DEBT (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes the terms and carrying amounts of the Company’s outstanding debt at the dates indicated (dollars in thousands):


	Stated Interest Rate	Effective Interest Rates	Maturities	June 30, 2026		December 31, 2025
Senior Secured Notes	7.75%	8.3%	2031	$	3,300,000	$	—
2029 Convertible Notes	3.00%	3.7%	2029	460,000		460,000
2031 Convertible Notes	—%	0.4%	2031	625,000		625,000
Notes payable				4,385,000		1,085,000
Less: Unamortized discounts				87,033		24,675
Long-term debt				$	4,297,967	$	1,060,325

Schedule of Convertible Debt

The following table presents the components of interest expense for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Coupon interest	$	48,690	$	3,450	$	55,485	$	6,900
Amortization of debt discount and issuance costs	3,682		1,304		5,358		2,601
Interest incurred	52,372		4,754		60,843		9,501
Less: Capitalized interest	11,725		—		12,050		—
Interest expense	$	40,647	$	4,754	$	48,793	$	9,501

Schedule of Maturities of Long-Term Debt

The following table presents the contractual maturities of the Company’s debt, gross of unamortized discounts, as of June 30, 2026 (in thousands):


	Convertible Notes		Senior Secured Notes(1)
Remaining 2026	$	—	$	—
2027	—		—
2028	—		—
2029	460,000		189,750
2030	—		379,500
Thereafter	625,000		2,730,750
Total	$	1,085,000	$	3,300,000

(1)Because the First Installment Payment Date (as defined below) is contingent on rent commencement and the abatement of revenue credits under the related datacenter leases, the maturities presented above reflect scheduled amortization assuming a First Installment Payment Date of November 15, 2029.