v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (4,817) $ (1,536)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 5,290 2,970
Share-based compensation 1,470 694
Deferred income taxes (9) 120
Unrealized (gain) loss on digital assets 539 (252)
Impairment and loss on disposal of fixed assets, net 40 54
Loss on extinguishment 1,545 0
Other (72) 126
Changes in operating assets and liabilities    
Accounts receivable (2,003) (470)
Inventory (827) (360)
Prepaid expenses and other assets 102 (2,125)
Accounts payable (88) 309
Deferred revenue 2,169 680
Other liabilities 127 141
Net cash provided by operating activities 3,466 351
Cash flows from investing activities    
Purchases of property, plant, and equipment (related party of $329 and $101 for June 30, 2026 and 2025, respectively) (28,476) (6,965)
Capitalized interest (20) (22)
Proceeds from product rebates 1,195 0
Purchases of marketable securities (13,630) (601)
Maturities of marketable securities 7,248 543
Proceeds from sales of marketable securities 0 1,173
Investments in unconsolidated affiliates 0 (86)
Payments for intangible assets (856) 0
Other investing activities, net 52 (74)
Net cash used in investing activities (34,487) (6,032)
Cash flows from financing activities    
Principal repayments on finance leases (173) (137)
Proceeds from debt and other financing obligations 51,812 10,943
Payment of debt issuance costs (124) (61)
Repayments on debt and other financing obligations (39,396) (5,990)
Payment of debt extinguishment premium (1,153) 0
Proceeds from issuance of capital stock, net of issuance costs 8,319 5,047
Proceeds from employee equity award plans 316 155
Payments for repurchase of common and redeemable convertible preferred stock (4,426) (520)
Taxes paid related to net share settlement of equity awards (559) (238)
Proceeds from IPO, net of underwriting commissions and offering costs 85,675 0
Net cash provided by financing activities 100,291 9,199
Effect of exchange rate changes on cash and cash equivalents (42) 75
Net change in cash and cash equivalents and restricted cash 69,228 3,593
Cash and cash equivalents and restricted cash, beginning of the period 25,124 11,501
Cash and cash equivalents and restricted cash, end of the period 94,352 15,094
Cash paid for the following:    
Interest, net of interest capitalized 1,667 603
Income taxes, net 35 30
Supplemental schedule of noncash investing and financing activities    
Share-based compensation capitalized in property, plant, and equipment, net 110 77
Purchases of property, plant, and equipment included in accrued expenses and accounts payable 5,513 4,260
Purchases of property, plant, and equipment financed by other financings $ 3,921 $ 0