v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from Operating Activities:        
Net loss $ (1,155,310) $ (936,799) $ (1,502,498) $ (360,548)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation and amortization     32,146 38,487
Loss on disposal of property, plant and equipment 1,273 4,166 14,911 4,172
Loss on remeasurement of assets held for sale 19,495 0 19,495 0
Impairment of property, plant and equipment 0 0 266,488 0
Change in operating lease right-of-use assets     6,400 5,404
Stock-based compensation     36,001 40,355
Digital asset self-mining revenue     (51,640) (129,769)
Proceeds from sales of digital assets generated by self-mining revenues [1]     208,249 0
Loss (gain) on fair value of digital assets 9,368 (29,797) 15,926 (19,109)
Change in fair value of warrants and contingent value rights 1,045,515 909,958 1,076,314 288,494
Loss on debt extinguishment 5,435 1,377 5,435 1,377
Changes in operating assets and liabilities:        
Customer funding receivable and other current assets     (81,842) (207,550)
Accounts payable     (35,594) 133,531
Accrued expenses     155,200 70,826
Deferred revenue from colocation services     98,409 131,293
Other operating assets and liabilities, net     (32,451) (8,004)
Net cash provided by (used in) operating activities     230,949 (11,041)
Cash flows from Investing Activities:        
Purchases of property, plant and equipment     (954,244) (205,259)
Proceeds from sales of property and equipment     3,927 1,671
Acquisitions of land and development rights     (232,500) 0
Other investing activities     (74) (5,036)
Net cash used in investing activities     (1,182,891) (208,624)
Cash flows from Financing Activities:        
Debt extinguishment payments     (1,000,000) (26,862)
Proceeds from the issuance of debt     4,275,250 0
Debt issuance costs     (48,143) 0
Taxes paid related to net share settlement of equity awards     (35,310) 0
Principal payments on debt     0 (8,613)
Other financing activities     158 (495)
Net cash provided by (used in) financing activities     3,191,955 (35,970)
Net increase (decrease) in cash, cash equivalents and restricted cash     2,240,013 (255,635)
Cash, cash equivalents and restricted cash—beginning of period     311,378 836,980
Cash, cash equivalents and restricted cash—end of period 2,551,391 581,345 2,551,391 581,345
Supplemental disclosure of other cash flow information:        
Cash paid for interest, net of capitalized interest     12,846 8,386
Income tax payments     652 457
Supplemental disclosure of non-cash investing and financing activities:        
Purchases of property, plant and equipment in accounts payable and accrued expense     127,520 129,904
Reclass of property, plant and equipment to Held for Sale     33,286 0
Operating lease right-of-use assets obtained in exchange for lease obligations     13,440 109
Non-cash exercise of warrants     1,458 19,559
Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:        
Cash and cash equivalents 1,769,735 581,345 1,769,735 581,345
Restricted cash, current portion 165,745 0 165,745 0
Restricted cash, net of current portion 615,911 0 615,911 0
Total cash, cash equivalents and restricted cash $ 2,551,391 $ 581,345 $ 2,551,391 $ 581,345
[1] Proceeds from digital assets received as non-cash revenue consideration liquidated upon management's discretion.