Morgan Stanley estimates an 80-95% probability that Galaxy Digital (GLXY) will receive approval for an additional 800MW of power at its Helios facility by Q4 2025 or early 2026. This approval is expected to lead to a swift announcement of a new tenant and contract terms, potentially similar to the lucrative CoreWeave deal, which could significantly reprice the stock. The author believes the current $13.6B market cap is "insanely cheap" given the potential for over $2.1B in EBITDA by 2028 from contracted power.