Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of fair value, by balance sheet grouping |
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 funds | Level 1 | | $ | 55,508 | | | $ | 2,411 | | | Restricted cash and cash equivalents, current | | | | | | | Money market funds | Level 1 | | 518,199 | | | 24,185 | | | Restricted cash and cash equivalents, non-current | | | | | | | Money market funds | Level 1 | | — | | | 56,250 | | | Restricted marketable securities, non-current | | | | | | | Certificates of deposit | Level 2 | | — | | | 29,308 | | | Prepaid expenses and other current assets | | | | | | | Foreign exchange forward contracts not designated as accounting hedges | Level 2 | | 2,279 | | | — | | | Other non-current assets | | | | | | | Power purchase agreements | Level 3 | | 3,444 | | | 2,562 | | | Total financial assets | | | $ | 579,430 | | | $ | 114,716 | | | Financial liabilities: | | | | | | | Derivative and warrant liabilities | | | | | | | Interest rate swaps designated as accounting hedges | Level 2 | | $ | 271 | | | $ | — | | | Warrant liabilities | Level 3 | | — | | | 199,645 | | | Power purchase agreements | Level 3 | | 427 | | | 444 | | | Total financial liabilities | | | $ | 698 | | | $ | 200,089 | |
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| Schedule of notional amount outstanding interest rate swaps and foreign exchange forward contracts |
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 | | | $ | — | |
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| Schedule of gain (loss) associated with interest rate swaps and foreign exchange forward contracts |
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 | |
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| Schedule of fair value measurement inputs and valuation techniques |
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 | | | Volatility | 60 | % | | 60 | % | | Risk-free rate | 4 | % | | 4 | % | | Dividend yield | 0 | % | | 0 | % |
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| Schedule of change in the fair value of the assets, measured using Level 3 Inputs |
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 | | |
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| Schedule of change in the fair value of the liabilities, measured using Level 3 Inputs |
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 | | |
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