Debt (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of debt |
The total debt obligations are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Maturities | | Effective
Interest
Rates | | June 30,
2025 | | December 31,
2024 | | | | | | | | | | DDTL 1.0 Facility | March 2028 | | 15% | | $ | 1,782,500 | | | $ | 2,012,500 | | | DDTL 2.0 Facility | May 2029 | | 11% | | 4,953,967 | | | 3,843,819 | | | 2030 Senior Notes | June 2030 | | 10% | | 2,000,000 | | | — | | | 2024 Term Loan Facility | April 2025 | | 12% | | — | | | 1,000,000 | | | Revolving Credit Facility | June 2027 | | 7% | | 450,000 | | | — | | | OEM Financing Arrangements | March 2026 – May 2028 | | 9-10% | | 1,728,388 | | | 1,177,158 | | | Magnetar Loan | January 2029 | | 12% | | 256,630 | | | — | | | Total principal of debt | | | | | 11,171,485 | | | 8,033,477 | | | Less: Unamortized discount and issuance costs | | | | | (119,984) | | | (107,137) | | | Total debt, net of unamortized discount and issuance costs | | | | | 11,051,501 | | | 7,926,340 | | | Less: Debt, current | | | | | (3,627,664) | | | (2,468,425) | | | Total debt, non-current | | | | | $ | 7,423,837 | | | $ | 5,457,915 | |
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| Schedule of maturities of long-term debt |
As of June 30, 2025, the future principal payments for the Company’s total debt were as follows (in thousands): | | | | | | | | | | Years Ending December 31, | | Amount | | Remaining portion of 2025 | | $ | 986,052 | | | 2026 | | 4,218,457 | | | 2027 | | 2,833,142 | | | 2028 | | 1,010,054 | | | 2029 | | 123,780 | | | Thereafter | | 2,000,000 | | | Total | | $ | 11,171,485 | |
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| Schedule of debt interest expense |
The total interest expense for the Company’s debt obligations was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | Contractual interest expense | | $ | 250,312 | | | $ | 100,237 | | | $ | 483,084 | | | $ | 164,859 | | | Amortization of debt discounts and issuance costs and accretion of redemption premiums | | 29,036 | | | 7,547 | | | 66,727 | | | 15,605 | | | Less: capitalized interest | | (23,186) | | | (40,687) | | | (36,278) | | | (72,864) | | | Total | | $ | 256,162 | | | $ | 67,097 | | | $ | 513,533 | | | $ | 107,600 | |
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| Schedule of lease payments for finance leases |
As of June 30, 2025, the future payments under the financing obligation and finance lease due to the DCSP were as follows (in thousands): | | | | | | | | | | | | | | | | Years Ending December 31, | | Financing obligation | | Finance lease | | Remaining portion of 2025 | | $ | 9,835 | | | $ | 9,360 | | | 2026 | | 19,658 | | | 18,720 | | | 2027 | | 19,645 | | | 18,720 | | | 2028 | | 19,630 | | | 18,720 | | | 2029 | | 19,616 | | | 18,720 | | | Thereafter | | 175,800 | | | 168,480 | | | Total future payments | | 264,184 | | | 252,720 | | | Less: amount representing interest | | (149,548) | | | (130,350) | | | Total | | 114,636 | | | 122,370 | | | Less: current portion | | (2,910) | | | (3,682) | | | Long-term portion | | $ | 111,726 | | | $ | 118,688 | |
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