v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measurement on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets included in:    
Cash and cash equivalents, money market securities $ 827,223 $ 535,085
Restricted cash, money market securities 3,725,219 2,035,631
Bitcoin 37,802 125,400
Accounts receivable, bitcoin receivable 222 687
Prepaid expenses and other current assets, Investments at fair value 15,430  
Derivative asset 22,680 56,810
Assets, fair value 4,628,576 2,753,613
Liabilities included in:    
Warrant liability 632,060 525,160
Liabilities, fair value 632,060 525,160
Level 1    
Assets included in:    
Cash and cash equivalents, money market securities 827,223 535,085
Restricted cash, money market securities 3,725,219 2,035,631
Bitcoin 37,802 125,400
Accounts receivable, bitcoin receivable 222 687
Prepaid expenses and other current assets, Investments at fair value 15,430  
Derivative asset 0 0
Assets, fair value 4,605,896 2,696,803
Liabilities included in:    
Warrant liability 0 0
Liabilities, fair value 0 0
Level 2    
Assets included in:    
Cash and cash equivalents, money market securities 0 0
Restricted cash, money market securities 0 0
Bitcoin 0 0
Accounts receivable, bitcoin receivable 0 0
Prepaid expenses and other current assets, Investments at fair value 0  
Derivative asset 0 0
Assets, fair value 0 0
Liabilities included in:    
Warrant liability 0 0
Liabilities, fair value 0 0
Level 3    
Assets included in:    
Cash and cash equivalents, money market securities 0 0
Restricted cash, money market securities 0 0
Bitcoin 0 0
Accounts receivable, bitcoin receivable 0 0
Prepaid expenses and other current assets, Investments at fair value 0  
Derivative asset 22,680 56,810
Assets, fair value 22,680 56,810
Liabilities included in:    
Warrant liability 632,060 525,160
Liabilities, fair value $ 632,060 $ 525,160