v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (31,830) $ (9,146)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 93 47
Amortization of debt issuance costs 463 141
Stock-based compensation 2,615 489
Non-cash expense related to long-term operating leases 5,993 607
Non-cash expense related to warrant valuation 13,146 0
Non-cash income related to derivative valuation (1,270) 0
Changes in operating assets and liabilities:    
Grant receivable 0 702
Prepaid expenses and other (624) 3,583
Deposits (8) 18,733
Accounts payable 1,232 (3,644)
Net changes in other assets and liabilities 1,153 5,562
Net cash (used in) provided by operating activities (9,037) 17,074
Cash flows from investing activities:    
Capital expenditures (172,793) (105,443)
Net cash used in investing activities (172,793) (105,443)
Cash flows from financing activities:    
Proceeds from long-term debt 14,152 8,031
Proceeds from issuance of common stock 826 89
Payment of debt issuance costs (14,152) 0
Treasury stock purchased 0 (1,945)
Other (56) 0
Net cash provided by financing activities 770 6,175
Net change in cash and cash equivalents and restricted cash (181,060) (82,194)
Cash and cash equivalents and restricted cash at beginning of period 467,836 199,428
Cash and cash equivalents and restricted cash at end of period 286,776 117,234
Supplemental disclosure of cash flow information:    
Accrued capital expenditures (at end of period) 153,443 44,384
Adjustment of redeemable noncontrolling interest 3,434 0
Cash paid for interest, net of amounts capitalized $ 2,953 $ 925