v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (605,150) $ (452,269)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Depreciation and amortization 1,002,978 243,970
Non-cash lease expense 144,113 42,015
Amortization of debt discounts and issuance costs and accretion of redemption premiums 66,727 15,605
Loss (gain) on fair value adjustments (26,837) 407,731
Stock-based compensation 328,978 15,849
Deferred income taxes 90,884 43,207
Other non-cash reconciling items 40,132 (3,848)
Changes in operating assets and liabilities, net of effect of business acquisition:    
Accounts receivable (1,504,696) (180,748)
Prepaid expenses and other current assets (120,448) 1,636
Accounts payable and accrued expenses (289,173) 697,848
Deferred revenue 742,892 1,524,487
Lease liabilities (110,451) (20,708)
Other non-current assets 49,968 (413,561)
Net cash provided by (used in) operating activities (190,083) 1,921,214
Cash flows from investing activities:    
Purchase of property and equipment, including capitalized internal-use software (3,860,351) (3,989,096)
Sale of available-for-sale marketable securities 0 840
Maturities of marketable securities 29,308 47,822
Purchase of restricted marketable securities 0 (29,308)
Purchase of strategic investments 0 (50,000)
Sale of warrants received as lease incentive 100,645 0
Business combination, net of cash acquired (45,706) 0
Issuance of notes receivable (73,000) 0
Other investing activities (26,109) (1,433)
Net cash provided by (used in) investing activities (3,875,213) (4,021,175)
Cash flows from financing activities:    
Proceeds from issuance of debt 4,432,723 1,821,541
Repayments of debt (1,574,867) (74,416)
Payment of debt issuance costs (36,536) (3,479)
Issuance of redeemable convertible preferred stock, net of issuance costs 0 1,172,476
Redeemable convertible preferred stock cash dividends paid (28,693) 0
Proceeds from exercise of stock options 4,538 642
Proceeds from initial public offering, net of underwriting discounts and commissions 1,422,619 0
Issuance of common stock, net of underwriting discounts and commissions 67,669 0
Payment of tax withholdings on settlement of RSUs and RSAs (132,558) 0
Deferred offering costs paid (27,763) 0
Other financing activities (44,086) (56,980)
Net cash provided by (used in) financing activities 4,083,046 2,859,784
Net increase in cash, cash equivalents, and restricted cash 17,750 759,823
Cash, cash equivalents, and restricted cash—beginning of period 2,035,833 480,075
Cash, cash equivalents, and restricted cash—end of period 2,053,583 1,239,898
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized amounts 361,557 24,862
Non-cash investing and financing activities:    
Capitalized interest not yet paid 21,980 36,052
Operating lease right-of-use assets acquired through lease liability 968,630 887,179
Accounts payable and accrued expenses related to property and equipment additions 2,132,972 146,867
Issuance of common stock for contract incentive 350,000 0
Conversion of redeemable convertible preferred stock in connection with initial public offering 1,722,140 0
Fair value of common stock issued as consideration for a business combination 928,900 0
Fair value of equity awards assumed in a business combination 3,861 0
Reclassification of warrant liabilities to equity 172,808 0
Settlement of Series B tranche liability 0 69,598
Reclassification of customer deposit to debt 230,244 0
Non-cash investments 71,947 7,633
Warrants received as lease incentive 89,956 0
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:    
Cash and cash equivalents 1,152,883 1,028,044
Restricted cash and cash equivalents, current 560,173 79,725
Restricted cash and cash equivalents, non-current 340,527 132,129
Total cash, cash equivalents, and restricted cash $ 2,053,583 $ 1,239,898