v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in thousands):
Fair Value
Hierarchy 		June 30,
2025		December 31,
2024
Financial assets:
Cash and cash equivalents
Money market fundsLevel 1$55,508 $2,411 
Restricted cash and cash equivalents, current
Money market fundsLevel 1518,199 24,185 
Restricted cash and cash equivalents, non-current
Money market fundsLevel 1— 56,250 
Restricted marketable securities, non-current
Certificates of depositLevel 2— 29,308 
Prepaid expenses and other current assets
Foreign exchange forward contracts not designated as accounting hedgesLevel 22,279 — 
Other non-current assets
Power purchase agreementsLevel 33,444 2,562 
Total financial assets$579,430 $114,716 
Financial liabilities:
Derivative and warrant liabilities
Interest rate swaps designated as accounting hedgesLevel 2$271 $— 
Warrant liabilitiesLevel 3— 199,645 
Power purchase agreementsLevel 3427 444 
Total financial liabilities$698 $200,089 
The Company carries the 2030 Senior Notes (as defined in Note 10—Debt) at its amortized cost basis and presents the fair value for disclosure purposes only. As of June 30, 2025, the fair value of the 2030 Senior Notes was $2.0 billion. The fair value of the 2030 Senior Notes, which are classified as Level 2 financial instruments, was determined based on the quoted prices of the 2030 Senior Notes in an over-the-counter market on the last trading day of the reporting period. Refer to Note 10 — Debt for additional information.
The notional amounts of the Company's outstanding interest rate swaps and foreign exchange forward contracts were as follows (in thousands):

June 30,
2025		December 31, 2024
Derivative instruments designated as accounting hedges
Interest rate swaps $50,000 $— 
Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts$107,748 $— 
Gain (loss) associated with interest rate swaps and foreign exchange forward contracts were as follows (in thousands):
Three and Six Months Ended June 30, 2025
Interest rate swaps designated as accounting hedges
   Loss recognized in other comprehensive income (loss), net$(271)
Foreign exchange forward contracts not designated as accounting hedges
   Gain recognized in other income (expense), net$2,279 
As of June 30, 2025, the amount the Company expects to reclassify out of accumulated other comprehensive income (loss) into earnings within the next twelve months is not material.
The Company’s valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:
March 21,
2025		December 31,
2024
Stock price$41 $48 
Volatility60%60%
Risk-free rate4%4%
Dividend yield0%0%
As discussed in Note 11—Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit), the warrant liabilities for the warrants for the Company's Class A common stock were remeasured immediately before modification when modified to equity classified warrants on March 21, 2025.
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):
Power Purchase
Agreements –
Asset		Warrant
Liabilities 		Power Purchase
Agreements –
Liability
Balance at December 31, 2024$2,562 $199,645 $444 
Adjustment to fair value 882 (26,837)(17)
Reclassification— (172,808)— 
Balance at June 30, 2025$3,444 $— $427 
Notes Receivable
Notes receivable are primarily related to the DCSP Financing Arrangements (as defined in Note 10—Debt) and are reported at their amortized costs basis. As of June 30, 2025 and December 31, 2024, the Company determined that the fair values of its notes receivable approximate the carrying values.