v3.26.1
Consolidated Balance Sheets
¥ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Current Assets    
Cash, cash equivalents, and restricted cash $ 700,479 $ 1,826,834
Accounts receivable, net of allowance for Current Expected Credit Loss ("CECL") - trade receivable of $0 and $134,960, respectively 0 0
Prepayments 122,013 116,877
Other receivables 14,805 482
Total Current Assets 837,297 1,944,193
Property and equipment, net 3,768,594 3,249,686
Non-Current Assets    
Intangible asset 20,532 8,924
VAT credit 9,441 5,198
Total Other Assets 29,973 14,122
Total Assets 4,635,864 5,208,001
Current Liabilities:    
Accounts payable and accrued liabilities $ 41,799 196,813
Due to related party   $ 3,395
Other Liability, Current, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Deferred income $ 4,126 $ 1,270
Series A warrants liabilities 333,657 1,424,932
Total Current Liabilities 379,582 1,626,410
Total Liabilities 379,582 1,626,410
Shareholders' Equity:    
Ordinary shares: 285,714,286 shares authorized, par value: $0.875 per share, 18,884 and 17,165 Class A shares issued and outstanding as of December 31, 2025 and 2024, respectively; 11,658 and 11,658 Class B shares issued and outstanding as of December 31, 2025 and 2024, respectively 26,724 25,220
Additional paid in capital 7,747,232 9,870,993
Statutory reserve   327,140
Accumulated deficit (3,875,615) (6,552,641)
Accumulated other comprehensive income (loss) 357,941 (89,121)
Total Shareholders' Equity 4,256,282 3,581,591
Total Liabilities and Shareholders' Equity $ 4,635,864 $ 5,208,001