v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 767,026 $ 254,475
Accounts receivable, less allowance for credit losses of $6,812 and $6,374, respectively 115,000 90,908
Prepaid expenses and other current assets 135,584 81,598
Total current assets 1,017,610 426,981
Noncurrent assets:    
Property and equipment, net 1,049,332 589,094
Restricted cash 156 158
Goodwill 350,651 348,674
Intangible assets, net 93,373 99,504
Operating lease right-of-use assets, net 505,697 270,854
Deferred tax assets 93,991 90,310
Other assets 12,243 12,130
Total assets 3,123,053 1,837,705
Current liabilities:    
Accounts payable 10,387 38,836
Accrued other expenses 70,883 42,679
Deferred revenue 53,039 5,882
Debt, current 311,654 325,109
Operating lease liabilities, current 126,233 108,037
Finance lease liabilities and equipment financing obligations, current 129,777 31,411
Other current liabilities 74,139 67,510
Total current liabilities 776,112 619,464
Noncurrent liabilities:    
Deferred tax liabilities 3,952 4,092
Debt, long-term 609,399 970,653
Operating lease liabilities, long-term 352,854 166,895
Finance lease liabilities and equipment financing obligations, long-term 447,943 99,103
Other non-current liabilities 2,062 6,188
Total liabilities 2,192,322 1,866,395
Commitments and Contingencies (Note 9)
Preferred stock ($0.000025 par value per share; 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025) 0 0
Common stock ($0.000025 par value per share; 750,000,000 shares authorized; 105,002,427 and 91,947,614 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 2 2
Additional paid-in capital 925,014 16,005
Accumulated other comprehensive loss (1,756) (960)
Accumulated deficit 7,471 (43,737)
Total stockholders’ deficit 930,731 (28,690)
Total liabilities and stockholders’ deficit $ 3,123,053 $ 1,837,705