v3.26.1
CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Perpetual Preferred Stock
Common Stock
Class A Common Stock
Common Stock
Class B Convertible Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2024   0          
Beginning balance at Dec. 31, 2024   $ 0          
Mezzanine Equity              
Issuance of preferred stock (in shares)   34,033          
Issuance of preferred stock   $ 2,893,921          
Ending balance (in shares) at Jun. 30, 2025   34,033          
Ending balance at Jun. 30, 2025   $ 2,893,921          
Beginning balance at Dec. 31, 2024 $ 30,976,362   $ 226 $ 20 $ 20,411,998 $ (15,384) $ 10,579,502
Beginning balance (in shares) at Dec. 31, 2024     226,138 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 5,803,476           5,803,476
Other (1,097)           (1,097)
Other comprehensive (loss) income 10,364         10,364  
Preferred stock cash dividends declared (58,142)           (58,142)
Issuance of class A common stock under stock incentive plans 24,572       24,572    
Issuance of class A common stock under stock incentive plans (in shares)     956        
Issuance of class A common stock under public offerings, net of issuance costs 9,647,897   $ 27   9,647,870    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     26,850        
Issuance of class A common stock upon conversions of convertible senior notes 1,045,216   $ 8   1,045,208    
Issuance of class A common stock upon conversions of convertible senior notes (in shares)     7,374        
Share-based compensation expense 28,396       28,396    
Ending balance at Jun. 30, 2025 47,477,044   $ 261 $ 20 31,158,044 (5,020) 16,323,739
Ending balance (in shares) at Jun. 30, 2025     261,318 19,640      
Beginning balance (in shares) at Mar. 31, 2025   16,150          
Beginning balance at Mar. 31, 2025   $ 1,304,497          
Mezzanine Equity              
Issuance of preferred stock (in shares)   17,883          
Issuance of preferred stock   $ 1,589,424          
Ending balance (in shares) at Jun. 30, 2025   34,033          
Ending balance at Jun. 30, 2025   $ 2,893,921          
Beginning balance at Mar. 31, 2025 32,221,236   $ 247 $ 20 25,881,089 (11,967) 6,351,847
Beginning balance (in shares) at Mar. 31, 2025     246,537 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 10,020,846           10,020,846
Other comprehensive (loss) income 6,947         6,947  
Preferred stock cash dividends declared (48,954)           (48,954)
Issuance of class A common stock under stock incentive plans 12,451       12,451    
Issuance of class A common stock under stock incentive plans (in shares)     555        
Issuance of class A common stock under public offerings, net of issuance costs 5,248,692   $ 14   5,248,678    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     14,225        
Issuance of class A common stock upon conversions of convertible senior notes 84       84    
Issuance of class A common stock upon conversions of convertible senior notes (in shares)     1        
Share-based compensation expense 15,742       15,742    
Ending balance at Jun. 30, 2025 $ 47,477,044   $ 261 $ 20 31,158,044 (5,020) 16,323,739
Ending balance (in shares) at Jun. 30, 2025     261,318 19,640      
Beginning balance (in shares) at Dec. 31, 2025 78,183 78,183          
Beginning balance at Dec. 31, 2025 $ 6,919,514 $ 6,919,514          
Mezzanine Equity              
Issuance of preferred stock (in shares)   75,346          
Issuance of preferred stock   $ 7,521,381          
Ending balance (in shares) at Jun. 30, 2026 153,529 153,529          
Ending balance at Jun. 30, 2026 $ 14,440,895 $ 14,440,895          
Beginning balance at Dec. 31, 2025 44,123,458   $ 292 $ 20 37,806,554 (5,171) 6,321,763
Beginning balance (in shares) at Dec. 31, 2025     292,422 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (20,762,298)           (20,762,298)
Other comprehensive (loss) income (3,262)         (3,262)  
Preferred stock cash dividends declared (758,224)           (758,224)
Issuance of class A common stock under stock incentive plans 23,420   $ 1   23,419    
Issuance of class A common stock under stock incentive plans (in shares)     1,085        
Issuance of class A common stock under public offerings, net of issuance costs 8,235,553   $ 59   8,235,494    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     58,456        
Share-based compensation expense 27,441       27,441    
Ending balance at Jun. 30, 2026 $ 30,886,088   $ 352 $ 20 46,092,908 (8,433) (15,198,759)
Ending balance (in shares) at Jun. 30, 2026     351,963 19,640      
Beginning balance (in shares) at Mar. 31, 2026   98,881          
Beginning balance at Mar. 31, 2026   $ 8,984,928          
Mezzanine Equity              
Issuance of preferred stock (in shares)   54,648          
Issuance of preferred stock   $ 5,455,967          
Ending balance (in shares) at Jun. 30, 2026 153,529 153,529          
Ending balance at Jun. 30, 2026 $ 14,440,895 $ 14,440,895          
Beginning balance at Mar. 31, 2026 36,651,357   $ 326 $ 20 43,130,389 (7,913) (6,471,465)
Beginning balance (in shares) at Mar. 31, 2026     326,286 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (8,219,628)           (8,219,628)
Other comprehensive (loss) income (520)         (520)  
Preferred stock cash dividends declared (507,666)           (507,666)
Issuance of class A common stock under stock incentive plans 4,935       4,935    
Issuance of class A common stock under stock incentive plans (in shares)     690        
Issuance of class A common stock under public offerings, net of issuance costs 2,943,342   $ 26   2,943,316    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     24,987        
Share-based compensation expense 14,268       14,268    
Ending balance at Jun. 30, 2026 $ 30,886,088   $ 352 $ 20 $ 46,092,908 $ (8,433) $ (15,198,759)
Ending balance (in shares) at Jun. 30, 2026     351,963 19,640