| Schedule of Long-Term Borrowings |
The following summarizes the Company’s long-term borrowings, net of debt issuance costs as of the period presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Maturity Date | | Interest Rate | | Outstanding Principal | | Unamortized debt issuance costs and original issue discounts and premium, net | | Current portion of Long-term Debt | | Outstanding Borrowings, net | Long-term borrowings: | | | | | | | | | | | | | 2030 Convertible Notes | | May 2030 | | 1.750% | | $ | 172,500 | | | $ | (4,332) | | | $ | — | | | $ | 168,168 | | | 2031 Convertible Notes | | October 2031 | | 0.000% | | 1,300,000 | | | (398,544) | | | — | | | 901,456 | | | Cipher Compute 2030 Senior Secured Notes | | November 2030 | | 7.125% | | 1,733,000 | | | (24,195) | | | (94,484) | | | 1,614,321 | | | Black Pearl Compute 2031 Senior Secured Notes | | February 2031 | | 6.125% | | 2,000,000 | | | (33,193) | | | — | | | 1,966,807 | | | Stingray Compute 2031 Senior Secured Notes | | June 2031 | | 6.000% | | 810,000 | | | (13,886) | | | — | | | 796,114 | | Total Long-term borrowings | | | | | | $ | 6,015,500 | | | $ | (474,150) | | | $ | (94,484) | | | $ | 5,446,866 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Maturity Date | | Interest Rate | | Outstanding Principal | | Unamortized debt issuance costs and original issue discounts and premium, net | | Current portion of Long-term Debt | | Outstanding Borrowings, net | | Long-term borrowings: | | | | | | | | | | | | | 2030 Convertible Notes | | May 2030 | | 1.750% | | $ | 172,500 | | | $ | (4,857) | | | $ | — | | | $ | 167,643 | | | 2031 Convertible Notes | | October 2031 | | 0.000% | | 1,300,000 | | | (429,158) | | | — | | | 870,842 | | | Cipher Compute 2030 Senior Secured Notes | | November 2030 | | 7.125% | | 1,733,000 | | | (22,044) | | | (37,793) | | | 1,673,163 | | Total Long-term borrowings | | | | | | $ | 3,205,500 | | | $ | (456,059) | | | $ | (37,793) | | | $ | 2,711,648 | |
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| Schedule of Components of Convertible Debt Interest Expense |
The following table summarizes the components of interest expense recognized on the Company's convertible notes for three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | 2030 Convertible Notes: | | | | | | | | | Contractual interest expense | $ | 755 | | | $ | 319 | | | $ | 1,509 | | | $ | 319 | | | Amortization of issuance costs and discount | 266 | | | 110 | | | 530 | | | 110 | | | Total interest expense | $ | 1,021 | | | $ | 429 | | | $ | 2,039 | | | $ | 429 | | | | | | | | | | | 2031 Convertible Notes: | | | | | | | | | Contractual interest expense | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Amortization of issuance costs and discount | 15,523 | | | — | | | 30,614 | | | — | | | Total interest expense | $ | 15,523 | | | $ | — | | | $ | 30,614 | | | $ | — | |
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| Schedule of Future Principal Payments |
As of June 30, 2026, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows: | | | | | | | | | (in thousands) | | | | Remainder of 2026 | | $ | 18,476 | | | 2027 | | 217,105 | | | 2028 | | 296,291 | | | 2029 | | 300,978 | | 2030(1) | | 1,557,594 | | Thereafter(2) | | 3,625,056 | | | Total principal of long-term borrowings | | $ | 6,015,500 | | | | | (1) Included in 2030 is $172.5 million of principal related to the 2030 Convertible Notes which may be settled in cash, shares of common stock, or a combination thereof. | (2) Included in Thereafter is $1,300.0 million of principal related to the 2031 Convertible Notes which may be settled in cash, shares of common stock, or a combination thereof. |
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