v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (381,845) $ (84,756)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 38,379 87,554
Amortization of operating right-of-use asset 1,418 1,335
Share-based compensation 57,574 19,625
Equity in losses of equity investees 1,601 6,993
Write-down of assets held for sale 7,437 0
Loss on disposal of assets 10,408 633
Amortization of debt discount and issuance costs 125,894 0
Income taxes 774 1,061
Non-cash consideration received for services (59,675) (92,524)
Change in fair value of power purchase agreement 34,130 8,150
Change in fair value of warrant liability 106,900 0
Change in fair value of investments at fair value 24,325 0
Change in fair value of bitcoin collateral 0 (5,731)
Change in fair value of bitcoin loan 0 782
Change in unrealized (gains) losses on fair value of bitcoin (20,661) 3,035
Realized losses (gains) on sale of bitcoin 47,732 (8,557)
Increase in operating assets 509 11,893
Decrease in operating liabilities (146,907) (52,948)
Net cash used in operating activities (152,007) (103,455)
Cash flows from investing activities    
Proceeds from sale of bitcoin 123,428 121,352
Proceeds from disposal of assets 52,798 0
Purchases of property and equipment (964,261) (218,245)
Purchases and development of software 0 (735)
Distributions paid to non-controlling interest (4,640) 0
Investment in equity investees (4,374) (12,842)
Net cash used in investing activities (797,049) (110,470)
Cash flows from financing activities    
Proceeds from notes, net of issuance costs 2,766,437 167,113
Proceeds from the issuance of common stock, net of offering costs 129,193 85,665
Proceeds from treasury stock reissued for PIPE investment 0 50,000
Repurchase of common shares to pay employee withholding taxes (49,000) (4,317)
Principal payments on loan 0 (25,000)
Principal payments on financing lease (2,418) (2,417)
Net cash provided by financing activities 2,844,212 271,044
Net increase in cash, cash equivalents, and restricted cash 1,895,156 57,119
Cash, cash equivalents, and restricted cash, beginning of the period 2,664,631 19,977
Cash and cash equivalents, and restricted cash, end of the period 4,559,787 77,096
Supplemental information    
Cash paid for interest 63,933 0
Supplemental disclosure of non-cash investing and financing activities    
Property and equipment purchases in accounts payable and accrued expenses 542,730 3,676
Investments acquired at fair value for sale of equity in investees interests 29,400 0
Right-of-use asset obtained in exchange for operating lease liability 29,021 491
Miners reclassified from held for sale to in service 25,816 0
Interest capitalized on construction in progress 23,203 0
Derecognition of asset retirement obligation and asset retirement cost 11,433 0
Investments acquired at fair value for sale of miners 10,355 0
Sales tax accrual on machines placed in service 3,503 2,132
Bitcoin received from equity investees 2,772 13,857
Land asset adjustment on derecognition of lease liability and right-of-use asset 1,618 0
Reclassification of deposits on equipment to property and equipment 0 7,480
Bitcoin purchase option 0 8,820
Initial estimate of asset retirement obligation and related capitalized costs 0 10,743
Bitcoin received as a loan 0 16,551
Bitcoin transferred for rehypothecated collateral 0 31,720
Bitcoin loan payments 0 26,987
Treasury stock reissued for PIPE investment $ 0 $ 10