v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,152,883 $ 1,361,083
Restricted cash and cash equivalents, current 560,173 37,394
Accounts receivable, net 1,933,698 416,526
Prepaid expenses and other current assets 299,229 101,246
Total current assets 3,945,983 1,916,249
Restricted cash and cash equivalents, non-current 340,527 637,356
Restricted marketable securities, non-current 0 29,308
Property and equipment, net 16,631,510 11,914,774
Operating lease right-of-use assets 3,380,201 2,589,547
Intangible assets, net 205,895 4,909
Goodwill 812,970 19,544
Other non-current assets [1] 924,277 720,912
Total assets 26,241,363 17,832,599
Current liabilities    
Accounts payable 1,226,579 868,259
Accrued liabilities 1,411,237 355,821
Debt, current [1] 3,627,664 2,468,425
Deferred revenue, current 951,346 768,927
Operating lease liabilities, current 279,080 213,104
Finance lease liabilities, current 60,396 57,801
Other current liabilities [1] 53 230,244
Total current liabilities 7,556,355 4,962,581
Debt, non-current [1] 7,423,837 5,457,915
Derivative and warrant liabilities 698 200,089
Deferred revenue, non-current 3,896,173 3,294,977
Operating lease liabilities, non-current 3,168,392 2,388,912
Finance lease liabilities, non-current 3,112 34,120
Deferred tax liabilities, non-current 245,659 149,232
Other non-current liabilities 126,331 36,260
Total liabilities 22,420,557 16,524,086
Commitments and contingencies (Note 9)
Redeemable convertible preferred stock and redeemable common stock    
Temporary equity   1,722,111
Stockholders’ equity (deficit)    
Preferred stock, $0.000005 par value per share, 100,000 and no shares authorized as of June 30, 2025 and December 31, 2024, respectively; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Treasury stock, at cost, 6,588 as of June 30, 2025 and December 31, 2024, respectively (33,524) (33,524)
Additional paid-in capital 4,772,825 1,096,160
Accumulated other comprehensive income (loss) (271) 0
Accumulated deficit (2,081,385) (1,476,235)
Total stockholders’ equity (deficit) 2,657,647 (413,598)
Total liabilities, redeemable convertible preferred stock, redeemable common stock, and stockholders’ equity (deficit) 26,241,363 17,832,599
Redeemable Convertible Preferred Stock    
Redeemable convertible preferred stock and redeemable common stock    
Temporary equity [1] 0 1,722,111
Redeemable Class A Common Stock    
Redeemable convertible preferred stock and redeemable common stock    
Temporary equity [1] 1,163,159 0
Common Class A    
Stockholders’ equity (deficit)    
Common stock 2 1
Common Class B    
Stockholders’ equity (deficit)    
Common stock 0 0
Common Class C    
Stockholders’ equity (deficit)    
Common stock $ 0 $ 0
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.