v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,029,591 $ 2,335,683
Restricted cash 873 877
Accounts receivable, net (includes related party accounts receivable of $10,095 and $2,091 at March 31, 2026 and December 31 2025, respectively) 27,453 37,726
Inventory 16,756 12,007
Prepaid expenses 10,673 11,955
Other current assets 67,253 60,264
Total current assets 3,152,599 2,458,512
Non-current assets:    
Restricted cash 428,400 443,400
Property and equipment, net 1,638,262 1,398,761
Intangible assets, net 267,693 245,093
Operating lease right-of-use assets, net 19,316 19,420
Other non-current assets (includes related party loan receivable of $18,481 and $18,187 at March 31, 2026 and December 31, 2025, respectively) 544,871 449,201
TOTAL ASSETS 6,051,141 5,014,387
Current liabilities:    
Accounts payable 60,850 46,763
Accrued expenses and other current liabilities 72,715 69,246
Current contract liabilities 25,861 19,887
Current operating lease liabilities 3,038 2,449
Current portion of long-term debt 8,236 11,999
Total current liabilities 170,700 150,344
Non-current liabilities:    
Warrant liabilities 0 7,471
Non-current operating lease liabilities 16,838 17,479
Non-current contract liabilities 207,093 207,093
Long-term debt, net 2,963,296 2,207,583
Other non-current liabilities 32,386 32,092
Total liabilities 3,390,313 2,622,062
Commitments and contingencies (Note 8)
Stockholders' Equity    
Additional paid-in capital 3,100,929 2,671,770
Accumulated other comprehensive income 1,105 1,351
Accumulated deficit (1,022,697) (831,685)
Noncontrolling interest 581,453 550,850
Total stockholders' equity 2,660,828 2,392,325
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 6,051,141 5,014,387
Common Class A [Member]    
Stockholders' Equity    
Common stock value 27 27
Common Class B [Member]    
Stockholders' Equity    
Common stock value 3 4
Common Class C [Member]    
Stockholders' Equity    
Common stock value $ 8 $ 8