Analyst Chris Brendler said Helios Phase I's completion and a pipeline exceeding 5.7 GW reduced execution risk around Galaxy's data-center strategy. Rosenblatt raised its third-quarter revenue estimate to $7.81 billion from $6.66 billion but cut adjusted EBITDA to $15.6 million from $68 million. The revised outlook followed Galaxy's second-quarter results, which included an $85 million net loss and a $77 million adjusted EBITDA loss. Galaxy completed Helios Phase I after supplying CoreWeave with 133 MW of critical IT load under a 15-year lease. Rosenblatt said Galaxy's existing 800 MW and additional 830 MW of approved Helios capacity are largely insulated, while Helios III, Caspian and Selene still await classification.