v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 831,829 $ 628,263
Restricted cash, current 3,188,452 1,761,292
Prepaid expenses and other current assets 34,477 7,977
Bitcoin 37,802 125,400
Miners held for sale 0 94,879
Derivative asset, current 19,436 34,090
Total current assets 4,132,080 2,652,859
Restricted cash, noncurrent 539,506 275,076
Property and equipment, net 2,132,585 633,417
Intangible assets, net 76,929 77,388
Investment in equity investees 0 29,400
Derivative asset, non-current 3,244 22,720
Operating lease right-of-use asset 36,212 11,321
Security deposits 27,489 27,732
Other noncurrent assets 553,409 561,995
Total assets 7,501,454 4,291,908
Current liabilities    
Accounts payable 289,091 40,064
Accrued expenses and other current liabilities 356,746 90,086
Finance lease liability, current portion 4,475 4,237
Operating lease liability, current portion 2,242 1,731
Warrant liability 632,060 525,160
Short-term borrowings 94,484 37,793
Total current liabilities 1,379,098 699,071
Deferred revenue 25,512 0
Long-term borrowings, net 5,446,866 2,711,648
Asset retirement obligations 23,509 33,696
Finance lease liability 795 3,094
Operating lease liability 37,938 8,545
Total liabilities 6,913,718 3,456,054
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest 25,679 30,319
Stockholders’ equity    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2026, and December 31, 2025 0 0
Common stock, $0.001 par value, 1,000,000,000 and 1,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively, 423,575,369 and 412,074,529 shares issued as of June 30, 2026 and December 31, 2025, respectively, and 414,253,564 and 404,963,061 shares outstanding as of June 30, 2026, and December 31, 2025, respectively 424 412
Additional paid-in capital 1,947,143 1,808,786
Accumulated deficit (1,385,501) (1,003,656)
Treasury stock, at par, 9,321,805 and 7,111,468 shares at June 30, 2026 and December 31, 2025, respectively (9) (7)
Total stockholders’ equity 562,057 805,535
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity 7,501,454 4,291,908
Nonrelated Party    
Current assets    
Accounts receivable 20,084 687
Related Party    
Current assets    
Accounts receivable $ 0 $ 271