FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a

recurring basis as of March 31, 2026 (in thousands):


	Fair Value Hierarchy
	Level 1	Level 2	Level 3	Fair value
Assets:
Cash and cash equivalents
Money market funds	$1,000,384	$—	$—	$1,000,384
Digital assets	37,312	—	—	37,312
Total assets measured at fair value on a recurring basis	$1,037,696	$—	$—	$1,037,696

Liabilities:
Contingent value rights1	$2,330	$—	$—	$2,330
Warrant liabilities, current portion	844,752			844,752
Warrant liabilities, net of current portion	116,495	—	—	116,495
Total liabilities measured at fair value on a recurring basis	$963,577	$—	$—	$963,577

1 The fair value of contingent value rights is included within Other current liabilities and Other noncurrent liabilities on the Company’s condensed consolidated balance

sheets, based on the expected timing of settlement.

The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a

recurring basis as of December 31, 2025 (in thousands):


	Fair Value Hierarchy
	Level 1	Level 2	Level 3	Fair value
Assets:
Cash and cash equivalents
Money market funds	$267,721	$—	$—	$267,721
Digital assets	222,000	—	—	222,000
Total assets measured at fair value on a recurring basis	$489,721	$—	$—	$489,721

Liabilities:
Contingent value rights1	$3,366	$—	$—	$3,366
Warrant liabilities, net of current portion	936,107	—	—	936,107
Total liabilities measured at fair value on a recurring basis	$939,473	$—	$—	$939,473

1 The fair value of contingent value rights is included within Other current liabilities and Other noncurrent liabilities on the Company’s condensed consolidated balance

sheets, based on the expected timing of settlement.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following tables present the carrying amounts and estimated fair values of the Convertible

Notes as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026


	Carrying Amount	Fair Value	Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029	$460,000	$738,262	Level 1
0.00% Convertible Senior Notes due 2031	$625,000	$686,413	Level 1

December 31, 2025


	Carrying Amount	Fair Value	Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029	$460,000	$718,609	Level 1
0.00% Convertible Senior Notes due 2031	$625,000	$657,735	Level 1

Schedule of Fair Value of Assets Measured on a Nonrecurring Basis

The following table presents the fair value of assets measured on a nonrecurring basis during the three months ended March 31,

2026 (in thousands):


	Level 1	Level 2	Level 3	Fair value
Mining equipment	$—	$30,564	$—	$30,564
Mining infrastructure	$—	$—	$42,772	$42,772

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents the

significant unobservable inputs used in the Level 3 measurement:


Significant Unobservable Input		Value
Discount rate		15% - 18%
Hosting rate ($/kW)		$2.25 - $2.50
Projection period		10 years