v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 280,776 $ 461,836
Grant receivables 16,755 10,580
Prepaid expenses and other 10,338 9,714
Total current assets 307,869 482,130
Deposits 15,242 15,234
Construction-in-process 972,040 789,571
Operating leases right of use assets 91,112 58,713
Restricted cash 6,000 6,000
Other long-term assets 35,244 13,520
Total assets 1,427,507 1,365,168
Current liabilities:    
Accounts payable 8,043 10,789
Accrued capital expenditures 147,610 119,303
Operating lease liabilities 25,335 4,822
Other current liabilities 20,932 16,997
Total current liabilities 201,920 151,911
Long-term debt, net of issuance costs 186,636 172,837
Operating lease liabilities 86,349 72,639
Other long-term liabilities 24,673 11,407
Total liabilities 499,578 408,794
Commitments and Contingencies (Note 16)
Redeemable convertible preferred stock    
Redeemable convertible preferred stock, par value $0.0001 per share; 283,546 and 283,546 authorized; 279,995 and 279,995 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1,022,886 1,022,942
Redeemable noncontrolling interest    
Redeemable noncontrolling interest 183,364 179,930
Stockholders’ deficit:    
Common stock, par value $0.0001 per share; 358,279 and 358,279 authorized; 9,873 and 9,457 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1 1
Additional paid-in capital 0 0
Treasury stock, at cost; 270 and 270 shares as of March 31, 2026 and December 31, 2025, respectively (1,960) (1,960)
Accumulated deficit (276,362) (244,539)
Total stockholders’ deficit (278,321) (246,498)
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interests and stockholders’ deficit 1,427,507 1,365,168
Cape Phase I HoldCo - Redeemable noncontrolling interest    
Redeemable noncontrolling interest    
Redeemable noncontrolling interest 103,843 102,586
Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest    
Redeemable noncontrolling interest    
Redeemable noncontrolling interest $ 79,521 $ 77,344