FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Financial Assets And Liabilities Measurement on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):


	Fair Value Measured as of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	827,223	$	-	$	-	$	827,223
Restricted cash
Money market securities	3,725,219		-		-		3,725,219
Bitcoin	37,802		-		-		37,802
Accounts receivable
Bitcoin receivable	222		-		-		222
Prepaid expenses and other current assets
Investments at fair value	15,430		-		-		15,430
Derivative asset	-		-		22,680		22,680
	$	4,605,896	$	-	$	22,680	$	4,628,576
Liabilities included in:

Warrant liability	-		-		632,060		632,060
	$	-	$	-	$	632,060	$	632,060


	Fair Value Measured as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	535,085	$	-	$	-	$	535,085
Restricted cash
Money market securities	2,035,631		-		-		2,035,631
Bitcoin	125,400		-		-		125,400
Accounts receivable	687		-		-		687
Derivative assets	-		-		56,810		56,810
	$	2,696,803	$	-	$	56,810	$	2,753,613
Liabilities included in:
Warrant liability	$	-	$	-	$	525,160	$	525,160


	$	-	$	-	$	525,160	$	525,160

Schedule of Financial Assets and Liabilities Not Subject to Fair Value Measurement on Recurring Basis

The Company’s financial assets and liabilities not subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):


	June 30, 2026
	Total carrying value		Level 1		Level 2		Level 3		Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes	$	168,168	$	-	$	912,563	$	-	$	912,563
2031 Convertible Notes	901,456		-		2,280,811		-		2,280,811
Cipher Compute 2030 Senior Secured Notes	1,708,805		-		1,805,769		-		1,805,769
Black Pearl Compute 2031 Senior Secured Notes	1,966,807		-		2,029,200		-		2,029,200
Stingray Compute 2031 Senior Secured Notes	796,114		-		813,005		-		813,005
	$	5,541,350	$	-	$	7,841,348	$	-	$	7,841,348



	December 31, 2025
	Total carrying value		Level 1		Level 2		Level 3		Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes	$	167,643	$	-	$	597,768	$	-	$	597,768
2031 Convertible Notes	$	870,842	$	-	$	1,547,533	$	-	$	1,547,533
Cipher Compute 2030 Senior Secured Notes	$	1,710,956	$	-	$	1,769,514	$	-	$	1,769,514

	$	2,749,441	$	-	$	3,914,815	$	-	$	3,914,815

Schedule of Changes in the Estimated Fair Value of Power Purchase Agreement

The following table presents the changes in the estimated fair value of the power purchase agreement measured using significant unobservable inputs (Level 3) for the six months ended June 30, 2026 and 2025 (amounts in thousands):


	Six Months Ended June 30,
	2026		2025
Opening balance	$	56,810	$	85,670
Change in fair value	(34,130)		(8,150)
Ending balance	$	22,680	$	77,520

Schedule of Assumptions Utilized in Valuations

The following table presents significant assumptions utilized in the valuations of the Google Warrants as of the date indicated:


			June 30, 2026
Risk-free rate			3.87%
Dividend yield rate			0.00%
Volatility			103.00%
Contractual term (in years)			4.25

Schedule of Change in the Fair Value

The following table presents changes in the estimated fair value of the Google Warrants (amounts in thousands):






Balance as of December 31, 2025	525,160

Change in fair value	106,900
Balance as of June 30, 2026	$	632,060

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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