megawatt large load threshold. We believe there is a path for Merlin to grow over time into a 500-megawatt campus as we in the utility upgrade transmission infrastructure.

在 Merlin，我們也計畫透過 ERCOT 的批次流程申請額外容量，以支持超過 75 兆瓦大型負載門檻的開發。我們相信，隨著公用事業單位升級輸電基礎設施，Merlin 有機會隨時間成長為一個 500 兆瓦的園區。

Merlin complements Helios and has the potential to become a strategically located AI and inference campus serving customers across the Texas Triangle, one of the fastest growing economic corridors in the United States.

Merlin 與 Helios 形成互補，並有潛力成為具策略位置的 AI 與推論園區，服務德州三角地帶（Texas Triangle）的客戶；該地帶是美國成長最快的經濟走廊之一。

In addition to Merlin and Helios, we also recently acquired two additional new sites in Texas for the development of AI data center campuses, Caspian and Saline.

除 Merlin 與 Helios 之外，我們近期也在德州收購了另外兩個新據點，用於開發 AI 資料中心園區：Caspian 與 Saline。

Caspian has a potential total gross power capacity of 700 megawatts and is eligible for batch zero base load classification based on the milestones we've already completed, including executed interconnection agreements and the posting of known and identified required financial commitments for transmission and distribution upgrades.

Caspian 的潛在總毛電力容量為 700 兆瓦，並可依據我們已完成的里程碑（包括已簽署併網協議，以及已提交已知且明確所需之輸配電升級財務承諾）而符合第 0 批次基載分類資格。

That puts Caspian on one of the most advanced development paths within our expansion portfolio.

這使 Caspian 成為我們擴張投資組合中開發進度最為領先的項目之一。

The lean has potential gross power capacity of 900 megawatts and is eligible to be classified as batch zero study load now that we've submitted the required documentation and attestation packages and posted the required financial security ahead of the ERCAT deadlines.

Saline 的潛在毛電力容量為 900 兆瓦；在我們已於 ERCOT 截止日前提交所需文件與聲明（attestation）套件，並提供所需財務擔保後，現已符合被歸類為第 0 批次研究負載的資格。

Taken together, Helios and our three new campuses bring our total potential power capacity to more than 5.7 gigawatts, providing Galaxy Power a visible development pipeline for over half a decade to come.

綜合而言，Helios 與我們三個新園區使我們的總潛在電力容量超過 5.7 吉瓦，為 Galaxy Power 提供了未來超過半個十年的可見開發管線。

Acquiring new sites is where our experience at Helios becomes a real advantage. We've built a level of expertise in power interconnection, utility relationships, permitting, and community engagement that few developers in this space can match. Texas, in particular, is core to our strategy. We know the grid, we have deep relationships with state and local government, and we operate in a regulatory environment that, despite recent trepidation over the proposed pace of growth, we believe will continue to favor data center development over the long-term.

收購新據點正是我們在 Helios 累積的經驗能成為真正優勢之處。我們在電力併網、公用事業關係、許可申請與社區溝通方面建立了專業能力，在此領域能與之匹敵的開發商寥寥可數。尤其是德州，是我們策略的核心。我們了解電網，與州及地方政府有深厚關係，且我們所處的監管環境儘管近期對提議的成長速度有所疑慮，但我們相信長期而言仍將持續有利於資料中心開發。

Equally important, we have the capital and resources to move quickly when the right opportunities present themselves. These acquisitions have all been structured so that we commit modest capital through the interconnection approval process with the bulk of our commitments contingent upon the achievement of specific development milestones, including, importantly, the actual successful long-term leasing of these sites.

同樣重要的是，我們具備資本與資源，能在適當機會出現時迅速行動。這些收購案的架構皆設計為：在併網核准流程期間我們僅投入相對有限的資本，而我們的大部分承諾則以達成特定開發里程碑為前提，其中尤為重要的是這些據點實際成功完成長期租賃。

That kind of structure is only possible because of our credibility as a developer who has executed successfully at scale.

這種架構之所以可行，唯有因為我們作為開發商具備在大規模執行並成功交付的公信力。

Being a credible, well-capitalized operator is exactly why early-stage project developers and landowners are willing to transact with us in this structure, and our track record at Helios is the reason they trust us to close.

正因我們是可信且資本充足的營運商，早期專案開發商與地主才願意以此架構與我們交易；而我們在 Helios 的實績則是他們信任我們能完成交割的原因。

Texas has become one of the most competitive data center markets in the country, driven by extraordinary demand for new large loads. As a result, the PUCT and ERCOT are understandably focused on distinguishing projects that are well developed from those that are speculative or do not or cannot meet applicable requirements.

在對新增大型負載的非凡需求推動下，德州已成為全美競爭最激烈的資料中心市場之一。因此，PUCT 與 ERCOT 理所當然地著重於區分哪些專案已充分開發，哪些屬於投機性質，或未能／無法符合適用要求。

To this point, on Monday, Governor Abbott directed the PUCT and ERCOT to conduct a comprehensive audit of all data center projects seeking grid interconnection, including ownership, financing, infrastructure commitments, projected power and water use, and measures to mitigate community impacts.

就此而言，週一 Abbott 州長指示 PUCT 與 ERCOT 對所有尋求電網併網的資料中心專案進行全面稽核，包括所有權、融資、基礎設施承諾、預估用電與用水量，以及降低對社區影響的措施。

The Governor's Directive is a stark reinforcement of the principles that have guided the Batch Zero process from the outset, and frankly, the core principles that have always been Galaxy's North Star in our development process.

州長的指示明確強化了自第 0 批次流程一開始即遵循的原則；坦白說，也強化了在我們開發流程中一直作為 Galaxy 指引方向的核心原則。

The governor has consistently emphasized that protecting Texan safety and quality of life while creating jobs and advancing Texas's leadership in technology and investment are complementary priorities, and we've approached our projects with those objectives in mind from day one.

州長一再強調：在創造就業並推動德州在科技與投資領域的領導地位之同時，保障德州居民的安全與生活品質是相輔相成的優先事項；我們自第一天起即以這些目標為出發點推進各項專案。

We've worked closely with our engineers, consultants and utility partners to meet the requirements established by the PUCT and ERCOT and will continue to comply with any additional requirements that result from this directive. Responsible development has always been our approach.

我們與工程師、顧問及公用事業合作夥伴密切合作，以符合 PUCT 與 ERCOT 所制定的要求，並將持續遵循因本指示而產生的任何額外要求。負責任的開發一直是我們的做法。

The immediate impact is that we and others in the industry no longer expect communication on batch zero classification in the coming days.

其直接影響是：我們以及業界其他公司不再預期在未來幾天內收到關於第 0 批次分類的通知。

While regulatory developments continue to evolve, our focus remains on executing our long-term strategy and expanding our investment into Texas infrastructure, communities, talent and innovation. To that end, last month, we announced a 15-year naming rights partnership with Texas Tech, rebranding the home of Red Raider football as Galaxy Stadium beginning this season.

儘管監管動態仍在演變，我們的重點仍是執行長期策略，並擴大對德州基礎設施、社區、人才與創新的投資。為此，上個月我們宣布與德州理工大學（Texas Tech）達成為期 15 年的冠名權合作，自本賽季起將紅襲者（Red Raider）美式足球主場更名為 Galaxy Stadium。

Our partnership includes opportunities for Red Raider student athletes to be compensated through branded campaigns and content, while also strengthening a talent pipeline that's already producing results.

我們的合作包含讓紅襲者學生運動員透過品牌行銷活動與內容獲得報酬的機會，同時也強化一條已開始產生成果的人才管線。

Texas Tech graduates are already supporting our Helios campus across multiple teams and we expect that pipeline to grow as our presence in West Texas expands.

德州理工的畢業生已在多個團隊中支援我們的 Helios 園區；隨著我們在西德州的布局擴大，我們預期該人才管線將持續成長。

This partnership is just the beginning of a broader relationship with the university. Over time, we expect to explore additional collaboration, including AI-focused academic initiatives and workforce development programs that help strengthen the region's long-term technology ecosystem.

這項合作只是我們與該大學更廣泛關係的起點。隨著時間推進，我們預期將探索更多合作，包括以 AI 為重點的學術倡議與人才培育計畫，以協助強化該地區長期的科技生態系。

What you're seeing is a business that's moved beyond proving it can execute. We've delivered 133 megawatts to Coreweave on schedule in an industry where timely execution has become a meaningful differentiator. We're expanding Helios, growing a multi-campus portfolio across Texas, and building lasting partnerships with the communities in which we operate.

你們所看到的是一家已不再只是證明自己能執行的企業。在一個準時交付已成為重要差異化因素的產業中，我們已如期向 CoreWeave 交付 133 兆瓦。我們正在擴建 Helios、在德州打造多園區投資組合，並與我們營運所在的社區建立長期夥伴關係。

That's the foundation we're creating, not just a collection of data centers, but a scalable infrastructure platform positioned to support the next generation of AI computing for years to come.

這就是我們正在打造的基礎：不僅是一系列資料中心，而是一個可擴展的基礎設施平台，定位於在未來多年支援下一代 AI 運算。

With that, I'll turn it over to the operator for questions.

接下來，我把時間交給接線員進行提問。

Thank you. We will begin the question-and-answer session. To ask a question, you may press star then one on your touch tone phone.

謝謝。我們將開始問答環節。如欲提問，請在您的按鍵式電話上按星號再按 1。

If you are using a speakerphone, please pick up your handset before pressing the keys.

如果您正在使用免持擴音電話，請在按鍵之前先拿起聽筒。

If at any time your question has been addressed and you would like to withdraw your question, please press star then two.

如果在任何時候您的問題已被回答且您想撤回提問，請按星號鍵再按 2。

Please limit yourself to one question, and if you have additional questions, you may re-enter the question queue. And our first question for today will come from Patrick Moley with Piper Sandler. Please go ahead.

請將提問限制為一個問題；若您還有其他問題，您可以重新加入提問佇列。今天的第一個問題來自 Piper Sandler 的 Patrick Moley。請開始。

Yes, good morning. Thanks for taking the question. So I wanted to ask about the additional 830 megawatts of approved capacity at Helios that's not yet under lease. I appreciate some of the color you provided there in the prepared remarks, but was hoping you could just update us on how your conversations with potential tenants there have gone, what the composition of the tenant funnel looks like in terms of. Hyperscalers, neo-clouds and then maybe just level set with us and elaborate on what some of the gating factors have been to getting a tenant sign for that power? Thanks.

是的，早安。謝謝讓我提問。我想請教關於 Helios 已核准但尚未出租的額外 830 兆瓦容量。我很感謝您在事先準備的發言中提供的一些說明，但也希望您能更新一下：您與潛在承租方的洽談進展如何、以潛在承租方漏斗來看其組成大概是什麼樣子——例如超大規模業者（hyperscalers）、新雲（neo-clouds）等；另外也請您幫我們校準一下並進一步說明，促成該電力容量簽約的主要門檻因素有哪些？謝謝。

Sure. Good morning, Patrick. Thanks for the question.

當然可以。早安，Patrick。謝謝你的問題。

Yeah. So. Helios II and the 830 megawatts of approved power capacity, we've had a number of discussions across the industry with sort of every flavor of potential and tenant that category that you can come up with, so Hyperscalers, NeoClouds, some of the labs themselves and some new entrants to the market as well.

好的。關於 Helios II 以及已核准的 830 兆瓦電力容量，我們已與業界進行了多次討論，幾乎涵蓋你能想到的各種潛在承租方類型：超大規模業者、新雲、部分實驗室本身，以及一些新進入市場的業者。

I think as I said in the remarks, the number one factor for us in that today is Helios II energy. Schedule is currently slated for late 2028. And the industry, as is in such a backlog of necessary supply to meet demand today that a lot of those tenants are focused on how can I lease 2026 power, however unrealistic that is today in terms of actual being able to deliver that.

我想如同我在發言中提到的，對我們而言目前最主要的因素是 Helios II 的能源時程。目前排程是在 2028 年底。而整個產業為了滿足當前需求，必要供給存在很大的積壓缺口，因此許多承租方把重點放在「我怎麼租到 2026 年的電力」，儘管就今天而言，實際能否交付往往並不現實。

And so a lot of the conversations we've had have started with what is a process of building a long-term relationship. Towards a schedule for when those potential customers are looking to then turn their teams and their attention, which is limited on late 2028 power. So that's what I'd say sort of the starting of the conversation, the relationship building has been over the last number of months.

因此，我們許多對話的起點，是建立長期關係的過程。並朝向一個時程：當這些潛在客戶準備把他們有限的團隊與注意力，轉向 2028 年底的電力時。所以我會說，過去幾個月的重點就是從對話起步、建立關係。

Then I would overlay the other market dynamics, which I mentioned in the prepared remarks, which are pretty important, which is the dynamics in the industry are moving pretty fast, most of which are all pretty favorable for actual infrastructure land power owners.

接著我會把我在事先準備的發言中提到的其他市場動態疊加進來，這些相當重要：產業動態變化很快，而且多數都非常有利於真正擁有基礎設施、土地與電力的業者。

A lot of new structures have started to emerge and get crystallized, which would allow for tenants who we otherwise would have trepidation moving forward with as relates to their business maturity and their credit quality by having larger credit quality.

市場上開始出現並逐步成形許多新的結構，讓我們原本可能會因其商業成熟度與信用品質而對合作有所顧慮的承租方，能夠透過更高信用品質的——

Counterparties sort of wrap those potential commitments and give us a better risk-reward and allow us to commit to a long-term partnership. And so those are relatively new. You've seen a few of them come into the market. We've taken the tact of wanting to see them start to develop to work ourselves on structures that might work for us that would give us a. A much broader potential opportunity set at Helios, too. And we thought that it was prudent to make sure that we did the research and we saw those sort of come to market before we make a final decision on what we're going to do with the asset.

交易對手方對這些潛在承諾進行某種「包覆／背書」，使我們的風險報酬更佳，並讓我們能承諾長期合作關係。而這些結構相對較新。你已經看到其中一些進入市場。我們採取的做法是希望先看到它們開始發展，同時也自行研究哪些結構可能適合我們，從而讓我們在 Helios II 擁有——更廣泛的潛在機會集合。我們認為，在對該資產最終要怎麼做出決定之前，先做好研究並觀察這些結構逐步進入市場，是較為審慎的作法。

The next question will come from James Yarrow with Goldman Sachs. Please go ahead.

下一個問題來自 Goldman Sachs 的 James Yarrow。請開始。

Good morning, and thanks for taking the question. So Galaxy has diversified in a variety of ways that you highlighted on this call into crypto infrastructure offerings. Which products would you classify as sort of the key near-term and investment and growth priorities in the digital assets business? And maybe you can differentiate between trading versus infrastructure. And where are you seeing the strongest early traction with some of these infrastructure products?

早安，謝謝讓我提問。Galaxy 已如你在本次電話會議中提到的，以多種方式將業務多元化，拓展到加密基礎設施相關的產品與服務。在數位資產業務中，哪些產品是你們認為短期內關鍵的投資與成長優先項目？也許你可以區分交易（trading）與基礎設施（infrastructure）。另外，在這些基礎設施產品中，你們在哪些方面看到最強的早期動能？

Thanks, James. This is Tony. I'll take it. So as I mentioned, the infrastructure business. What we've really done over the last couple of quarters is bring together what was a sort of set of different products and companies that we had acquired overtime into really one offering to bring it to large. Institutional -- large institutions that are looking to, as we've mentioned, build and own their own infrastructure. So these are really -- I think what we see as the real opportunity is partnership-level engagements. The one that we've just announced with Bank of New York is the first, and there are other similar type conversations. But the way we think about it is really these are engagements where we see a deeper, longer-term relationship. Where we can build together with large institutions.

謝謝，James。我是 Tony。我來回答。如我提到的，基礎設施業務方面，過去幾個季度我們真正做的是把我們隨時間收購而來、原本較為分散的一組不同產品與公司，整合成一個完整的方案，提供給大型——機構客戶，也就是如我們所說，想要建置並擁有自有基礎設施的大型機構。所以這些其實——我認為我們看到的真正機會，是「夥伴關係層級」的合作案。我們剛宣布與紐約梅隆銀行（Bank of New York）的合作是第一個，且還有其他類似的對話正在進行。我們的思考方式是：這些合作是我們能建立更深、更長期關係的合作案。我們可以與大型機構一起共建。

We do have somewhat limited resources, so we will obviously need to be selective of how we think about our partners there. But most importantly, we want to think about this as areas where we can go deeper beyond just sort of initial engagements and opportunities to build beyond. So within that, from a product perspective, we're talking about things like staking, tokenization, wallet infrastructure, vaults and.

我們的資源確實有些有限，因此在選擇合作夥伴時，我們顯然需要有所取捨。但最重要的是，我們希望把這些視為能夠深入發展的領域，不只是初步接觸與機會，還能在其上持續擴展。在產品面，我們談的是質押（staking）、代幣化（tokenization）、錢包基礎設施、保管庫（vaults）以及——

All of these different types of products that we've been building on our own platform and helping some of our partners develop those directly. We think we've got very unique experience and talent in this area. So obviously, there's a competitive dynamic that we want to be very thoughtful about when we're thinking about these partnerships, but we do see these opportunities and really an evolution of how this industry is maturing.

各種不同類型的產品；這些都是我們在自有平台上打造的，同時也協助部分合作夥伴直接開發。我們認為我們在這個領域具備非常獨特的經驗與人才。因此，當我們思考這些合作關係時，也會非常審慎地看待競爭態勢；但我們確實看到這些機會，也看到這個產業成熟方式的演進。

The next question will come from Edward Engel with Compass Point. Please go ahead.

下一個問題來自 Compass Point 的 Edward Engel。請開始。

Hi, thanks for taking my question. By just kind of walking us through the thought process as you were financing the Quarry Phase 2 and Phase 3, just given that it was kind of all in one deal, did it feel like this needed to be done in one deal or was it you trying to get ahead of the market in case there was any turbulence?

嗨，謝謝讓我提問。想請你帶我們走一遍你們在為 Quarry 第二期與第三期進行融資時的思考過程；考量到看起來有點像是打包在同一筆交易裡，你們是否覺得必須用一筆交易完成？還是說你們是想在市場可能出現波動之前先走在前面？

Good morning, Edward. Thanks for the question.

早安，Edward。謝謝你的問題。

So just to clarify, Phase 2 and Phase 3 were not done as one single deal. So the high-yield bond offering we did very recently was specific to Phase 2, which is the largest phase of Helios 1 for CoreWeave. It was a $3.5 billion high-yield notes offering.

先澄清一下，第二期與第三期並不是以單一交易完成。我們最近剛完成的高收益債券發行，是針對第二期，第二期是 Helios 1 中為 CoreWeave 服務的最大一期。那是一筆 35 億美元的高收益票據（high-yield notes）發行。

Prior to raising that financing, we had already pre-funded a significant amount of the necessary equity for the project. With closing of that financing, we funded the balance of the necessary equity for the project. And so phase two is now 100% funded from a debt and equity perspective. And importantly, our prior capital planning as well as cash generation that we've had over the years and we expect to have already pre-fund and.

在籌措該筆融資之前，我們已先行預先投入（pre-funded）專案所需股權中的相當大一部分。在該融資完成交割後，我們補足了專案所需股權的剩餘部分。因此，從債務與股權的角度來看，第二期目前已是 100% 到位的資金結構。而且重要的是，我們先前的資本規劃，以及多年來已產生且預期仍將產生的現金流，已經預先投入並——

The equity needs expected for Phase 3, and so we have no equity need expectation to complete the project for CoreWeave and to deliver the entirety of the 800 gross megawatts to them.

第三期所需的股權資金是可預期的，因此我們不預期還需要額外股權資金即可完成 CoreWeave 的專案，並向其交付全部 800 總兆瓦。

What you likely will see happen into the future is a final.

你們未來很可能會看到的是最終的。

Debt financing to come to associated with the Phase 3 project as we ramp that project up and start building for delivery. So that was the thought question. We've looked at Helios One as three separate phases financed all with Galaxy Equity that's already requisitioned for, but with three separate debt financing structures.

隨著我們推進第三期專案、開始為交付而建設，將會有與第三期專案相關的債務融資到位。所以那就是對該問題的想法。我們將 Helios One 視為三個獨立階段，全部以已經撥付申請的 Galaxy 股權資金來融資，但搭配三個不同的債務融資架構。

The next question will come from Greg Lewis with BTIG. Please go ahead.

下一個問題來自 BTIG 的 Greg Lewis。請開始。

Yeah, thank you, and good morning, and thanks for taking my questions.

好的，謝謝，早安，也謝謝你們回答我的問題。

I guess I'd like to talk a little bit about the data center footprint. I mean, clearly, you guys have been going out and acquiring additional sites. We have the stuff pending batch zero base load, pending batch zero, I guess, study. Just as we think about that, and to your point around prompt power.

我想我想稍微談一下資料中心的佈局規模。我的意思是，很明顯你們一直在外部收購更多場址。我們有一些待定的 batch zero 基載、待定的 batch zero，我想，是研究。就我們思考這點而言，以及你提到的即時供電。

Maybe not for the base load sites, but is Galaxy exploring and looking and could we potentially see sooner rather than later some behind the meter power at maybe some of these sites that probably will have power in the future, but definitely not in this kind of tight window that a lot of companies or customers are looking for?

也許不是針對基載場址，但 Galaxy 是否正在探索與評估——我們是否可能在某些場址上更早而不是更晚看到一些表後（behind the meter）供電？這些場址未來可能會有電力，但肯定無法在許多公司或客戶所尋求的這種緊迫時間窗內取得。

Sure, I'll take that one. So you are right. We have been very busy over the last two quarters building our portfolio and we're pretty proud of it.

當然，我來回答這題。你說得沒錯。過去兩個季度我們非常忙於建立我們的投資組合，我們對此相當自豪。

I'm going to lead with I think the philosophy we've had on building our power portfolio is one where the market is pretty young and dynamic and the growth expectations are larger than we've ever seen. But we still want to be prudent and risk manage our exposure. And so just to level set, as we've acquired all of these projects, we've done so in a way that have back-ended Galaxy's exposure in terms of the actual cost to control the asset and not just back-ended it time-wise, but back-ended it in terms of actual development and milestones.

我先從我們建立電力資產組合的理念談起：市場仍相當年輕且充滿動態，成長預期也比我們以往見過的都更大。但我們仍希望審慎行事，並對曝險進行風險管理。因此先校準一下：在我們收購所有這些專案時，我們採取的方式是把 Galaxy 的曝險「後置」——就實際取得資產控制權的成本而言，不僅在時間上後置，也在實際開發與里程碑上後置。

As time passes and you see those sites start to get developed and get leased and ultimately bring to fruition, you'll see sort of the risk capital put out to Galaxy very aligned with actual achieving milestones that have already created value to help fund those purchase prices, so that's one.

隨著時間推進，當你看到那些場址開始開發、出租並最終落地，你會看到 Galaxy 投入的風險資本會與已達成、且已創造價值的里程碑高度對齊，以協助支應那些收購價格，這是第一點。

In terms of behind the meter versus front of the meter, all the sites that we have targeted are meant to be front of the meter sites.

就表後（behind the meter）與表前（front of the meter）而言，我們鎖定的所有場址都定位為表前場址。

While we do think the Texas grid and the regulators there have a lot of work to do to figure out how to bring on all these large loads over a period of time in a safe way for Texans and for the grid.

雖然我們確實認為德州電網以及當地監管機構還有很多工作要做，去釐清如何在一段時間內以對德州居民與電網都安全的方式，逐步接入所有這些大型負載。

To keep costs down and to make sure that we can grow responsibly, we do think that all those projects with the right investment in infrastructure are deliverable on timelines that we can all see. And so we don't view what we have acquired and we've brought under our control as a power potential that requires like decades of build and not visibility into delivering.

為了壓低成本並確保我們能負責任地成長，我們確實認為，只要對基礎設施做出適當投資，所有這些專案都能在我們可預見的時程內交付。因此我們不認為我們已收購並納入控制的資產，其供電潛力需要像數十年那樣的建設期、且對交付缺乏能見度。

On the behind the meter side, we have continued to do a lot of work on our side. We actually have advanced some pretty specific conversations on potential partnerships and potential projects that we would look at to do behind the meter.

在表後方面，我們持續做了大量工作。我們其實已就潛在合作夥伴關係與潛在專案，推進到一些相當具體的對話，這些都是我們會考慮用來做表後的。

We do think behind the meter generation attached to data centers is going to become more prevalent, particularly as grid constraints and fear around grid expansion. Sort of continues to percolate.

我們確實認為，與資料中心相連的表後發電將會變得更普遍，特別是在電網受限以及對電網擴建的擔憂，持續發酵的情況下。

The other side of that though is building behind the meter generation alongside a data center development is a much more complicated process. It's very difficult to finance, model, build generation that oftentimes is very singularly tied to a specific data center project and then have to.

不過另一方面，在資料中心開發旁同步建置表後發電，是一個更複雜的流程。要融資、建模、建置發電設施非常困難，因為它往往非常單一地綁定於某個特定資料中心專案，然後還得。

Pace that with matching it with a customer, getting the financial data center, etc. It adds significant cost to a particular data center development and it adds a lot of complexity and sort of timing dependency, let alone actual operational dependency with regards to being able to maintain voltage and actually operate the data center to 3,959 level.

配合客戶節奏、取得資料中心的融資等等。這會顯著提高特定資料中心開發的成本，也會增加大量複雜度與時程依賴性，更不用說在維持電壓、以及實際將資料中心運行到 3,959 等級方面的營運依賴性，

Production while having a captive behind-the-meter source. So it's not something that we are completely closed off to.

在擁有一個封閉的表後電源時仍要維持生產。所以這並不是我們完全排除的事情。

It is something that we're investing our time and research efforts into and we're looking at. We will likely pursue something into the future. It is not our focus today.

這是我們正在投入時間與研究資源、並持續評估的方向。我們未來很可能會推進某些項目。但這不是我們目前的重點。

We are focused on front-the-meter assets.

我們目前聚焦於表前資產。

The next question will come from Bill Papanastasio with Chardin Capital Markets. Please go ahead.

下一個問題來自 Chardin Capital Markets 的 Bill Papanastasio。請開始。

Good morning, gentlemen. Thanks for taking my questions. I was just hoping we could double-click on the change in general contractor for Phase 2. From my memory, Galaxy had partnered with Clayco in the first round at Helios. What drove that decision to change the general contractor?

早安，各位先生。謝謝你們回答我的問題。我只是希望我們能更深入談談第二期更換總承包商的變動。就我記憶所及，Galaxy 在 Helios 的第一輪是與 Clayco 合作。是什麼原因促使你們決定更換總承包商？

Yes. So you're correct. Quaco was our GC on Phase 1.

是的。所以你說得對。Quaco 是我們第一期的總承包商（GC）。

They were an absolute great partner. They delivered well for us. As we've said, we and them helped deliver that project on time and on budget.

他們是非常出色的合作夥伴。他們為我們交付得很好。如我們所說，我們與他們一起協助該專案按時、按預算交付。

But there's a lot, given their project commitments and our timeline requirements and the necessary labor and workforces that were required for.

但考量到他們的專案承諾、我們的時程要求，以及所需的勞動力與工班配置，對於。

Phase 2, which is double the size on a similar timeline from Phase 1, we made a decision ultimately to go ahead, and it was really a collaborative decision with Clayco to go ahead with HIT for Phase 2, who is a top nationally recognized data center contractor with a strong track record of delivering and who themselves had aspirations to really build a much bigger presence in Texas as the focus has moved to large-scale development in the industry in Texas.

第二期——其規模是第一期的兩倍、但時程相近——我們最終做出決定繼續推進；而且這其實是與 Clayco 協作後的決定：第二期改由 HIT 承作。HIT 是全美知名的頂尖資料中心承包商，具備強勁的交付實績；同時他們也希望在德州建立更大的據點，因為產業焦點已轉向德州的大型開發。

And so that's really what drove the decision. I think we worked together with Clayco, it made the most sense for both parties to, given their other commitments and their timelines to go a different direction.

因此這就是促成該決策的原因。我想我們與 Clayco 一起合作後，考量到他們其他承諾與時程，對雙方而言改走不同方向是最合理的。

The next question will come from Chris Brindler with Rosenblatt Securities. Please go ahead.

下一個問題來自 Rosenblatt Securities 的 Chris Brindler。請開始。

Hi, thanks. Can you give us an update on Galaxy One? I know it's a difficult market, but if you could give us an update on how you're thinking about that business at this point, it'd be great.

嗨，謝謝。你們能否提供 Galaxy One 的最新進展？我知道市場很艱難，但如果你們能更新一下目前對這項業務的思考方式，將非常有幫助。

Thank you.

謝謝。

Yeah, sure. I'll take that one, Chris. Thanks for the question. So Galaxy One, as we've talked about on previous calls, we launched this product publicly about nine months ago. The team has been steadily releasing product features, development.

好的，當然。Chris，我來回答這題。謝謝你的問題。關於 Galaxy One，如同我們在先前的電話會議中提到的，我們大約在九個月前公開推出這項產品。團隊一直穩定地釋出產品功能、開發。

We do still have an ambitious roadmap in terms of what we're planning to build there.

就我們計畫在那裡建置的內容而言，我們仍有一個雄心勃勃的產品路線圖。

This is something, the area where we focused on really being beyond just crypto. So this is truly a multi-asset class offering.

這是我們聚焦的一個方向，也就是不僅僅侷限於加密貨幣。因此，這確實是一個多資產類別的產品提供。

We're running this part a little bit like a startup internally in terms of launching products, releasing new features, wanting to see product market fit, wanting to see things really sort of. Land as we kind of build out the product. We've seen some green shoots in there in terms of things around like equity trading. We're looking at rolling out new features like portfolio line of credit, things of that nature. So look, we know building a consumer franchise takes time.

就產品推出、釋出新功能、希望看到產品市場契合度、希望看到各項內容真正落地而言，我們在內部把這一部分的運作方式做得有點像新創公司。隨著我們逐步把產品建構完善，我們在例如股票交易等方面已經看到一些初步的正向跡象。我們也在評估推出新的功能，例如投資組合信用額度（portfolio line of credit）之類的。所以你看，我們知道打造一個面向消費者的業務版圖需要時間。

It is not something that happens overnight. This is a commitment that we've made and we're investing into the product build. We have not poured a lot of. Money into the marketing spend, which is something that's pretty important when you think about consumer development, even at the higher end of the spectrum of where we're aiming. So the other thing I would say is we are working to sort of harmonize areas across the consumer and institutional side where we can. So when you think about things like operations, back-end technology, things that will give us operational efficiencies and scale as this business grows, that's really been one of the. Of the team. So again, still a very small contributor to the net financial profile of the markets business where this rolls up, but something that we still have a pretty ambitious road map ahead.

這不是一夕之間就會發生的事。這是我們做出的承諾，我們也正在投入資源進行產品建置。我們並沒有投入大量的行銷費用；但當你思考消費者端的發展時，即便是在我們所瞄準的較高端客群，行銷投入其實相當重要。另外我想說的是，我們也在努力在可行之處，協調並整合消費者端與機構端的各個領域。因此當你想到像是營運、後端技術等，這些能在業務成長時帶來營運效率與規模化的事項，這確實一直是團隊的重點之一。所以再說一次，目前它對於我們所歸屬的市場業務之整體財務輪廓而言，仍是非常小的貢獻者，但我們對未來仍有相當具企圖心的路線圖。

The next question will come from Mike Colonis with AC Wainwright. Please go ahead.

下一個問題來自 AC Wainwright 的 Mike Colonis。請發問。

Good morning, and thank you for taking my question. Just curious, as you guys start to scale some of your key partnerships with Triadfi, how should we expect these arrangements to manifest in financial results, seeing that you'll be effectively externalizing your services to the third-party? And as a follow-up to that, how soon can be and why become a material contributor for you guys?

早安，謝謝讓我提問。我想請教，隨著你們開始擴大與 Triadfi 的一些關鍵合作夥伴關係，考量到你們等於是把服務對外提供給第三方，我們應該如何預期這些安排會在財務結果上呈現？以及追問一下，最快何時（以及為什麼）它會成為你們的重大貢獻來源？

Yeah, I'll start that and then tell me probably back me up on it. In terms of.

好的，我先回答，然後 Tom 你再補充支持一下。就……而言。

Business model and what we hope we're going to see and therefore you'll likely see.

就商業模式以及我們希望看到的情況、因此你們可能也會看到的情況而言。

The way the mandate, at least with BNY and our pipelines are structured, is a combination of really starting out with allocating our team of engineers, developers, and our business folks, helping the financial institutions sort of.

至少以 BNY 以及我們的合作管線（pipelines）目前的架構來看，這個授權（mandate）的方式是結合：一開始我們會配置工程師、開發人員以及商務團隊，協助金融機構進行相關工作，這些金融機構在某種程度上

Who are complementary to us and have platforms that are complementary to our existing services and products that we offer today, help build part of their infrastructure where we get paid for that contribution along the way.

這些金融機構與我們互補，且其平台也與我們目前提供的既有服務與產品互補；我們會協助他們建置部分基礎設施，而我們在過程中會因這些貢獻而獲得報酬。

But then also with a real eye towards the future of once those financial institutions have their platforms and infrastructure developed, then Galaxy being.

但同時我們也非常著眼於未來：一旦這些金融機構把他們的平台與基礎設施建置完成，Galaxy 將會成為

A primary, if not the contributor to value-added services on top of those platforms to help service either directly or via B2B to end user relationship. And so I would view it as like long-term engagements where Galaxy can allocate resources, generate pretty healthy margins during a build phase and then give us a much broader surface area to distribute our products and services through that partner's platform once we've helped build it.

The only thing I would add to your question about how we see it come through. So some of these engagements will come through as fee revenue through our asset management infrastructure subsegment.

針對你問到我們如何看它在財務上呈現，我唯一想補充的是：其中一些合作案會以費用收入的形式，透過我們資產管理的基礎設施子分部（infrastructure subsegment）入帳。

Over time, as Chris was talking about, as we scale and deepen integrations with some of these partners, I think you'll see it in the form of just broadening growth across our trading businesses more broadly, asset management. Asset growth broadly, that is how we sort of think about it and expect it to manifest overtime.

隨著時間推進，如 Chris 所說，當我們與部分合作夥伴擴大規模並深化整合時，我認為你會看到它以更廣泛的形式呈現：也就是我們交易業務更廣泛的成長、資產管理的成長，以及整體資產規模（asset growth）的成長；這就是我們的思考方式，也預期它會隨時間逐步反映出來。

The next question will come from James Fossetti with Morgan Stanley. Please go ahead.

下一個問題來自 Morgan Stanley 的 James Fossetti。請發問。

Thanks very much. Wanted to ask about the announced acquisitions and opportunities there. Obviously. Really big potential projects, but how should we think about getting approvals and power to those, especially in the ERCOT process right now? I mean, have applications already been filed? What's the timing in which that would take place? Just walk us through kind of how you're thinking about that process for now and what the things that could move.

非常感謝。我想問一下已宣布的收購案以及其中的機會。顯然。這些都是潛力很大的專案，但我們應該如何看待取得核准並為其供電（power）的流程，尤其是目前 ERCOT 的流程？我的意思是，申請是否已經提交？大概會在什麼時間點發生？請帶我們走一遍你們目前對這個流程的思考，以及哪些因素可能會推動

Approvals one way or another. Thanks.

核准結果往某一個方向發展。謝謝。

Sure.

當然。

So I would say as a global comment on our power portfolio, every one of the projects that we've identified here are projects that we, Galaxy, now have ownership or site control over and have visibility on.

我先就我們的電力資產組合做一個整體性的說明：我們在這裡所辨識的每一個專案，都是我們 Galaxy 目前已擁有所有權或已取得場址控制權（site control），並且對其可達規模以及我們如何在特定期間內開發並送電（energize）都有能見度的專案。

How large it can be and how we can develop and energize them over a given time period.

也就是說，我們對它能做到多大、以及我們如何在特定時間內開發並送電，都有清楚的掌握。

And so if we go sort of one by one, Helios, I think you guys in the market know a lot about Helios. Helios is an asset that we own freehold the land rights and we've acquired a land portfolio now that's increased 10x plus since when we initially.

如果我們逐一來看，Helios——我想市場上的各位對 Helios 已經很了解。Helios 是我們擁有永久產權（freehold）的土地權利的資產；而且自從我們在 2022 年最初收購以來，

Acquired it back in 2022.

自從我們在 2022 年最初收購以來。

Helios 1 is already under development. Helios 2 was already approved.

Helios 1 已經在開發中。Helios 2 也已經獲得核准。

We had signed interconnection agreements. We had funded known utility upgrades to the CSPs there and had gotten approval on that 830 megawatts prior to the batch process even launching.

我們已簽署併網協議（interconnection agreements）。我們已為當地 CSP 的既知公用事業升級提供資金，並且在批次流程（batch process）甚至啟動之前，就已取得該 830 兆瓦的核准。

Helios 3 is a future expansion for the Helios campus. That Helios 3 site is we expect to be a batch 0 study load, meaning we've applied for a gigawatt of capacity. We expect to get a gigawatt capacity over time. But in the batch 0 process, it's unknown how much of that 1 gigawatt ultimately, based on the planning of the grid, can be deliverable during a batch 0 confirmation.

Helios 3 是 Helios 園區未來的擴建。我們預期 Helios 3 場址會屬於 batch 0 的研究負載（study load），也就是我們已申請 1 吉瓦的容量。我們預期隨時間推進可取得 1 吉瓦容量。但在 batch 0 流程中，最終這 1 吉瓦能有多少、會依據電網規劃而在 batch 0 確認階段可交付（deliverable），目前仍不確定。

You'll hear this trend over and over again as I go through them, on Helios III, we have studies approved, we submitted those attestations that were required during the VAS process, we also funded the required security, which is $50,000 per megawatt, so $50 million for our one gigawatt application.

當我逐一說明時，你會一再聽到同樣的趨勢：就 Helios III 而言，我們的研究已獲核准；我們已提交 VAS 流程所要求的聲明（attestations）；我們也已提供所需的保證金（security），金額為每兆瓦 50,000 美元，因此針對我們 1 吉瓦的申請就是 5,000 萬美元。

And we did all that ahead of the deadline and in satisfaction of the PIR 145 requirements. And so from our perspective, Helios III is very clearly a project that's been studied, that has ticked all the boxes, that has long-lead electrical infrastructure that's already been procured and money posted for the utilities to prove that we're serious about that development. The same is true for Celine, which is a 900-megawatt.

而且我們在截止日前就完成了所有這些事項，並符合 PIR 145 的要求。因此從我們的角度來看，Helios III 非常明確是一個已完成研究、已勾選所有核取方塊的專案；長交期（long-lead）的電力基礎設施也已經採購完成，並且已向公用事業單位繳交資金，以證明我們對該開發案的認真程度。Celine 也是如此，這是一個 900 兆瓦的

Project. Very similarly, we believe that's a batch zero study load.

專案。非常類似地，我們相信那也是一個 batch zero 的研究負載。

We have studies that have been approved. We have attestations that have been made. We've posted security for that 900 megawatts to the tune of $45 million, all ahead of the deadline.

我們已有獲核准的研究。我們已完成所需的聲明（attestations）。我們也已為該 900 兆瓦提供保證金（security），金額達 4,500 萬美元，而且全部都在截止日前完成。

Caspian is a little different, and I put higher up in the category. Caspian is a batch zero baseload eligible site.

Caspian 有點不一樣，我把它放在類別中更高的位置。Caspian 是一個符合批次零（batch zero）基載資格的場址。

What's different about that? What's different about that is in addition to having studied loads, that site was already known in terms of what specific T&D infrastructure upgrades needed to be made. And therefore, we could attest to having acquired all the electrical equipment, having had. The steady state and stability study is approved and a known amount needed to be funded to the utilities TSPs in order to upgrade the grid, and we did all that in advance of the deadline.

那有什麼不同？不同之處在於，除了已經研究負載之外，就需要進行哪些特定的輸電與配電（T&D）基礎設施升級，該場址早就已經很清楚。因此，我們可以證明我們已取得所有電氣設備，並且已經。穩態與穩定性研究已獲核准，而且我們也清楚需要提供給公用事業輸電服務提供者（TSPs）多少資金以進行電網升級，而我們在截止日前就已提前完成所有這些工作。

And so Caspian in that whole portfolio is very well positioned to be a 100% allocated 700-megawatt base load once ERCOT works through their own process and now the governor's directive to take a very serious look at auditing all of the applications that have come in. So if you look through our portfolio, sort of summarizing, there are no sites in that portfolio that we have.

因此，在整個投資組合中，Caspian 的定位非常好；一旦 ERCOT 走完其自身流程，並且現在依州長指示非常嚴肅地審核所有已提交的申請，它就很有機會成為 100% 配置的 700 兆瓦基載。所以如果你檢視我們的投資組合，簡單總結一下，該投資組合裡沒有任何我們所擁有的場址是。

Either not done the required steps in order to give us confidence that it's developable, that can be developed. We've done all those steps, we've put real capital to work in every one of those projects, we've posted financial security and/or actual utility requirements in all those projects. And so what we're looking at today now is a process that was already known with the PUC and ERCOT and an overlay that's now been added by the governor who wants to make sure that those entities take a very serious audit to look at who's participating so that folks like us and all the products we have in that process can be prioritized and folks who haven't done all that or have gone a different route, who have cut corners, who have either not made attestations or made attestations that maybe are not built on strong foundations can get weeded out. And so we have to go through that process. We think it's a healthy process for the grid. It's very important that ERPOC and Texas gets it right. We just know that all the assets that we have control over that we've applied for, we've done everything and we've crossed every T and dotted every I and we feel very confident about where we will land as that process unfolds.

沒有完成必要步驟、以致於讓我們無法有信心其具備可開發性、可以被開發的。我們已完成所有這些步驟，在每一個專案都投入了實質資本，我們在所有這些專案中都提供了財務擔保和／或滿足了實際的公用事業要求。因此，我們今天所面對的是：原本在 PUC 與 ERCOT 就已知的流程，再加上一層由州長新增的要求；州長希望確保這些機構進行非常嚴格的稽核，檢視哪些人正在參與，讓像我們這樣的人以及我們在該流程中的所有產品能被優先處理；而那些沒有完成所有工作、或走了不同路徑、偷工減料、未作出聲明（attestations）或作出的聲明可能缺乏堅實基礎的人，能被剔除。因此我們必須走完這個流程。我們認為這對電網而言是健康的流程。ERCOT 與德州把事情做對非常重要。我們只知道，對於我們所控制且已提出申請的所有資產，我們已把每個細節都做到位、每個環節都核對無誤，因此隨著流程展開，我們對最終結果非常有信心。

The next question will come from Nathan Frankovitz with Cancer. Please go ahead.

下一個問題來自 Cancer 的 Nathan Frankovitz。請開始。

Good morning, everyone. Thanks for taking my question. It seems like a major theme that Galaxy is positioning around is AI computing, obviously, and then the movement of financial markets on chain. So my question is, where do you see the most tangible convergence between those two themes?

各位早安。謝謝讓我提問。看起來 Galaxy 正在布局的一個主要主題顯然是 AI 運算，以及金融市場上鏈（on chain）的趨勢。所以我的問題是，你認為這兩個主題之間最具體的匯流點會在哪裡？

And are there specific capabilities or customer relationships or capital advantages that would allow Galaxy's digital assets and data center businesses to create more value together than independently?

是否有特定能力、客戶關係或資本優勢，能讓 Galaxy 的數位資產與資料中心業務結合後創造的價值高於各自獨立運作？

In the short-term, it's not a clear answer that there's a fast pivot to do something. A, you're building long-term infrastructure for big hyperscaler and other clients.

短期內，並沒有一個很明確的答案說可以快速轉向去做某件事。第一，你是在為大型超大規模雲端業者（hyperscaler）及其他客戶建置長期基礎設施。

And so for us to take some piece of that data center would be not so relevant relative to how big these data centers are building.

因此，對我們而言，從那個資料中心切出一部分來做某件事，相較於這些資料中心的建置規模之大，並不那麼相關。

What it has done for us has given us a bird's-eye view of just how much capital and how fast the AI revolution is coming, how much capital is taking and how fast AI revolution is coming and understanding that really why crypto, why blockchain rails are going to become so important. But there's, in some ways, two very different businesses at the tail sides of one. Big theme.

但它帶給我們的是一個鳥瞰視角：AI 革命正以多快的速度到來、需要投入多少資本，以及 AI 革命正以多快的速度到來，並讓我們理解為什麼加密貨幣、為什麼區塊鏈軌道（blockchain rails）會變得如此重要。但在某種程度上，這是兩個非常不同的業務，分處於同一個。大主題的兩端。

And so what's interesting is our pivot is in infrastructure in both we really do believe that crypto is going through this transitional moment where lots of the crypto technology, the philosophy of the technology is now really applicable for all financial instruments. And so you're not going to have crypto business per se, you're going to have a digital assets business. And that pivot is both painful for some companies because you had a business that was built on a very speculative token economy that's moving into a digital asset where those tokens represent real value and real-world assets. And you can see that happening. And so I don't think it's a straight line to converge those two businesses, but those themes are going to stay pretty connected.

有趣的是，我們在兩邊都轉向基礎設施；我們確實相信，加密產業正處於一個轉型時刻，許多加密技術以及其技術哲學，現在對所有金融工具都真正適用。因此，你不會再有「加密業務」本身，而是會有「數位資產業務」。而這個轉向對某些公司而言是痛苦的，因為你原本的業務建立在高度投機的代幣經濟之上，現在正轉向數位資產，在那裡這些代幣代表真實價值與現實世界資產。你可以看到這正在發生。所以我不認為這兩個業務會以一條直線方式匯流，但這些主題會保持相當緊密的連結。

And I think there's an advantage so far in our capital structure that we built a very large and ambitious data center business on the back of capital that we had raised and earned in the crypto business. And in some ways, we got to double count that capital for a while because.

而我認為，到目前為止，我們的資本結構有一個優勢：我們用在加密業務中募集與賺取的資本，建立了一個非常龐大且具企圖心的資料中心業務。而在某種程度上，我們有一段時間可以把那筆資本「算兩次」，因為。

People would only lend us money if we had enough assets and we had those assets that were also backing our crypto business. And so as we get more capitalized, it becomes a little less important as our businesses grow. But now we've got a business that the data center business 12 months forward is a big cash flowing business that gives us the ability not to panic, to stay calm in crypto transitions, to figure out.

人們只有在我們擁有足夠資產時才願意借錢給我們，而我們也確實擁有那些同時支撐我們加密業務的資產。因此，隨著我們資本更充足、業務成長，這點的重要性會稍微降低。但現在，我們的資料中心業務在未來 12 個月將是一個能產生大量現金流的業務，讓我們在加密產業轉型時不必恐慌、能保持冷靜，去找出。

Exactly the right moves as opposed to being forced into moves. And so I like the barbell that we have.

真正正確的動作，而不是被迫做出動作。所以我喜歡我們這種兩端配置（barbell）的結構。

But again, there's not a direct, hey, let's build Galaxy Data Center right now.

但再說一次，並沒有一個直接的「嘿，我們現在就來打造 Galaxy 資料中心」這種做法。

And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Mike Novogratz for any closing remarks. Please go ahead.

問答環節到此結束。我想把電話會議交回給。Mike Novogratz 先生做結語。請開始。

Hey, guys, I just want to give Chris and Tony a shout out. They did, I think, a great job of explaining just how much work that we've done in the last three to six months.

各位，我只是想稱讚一下 Chris 和 Tony。我認為他們把我們在過去三到六個月做了多少工作解釋得非常好。

It's been a tremendous amount behind the curtain if you want to think of it that way, of relationship building, of acquiring sites, financing, and all that stuff takes a huge amount of effort for the whole Galaxy team.

如果你願意這麼想，幕後做了大量工作：建立關係、取得場址、融資等等；這些都需要整個 Galaxy 團隊付出巨大的努力。

We're hoping the next two quarters, the excitement around our excitement around what we're accomplishing is equal to this one. We really see both these opportunities as challenging, but really potentially very lucrative in the long run. So appreciate your time and we'll be back.

我們希望接下來兩個季度，市場對我們正在完成的事情所感到的興奮程度，能與本季度相當。我們確實認為這兩個機會都很具挑戰性，但從長期來看也可能非常有利可圖。感謝各位的時間，我們會再回來。

The conference is now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以中斷連線。