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(“TeraWulf” or the “Company”) is a vertically integrated owner and operator of next-generation digital infrastructure, powered by low-carbon energy. The Company develops and operates high-performance datacenters optimized for bitcoin mining and high-performance computing (“HPC”) workloads, leveraging clean, cost-effective, and reliable energy sources to promote long-term sustainability in digital infrastructure.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">TeraWulf derives a portion of its revenue by providing hash computation services to a mining pool operator, facilitating transaction validation of transactions on the global bitcoin network using the Company’s fleet of application-specific integrated circuit (“ASIC”) miners. Bitcoin earned as consideration is routinely converted to U.S. dollars. The Company also previously generated revenue by hosting third-party bitcoin miners. While capable of mining other digital assets, the Company has no current plans to do so.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In 2024, the Company launched WULF Compute LLC (“WULF Compute”), which is focused on development and deployment of scalable digital infrastructure to support a broader HPC strategy. This business diversifies revenue by offering HPC leasing and colocation, cloud, and connectivity services for GPU-based workloads (see Note 8). The Company has entered into long-term datacenter lease agreements with customers for specified datacenter infrastructure at its Lake Mariner Data Campus in upstate New York (the “Lake Mariner Data Campus”) and recently at its newly acquired Hawesville site to support those customers’ HPC operations. With growing demand for high-density compute, TeraWulf’s assets are well-positioned to deliver low-cost, low-carbon power to support these workloads.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2026, TeraWulf owned and operated bitcoin mining activities at the Lake Mariner Data Campus, and has energized 145 MW of capacity across three buildings and supporting infrastructure at the site. During the six months ended June 30, 2026, two miner buildings were repurposed or placed out of service to support the HPC development at the Lake Mariner Data Campus. As of June 30, 2026, TeraWulf had energized 81 critical IT MW of HPC leasing capacity at the Lake Mariner Data Campus. As of the date these condensed consolidated financial statements were issued, TeraWulf had energized 102 MW of critical IT HPC capacity at the Lake Mariner Data Campus.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On May 21, 2025 (the “Acquisition Date”), the Company acquired 100% of the membership interests of each of Beowulf Electricity &amp; Data LLC, Beowulf E&amp;D (MD) LLC, and Beowulf E&amp;D (NY) LLC (collectively, “Beowulf E&amp;D”). The fair value of total consideration for the transaction was approximately $54.6 million, including $3.0 million in cash and 5.0 million shares of the Company’s common stock (“Common Stock”) issued on the Acquisition Date. The purchase agreement also included up to $19.0 million in contingent cash payments and up to $13.0 million in additional Common Stock, subject to the achievement of several earnout milestones related to the expansion of the Company’s datacenter business and project financing initiative (see Note 3). As part of the acquisition, 94 employees of Beowulf E&amp;D, including site staff at the Lake Mariner Data Campus and corporate personnel, were transitioned to TeraWulf. In addition, the existing Administrative and Infrastructure Services Agreement (the “Services Agreement”) (see Note 16) with Beowulf E&amp;D was terminated on the Acquisition Date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On October 27, 2025, the Company, through its subsidiary Big Country Wulf LLC (the “TeraWulf Member”), and Fluidstack CS I Inc. (“Fluidstack Member”) (each a “Member” and collectively the “Abernathy Members”) entered into an amended and restated limited liability company agreement (the “Abernathy Joint Venture Agreement”) to govern the terms of operation of FS CS I LLC (the “Abernathy Joint Venture”), which will construct and operate a 168 MW critical IT load datacenter campus in Abernathy, Texas (the “Abernathy HPC Campus”). The Fluidstack Member is a subsidiary of Fluidstack Ltd., a leading Artificial Intelligence (“AI”) cloud platform. In July 2026, the Company entered into a definitive agreement to sell its entire 50.1% equity interest in the Abernathy Joint Venture to the Fluidstack Member and certain other purchasers (see Note 11).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On February 2, 2026, the Company entered into an Agreement of Purchase and Sale for a former industrial site in Hawesville, Kentucky ( “Justified Data Campus” or “Hawesville”). The Company exercised an exclusivity option to purchase the Justified Data Campus, which includes more than 250 buildable acres with immediate access to power infrastructure, including multiple high-voltage transmission lines, an on-site energized substation, and a direct connection to the regional transmission network (see Note 3). The Justified Data Campus seller was granted a 6.8% minority equity interest in TeraWulf’s Justified Data Campus development entity, which is intended to develop and own a HPC/AI data center on the property (see Note 11). The total consideration for the transaction was approximately $301.9 million including cash consideration and the fair value of minority equity interest granted. Subsequent to June 30, 2026, the Company entered into a long-term datacenter lease agreement with Anthropic to support its HPC operations at the Justified Data Campus (see Note 18).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On February 2, 2026, the Company announced the entry into an Equity and Asset Purchase Agreement (the “Morgantown Purchase Agreement”) for the Morgantown generating station in Charles County, Maryland. The Morgantown Purchase Agreement was signed in late 2025 and contemplates the acquisition of the Morgantown generating station, a grid-connected power generation facility with approximately 210 MW of current operational capacity, including electrical infrastructure, associated real property, contracts and other assets (“Morgantown”). The closing of the Morgantown acquisition is subject to certain third-party consents and customary regulatory approvals, including from the Federal Energy Regulatory Commission (‘FERC”). On July 29, 2026, FERC authorized the pending acquisition of the Morgantown generating station. Subject to the remaining closing conditions and required approvals, the Company expects to close on the Morgantown acquisition in the second half of 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On May 22, 2026, the Company closed the acquisition of a hyperscale HPC/AI development site located in Eastern Kentucky (the “Muskie Data Campus” or “Muskie”), pursuant to a membership interest purchase agreement (“MIPA”) under which the Company acquired 100% of the issued and outstanding membership interests of Industrial Equity Partners LLC (“IEP”). IEP owned or had the contractual rights to approximately 308 acres of land located in Grayson, Kentucky under a pre-existing land purchase agreement. Concurrent with the closing of the acquisition, IEP completed the purchase of an initial parcel consisting of approximately 164 acres of land and in August 2026, the Company completed the purchase of the optional parcels consisting of approximately 144 acres. In connection with the acquisition, the Company entered into an electric service agreement and a related letter of agreement with Kentucky Power Company providing for electric service and the construction of related transmission infrastructure to support up to 1 GW of capacity for the Muskie Data Campus.</span></div> 145 3 2 81 102 1 54600000 3000000.0 5000000.0 19000000.0 13000000.0 94 168 0.501 250 0.068 301900000 210 1 308 164 144 SIGNIFICANT ACCOUNTING POLICIES<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Basis of Presentation and Principles of Consolidation</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. In the opinion of the Company, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of such interim results. All intercompany balances and transactions have been eliminated. The equity attributable to noncontrolling interests in subsidiaries is shown separately in the accompanying condensed consolidated balance sheets. Certain prior period amounts have been reclassified to conform with current period presentation.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The results for the unaudited interim condensed consolidated statements of operations are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any future interim period. The unaudited interim condensed consolidated financial statements do not include all the information and notes required by U.S. GAAP for complete presentation of annual financial statements. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Use of Estimates in the Financial Statements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for (but are not limited to) such items as the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, fair value of contingent consideration issued in a business combination, the establishment of useful lives for property, plant and equipment and intangible assets, the fair value of equity securities or warrants to purchase the Company’s Common Stock issued individually or as a component of a debt or equity offering, the fair value of changes to the conversion terms of embedded conversion features, the fair value and requisite service periods of stock-based compensation, the fair value of assets received in nonmonetary transactions, the fair value of nonmonetary consideration, the establishment of right-of-use assets and lease liabilities that arise from leasing arrangements, the timing of commencement of capitalization for plant and equipment, impairment of indefinite-lived intangible assets, impairment of long-lived assets, recoverability of deferred tax assets, amortization of deferred issuance costs and debt discount, the fair value of leased assets for the purpose of lease classification, and the recording of various accruals. These estimates are made after considering past and current events and assumptions about future events. Actual results could differ from those estimates.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Significant Accounting Policies</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Except for the updates noted below, see the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a detailed discussion of the Company’s significant accounting policies.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Revenue Recognition</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Mining Pool</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has entered into an arrangement with a cryptocurrency mining pool (the Foundry USA Pool) to perform hash computations (i.e. hashrate) for the mining pool in exchange for consideration. Providing hash computation services to a mining pool is an output of the Company’s ordinary activities. The provision of such hash computation services is the sole performance obligation. The mining pool arrangement is terminable at any time without substantial penalty by Foundry USA Pool and may be terminated without substantial penalty by the Company upon providing one Contract Day’s, as defined, prior written notice. The Company’s enforceable right to compensation only begins when and continues while the Company provides hash computation services to its customer, the mining pool operator. Accordingly, the contract term with Foundry USA Pool is deemed to be less than 24 hours and to continuously renew throughout the day. Additionally, the Company concluded that the mining pool operator’s (i.e., the customer’s) renewal right is not a material right because the renewal rights do not include any discounts; that is, the terms, conditions, and compensation amounts are at the then-current market rates.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">There is no significant financing component in these transactions.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The mining pool applies the Full Pay Per Share (“FPPS”) payout model. Under the FPPS model, in exchange for providing hash computation services to the pool, the Company is entitled to pay-per-share base amount and transaction fee reward compensation, calculated on a daily basis, at an amount that approximates the total bitcoin that could have been mined and transaction fees that could have been awarded using the Company’s hash computation services, based upon the then current blockchain difficulty. Under this model, the Company is entitled to compensation, payable in bitcoin, regardless of whether the pool operator successfully records a block to the bitcoin blockchain.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The transaction consideration the Company receives, if any, is noncash consideration and is all variable. Because digital assets are considered noncash consideration, fair value of the digital asset award received would generally be determined using the quoted price of the related digital asset in the Company’s principal market at the time of contract inception. The Company has adopted an accounting policy to aggregate individual contracts with individual terms less than 24 hours within each intraday period and apply a consistent valuation point, the start of day Coordinated Universal Time (00:00:00 UTC), to value the related noncash consideration. Revenue is recognized when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, which is the same day that control of the contracted service transfers to the mining pool and is the same day as the contract inception. After every 24-hour contract term, the mining pool transfers the digital asset consideration to the Company’s designated digital assets wallets.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Consideration payable to the customer in the form of a pool operator fee, which is incurred only to the extent that the Company has generated FPPS consideration, is deducted from the bitcoin the Company receives and is recorded as contra-revenue, as it does not represent a payment for a distinct good or service.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded revenue from mining of $12.8 million and $25.8 million during the three and six months ended June 30, 2026, respectively, and $47.6 million and $82.0 million during the three and six months ended June 30, 2025, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">HPC Leasing</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In December 2024 and August 2025, the Company entered into long-term datacenter lease agreements (the “Core42 HPC Leases” and the “Fluidstack HPC Leases”, respectively, and collectively, the “HPC Leases”) with customers for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customers’ HPC operations. In accordance with ASC 842, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Leases</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">, the Company determined at contract inception that these agreements contained a lease, comprising lease components related to the right to use datacenter space and nonlease components for power delivery, physical security, and maintenance services. As of June 30, 2026, all of the Core42 HPC Leases have commenced and one of the Fluidstack HPC Leases has partially commenced and the remaining Fluidstack HPC Leases are expected to commence in the second half of 2026 as well as in early 2027. In July 2026, TeraWulf had energized 102 MW of critical IT HPC capacity at the Lake Mariner Data Campus.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has elected the practical expedient available under ASC 842 to combine the nonlease revenue components that have the same pattern of transfer as the related operating lease components into a single combined component. The single combined component is accounted for under ASC 842 as an operating lease if the lease components are the predominant components and is accounted for under ASC 606 if the nonlease components are the predominant components. The lease components are the predominant components in the Company’s HPC Leases and the single combined component in these arrangements are accounted for under the operating lease guidance of ASC 842. Recognition of HPC lease revenue begins when the Company determines the asset has been made available for the customer’s use.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has concluded that it is probable that substantially all of the payments will be collected over the term of the arrangements and recognizes the total combined fixed payments under the agreements on a straight-line basis over the noncancellable term. The Company recognizes the difference between straight-line revenue recognized during the period and the lease payments due pursuant to the underlying arrangement as deferred rent liability or accrued rent receivable in the condensed consolidated balance sheets. Certain arrangements include options to extend the term. These extension options are not reasonably certain to be exercised and are excluded from the lease term and calculation of lease payments at lease commencement.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Payments for physical security and other routine maintenance services are included in the fixed lease payments. The lease agreements provide for variable payments for power delivery. Power delivery services represent a stand-ready obligation to make power available to the customer over the coterminous lease term and have the same pattern of transfer as the related operating lease components. Customers are charged monthly for actual power costs incurred at current utility rates. These payments from customers for power delivery are recognized as variable lease payments in accordance with the practical expedient elected. Variable lease payments are presented on a gross basis and are included in HPC lease revenue in the condensed consolidated statements of operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The lease agreements also provide for variable payments for certain fit-out services as requested by the customer and the Company recognizes revenues as performance obligations are satisfied, unless agreed with the customer to include the costs in the base rent. In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its customers. These costs are passed through to the customers, generally with a mark-up, and, in accordance with GAAP, are included in the Company’s HPC lease revenue .</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">For the three and six months ended June 30, 2026, the Company recorded HPC lease revenue of $31.9 million and $53.0 million, respectively. There was no HPC lease revenue recorded during the three and six months ended June 30, 2025. </span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Cost of Revenue</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Cost of revenue for mining pool revenue is comprised primarily of direct costs of electricity, but excludes depreciation which is separately presented. Cost of revenue for HPC lease revenue is comprised primarily of direct costs of electricity and also includes costs incurred by the Company in connection with its fit-out services under the HPC Leases.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Power Curtailment Credits</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Proceeds from participation in demand response programs are recorded as a reduction in cost of revenue in the condensed consolidated statements of operations for the period in which the corresponding demand response program occurs. The Company recorded demand response program amounts of approximately $2.8 million and $16.9 million during the three and six months ended June 30, 2026, respectively, and $3.1 million and $5.9 million during the three and six months ended June 30, 2025, respectively.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Cash, Cash Equivalents and Restricted Cash</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Highly liquid instruments with an original maturity of three months or less are classified as cash equivalents. As of June 30, 2026 and December 31, 2025, the Company had cash and cash equivalents of $2,619.2 million and $3,266.4 million, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company considers cash and marketable securities to be restricted when withdrawal or general use is legally restricted. The Company reports restricted cash in the condensed consolidated balance sheets and determines current or noncurrent classification based on the expected duration of the restriction. The Company had restricted cash of $142.9 million and $266.5 million classified as current and noncurrent assets, respectively, in the condensed consolidated balance sheet as of June 30, 2026. The Company had restricted cash of $189.9 million and $266.5 million classified as current and noncurrent assets, respectively, in the condensed consolidated balance sheet as of December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that total to the amounts shown in the condensed consolidated statements of cash flows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Cash and cash equivalents</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,619,191 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,266,389 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Restricted cash (current)</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">142,938 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">189,933 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Restricted cash (noncurrent)</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">266,479 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">266,453 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Cash, cash equivalents and restricted cash</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,028,608 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,722,775 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company maintains the majority of cash, cash equivalents and restricted cash balances at three large financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company’s accounts at these institutions are insured, up to $250,000, by the FDIC. As of June 30, 2026, the Company’s bank balances exceeded the FDIC insurance limit by $2,961.9 million. To reduce its risk associated with the failure of such financial institutions, the Company evaluates at least annually the rating of the financial institutions in which it holds deposits.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Restricted Trust Investments</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the acquisition of Beowulf E&amp;D, the Company funds a trust administered by a trustee for the benefit of certain eligible beneficiaries. The Company determined that the trust is a variable interest entity and that the Company is the primary beneficiary and, accordingly, consolidates the trust. The trust’s investments are recorded at fair value based on quoted prices in active markets, with changes in fair value recognized in other income. Use of the trust’s assets is restricted to the purposes specified in the trust agreement, and the assets are not available to fund the Company's operations. As the assets of the trust are restricted as to distribution until 2030, they are classified as noncurrent in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Supplemental Cash Flow Information</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table shows supplemental cash flow information (in thousands): </span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:114%">Supplemental disclosure of noncash activities:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Purchases of and deposits on plant and equipment in accounts payable, accrued construction liabilities, accrued interest, other current liabilities and long-term debt</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">530,594</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">45,910</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Credit for sale of electrical equipment pursuant to reimbursement agreement</span></div></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">600</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Transfer of tenant fit out to property, plant and equipment</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">9,594</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Interest capitalized to equity in net assets of investee</span></div></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">665</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Asset retirement obligations assumed in asset acquisition</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,821</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Noncontrolling interest issued in asset acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">100,588</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Deferred consideration in asset acquisition</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">47,065</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Contingent consideration in asset acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">90,000</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Common stock issued for share based liabilities due to related party</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,375</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Contingent consideration liabilities for business acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">28,400</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Consideration related to transition services agreement for business acquisition</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,300</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Settlement of preexisting relationships in business acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,315</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Common stock issued as consideration for business acquisition</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">19,550</span></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Digital Assets</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Digital assets consists of bitcoin earned as noncash consideration for providing hash computation services to a mining pool, in accordance with the Company’s revenue recognition policy. Digital assets is classified as a current asset in the condensed consolidated balance sheets as it is highly liquid and the Company expects to sell it within the next twelve months to support operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company measures digital assets at fair value each reporting period in accordance with ASC 820, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Fair Value Measurement</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> (“ASC 820”). Fair value is determined using Level 1 inputs based on quoted prices from the active trading platform on which the Company regularly transacts, which is considered its principal market for bitcoin. Because bitcoin is continuously traded, the Company uses the midnight UTC price to align with its revenue recognition policy. Gains and losses from remeasurement are included within “loss (gain) on fair value of digital assets, net” in the condensed consolidated statements of operations. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">For bitcoin sales, gains and losses are calculated as the difference between cash proceeds and the cost basis, using a first-in, first-out (FIFO) method. These gains and losses are also included within “loss (gain) on fair value of digital assets, net” in the condensed consolidated statements of operations. The Company recorded loss (gain) on fair value of digital assets, net of $0.8 million and $1.5 million during the three and six months ended June 30, 2026, respectively, and $(0.9) million and $(17,000) during the three and six months ended June 30, 2025, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Bitcoin earned through mining activities is recorded as an adjustment in the condensed consolidated statements of cash flows, reconciling net loss to cash flows from operating activities. Bitcoin received as distributions-in-kind from equity investees is disclosed in supplemental noncash investing activities.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to July 2024, proceeds from sales of digital assets were included within cash flows from operating activities in the condensed consolidated statements of cash flows as bitcoin was converted nearly immediately into cash during that period. Starting in July 2024, the Company no longer converts bitcoin into cash immediately and accordingly, proceeds from sales of digital assets are included within cash flows from investing activities in the condensed consolidated statements of cash flows.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Concentrations</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During 2026 and 2025, the Company contracted with one supplier for the provision of bitcoin miners and one mining pool operator. For the three and six months ended June 30, 2026, the Company’s HPC lease revenue was generated from two customers. For the three and six months ended June 30, 2025, the Company derived 100% of its revenues from bitcoin mining. The Company does not believe that these counterparties represent a significant performance risk. If the market value of bitcoin declines significantly, the condensed consolidated financial condition and results of operations of the Company may be adversely affected.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Property, Plant and Equipment </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Property, plant and equipment are recorded at cost, net of accumulated depreciation. The Company capitalizes the cost of additions and major improvements and modifications to property, plant, and equipment. The cost of repairs and normal maintenance of property, plant, and equipment is expensed as incurred. Major improvements and modifications of property, plant, and equipment are those expenditures that either extend the useful life or improve the operating efficiency of the asset.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Depreciation is computed using the straight-line method over the estimated useful lives of the assets (generally 2 to 5 years for computer equipment and 4 years for miners, 2 to 25 years for electrical equipment, 5 to 20 years for building and improvements, 2 to 10 years for office furniture and fixtures, and 2 to 7 years for vehicles). Leasehold improvements are depreciated over the shorter of their estimated useful lives (25 years) or the lease term. Changes in depreciation and amortization, generally accelerated depreciation and variable amortization, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Interest related to construction of assets is capitalized when the financial statement effect of capitalization is material, construction of the asset has begun, and interest is being incurred. Interest capitalization ends at the earlier of the asset being substantially complete and ready for its intended use or when interest costs are no longer being incurred. </span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Asset Retirement Obligation</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recognizes the fair value of a liability for an asset retirement obligation in the period in which it was incurred if a reasonable estimate of fair value can be made. When the liability is recorded, the Company capitalizes a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, the Company will settle the obligation for its recorded amount or incur a gain or loss. If any of the assumptions the Company used to value the retirement obligation materially changed, it will review and reassess its estimates to determine if an adjustment to the asset retirement obligation is required. The Company’s asset retirement obligations relate primarily to asbestos remediation and spent pot liner removal at the Justified Data Campus. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company recorded accretion expense on asset retirement obligations of $0.2 million and $0.4 million, respectively, which is included within operating expenses in the condensed consolidated statements of operations. As of June 30, 2026, the Company recorded the current portion of the asset retirement obligation of $13.1 million within other current liabilities and the long-term portion of $3.4 million within other liabilities in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">A reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations during the six months ended June 30, 2026 is as follows.</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Asset retirement obligation, beginning of period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Liabilities assumed upon acquisition</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,821 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accretion expense</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">435 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Liabilities settled</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(692)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Change in estimate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(15)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Asset retirement obligation, end of period</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,549 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Impairment of Long-lived Assets</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company reviews its long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. Any impairment loss recorded is measured as the amount by which the carrying value of the assets exceeds the fair value of the assets.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Business Combinations</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company includes the results of operations of the businesses it acquires as of the acquisition date. The Company allocates the purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Contingent consideration is included within the purchase price and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value as of each reporting date until the contingency is resolved, and subsequent changes in fair value are recognized in earnings.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">While the Company uses its best estimates and assumptions to accurately apply preliminary values to assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the condensed consolidated statements of operations. Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for assets acquired, liabilities assumed, and contingent consideration, where applicable. Although the Company believes the assumptions and estimates it has made have been reasonable and appropriate, they are based in part on historical experience and information obtained from management of the acquired companies and are inherently uncertain. Critical estimates include valuation of the contingent consideration transferred, and assets acquired and liabilities assumed. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates, or actual results. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Asset Acquisition</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether the Company has acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">If determined to be an asset acquisition, the Company recognizes the assets acquired and liabilities assumed based on the cost of acquiring the assets, which generally includes the transaction costs of the asset acquisition and no gain or loss is recognized as of the date of acquisition unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s books. If the consideration given includes noncash consideration in the form of noncash assets, liabilities assumed or equity interests issued, the Company measures the cost of acquiring the assets based on either the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. Any contingent consideration in an asset acquisition is recognized only when amounts are both probable and estimable, at which point the consideration is allocated to the assets acquired on a relative fair value basis. </span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Goodwill</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying value and if so, it performs a quantitative test.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">If a quantitative test is required, the Company estimates the fair value of the reporting unit using discounted cash flows. The Company’s analyses require significant assumptions and judgments, including assumptions about future economic conditions, revenue growth, and operating margins, among other factors. Events or changes in circumstances considered in the qualitative analysis, many of which are subjective in nature, include: a significant negative trend in the Company’s industry or overall economic trends, a significant change in how the Company uses the acquired assets, a significant change in business strategy, a significant decrease in the market value of the asset, and a significant change in regulations or in the industry that could affect the value of the asset. The Company compares the carrying value of each reporting unit to its estimated fair value and if the fair value is determined to be less than the carrying value, the Company would recognize an impairment loss for the difference.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Derivatives </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company does not apply hedge accounting to its derivatives. Rather changes in the fair values of derivatives for a particular period are recognized in the condensed consolidated statements of operations. The Company evaluates its contracts to determine if they meet the definition of a derivative instrument. If a contract meets the definition, the Company evaluates whether it qualifies for the normal purchases and normal sales exemption and may elect the exemption if the criteria is met. </span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Loss per Share</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between Common Stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Basic loss per share of Common Stock is calculated by dividing the Company’s net loss by the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if other instruments were converted into Common Stock, using the treasury stock method or if-converted method, as applicable. However, for periods in which the Company reports a net loss, all potentially dilutive instruments are excluded from the calculation of diluted loss per share, as their inclusion would be anti-dilutive. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2026, the Company’s potentially dilutive instruments and participating securities included Common Stock warrants, convertible notes, and restricted stock units (“RSUs”) issued for services. As of June 30, 2025, the Company’s potentially dilutive instruments and participating securities included convertible preferred stock, Common Stock warrants, convertible notes and RSUs issued for services. As of June 30, 2026, Common Stock warrants were 77,704,450 outstanding with a weighted average strike price of $0.10, and 36,219,695 RSUs were outstanding.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Segment Reporting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has two operating segments: “Digital Asset Mining,” consisting of providing hash computation services to a mining pool operator and “HPC Leasing,” consisting of providing high-density colocation services to third parties for HPC operations and all operations are domiciled in the United States of America. The reportable segments are identified based on the types of services performed. The Company’s HPC Leasing operations met the criteria to be considered a new segment during the third quarter of 2025. The Digital Asset Mining segment generates revenue from operating owned digital infrastructure and computer equipment as part of a pool of users that process transactions conducted on one or more blockchain networks. In exchange for these services, the Company receives digital assets. The HPC Leasing segment generates revenue through lease agreements providing the right to use datacenter space and providing power delivery, physical security, and maintenance services.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s operations are evaluated regularly by the chief operating decision maker, or decision–making group (“CODM”), which is composed of the Chief Executive Officer, Chief Technology Officer and Chief Strategy Officer, to assess performance and allocate resources. The CODM uses segment profit (loss) to evaluate performance and allocate resources. Segment profit (loss) is used to evaluate actual results against expectations, which are based on comparable prior results, and current budget. Segment profit (loss) is also used in deciding how profits and cash flows will be reinvested or otherwise deployed. No asset information for reportable segments is provided to the CODM as the CODM does not evaluate performance or allocate resources based on segment asset or liability information; accordingly, the Company has not presented a measure of assets by segment. The segments’ accounting policies are the same as those described in the summary of significant accounting policies. The Company excludes certain operating expenses and other expenses from the allocations to operating segments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to the third quarter of 2025, the Company had one segment, Digital Asset Mining, such that the CODM was regularly provided only with consolidated expense data, as presented in the condensed consolidated statements of operations. The CODM managed this segment using consolidated net loss as the primary measure of performance. In the third quarter of 2025, the Company changed the composition of its reportable segments and, accordingly, has recast its segment information for the three and six months ended June 30, 2025 (see Note 17).</span></div> <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Basis of Presentation and Principles of Consolidation</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. In the opinion of the Company, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of such interim results. All intercompany balances and transactions have been eliminated. The equity attributable to noncontrolling interests in subsidiaries is shown separately in the accompanying condensed consolidated balance sheets. Certain prior period amounts have been reclassified to conform with current period presentation.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The results for the unaudited interim condensed consolidated statements of operations are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any future interim period. The unaudited interim condensed consolidated financial statements do not include all the information and notes required by U.S. GAAP for complete presentation of annual financial statements. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.</span></div> <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Use of Estimates in the Financial Statements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for (but are not limited to) such items as the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, fair value of contingent consideration issued in a business combination, the establishment of useful lives for property, plant and equipment and intangible assets, the fair value of equity securities or warrants to purchase the Company’s Common Stock issued individually or as a component of a debt or equity offering, the fair value of changes to the conversion terms of embedded conversion features, the fair value and requisite service periods of stock-based compensation, the fair value of assets received in nonmonetary transactions, the fair value of nonmonetary consideration, the establishment of right-of-use assets and lease liabilities that arise from leasing arrangements, the timing of commencement of capitalization for plant and equipment, impairment of indefinite-lived intangible assets, impairment of long-lived assets, recoverability of deferred tax assets, amortization of deferred issuance costs and debt discount, the fair value of leased assets for the purpose of lease classification, and the recording of various accruals. These estimates are made after considering past and current events and assumptions about future events. Actual results could differ from those estimates.</span></div> <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Revenue Recognition</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Mining Pool</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has entered into an arrangement with a cryptocurrency mining pool (the Foundry USA Pool) to perform hash computations (i.e. hashrate) for the mining pool in exchange for consideration. Providing hash computation services to a mining pool is an output of the Company’s ordinary activities. The provision of such hash computation services is the sole performance obligation. The mining pool arrangement is terminable at any time without substantial penalty by Foundry USA Pool and may be terminated without substantial penalty by the Company upon providing one Contract Day’s, as defined, prior written notice. The Company’s enforceable right to compensation only begins when and continues while the Company provides hash computation services to its customer, the mining pool operator. Accordingly, the contract term with Foundry USA Pool is deemed to be less than 24 hours and to continuously renew throughout the day. Additionally, the Company concluded that the mining pool operator’s (i.e., the customer’s) renewal right is not a material right because the renewal rights do not include any discounts; that is, the terms, conditions, and compensation amounts are at the then-current market rates.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">There is no significant financing component in these transactions.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The mining pool applies the Full Pay Per Share (“FPPS”) payout model. Under the FPPS model, in exchange for providing hash computation services to the pool, the Company is entitled to pay-per-share base amount and transaction fee reward compensation, calculated on a daily basis, at an amount that approximates the total bitcoin that could have been mined and transaction fees that could have been awarded using the Company’s hash computation services, based upon the then current blockchain difficulty. Under this model, the Company is entitled to compensation, payable in bitcoin, regardless of whether the pool operator successfully records a block to the bitcoin blockchain.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The transaction consideration the Company receives, if any, is noncash consideration and is all variable. Because digital assets are considered noncash consideration, fair value of the digital asset award received would generally be determined using the quoted price of the related digital asset in the Company’s principal market at the time of contract inception. The Company has adopted an accounting policy to aggregate individual contracts with individual terms less than 24 hours within each intraday period and apply a consistent valuation point, the start of day Coordinated Universal Time (00:00:00 UTC), to value the related noncash consideration. Revenue is recognized when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, which is the same day that control of the contracted service transfers to the mining pool and is the same day as the contract inception. After every 24-hour contract term, the mining pool transfers the digital asset consideration to the Company’s designated digital assets wallets.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Consideration payable to the customer in the form of a pool operator fee, which is incurred only to the extent that the Company has generated FPPS consideration, is deducted from the bitcoin the Company receives and is recorded as contra-revenue, as it does not represent a payment for a distinct good or service.</span></div> 12800000 25800000 47600000 82000000.0 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">HPC Leasing</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In December 2024 and August 2025, the Company entered into long-term datacenter lease agreements (the “Core42 HPC Leases” and the “Fluidstack HPC Leases”, respectively, and collectively, the “HPC Leases”) with customers for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customers’ HPC operations. In accordance with ASC 842, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Leases</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">, the Company determined at contract inception that these agreements contained a lease, comprising lease components related to the right to use datacenter space and nonlease components for power delivery, physical security, and maintenance services. As of June 30, 2026, all of the Core42 HPC Leases have commenced and one of the Fluidstack HPC Leases has partially commenced and the remaining Fluidstack HPC Leases are expected to commence in the second half of 2026 as well as in early 2027. In July 2026, TeraWulf had energized 102 MW of critical IT HPC capacity at the Lake Mariner Data Campus.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has elected the practical expedient available under ASC 842 to combine the nonlease revenue components that have the same pattern of transfer as the related operating lease components into a single combined component. The single combined component is accounted for under ASC 842 as an operating lease if the lease components are the predominant components and is accounted for under ASC 606 if the nonlease components are the predominant components. The lease components are the predominant components in the Company’s HPC Leases and the single combined component in these arrangements are accounted for under the operating lease guidance of ASC 842. Recognition of HPC lease revenue begins when the Company determines the asset has been made available for the customer’s use.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has concluded that it is probable that substantially all of the payments will be collected over the term of the arrangements and recognizes the total combined fixed payments under the agreements on a straight-line basis over the noncancellable term. The Company recognizes the difference between straight-line revenue recognized during the period and the lease payments due pursuant to the underlying arrangement as deferred rent liability or accrued rent receivable in the condensed consolidated balance sheets. Certain arrangements include options to extend the term. These extension options are not reasonably certain to be exercised and are excluded from the lease term and calculation of lease payments at lease commencement.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Payments for physical security and other routine maintenance services are included in the fixed lease payments. The lease agreements provide for variable payments for power delivery. Power delivery services represent a stand-ready obligation to make power available to the customer over the coterminous lease term and have the same pattern of transfer as the related operating lease components. Customers are charged monthly for actual power costs incurred at current utility rates. These payments from customers for power delivery are recognized as variable lease payments in accordance with the practical expedient elected. Variable lease payments are presented on a gross basis and are included in HPC lease revenue in the condensed consolidated statements of operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The lease agreements also provide for variable payments for certain fit-out services as requested by the customer and the Company recognizes revenues as performance obligations are satisfied, unless agreed with the customer to include the costs in the base rent. In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its customers. These costs are passed through to the customers, generally with a mark-up, and, in accordance with GAAP, are included in the Company’s HPC lease revenue .</span></div> 102 31900000 53000000.0 0 0 <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Cost of Revenue</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Cost of revenue for mining pool revenue is comprised primarily of direct costs of electricity, but excludes depreciation which is separately presented. Cost of revenue for HPC lease revenue is comprised primarily of direct costs of electricity and also includes costs incurred by the Company in connection with its fit-out services under the HPC Leases.</span></div> <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Power Curtailment Credits</span></div>Proceeds from participation in demand response programs are recorded as a reduction in cost of revenue in the condensed consolidated statements of operations for the period in which the corresponding demand response program occurs. 2800000 16900000 3100000 5900000 <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Cash, Cash Equivalents and Restricted Cash</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Highly liquid instruments with an original maturity of three months or less are classified as cash equivalents. As of June 30, 2026 and December 31, 2025, the Company had cash and cash equivalents of $2,619.2 million and $3,266.4 million, respectively.</span></div>The Company considers cash and marketable securities to be restricted when withdrawal or general use is legally restricted. The Company reports restricted cash in the condensed consolidated balance sheets and determines current or noncurrent classification based on the expected duration of the restriction. 2619200000 3266400000 142900000 266500000 189900000 266500000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that total to the amounts shown in the condensed consolidated statements of cash flows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Cash and cash equivalents</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,619,191 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,266,389 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Restricted cash (current)</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">142,938 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">189,933 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Restricted cash (noncurrent)</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">266,479 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">266,453 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Cash, cash equivalents and restricted cash</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,028,608 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,722,775 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2619191000 3266389000 142938000 189933000 266479000 266453000 3028608000 3722775000 250000 2961900000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table shows supplemental cash flow information (in thousands): </span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:114%">Supplemental disclosure of noncash activities:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Purchases of and deposits on plant and equipment in accounts payable, accrued construction liabilities, accrued interest, other current liabilities and long-term debt</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">530,594</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">45,910</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Credit for sale of electrical equipment pursuant to reimbursement agreement</span></div></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">600</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Transfer of tenant fit out to property, plant and equipment</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">9,594</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Interest capitalized to equity in net assets of investee</span></div></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">665</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Asset retirement obligations assumed in asset acquisition</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,821</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Noncontrolling interest issued in asset acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">100,588</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Deferred consideration in asset acquisition</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">47,065</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Contingent consideration in asset acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">90,000</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Common stock issued for share based liabilities due to related party</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,375</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Contingent consideration liabilities for business acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">28,400</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Consideration related to transition services agreement for business acquisition</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,300</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Settlement of preexisting relationships in business acquisition</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,315</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Common stock issued as consideration for business acquisition</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">19,550</span></td></tr></table></div> 530594000 45910000 600000 0 9594000 0 665000 0 16821000 0 100588000 0 47065000 0 90000000 0 0 2375000 0 28400000 0 1300000 0 2315000 0 19550000 <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Digital Assets</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Digital assets consists of bitcoin earned as noncash consideration for providing hash computation services to a mining pool, in accordance with the Company’s revenue recognition policy. Digital assets is classified as a current asset in the condensed consolidated balance sheets as it is highly liquid and the Company expects to sell it within the next twelve months to support operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company measures digital assets at fair value each reporting period in accordance with ASC 820, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Fair Value Measurement</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> (“ASC 820”). Fair value is determined using Level 1 inputs based on quoted prices from the active trading platform on which the Company regularly transacts, which is considered its principal market for bitcoin. Because bitcoin is continuously traded, the Company uses the midnight UTC price to align with its revenue recognition policy. Gains and losses from remeasurement are included within “loss (gain) on fair value of digital assets, net” in the condensed consolidated statements of operations. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">For bitcoin sales, gains and losses are calculated as the difference between cash proceeds and the cost basis, using a first-in, first-out (FIFO) method. These gains and losses are also included within “loss (gain) on fair value of digital assets, net” in the condensed consolidated statements of operations. The Company recorded loss (gain) on fair value of digital assets, net of $0.8 million and $1.5 million during the three and six months ended June 30, 2026, respectively, and $(0.9) million and $(17,000) during the three and six months ended June 30, 2025, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Bitcoin earned through mining activities is recorded as an adjustment in the condensed consolidated statements of cash flows, reconciling net loss to cash flows from operating activities. Bitcoin received as distributions-in-kind from equity investees is disclosed in supplemental noncash investing activities.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to July 2024, proceeds from sales of digital assets were included within cash flows from operating activities in the condensed consolidated statements of cash flows as bitcoin was converted nearly immediately into cash during that period. Starting in July 2024, the Company no longer converts bitcoin into cash immediately and accordingly, proceeds from sales of digital assets are included within cash flows from investing activities in the condensed consolidated statements of cash flows.</span></div> -800000 -1500000 900000 17000 <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Concentrations</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During 2026 and 2025, the Company contracted with one supplier for the provision of bitcoin miners and one mining pool operator. For the three and six months ended June 30, 2026, the Company’s HPC lease revenue was generated from two customers. For the three and six months ended June 30, 2025, the Company derived 100% of its revenues from bitcoin mining. The Company does not believe that these counterparties represent a significant performance risk. If the market value of bitcoin declines significantly, the condensed consolidated financial condition and results of operations of the Company may be adversely affected.</span></div> 1 1 1 1 1 1 <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Property, Plant and Equipment </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Property, plant and equipment are recorded at cost, net of accumulated depreciation. The Company capitalizes the cost of additions and major improvements and modifications to property, plant, and equipment. The cost of repairs and normal maintenance of property, plant, and equipment is expensed as incurred. Major improvements and modifications of property, plant, and equipment are those expenditures that either extend the useful life or improve the operating efficiency of the asset.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Depreciation is computed using the straight-line method over the estimated useful lives of the assets (generally 2 to 5 years for computer equipment and 4 years for miners, 2 to 25 years for electrical equipment, 5 to 20 years for building and improvements, 2 to 10 years for office furniture and fixtures, and 2 to 7 years for vehicles). Leasehold improvements are depreciated over the shorter of their estimated useful lives (25 years) or the lease term. Changes in depreciation and amortization, generally accelerated depreciation and variable amortization, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change.</span></div>Interest related to construction of assets is capitalized when the financial statement effect of capitalization is material, construction of the asset has begun, and interest is being incurred. Interest capitalization ends at the earlier of the asset being substantially complete and ready for its intended use or when interest costs are no longer being incurred. P2Y P5Y P4Y P2Y P25Y P5Y P20Y P2Y P10Y P2Y P7Y P25Y <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Asset Retirement Obligation</span></div>The Company recognizes the fair value of a liability for an asset retirement obligation in the period in which it was incurred if a reasonable estimate of fair value can be made. When the liability is recorded, the Company capitalizes a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, the Company will settle the obligation for its recorded amount or incur a gain or loss. If any of the assumptions the Company used to value the retirement obligation materially changed, it will review and reassess its estimates to determine if an adjustment to the asset retirement obligation is required. The Company’s asset retirement obligations relate primarily to asbestos remediation and spent pot liner removal at the Justified Data Campus. 200000 400000 13100000 3400000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">A reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations during the six months ended June 30, 2026 is as follows.</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Asset retirement obligation, beginning of period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Liabilities assumed upon acquisition</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,821 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accretion expense</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">435 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Liabilities settled</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(692)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Change in estimate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(15)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Asset retirement obligation, end of period</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,549 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 0 16821000 435000 692000 -15000 16549000 <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Impairment of Long-lived Assets</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company reviews its long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. Any impairment loss recorded is measured as the amount by which the carrying value of the assets exceeds the fair value of the assets.</span></div> <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Business Combinations</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company includes the results of operations of the businesses it acquires as of the acquisition date. The Company allocates the purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Contingent consideration is included within the purchase price and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value as of each reporting date until the contingency is resolved, and subsequent changes in fair value are recognized in earnings.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">While the Company uses its best estimates and assumptions to accurately apply preliminary values to assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the condensed consolidated statements of operations. Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for assets acquired, liabilities assumed, and contingent consideration, where applicable. Although the Company believes the assumptions and estimates it has made have been reasonable and appropriate, they are based in part on historical experience and information obtained from management of the acquired companies and are inherently uncertain. Critical estimates include valuation of the contingent consideration transferred, and assets acquired and liabilities assumed. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates, or actual results. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.</span></div> <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Asset Acquisition</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether the Company has acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business.</span></div>If determined to be an asset acquisition, the Company recognizes the assets acquired and liabilities assumed based on the cost of acquiring the assets, which generally includes the transaction costs of the asset acquisition and no gain or loss is recognized as of the date of acquisition unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s books. If the consideration given includes noncash consideration in the form of noncash assets, liabilities assumed or equity interests issued, the Company measures the cost of acquiring the assets based on either the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. Any contingent consideration in an asset acquisition is recognized only when amounts are both probable and estimable, at which point the consideration is allocated to the assets acquired on a relative fair value basis. <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Goodwill</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying value and if so, it performs a quantitative test.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">If a quantitative test is required, the Company estimates the fair value of the reporting unit using discounted cash flows. The Company’s analyses require significant assumptions and judgments, including assumptions about future economic conditions, revenue growth, and operating margins, among other factors. Events or changes in circumstances considered in the qualitative analysis, many of which are subjective in nature, include: a significant negative trend in the Company’s industry or overall economic trends, a significant change in how the Company uses the acquired assets, a significant change in business strategy, a significant decrease in the market value of the asset, and a significant change in regulations or in the industry that could affect the value of the asset. The Company compares the carrying value of each reporting unit to its estimated fair value and if the fair value is determined to be less than the carrying value, the Company would recognize an impairment loss for the difference.</span></div> <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Derivatives </span></div>The Company does not apply hedge accounting to its derivatives. Rather changes in the fair values of derivatives for a particular period are recognized in the condensed consolidated statements of operations. The Company evaluates its contracts to determine if they meet the definition of a derivative instrument. If a contract meets the definition, the Company evaluates whether it qualifies for the normal purchases and normal sales exemption and may elect the exemption if the criteria is met. <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Loss per Share</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between Common Stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Basic loss per share of Common Stock is calculated by dividing the Company’s net loss by the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if other instruments were converted into Common Stock, using the treasury stock method or if-converted method, as applicable. However, for periods in which the Company reports a net loss, all potentially dilutive instruments are excluded from the calculation of diluted loss per share, as their inclusion would be anti-dilutive. </span></div>As of June 30, 2026, the Company’s potentially dilutive instruments and participating securities included Common Stock warrants, convertible notes, and restricted stock units (“RSUs”) issued for services. 77704450 0.10 36219695 <div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Segment Reporting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has two operating segments: “Digital Asset Mining,” consisting of providing hash computation services to a mining pool operator and “HPC Leasing,” consisting of providing high-density colocation services to third parties for HPC operations and all operations are domiciled in the United States of America. The reportable segments are identified based on the types of services performed. The Company’s HPC Leasing operations met the criteria to be considered a new segment during the third quarter of 2025. The Digital Asset Mining segment generates revenue from operating owned digital infrastructure and computer equipment as part of a pool of users that process transactions conducted on one or more blockchain networks. In exchange for these services, the Company receives digital assets. The HPC Leasing segment generates revenue through lease agreements providing the right to use datacenter space and providing power delivery, physical security, and maintenance services.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s operations are evaluated regularly by the chief operating decision maker, or decision–making group (“CODM”), which is composed of the Chief Executive Officer, Chief Technology Officer and Chief Strategy Officer, to assess performance and allocate resources. The CODM uses segment profit (loss) to evaluate performance and allocate resources. Segment profit (loss) is used to evaluate actual results against expectations, which are based on comparable prior results, and current budget. Segment profit (loss) is also used in deciding how profits and cash flows will be reinvested or otherwise deployed. No asset information for reportable segments is provided to the CODM as the CODM does not evaluate performance or allocate resources based on segment asset or liability information; accordingly, the Company has not presented a measure of assets by segment. The segments’ accounting policies are the same as those described in the summary of significant accounting policies. The Company excludes certain operating expenses and other expenses from the allocations to operating segments.</span></div> 2 2 1 BUSINESS COMBINATIONS AND ASSET ACQUISITIONS<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Beowulf E&amp;D</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On the Acquisition Date, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Beowulf E&amp;D Holdings Inc., a related party due to control by a member of the Company’s management (the “Seller”), pursuant to which, among other things, the Company acquired 100% of the issued and outstanding membership interests of Beowulf E&amp;D. The Purchase Agreement and the transaction were negotiated and approved by a special independent committee of the Company’s Board of Directors comprised entirely of independent directors. The transaction was accounted for as a business combination between entities not under common control, the purpose of which was to acquire a business comprised of 94 employees with deep experience in the development and operation of power generation assets and related electrical infrastructure. Integrating this capability directly into TeraWulf supports the Company’s long-term growth strategy, especially as power generation becomes increasingly integral to HPC operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Pursuant to the Purchase Agreement, in full consideration of the acquisition of Beowulf E&amp;D, the Company agreed to pay the Seller:</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">On the Acquisition Date (i) $3.0 million in cash and (ii) 5.0 million shares of Common Stock.</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the date on which the Company closes the breakers to the busway which energizes the data hall for the CB-1 Project (the “CB-1 Earnout Milestone”), (i) $6.0 million in cash and (ii) Common Stock valued at $6.5 million calculated on the basis of a 60-day trailing volume weighted average price (“VWAP”) as of the date the CB-1 Earnout Milestone is achieved.</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the execution by the Company of definitive documentation for a project financing of the CB-1 Project and the CB-2 Project (the “Project Financing Closing”), Common Stock valued at $6.5 million, calculated on the basis of a 60-day trailing VWAP as of the date the Project Financing Closing is achieved.</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the execution by the Company of a datacenter lease for the CB-3 Project (the “CB-3 Earnout Milestone”), $13.0 million in cash.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to the transaction, Beowulf E&amp;D also performed certain administrative services to certain affiliates of the Seller. Concurrent with the Purchase Agreement, the Company entered into a transition services agreement (the “TSA”) through which the Company, along with Beowulf E&amp;D, agreed to provide to certain affiliates of the Seller, who are related parties of the Company due to control by a member of the Company’s management, certain transition services including, but not limited to, services related to tax and accounting, human resources and payroll, information technology, legal, and other general services for a period of two years, unless terminated early in accordance with the provisions of the TSA. In consideration for the services, the Seller affiliates agreed to pay the Company a quarterly fee of $100 as well as reimbursement for third-party expenses incurred in the performance of the services. The Company determined that the TSA is not separate from the business combination and represented additional consideration transferred in the business combination. Accordingly, the Company recorded a liability at fair value at the Acquisition Date of $1.3 million to be amortized over the two-year term of the TSA. The Company had a $0.6 million and $0.9 million liability related to the future services to be provided under the TSA included in other liabilities in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the Acquisition Date fair value of the aggregate consideration paid for Beowulf E&amp;D pursuant to the Purchase Agreement (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash consideration</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Equity instruments: 5,000,000 shares of Common Stock</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">19,550 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: CB-1 Earnout Milestone</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,500 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: Project Financing Closing</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,500 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: CB-3 Earnout Milestone</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,400 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Consideration related to TSA</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,300 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Settlement of preexisting relationships in business acquisition</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,315 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">54,565 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The cash paid at close represents the gross contractual amount paid.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(2)    The fair value of the Common Stock issued as part of the consideration paid for Beowulf E&amp;D was determined on the basis of the closing market price of Common Stock on the Acquisition Date.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(3)    The fair value of the CB-1 Earnout Milestone was estimated using a Monte Carlo and Geometric Brownian Motion (GBM) simulation in a risk-neutral framework and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the CB-1 Earnout Milestone and future stock price volatility.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(4)    The fair value of the Project Financing Closing was estimated using a GBM simulation in a risk-neutral framework and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the Project Financing Closing and future stock price volatility.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(5)    The fair value of the CB-3 Earnout Milestone was estimated using a discounted cash flow method and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the CB-3 Earnout Milestone.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(6)    The fair value of the TSA liability was estimated using the differential cash flow method, assessing the differential in compensation for the services provided based on contractual TSA rates relative to compensation at “market” rates. </span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(7)    The Company determined the acquisition of Beowulf E&amp;D in effect settled the preexisting relationships between the Company and Beowulf E&amp;D and increased the consideration transferred by $2.3 million reflecting the effective termination of the Services Agreement and the related net receivables due to the Company from Beowulf E&amp;D as of the Acquisition Date. The Services Agreement was determined to be comparable when compared with pricing for current market transactions for the same or similar items.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span><br/></span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2025, the contingent consideration liabilities were remeasured to a fair value of $30.0 million. The change in the fair value of $1.6 million is included in change in fair value of contingent consideration in the condensed consolidated statements of operations for the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the year ended December 31, 2025, (i) the CB-1 Earnout Milestone was achieved and the Company paid $6.0 million in cash and issued 1.8 million shares of Common Stock to the Seller, (ii) the CB-3 Earnout Milestone was achieved and the Company paid $13.0 million in cash to the Seller and (iii) the Project Financing Closing was achieved and the Company issued 1.2 million shares of Common Stock to the Seller. The Company recognized the difference between the carrying value of the contingent consideration liabilities and the fair value of consideration transferred upon achievement of the respective earnout milestones of $10.4 million in change in fair value of consideration during the year ended December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded the assets acquired and liabilities assumed at their estimated acquisition-date fair values, with the difference between the fair value of the net assets acquired and the purchase consideration reflected in goodwill. The total purchase price of $54.6 million was allocated using information available to the Company at the time of acquisition. The purchase price allocation was based on preliminary valuations and subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available, including certain tax matters, during the measurement period (up to one year from the Acquisition Date). No adjustments were identified or recorded during the measurement period.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the acquisition, the Company recorded goodwill of $55.5 million which is primarily a result of the value of Beowulf E&amp;D’s specialized assembled workforce acquired and expected synergies of combining operations. The Company determined that all of the goodwill is expected to be deductible for tax purposes.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the allocation of the purchase price as of the Acquisition Date (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">269 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">117 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">7 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Property, plant and equipment, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,087 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Goodwill</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">55,457 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Operating lease right-of-use asset</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,101 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Other assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">74 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accounts payable</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(320)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accrued compensation</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(1,384)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Other current liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(437)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Current portion of finance lease liability</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(580)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Operating lease liability, net of current portion</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(7,881)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">54,565 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The operating lease right-of-use asset includes a $(0.4) million adjustment to reflect unfavorable terms of a lease when compared to market terms.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of the date these condensed consolidated financial statements were issued, the purchase accounting related to this acquisition was completed and the Company has reflected the amounts in these condensed consolidated financial statements.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Purchase Agreement also includes customary change of control provisions which provide for accelerated vesting of the earnout consideration in the event of a change of control as well as certain governance rights and additional cash payments. The Company further agreed to form an eligible employee trust administered by a trustee for the benefit of certain individuals that were employed by or provided services to the acquired Beowulf E&amp;D companies or its affiliates, and to fund the trust annually with an amount equal to 2% of the Company’s annual capital expenditures, calculated in accordance with U.S. GAAP, for the development and build out the Company’s HPC datacenters, as determined in good faith by the Company’s Board of Directors.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company determined the eligible employee trust is a VIE and that the Company is the primary beneficiary of the trust as the Company has the power to direct the activities that most significantly impact the economic performance of the trust and the obligation to absorb losses or the right to receive benefits of the trust that could potentially be significant. During the six months ended June 30, 2026, the Company funded the trust with $20.6 million based on capital expenditures for the period from the Acquisition Date to December 31, 2025, for the development and buildout of the Company’s HPC datacenters, which is recorded in restricted trust investments in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In 2025, the Company incurred acquisition-related costs of $1.5 million in connection with the Beowulf E&amp;D acquisition. </span></div><div style="margin-bottom:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Results of operations of the business acquired have been included in the Company’s condensed consolidated financial statements subsequent to the Acquisition Date, which included no revenue, $4.9 million and $9.9 million</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">in selling, general and administrative expenses and $0.3 million and $0.6 million in selling, general and administrative expenses – related party in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively. During the three and six months ended </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">June 30, 2025, the Company’s condensed consolidated financial statements included no revenue, $1.1 million in selling, general and administrative expenses and $0.1 million in </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">selling, general and administrative expenses – related party in the condensed consolidated statement of operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to the Acquisition Date, substantially all of Beowulf E&amp;D’s revenues were earned pursuant to the services it provided to the Company under the Services Agreement, which would be considered intercompany and eliminate on a pro forma basis. Additionally, the expenses incurred by Beowulf E&amp;D in providing the services to the Company per the Services Agreement prior to the Acquisition Date are reflected in the fees previously paid by the Company, such that Beowulf E&amp;D’s pro forma expenses, prior to the Acquisition Date, are included in selling, general and administrative expenses – related party and operating expenses – related party in the condensed consolidated statements of operations for the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">three and six</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> months ended June 30, 2025 (see Note 16).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Accordingly, the Company determined its condensed consolidated financial statements for the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">three and six</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> months ended June 30, 2025, in all material respects, reflect on a pro forma basis what the Company’s revenues and earnings would have been if the business acquisition had occurred at the beginning of the prior year.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Justified Data Campus</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On February 2, 2026, the Company, through a wholly owned subsidiary, acquired the Justified Data Campus. The acquisition was accounted for as an asset acquisition, consisting primarily of land and site-related infrastructure. Accordingly, the total cost of the acquisition, including directly attributable transaction costs, was allocated to the acquired assets on a relative fair value basis. The acquisition of the Justified Data Campus expanded the Company’s digital and power infrastructure portfolio and advanced the Company’s strategy of developing energy-advantaged locations with near-term power availability, long-term scalability, and the ability to support customer demand and broader grid needs.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Total consideration in the Justified Data Campus asset acquisition consisted of (i) $200.0 million in cash and (ii) a 6.8% non-dilutive minority equity interest in the Company’s subsidiary that was formed to develop and own a HPC/AI data center on the property. The estimated fair value of the consideration paid by the Company and the allocation of that amount to the underlying net assets acquired, on a relative fair value basis, were recorded on the Company’s books as of February 2, 2026, the closing date of the Justified Data Campus acquisition. Additionally, transaction costs directly related to the Justified Data Campus acquisition were capitalized as a component of the net assets acquired.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the fair value of the consideration transferred for the Justified Data Campus (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:114%">Consideration:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">  Cash consideration</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">200,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Fair value of noncontrolling interest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">100,588 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Direct transaction costs </span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,350 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total consideration</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">301,938 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The consideration transferred included noncash consideration in the form of equity interests issued. The Company measured the cost of acquiring the assets based on the fair value of the net assets acquired which was more clearly evident and readily measurable than the fair value of the nonmonetary portion of consideration. The minority equity interest had an estimated fair value of $100.6 million as of the acquisition date, based on the difference between fair value of the net assets acquired on the acquisition date and the $200.0 million cash consideration, of which (i) $1.2 million represented the initial carrying amount of the 6.8% minority equity interest and was recorded as noncontrolling interest in the condensed consolidated balance sheet and (ii) $99.4 million represented the excess of the fair value of the minority equity interest over the carrying amount and was recorded as additional paid-in capital in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Muskie Data Campus</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On May 22, 2026, the Company, through a wholly owned subsidiary, acquired 100% of the membership interests of IEP, which owned or had the contractual purchase rights to approximately 308 acres of land located in Grayson, Kentucky under a pre-existing land purchase agreement. The acquisition was accounted for as an asset acquisition as the acquisition involved the purchase of land with an option to purchase additional acreage. Accordingly, the total cost of the acquisition including directly attributable transaction costs, was allocated to the acquired assets on a relative fair value basis. The acquisition expanded the Company’s portfolio of large-scale, energy-advantaged digital infrastructure campuses and advanced the Company’s strategy of developing shovel-ready AI and HPC sites with long-term power availability and robust transmission infrastructure.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Total consideration for the Muskie Data Campus asset acquisition consisted of (i) $30.0 million in cash paid at closing, (ii) $50.0 million of deferred cash consideration due on the first anniversary of closing, and (iii) contingent consideration of up to $90.0 million, determined at $90,000 per MW of power capacity delivered to the Muskie Data Campus under an agreement with Kentucky Power Company, up to a maximum of 1,000 MW due upon achievement of the applicable milestones, and only to the extent the milestones are achieved within 15 years following closing. The Company determined that payment of the $90.0 million was probable and recognized this amount as a component of the cost of the acquired assets and is included within other liabilities in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company may also be required to pay additional contingent consideration of up to $50.0 million, determined at $100,000 per MW of power capacity contracted under future data center lease agreements, up to a maximum of 500 MW in excess of the 1,000 MW discussed above. This contingent payment becomes due upon achievement of the applicable milestone, and only to the extent the milestone is achieved within 15 years following closing. As of June 30, 2026, the Company has not recognized the additional contingent consideration as the underlying contingency was deemed not yet probable.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the costs of the acquisition of the Muskie Data Campus (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">  Cash consideration at closing</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">30,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Deferred cash consideration</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:114%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">47,065 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Contingent consideration</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">90,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Direct transaction costs </span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">396 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total costs of acquisition</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">167,461 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The present value of the $50.0 million deferred purchase price payable one year after the closing using a discount rate of 6.7% calculated based off of an estimated credit spread of 2.8% and a 1-year risk-free rate of 3.9%, included within other current liabilities in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded $89.3 million and $78.2 million in property, plant and equipment, net and other assets in the condensed consolidated balance sheet as of June 30, 2026 representing the land acquired and the option to purchase additional acreage, respectively. In August 2026, the Company completed the purchase of the optional parcels consisting of approximately 144 acres under the pre-existing land purchase agreement, resulting in the Company owning the entire 308 acres.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Concurrent with the acquisition on May 22, 2026, the Company entered into an electric service agreement (“ESA”) for up to 500 MW with Kentucky Power Company pursuant to the applicable Industrial General Service tariff structure for large loads as well as a letter of agreement (“LOA”) with Kentucky Power Company for 1,000 MW whereby Kentucky Power agreed to construct a 345 kV substation connected to the existing 765 kV transmission network, providing redundant, utility-scale power infrastructure designed to support the full 1,000 MW campus. The Muskie Data Campus acquisition did not require any third-party consents or regulatory approvals. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The ESA has an initial term of 20 years from the in-service date which is the date the transmission and generation are both available to the Muskie Data Campus, whether or not the Muskie Data Campus is actually consuming energy, but no earlier than October 13, 2028. Load capacity is expected to increase up to 500 MW pursuant to a ramp schedule provided in the ESA with energy services expected to commence in the fourth quarter of 2028. Following commencement of service, the Company will pay monthly charges for electric capacity and energy subject to minimum monthly charges determined by reference to the contracted capacity. The ESA also requires the Company to provide $310.7 million of collateral, in the form of one or more letters of credit or a parent guaranty, within 60 days of the effective date of the ESA. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The LOA, which provides for the transmission and related infrastructure necessary to serve the Muskie Data Campus, separately requires the Company to provide up to $320.2 million of collateral, in the form of one or more letters of credit or a parent guaranty, in scheduled installments through the third quarter of 2028, of which $50.0 million was required within 60 days of its effective date. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In July 2026, the Company posted letters of credit totaling $360.7 million consisting of $310.7 million to satisfy the collateral requirement under the ESA and $50.0 million to satisfy the initial collateral installment required under the LOA. Of this amount, $74.0 million was issued under the Company's Revolving Credit Facility (see Note 10) and $286.7 million was issued under a separate letter of credit facility that the Company cash collateralized through a deposit of $295.3 million, representing 103% of the related letters of credit, into a collateral account. Additional collateral will be required to be posted in future periods under the LOA.</span></div> BUSINESS COMBINATIONS AND ASSET ACQUISITIONS<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Beowulf E&amp;D</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On the Acquisition Date, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Beowulf E&amp;D Holdings Inc., a related party due to control by a member of the Company’s management (the “Seller”), pursuant to which, among other things, the Company acquired 100% of the issued and outstanding membership interests of Beowulf E&amp;D. The Purchase Agreement and the transaction were negotiated and approved by a special independent committee of the Company’s Board of Directors comprised entirely of independent directors. The transaction was accounted for as a business combination between entities not under common control, the purpose of which was to acquire a business comprised of 94 employees with deep experience in the development and operation of power generation assets and related electrical infrastructure. Integrating this capability directly into TeraWulf supports the Company’s long-term growth strategy, especially as power generation becomes increasingly integral to HPC operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Pursuant to the Purchase Agreement, in full consideration of the acquisition of Beowulf E&amp;D, the Company agreed to pay the Seller:</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">On the Acquisition Date (i) $3.0 million in cash and (ii) 5.0 million shares of Common Stock.</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the date on which the Company closes the breakers to the busway which energizes the data hall for the CB-1 Project (the “CB-1 Earnout Milestone”), (i) $6.0 million in cash and (ii) Common Stock valued at $6.5 million calculated on the basis of a 60-day trailing volume weighted average price (“VWAP”) as of the date the CB-1 Earnout Milestone is achieved.</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the execution by the Company of definitive documentation for a project financing of the CB-1 Project and the CB-2 Project (the “Project Financing Closing”), Common Stock valued at $6.5 million, calculated on the basis of a 60-day trailing VWAP as of the date the Project Financing Closing is achieved.</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the execution by the Company of a datacenter lease for the CB-3 Project (the “CB-3 Earnout Milestone”), $13.0 million in cash.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to the transaction, Beowulf E&amp;D also performed certain administrative services to certain affiliates of the Seller. Concurrent with the Purchase Agreement, the Company entered into a transition services agreement (the “TSA”) through which the Company, along with Beowulf E&amp;D, agreed to provide to certain affiliates of the Seller, who are related parties of the Company due to control by a member of the Company’s management, certain transition services including, but not limited to, services related to tax and accounting, human resources and payroll, information technology, legal, and other general services for a period of two years, unless terminated early in accordance with the provisions of the TSA. In consideration for the services, the Seller affiliates agreed to pay the Company a quarterly fee of $100 as well as reimbursement for third-party expenses incurred in the performance of the services. The Company determined that the TSA is not separate from the business combination and represented additional consideration transferred in the business combination. Accordingly, the Company recorded a liability at fair value at the Acquisition Date of $1.3 million to be amortized over the two-year term of the TSA. The Company had a $0.6 million and $0.9 million liability related to the future services to be provided under the TSA included in other liabilities in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the Acquisition Date fair value of the aggregate consideration paid for Beowulf E&amp;D pursuant to the Purchase Agreement (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash consideration</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Equity instruments: 5,000,000 shares of Common Stock</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">19,550 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: CB-1 Earnout Milestone</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,500 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: Project Financing Closing</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,500 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: CB-3 Earnout Milestone</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,400 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Consideration related to TSA</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,300 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Settlement of preexisting relationships in business acquisition</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,315 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">54,565 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The cash paid at close represents the gross contractual amount paid.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(2)    The fair value of the Common Stock issued as part of the consideration paid for Beowulf E&amp;D was determined on the basis of the closing market price of Common Stock on the Acquisition Date.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(3)    The fair value of the CB-1 Earnout Milestone was estimated using a Monte Carlo and Geometric Brownian Motion (GBM) simulation in a risk-neutral framework and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the CB-1 Earnout Milestone and future stock price volatility.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(4)    The fair value of the Project Financing Closing was estimated using a GBM simulation in a risk-neutral framework and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the Project Financing Closing and future stock price volatility.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(5)    The fair value of the CB-3 Earnout Milestone was estimated using a discounted cash flow method and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the CB-3 Earnout Milestone.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(6)    The fair value of the TSA liability was estimated using the differential cash flow method, assessing the differential in compensation for the services provided based on contractual TSA rates relative to compensation at “market” rates. </span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(7)    The Company determined the acquisition of Beowulf E&amp;D in effect settled the preexisting relationships between the Company and Beowulf E&amp;D and increased the consideration transferred by $2.3 million reflecting the effective termination of the Services Agreement and the related net receivables due to the Company from Beowulf E&amp;D as of the Acquisition Date. The Services Agreement was determined to be comparable when compared with pricing for current market transactions for the same or similar items.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span><br/></span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2025, the contingent consideration liabilities were remeasured to a fair value of $30.0 million. The change in the fair value of $1.6 million is included in change in fair value of contingent consideration in the condensed consolidated statements of operations for the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the year ended December 31, 2025, (i) the CB-1 Earnout Milestone was achieved and the Company paid $6.0 million in cash and issued 1.8 million shares of Common Stock to the Seller, (ii) the CB-3 Earnout Milestone was achieved and the Company paid $13.0 million in cash to the Seller and (iii) the Project Financing Closing was achieved and the Company issued 1.2 million shares of Common Stock to the Seller. The Company recognized the difference between the carrying value of the contingent consideration liabilities and the fair value of consideration transferred upon achievement of the respective earnout milestones of $10.4 million in change in fair value of consideration during the year ended December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded the assets acquired and liabilities assumed at their estimated acquisition-date fair values, with the difference between the fair value of the net assets acquired and the purchase consideration reflected in goodwill. The total purchase price of $54.6 million was allocated using information available to the Company at the time of acquisition. The purchase price allocation was based on preliminary valuations and subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available, including certain tax matters, during the measurement period (up to one year from the Acquisition Date). No adjustments were identified or recorded during the measurement period.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the acquisition, the Company recorded goodwill of $55.5 million which is primarily a result of the value of Beowulf E&amp;D’s specialized assembled workforce acquired and expected synergies of combining operations. The Company determined that all of the goodwill is expected to be deductible for tax purposes.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the allocation of the purchase price as of the Acquisition Date (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">269 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">117 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">7 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Property, plant and equipment, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,087 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Goodwill</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">55,457 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Operating lease right-of-use asset</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,101 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Other assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">74 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accounts payable</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(320)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accrued compensation</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(1,384)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Other current liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(437)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Current portion of finance lease liability</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(580)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Operating lease liability, net of current portion</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(7,881)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">54,565 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The operating lease right-of-use asset includes a $(0.4) million adjustment to reflect unfavorable terms of a lease when compared to market terms.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of the date these condensed consolidated financial statements were issued, the purchase accounting related to this acquisition was completed and the Company has reflected the amounts in these condensed consolidated financial statements.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Purchase Agreement also includes customary change of control provisions which provide for accelerated vesting of the earnout consideration in the event of a change of control as well as certain governance rights and additional cash payments. The Company further agreed to form an eligible employee trust administered by a trustee for the benefit of certain individuals that were employed by or provided services to the acquired Beowulf E&amp;D companies or its affiliates, and to fund the trust annually with an amount equal to 2% of the Company’s annual capital expenditures, calculated in accordance with U.S. GAAP, for the development and build out the Company’s HPC datacenters, as determined in good faith by the Company’s Board of Directors.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company determined the eligible employee trust is a VIE and that the Company is the primary beneficiary of the trust as the Company has the power to direct the activities that most significantly impact the economic performance of the trust and the obligation to absorb losses or the right to receive benefits of the trust that could potentially be significant. During the six months ended June 30, 2026, the Company funded the trust with $20.6 million based on capital expenditures for the period from the Acquisition Date to December 31, 2025, for the development and buildout of the Company’s HPC datacenters, which is recorded in restricted trust investments in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In 2025, the Company incurred acquisition-related costs of $1.5 million in connection with the Beowulf E&amp;D acquisition. </span></div><div style="margin-bottom:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Results of operations of the business acquired have been included in the Company’s condensed consolidated financial statements subsequent to the Acquisition Date, which included no revenue, $4.9 million and $9.9 million</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">in selling, general and administrative expenses and $0.3 million and $0.6 million in selling, general and administrative expenses – related party in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively. During the three and six months ended </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">June 30, 2025, the Company’s condensed consolidated financial statements included no revenue, $1.1 million in selling, general and administrative expenses and $0.1 million in </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">selling, general and administrative expenses – related party in the condensed consolidated statement of operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to the Acquisition Date, substantially all of Beowulf E&amp;D’s revenues were earned pursuant to the services it provided to the Company under the Services Agreement, which would be considered intercompany and eliminate on a pro forma basis. Additionally, the expenses incurred by Beowulf E&amp;D in providing the services to the Company per the Services Agreement prior to the Acquisition Date are reflected in the fees previously paid by the Company, such that Beowulf E&amp;D’s pro forma expenses, prior to the Acquisition Date, are included in selling, general and administrative expenses – related party and operating expenses – related party in the condensed consolidated statements of operations for the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">three and six</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> months ended June 30, 2025 (see Note 16).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Accordingly, the Company determined its condensed consolidated financial statements for the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">three and six</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> months ended June 30, 2025, in all material respects, reflect on a pro forma basis what the Company’s revenues and earnings would have been if the business acquisition had occurred at the beginning of the prior year.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Justified Data Campus</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On February 2, 2026, the Company, through a wholly owned subsidiary, acquired the Justified Data Campus. The acquisition was accounted for as an asset acquisition, consisting primarily of land and site-related infrastructure. Accordingly, the total cost of the acquisition, including directly attributable transaction costs, was allocated to the acquired assets on a relative fair value basis. The acquisition of the Justified Data Campus expanded the Company’s digital and power infrastructure portfolio and advanced the Company’s strategy of developing energy-advantaged locations with near-term power availability, long-term scalability, and the ability to support customer demand and broader grid needs.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Total consideration in the Justified Data Campus asset acquisition consisted of (i) $200.0 million in cash and (ii) a 6.8% non-dilutive minority equity interest in the Company’s subsidiary that was formed to develop and own a HPC/AI data center on the property. The estimated fair value of the consideration paid by the Company and the allocation of that amount to the underlying net assets acquired, on a relative fair value basis, were recorded on the Company’s books as of February 2, 2026, the closing date of the Justified Data Campus acquisition. Additionally, transaction costs directly related to the Justified Data Campus acquisition were capitalized as a component of the net assets acquired.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the fair value of the consideration transferred for the Justified Data Campus (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:114%">Consideration:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">  Cash consideration</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">200,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Fair value of noncontrolling interest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">100,588 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Direct transaction costs </span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,350 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total consideration</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">301,938 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The consideration transferred included noncash consideration in the form of equity interests issued. The Company measured the cost of acquiring the assets based on the fair value of the net assets acquired which was more clearly evident and readily measurable than the fair value of the nonmonetary portion of consideration. The minority equity interest had an estimated fair value of $100.6 million as of the acquisition date, based on the difference between fair value of the net assets acquired on the acquisition date and the $200.0 million cash consideration, of which (i) $1.2 million represented the initial carrying amount of the 6.8% minority equity interest and was recorded as noncontrolling interest in the condensed consolidated balance sheet and (ii) $99.4 million represented the excess of the fair value of the minority equity interest over the carrying amount and was recorded as additional paid-in capital in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Muskie Data Campus</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On May 22, 2026, the Company, through a wholly owned subsidiary, acquired 100% of the membership interests of IEP, which owned or had the contractual purchase rights to approximately 308 acres of land located in Grayson, Kentucky under a pre-existing land purchase agreement. The acquisition was accounted for as an asset acquisition as the acquisition involved the purchase of land with an option to purchase additional acreage. Accordingly, the total cost of the acquisition including directly attributable transaction costs, was allocated to the acquired assets on a relative fair value basis. The acquisition expanded the Company’s portfolio of large-scale, energy-advantaged digital infrastructure campuses and advanced the Company’s strategy of developing shovel-ready AI and HPC sites with long-term power availability and robust transmission infrastructure.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Total consideration for the Muskie Data Campus asset acquisition consisted of (i) $30.0 million in cash paid at closing, (ii) $50.0 million of deferred cash consideration due on the first anniversary of closing, and (iii) contingent consideration of up to $90.0 million, determined at $90,000 per MW of power capacity delivered to the Muskie Data Campus under an agreement with Kentucky Power Company, up to a maximum of 1,000 MW due upon achievement of the applicable milestones, and only to the extent the milestones are achieved within 15 years following closing. The Company determined that payment of the $90.0 million was probable and recognized this amount as a component of the cost of the acquired assets and is included within other liabilities in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company may also be required to pay additional contingent consideration of up to $50.0 million, determined at $100,000 per MW of power capacity contracted under future data center lease agreements, up to a maximum of 500 MW in excess of the 1,000 MW discussed above. This contingent payment becomes due upon achievement of the applicable milestone, and only to the extent the milestone is achieved within 15 years following closing. As of June 30, 2026, the Company has not recognized the additional contingent consideration as the underlying contingency was deemed not yet probable.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the costs of the acquisition of the Muskie Data Campus (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">  Cash consideration at closing</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">30,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Deferred cash consideration</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:114%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">47,065 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Contingent consideration</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">90,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Direct transaction costs </span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">396 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total costs of acquisition</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">167,461 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The present value of the $50.0 million deferred purchase price payable one year after the closing using a discount rate of 6.7% calculated based off of an estimated credit spread of 2.8% and a 1-year risk-free rate of 3.9%, included within other current liabilities in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded $89.3 million and $78.2 million in property, plant and equipment, net and other assets in the condensed consolidated balance sheet as of June 30, 2026 representing the land acquired and the option to purchase additional acreage, respectively. In August 2026, the Company completed the purchase of the optional parcels consisting of approximately 144 acres under the pre-existing land purchase agreement, resulting in the Company owning the entire 308 acres.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Concurrent with the acquisition on May 22, 2026, the Company entered into an electric service agreement (“ESA”) for up to 500 MW with Kentucky Power Company pursuant to the applicable Industrial General Service tariff structure for large loads as well as a letter of agreement (“LOA”) with Kentucky Power Company for 1,000 MW whereby Kentucky Power agreed to construct a 345 kV substation connected to the existing 765 kV transmission network, providing redundant, utility-scale power infrastructure designed to support the full 1,000 MW campus. The Muskie Data Campus acquisition did not require any third-party consents or regulatory approvals. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The ESA has an initial term of 20 years from the in-service date which is the date the transmission and generation are both available to the Muskie Data Campus, whether or not the Muskie Data Campus is actually consuming energy, but no earlier than October 13, 2028. Load capacity is expected to increase up to 500 MW pursuant to a ramp schedule provided in the ESA with energy services expected to commence in the fourth quarter of 2028. Following commencement of service, the Company will pay monthly charges for electric capacity and energy subject to minimum monthly charges determined by reference to the contracted capacity. The ESA also requires the Company to provide $310.7 million of collateral, in the form of one or more letters of credit or a parent guaranty, within 60 days of the effective date of the ESA. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The LOA, which provides for the transmission and related infrastructure necessary to serve the Muskie Data Campus, separately requires the Company to provide up to $320.2 million of collateral, in the form of one or more letters of credit or a parent guaranty, in scheduled installments through the third quarter of 2028, of which $50.0 million was required within 60 days of its effective date. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In July 2026, the Company posted letters of credit totaling $360.7 million consisting of $310.7 million to satisfy the collateral requirement under the ESA and $50.0 million to satisfy the initial collateral installment required under the LOA. Of this amount, $74.0 million was issued under the Company's Revolving Credit Facility (see Note 10) and $286.7 million was issued under a separate letter of credit facility that the Company cash collateralized through a deposit of $295.3 million, representing 103% of the related letters of credit, into a collateral account. Additional collateral will be required to be posted in future periods under the LOA.</span></div> 1 94 3000000.0 5000000.0 6000000.0 6500000 60 6500000 60 13000000.0 P2Y 100 1300000 P2Y 600000 900000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the Acquisition Date fair value of the aggregate consideration paid for Beowulf E&amp;D pursuant to the Purchase Agreement (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash consideration</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Equity instruments: 5,000,000 shares of Common Stock</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">19,550 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: CB-1 Earnout Milestone</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,500 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: Project Financing Closing</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,500 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Contingent consideration: CB-3 Earnout Milestone</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,400 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Consideration related to TSA</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,300 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Settlement of preexisting relationships in business acquisition</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,315 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">54,565 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The cash paid at close represents the gross contractual amount paid.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(2)    The fair value of the Common Stock issued as part of the consideration paid for Beowulf E&amp;D was determined on the basis of the closing market price of Common Stock on the Acquisition Date.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(3)    The fair value of the CB-1 Earnout Milestone was estimated using a Monte Carlo and Geometric Brownian Motion (GBM) simulation in a risk-neutral framework and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the CB-1 Earnout Milestone and future stock price volatility.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(4)    The fair value of the Project Financing Closing was estimated using a GBM simulation in a risk-neutral framework and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the Project Financing Closing and future stock price volatility.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(5)    The fair value of the CB-3 Earnout Milestone was estimated using a discounted cash flow method and measured based on significant inputs not observable in the market which ASC 820 refers to as Level 3 inputs. Key assumptions include the expected timing and probability of achieving the CB-3 Earnout Milestone.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(6)    The fair value of the TSA liability was estimated using the differential cash flow method, assessing the differential in compensation for the services provided based on contractual TSA rates relative to compensation at “market” rates. </span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(7)    The Company determined the acquisition of Beowulf E&amp;D in effect settled the preexisting relationships between the Company and Beowulf E&amp;D and increased the consideration transferred by $2.3 million reflecting the effective termination of the Services Agreement and the related net receivables due to the Company from Beowulf E&amp;D as of the Acquisition Date. The Services Agreement was determined to be comparable when compared with pricing for current market transactions for the same or similar items.</span></div> 3000000 5000000 19550000 12500000 3500000 12400000 1300000 2315000 54565000 2300000 30000000.0 1600000 1600000 6000000.0 1800000 13000000.0 1200000 10400000 10400000 54600000 55500000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the allocation of the purchase price as of the Acquisition Date (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">269 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">117 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">7 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Property, plant and equipment, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,087 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Goodwill</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">55,457 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Operating lease right-of-use asset</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,101 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Other assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">74 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accounts payable</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(320)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Accrued compensation</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(1,384)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Other current liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(437)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Current portion of finance lease liability</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(580)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Operating lease liability, net of current portion</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(7,881)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">54,565 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 269000 117000 55000 7000 1087000 55457000 8101000 74000 320000 1384000 437000 580000 7881000 54565000 400000 0.02 20600000 1500000 0 0 4900000 9900000 300000 600000 0 0 1100000 1100000 100000 100000 200000000.0 0.068 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the fair value of the consideration transferred for the Justified Data Campus (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:114%">Consideration:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">  Cash consideration</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">200,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Fair value of noncontrolling interest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">100,588 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Direct transaction costs </span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,350 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total consideration</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">301,938 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The consideration transferred included noncash consideration in the form of equity interests issued. The Company measured the cost of acquiring the assets based on the fair value of the net assets acquired which was more clearly evident and readily measurable than the fair value of the nonmonetary portion of consideration. The minority equity interest had an estimated fair value of $100.6 million as of the acquisition date, based on the difference between fair value of the net assets acquired on the acquisition date and the $200.0 million cash consideration, of which (i) $1.2 million represented the initial carrying amount of the 6.8% minority equity interest and was recorded as noncontrolling interest in the condensed consolidated balance sheet and (ii) $99.4 million represented the excess of the fair value of the minority equity interest over the carrying amount and was recorded as additional paid-in capital in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the costs of the acquisition of the Muskie Data Campus (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.696%"><tr><td style="width:1.0%"></td><td style="width:85.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">  Cash consideration at closing</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">30,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Deferred cash consideration</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:114%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">47,065 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Contingent consideration</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">90,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">  Direct transaction costs </span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">396 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total costs of acquisition</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">167,461 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:115%">(1)    The present value of the $50.0 million deferred purchase price payable one year after the closing using a discount rate of 6.7% calculated based off of an estimated credit spread of 2.8% and a 1-year risk-free rate of 3.9%, included within other current liabilities in the condensed consolidated balance sheet as of June 30, 2026.</span></div> 200000000 100588000 1350000 301938000 100600000 200000000.0 1200000 0.068 99400000 1 308 30000000.0 50000000.0 90000000.0 90000 1000 P15Y 90000000.0 50000000.0 100000 500 1000 P15Y 30000000 47065000 90000000 396000 167461000 50000000.0 P1Y 0.067 0.028 0.039 89300000 78200000 144 308 500 1000 345 765 1000 P20Y 500 310700000 P60D 320200000 50000000.0 P60D 360700000 310700000 50000000.0 74000000.0 286700000 295300000 1.03 FAIR VALUE MEASUREMENTS <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents the Company’s financial instruments measured at fair value on a recurring basis and their level within the hierarchy as of June 30, 2026 and December 31, 2025 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value Measured as of June 30, 2026</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 3</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Digital assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">133 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">133 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Restricted trust investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20,058 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20,058 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Warrant liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,816,690 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,816,690 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,836,881 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20,191 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,816,690 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value Measured as of December 31, 2025</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 3</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Digital assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">270 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">270 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Warrant liabilities</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,698 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,698 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,968 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">270 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,698 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The trust’s assets are invested in cash equivalents of $0.5 million and marketable securities of $20.1 million which are measured at fair value, with changes in fair value recognized in other income. For the three and six months ended June 30, 2026, the Company recognized an unrealized gain of $43,000 related to the trust’s investments.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Other Fair Value Measurements</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has determined the fair value of the 2030 Convertible Notes, 2031 Convertible Notes, 2032 Convertible Notes and 2030 Secured Notes to be approximately $1,532.0 million, $2,155.4 million, $1,513.7 million and $3,356.8 million, respectively, as of June 30, 2026 (see Note 10) using Level 1 inputs. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued construction liabilities, accrued interest, other current liabilities, and other amounts due to related parties are considered to be representative of their respective fair values principally due to their short-term maturities.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Nonrecurring Fair Value Measurements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">There were no additional material non-recurring fair value measurements as of June 30, 2026 and December 31, 2025, except for (i) the calculation of fair value of Common Stock issued in connection with the New Ground Lease (see Note 8), (ii) the calculation of fair value of Common Stock warrants issued in connection with amendments to the Company’s long-term debt agreement (see Note 10), in connection with the issuance of Common Stock (see Note 14), in connection with a Common Stock exchange agreement and on a standalone basis, (iii) the calculation of PSUs granted to employees as stock-based compensation (see Note 15) (iv) the calculation of the fair value of components of total consideration transferred in the business acquisition of Beowulf E&amp;D, including contingent consideration, and the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed, (v) the calculation of the fair value of net assets acquired in the Justified Data Campus and Muskie asset acquisition, (vi) the calculation of fair value of Common Stock issued in connection with the Cayuga Lease (see Note 8), (vii) the calculation of fair value of embedded derivatives in the Company’s 2031 Convertible Notes (see Note 10), and (viii) the calculation of fair value of the Google Warrants (see Note 8). </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company utilized a Black-Scholes option pricing model to value its Common Stock warrants issued in connection with the Google Backstop (see Note 8). The estimated fair value of the warrants is classified as Level 3 measurement due to the use of unobservable inputs. Key assumptions used in the valuation model included expected share-price volatility, expected term, risk-free interest rate, and dividend yield. Expected volatility was based on historical and implied stock price volatility of the Company. The risk-free interest rate was derived from U.S. Treasury yields on the grant date with a maturity corresponding to the expected life of the warrants. The Company applied a dividend yield of zero, consistent with historical practice and expectations. The Company recognized a loss of $755.7 million and $972.0 million during the three and six months ended June 30, 2026, respectively, and $0 during the three and six months ended June 30, 2025, for the change in fair of the Google Warrants which is included in change in fair value of warrant liabilities in the condensed consolidated statements of operations. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company estimated the fair value of the conversion feature of the 2031 Convertible Notes using a “with-and-without” approach as the difference between the value of the 2031 Convertible Notes with and without the conversion feature. The value of the 2031 Convertible Notes under the “with” scenario was estimated using a binomial lattice model in a risk-neutral framework (a special case of the Income Approach), taking into consideration the various conversion and redemption features of the 2031 Convertible Notes. The value of the 2031 Convertible Notes was then calculated as the probability-weighted present value over all future modeled payoffs. Under the “without” scenario, the 2031 Convertible Notes were modeled using a discounted cash flow analysis. Key assumptions used in the valuation model included expected share-price volatility, expected term, risk-free interest rate, and dividend yield. Expected volatility was based on market yields. The risk-free interest rate was derived from U.S. Treasury yields based on a term-matched risk-free rate. The Company applied a dividend yield of zero, consistent with historical practice and expectations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company utilized a Monte Carlo simulation in a risk-neutral framework to estimate the fair value of the contingent consideration in the Beowulf E&amp;D business acquisition, incorporating historical and expected annual volatility of approximately 110%, based on both the Company’s and peer public companies’ data. Key assumptions used in the valuation model also included the risk-free interest rate is derived from U.S. Treasury yields on the Acquisition Date with a maturity corresponding to the expected timing of achieving each contingent milestone. The Company applied a dividend yield of zero, consistent with historical practice and expectations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company utilized a Black-Scholes option pricing model, along with a discount for lack of marketability (“DLOM”), to value its Common Stock warrants issued in connection with the loan, guarantee and security agreement (“LGSA”). The DLOM reflects contractual restrictions on the exercise of the warrants. The estimated fair value of the warrants is classified as Level 3 measurement due to the use of unobservable inputs. Key assumptions used in the valuation model include expected share-price volatility, expected term, risk-free interest rate, dividend yield, and DLOM. Expected volatility is based on historic volatility of a peer group of publicly traded companies over the expected term of the warrants, which is assumed to be equal to the contractual term. The risk-free interest rate is derived from U.S. Treasury yields on the grant date with a maturity corresponding to the expected life of the warrants. The Company applies a dividend yield of zero, consistent with historical practice and expectations. The Company applied a DLOM of 20% to value the warrants issued in connection with the First Amendment to the LGSA and a DLOM of 30% for warrants issued in connection with the Fifth Amendment to the LGSA. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In addition, the Company used a Monte Carlo simulation model to estimate the fair value of PSUs, incorporating historical and expected annual volatility of approximately 100.0% to 120.0% during the six months ended June 30, 2026 and 2025, respectively, based on both the Company’s and peer public companies’ data. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">A DLOM of 10% was applied in determining the fair value of Common Stock issued in connection with the New Ground Lease. A DLOM of 9.0% was applied in determining the fair value of Common Stock issued on the Effective Date of the Cayuga Lease and a DLOM of 4.5% was applied in determining the fair value of additional Common Stock issued on September 30, 2025 relating to the Cayuga Lease (see Note 8).</span></div> <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents the Company’s financial instruments measured at fair value on a recurring basis and their level within the hierarchy as of June 30, 2026 and December 31, 2025 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value Measured as of June 30, 2026</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 3</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Digital assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">133 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">133 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Restricted trust investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20,058 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20,058 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Warrant liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,816,690 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,816,690 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,836,881 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20,191 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,816,690 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value Measured as of December 31, 2025</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Level 3</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Digital assets</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">270 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">270 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Warrant liabilities</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,698 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,698 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,968 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">270 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">844,698 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 133000 133000 0 0 20058000 20058000 0 0 1816690000 0 0 1816690000 1836881000 20191000 0 1816690000 270000 270000 0 0 844698000 0 0 844698000 844968000 270000 0 844698000 500000 20100000 43000 43000 1532000000 2155400000 1513700000 3356800000 0 755700000 972000000.0 0 0 0 1.10 0 0.20 0.30 1.000 1.200 0.10 0.090 0.045 DIGITAL ASSETS<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents information about the Company’s bitcoin holdings as of June 30, 2026 and December 31, 2025 (in thousands, except for quantity of bitcoin):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Number of bitcoin held</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Carrying basis of bitcoin</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">135 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">269 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Fair value of bitcoin</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">133 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">270 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s bitcoin holdings are not subject to contractual sale restrictions. As of June 30, 2026 and December 31, 2025, the Company held no other digital assets.</span></div> <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents information about the Company’s bitcoin holdings as of June 30, 2026 and December 31, 2025 (in thousands, except for quantity of bitcoin):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Number of bitcoin held</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Carrying basis of bitcoin</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">135 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">269 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Fair value of bitcoin</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">133 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">270 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2 3 135000 269000 133000 270000 PROPERTY, PLANT AND EQUIPMENT<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Property, plant and equipment, net consisted of the following (in thousands):</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Miners</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">182,124 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">213,655 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Construction in process</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,371,364 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,069,059 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leasehold improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">579,016 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">265,010 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Land</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">331,384 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Electrical and computer equipment</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">270,503 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">91,158 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Building and improvements</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,974 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Office furniture and fixtures</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">413 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">375 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">501 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">194 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,752,279 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,639,451 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Less: accumulated depreciation</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(152,088)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(131,752)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Property and equipment, net</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,600,191 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,507,699 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company capitalizes a portion of the interest on funds borrowed to finance its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and is depreciated over the same period as the related asset. Capitalized interest costs were $32.7 million and $52.9 million for the three and six months ended June 30, 2026, respectively. The Company capitalized no interest costs during the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Depreciation expense was $21.2 million and $49.7 million during the three and six months ended June 30, 2026, respectively, and $18.8 million and $34.4 million during the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, the Company recorded accelerated depreciation expense of $2.6 million and $14.5 million, respectively, related to a miner building and related miners of which the Company shortened their useful lives based on the shutdown of operations as well as certain electrical equipment acquired at the Justified Data Campus, each for purposes of supporting the HPC operations. The Company did not record accelerated depreciation expense during the three and six months ended June 30, 2025. The Company recorded no impairment during the three months ended June 30, 2026. During the six months ended June 30, 2026, the Company recorded impairment charges of $25.7 million, consisting of $16.8 million related to asset retirement costs capitalized in connection with the Justified Data Campus asset acquisition and $8.9 million related to the shutdown operations of another miner building for purposes of supporting the HPC operations. The asset retirement costs were fully impaired because the assets associated with the asset retirement obligation are not expected to provide future economic benefit to the Company. The Company recorded no impairment during the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company sold or otherwise disposed of 360 miners and received proceeds of $0.1 million, resulting in a loss on disposal of property, plant and equipment of $0.2 million. During the three and six months ended June 30, 2026, the Company also reclassified 500 miners as held for sale which are included in other current assets in the condensed consolidated balance sheet measured at the lower of their carrying amount or fair value less costs to sell, resulting in a write-down of $0.3 million included in loss on disposal of property, plant and equipment in the condensed consolidated statements of operations. The miners were subsequently sold in July 2026 for proceeds of $0.1 million. In addition, during the three and six months ended June 30, 2026 the Company sold certain electrical equipment at the Justified Data Campus for consideration of a $0.6 million credit under a reimbursement agreement (see Note 12), resulting in a gain on disposal of property, plant and equipment of $0.2 million.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, the Company sold or otherwise disposed of 2,918 miners and received proceeds of $1.9 million resulting in a loss on disposal of property, plant and equipment of $3.8 million in the condensed consolidated statements of operations.</span></div> <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Property, plant and equipment, net consisted of the following (in thousands):</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Miners</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">182,124 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">213,655 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Construction in process</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,371,364 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,069,059 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leasehold improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">579,016 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">265,010 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Land</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">331,384 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Electrical and computer equipment</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">270,503 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">91,158 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Building and improvements</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">16,974 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Office furniture and fixtures</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">413 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">375 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">501 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">194 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,752,279 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,639,451 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Less: accumulated depreciation</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(152,088)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(131,752)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Property and equipment, net</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,600,191 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,507,699 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 182124000 213655000 2371364000 1069059000 579016000 265010000 331384000 0 270503000 91158000 16974000 0 413000 375000 501000 194000 3752279000 1639451000 152088000 131752000 3600191000 1507699000 32700000 52900000 0 0 21200000 49700000 18800000 34400000 2600000 14500000 0 0 0 0 25700000 16800000 8900000 0 0 360 360 100000 100000 200000 200000 500 500 300000 300000 100000 600000 600000 200000 200000 2918 2918 1900000 1900000 -3800000 -3800000 GOODWILL<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the change in the carrying amount of goodwill during the six months ended June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Gross Carrying Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Accumulated<br/>Impairment</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Goodwill</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Balance as of December 31, 2025</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Additions</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Impairment</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Balance as of June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Goodwill attributed to the acquisition of Beowulf E&amp;D reflects the Company’s allocation of purchase consideration in excess of the estimated fair values of net assets acquired. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to the third quarter of 2025, the Company had one segment, Digital Asset Mining. In the third quarter of 2025, the Company’s HPC Leasing operations met the criteria to be considered a new segment. Accordingly, the Company determined the change in composition of its reportable segments resulted in the identification of two reporting segments (HPC Leasing and Digital Asset Mining) and reassigned goodwill to the reporting segments affected using a relative fair value allocation approach, resulting in goodwill of $53.4 million and $2.1 million allocated to the HPC Leasing reporting segment and Digital Asset Mining reporting segment, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded no impairment during the three and six months ended June 30, 2026 and 2025.</span></div> <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the change in the carrying amount of goodwill during the six months ended June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Gross Carrying Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Accumulated<br/>Impairment</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Goodwill</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Balance as of December 31, 2025</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Additions</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Impairment</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Balance as of June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">55,457 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 55457000 0 55457000 0 0 0 0 55457000 0 55457000 1 2 53400000 2100000 0 0 0 0 LEASES<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Lessee Accounting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">The New Ground Lease</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In May 2021, the Company entered into a ground lease (as amended from time to time, the “Ground Lease”), related to the Lake Mariner Data Campus in New York with a counterparty which is a related party due to control by a member of Company management (the “Ground Lease Lessor”). The Ground Lease had a term of eight years and was classified as an operating lease remeasured as of the date of the second amendment in July 2022 utilizing a discount rate of 12.6%, which was an estimate of the Company’s incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the remeasurement date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2024, the Company terminated its existing Ground Lease and entered into a new agreement with the same related party counterparty (the “New Ground Lease”) for the Lake Mariner Data Campus. The New Ground Lease expanded the acreage of real property covered by the prior lease to support both cryptocurrency mining and HPC leasing datacenter operations. The New Ground Lease includes both fixed and variable payments, including an annual escalation factor and the Company’s proportionate share of the landlord’s cost to own, operate and maintain the premises. It has an initial term of 35 years, commencing on October 9, 2024, and will automatically renew for up to nine additional five-year periods unless the Company provides written notice of termination at least six months prior to the end of the initial or the then-current renewal term. Upon expiration of the New Ground Lease, all buildings and improvements on the premises will revert to the Ground Lease Lessor in good condition. As consideration for terminating the prior lease and entering into the New Ground Lease, the Company issued 20.0 million shares of Common Stock with a fair value of 68.8 million and paid $12.0 million in cash (the “Cash Lease Prepayment”) to the parent company of the Ground Lease Lessor in October 2024. The Company determined that this transaction constituted a lease modification under ASC 842.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The New Ground Lease contains two lease components: land and building. The land component was classified as an operating lease, while the building component was classified as a finance lease, as the 35 years initial term represents a major portion of the building’s remaining economic life. As of October 9, 2024, the Company remeasured the lease liabilities for both components using a discount rate of 6.9%, which reflects the estimated incremental borrowing rate for a collateralized loan with a term comparable to the lease payments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In May 2025 in connection with acquisition of Beowulf E&amp;D, the New Ground Lease was amended and restated (as amended and restated, the “A&amp;R Lease”). While the A&amp;R Lease did not change the parties, term or payments under the lease, the A&amp;R Lease grants the Ground Lease Lessor the right to participate in TeraWulf’s board of directors meetings as a non-voting observer for the remainder of the A&amp;R Lease term, provided that the Ground Lease Lessor (together with its affiliates) continues to beneficially own at least 15 million shares of Common Stock. The A&amp;R Lease also provides that (a) Beowulf E&amp;D has been, and is currently providing certain services in its capacity as the exclusive operator of the Lake Mariner Data Campus, (b) so long as TeraWulf is an affiliate of the Ground Lease Lessor, the lessee may designate TeraWulf or one or more of its wholly owned subsidiaries as operator of the premises (together with Beowulf E&amp;D, each and collectively “TeraWulf Operator”), and (c) as long as TeraWulf Operator is not in material default of its services, TeraWulf Operator may not be replaced or removed as operator without the prior written consent of the Ground Lease Lessor, with such consent not to be unreasonably withheld, conditioned or delayed.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In August 2025, the A&amp;R Lease was amended and restated (the “Second A&amp;R Lease”). Pursuant to the terms of the Second A&amp;R Lease, Lake Mariner Data LLC (“Lake Mariner”), an indirect wholly owned subsidiary of the Company, assigned its right, title and interest in the premises to its parent company, TeraWulf Brookings LLC (“Brookings”) and the parties adjusted the leased acreage to Lake Mariner’s current bitcoin mining operations. On the same date, the Ground Lease Lessor and Brookings entered into three new ground leases for the remaining acreage (collectively, the “Somerset-Brookings Leases”). The Somerset-Brookings Leases and the Second A&amp;R Lease collectively cover 162.7 acres of real property and grant the respective tenants access to power and infrastructure equipment for up to 750 MW at the Lake Mariner Data Campus. This internal lease restructuring was not a substantive modification to the A&amp;R Lease as it did not result in a change to the underlying right-of-use assets, lease term or total consideration transferred under the leasing arrangement. This restructuring enabled the Company to allocate power and infrastructure resources to its bitcoin mining and HPC subsidiaries via different subleases tailored to its datacenter customers.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">The Cayuga Lease</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On August 12, 2025 (the “Effective Date”), the Company entered into a lease agreement (the “Cayuga Lease”), related to the Company’s Lake Hawkeye site in New York with a counterparty which is a related party due to control by a member of Company management (the “Cayuga Lease Lessor”), The Cayuga Lease leases a portion of Cayuga Lease Lessor’s real property consisting of approximately 183 acres, including all structures, equipment, facilities and fixtures located thereon which the Company expects to use primarily for HPC datacenter operations. The Cayuga Lease has an initial term of 80 years with no renewal rights and the Company prepaid rent consisting of (i) $95.0 million in the form of Common Stock determined on the basis of a 15-day trailing VWAP by issuing 18.6 million shares of Common Stock and (ii) $3.0 million in cash during the year ended December 31, 2025. The Company is also responsible for its proportionate share of certain costs, expenses and disbursements incurred by Cayuga Lease Lessor to own, operate and maintain any other portions of the real property necessary or useful to reasonably support the Company’s use of the premises.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Any time after the 50th anniversary of the Effective Date (i) the Company may elect to purchase the premises for $100, either as an asset acquisition or though the purchase of all membership interests in the Cayuga Lease Lessor, and (ii) the Cayuga Lease Lessor and its parent may require the Company to purchase the premises on the same terms. In addition, following the Cayuga Lease Lessor’s reasonable determination that the premises will be subject to material environmental damage arising during the term resulting from the Company’s use of the premises, the Cayuga Lease Lessor may require the Company to purchase the premises for $100 either as an asset acquisition or through the purchase of all the membership interests in the Cayuga Lease Lessor. Any such sale will be on an “as is” “where is” basis. Upon expiration of the Cayuga Lease, all buildings and improvements on the premises will revert to the Cayuga Lease Lessor in good condition. The Cayuga Lease contained three lease components: land, buildings and equipment. All three components were classified as finance leases, due to the bargain purchase option. The Company measured the lease liabilities for the three components using a discount rate of 7.5%, which reflects the estimated incremental borrowing rate for a collateralized loan with a term comparable to the expected lease term.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Other Lessee Arrangements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In April 2025, the Company entered into an office lease in New York (the “NY Hudson Lease”). The NY Hudson Lease, which was classified as an operating lease, commenced in September 2025 with an initial term ending March 31, 2033 and includes two <span style="-sec-ix-hidden:f-974">five</span>-year renewal options. The Company measured the right-of use asset and lease liability of the NY Hudson Lease in accordance with ASC 842 using a discount rate of 6.2%, which reflects the estimated incremental borrowing rate for a collateralized loan with terms comparable to the lease payments. In connection with the execution of the NY Hudson Lease, the Company posted a letter of credit for $1.4 million as security for the lease which shall remain in effect through the term of the NY Hudson Lease. The Company is required to maintain a balance of $1.4 million in a deposit account as collateral to the letter of credit, which is included in restricted cash (noncurrent) in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the acquisition of Beowulf E&amp;D, the Company acquired four office leases of Beowulf E&amp;D, including (i) one lease with a remaining lease terms of less than twelve months, for which the Company elected an accounting policy to not recognize this short-term lease on its balance sheet as allowed under ASC 842 as well as one lease for office space in Washington D.C. with nominal rent payments over a 13-month term, (ii) an acquired lease for a property in New York with a related party counterparty due to control by members of the Company’s management (the “NY Lease”), which was classified as an operating lease with a remaining term of 11.3 years and (iii) an acquired lease for office space in Maryland with a related party counterparty due to control by a member of the Company’s management (the “MD Lease”), which was classified as an operating lease with a remaining term of 6.1 years as of the Acquisition Date. The Company measured the right-of-use assets and lease liabilities of the NY Lease and the MD Lease as of May 21, 2025 in accordance with ASC 842 using a discount rate of 6.9% and 6.5%, respectively, which reflects the estimated incremental borrowing rates for a collateralized loan with terms comparable to the lease payments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In September 2025, the Company entered an equipment lease for certain standby power generation equipment which commenced in April 2026 (the “Equipment Lease”). The Equipment Lease includes fixed and variable payments over an initial term of six months with options to extend in six-month increments, up to four years. The Equipment Lease also includes a purchase option under which the Company may purchase the equipment with certain credits applied for fixed payments made during the term of the lease. As of December 31, 2025, the Company anticipated the lease would qualify as a finance lease upon commencement and classified the $6.2 million of prepaid rent and security deposits within other assets in the condensed consolidated balance sheet. As of the commencement date in April 2026, the Company determined it is not reasonably certain to exercise the options to extend or the purchase option and accordingly, determined the Equipment Lease is a short-term lease and reclassified the $6.2 million of prepaid rent and security deposits to other current assets in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In March 2026, the Company entered into an office lease in Florida (the “FL Office Lease”). The FL Office Lease is expected to commence in early 2027 with an initial term ending March 31, 2033. In connection with the execution of the FL Office Lease, the Company was required to pay a security deposit of $0.8 million which shall remain in effect through the term of the FL Office Lease and is included in other assets in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company recorded operating lease expense of $1.5 million and $3.0 million, respectively, including variable expense of $0 and $0.2 million, respectively, and made cash lease payments of $1.0 million and $2.0 million, respectively. Of the total operating lease expenses, $0.6 million and $1.2 million, respectively, is included in operating expenses – related party, $0.6 million and $1.2 million, respectively, is included in selling, general and administrative expenses, and $0.3 million and $0.6 million, respectively, is included in selling, general and administrative expenses – related party, respectively, in the condensed consolidated statements of operations. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, the Company recorded operating lease expense of $1.0 million and $1.8 million. respectively, including variable expense of $0.2 million and $0.3 million, and made cash lease payments of $0.4 million and $0.8 million, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company recorded amortization of the right-of-use asset related to its finance lease of $0.8 million and $1.5 million, respectively, in addition to variable expense of $0.1 million and $0.4 million, respectively, in operating expenses – related party in the condensed consolidated statements of operations and made cash payments of $6,000 and $11,000, respectively. The Company also recorded interest expense on finance lease liabilities of $5,000 and $10,000, respectively, included in interest expense in the condensed consolidated statements of operations for the three and six months ended June 30, 2026. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, the Company recorded amortization of the right-of-use asset related to its finance lease of $0.1 million and $0.2 million, respectively, in operating expenses – related party in the condensed consolidated statements of operations and made cash payments of $6,000 and $11,000, respectively. The Company also recorded interest expense on finance lease liabilities of $5,000 and $10,000, respectively, included in interest expense in the condensed consolidated statements of operations for the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2026, the remaining operating and finance lease terms were 11.5 and 33.3 years, respectively, and the weighted-average discount rate of operating and finance leases were 6.5% and 6.9%, respectively. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a maturity analysis of the annual undiscounted cash flows of the estimated operating and finance lease liabilities as of June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,766 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">11 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,543 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,559 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,612 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,703 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">17,839 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">635 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">A reconciliation of the undiscounted cash flows to the operating and finance lease liabilities recognized in the condensed consolidated balance sheet as of June 30, 2026 follows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Undiscounted cash flows of the lease</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unamortized discount</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10,700 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">444 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total lease liability</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">23,322 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">290 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Current portion of lease liability</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,102 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Lease liability, net of current portion</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">21,220 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">288 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Lessor Accounting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In December 2024, the Company entered into long-term HPC Leases with a customer (the “Core42 HPC Leases”) for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customer’s HPC operations. The Company determined at contract inception that these arrangements contain a lease, comprising lease components related to the right to use datacenter space and nonlease components for power delivery, physical security, and maintenance services.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Two of the Core42 HPC Leases commenced in July and August 2025, respectively. During the six months ended June 30, 2026, the remaining two Core42 HPC Leases commenced. The Core42 HPC Leases included an initial 10-year term, two five-year renewal options, and a now-expired provision for near-term capacity expansion. In August 2025, the Company entered into change orders on the Core42 HPC Leases whereby the parties agreed to additional work and an adjustment of the base lease rent and modified the 10-year term to commence upon the achievement of certain specified additional work.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Core42 HPC Leases provide for certain prepaid rent amounts (“Prepaid Rent”) representing the first 12 months base rent under each lease for a total of $90.0 million which shall be applied towards 50% of each month’s base rent commencing on the respective commencement date of each lease until the Prepaid Rent is exhausted. During the six months ended June 30, 2025, the Company received the $90.0 million of Prepaid Rent from the customer and as of June 30, 2026 recorded $49.7 million and $0.9 million in current portion of deferred rent liability and deferred rent liability, net of current portion, respectively, in the condensed consolidated balance sheet. As of December 31, 2025, the Company recorded $58.2 million and $23.3 million in current portion of deferred rent liability and deferred rent liability, net of current portion, respectively, in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In August 2025, the Company entered in long-term HPC Leases with a customer (the “Fluidstack HPC Leases”) for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customer’s HPC operations. The Company determined at contract inception that these arrangements contain a lease, comprising lease components related to the right to use datacenter space—currently under construction—and nonlease components for power delivery, physical security, and maintenance services. As of June 30, 2026, one of the Fluidstack HPC Leases had partially commenced and the remaining leases are expected to commence in the second half of 2026 and in early 2027. Each Fluidstack HPC Lease includes an initial 10-year term and two five-year renewal options. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In July 2026, the Company amended certain of the Fluidstack HPC Leases to increase the aggregate contracted critical IT load under two leases from 162 MW to 168 MW. The amendments also provide for commencement on a data hall-by-data hall basis, with the affected leases expected to commence in phases during the second half of 2026 and early 2027. In connection with certain tenant-requested scope changes, the Company will receive additional base rent per kilowatt of tenant critical power beginning on the applicable data hall commencement date, subject to annual escalation.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the Fluidstack HPC Leases the Company entered into recognition agreements with Fluidstack USA I Inc. (“Fluidstack”) and Google LLC (“Google”) (the “Google Recognition Agreements”), pursuant to which Google agreed to backstop (the “Google Backstop”) certain obligations of Fluidstack under the Fluidstack HPC Leases. The Google Backstop under each Google Recognition Agreement becomes effective as of the commencement date under the corresponding Fluidstack HPC Lease. In the event of a payment default under a Fluidstack HPC Lease, or if Fluidstack becomes subject to an insolvency event, following notice from the Company, Google will have the option to either (i) pay the termination fee under such Fluidstack HPC Lease (the “Termination Fee”) or (ii) pay all rent currently due under the Fluidstack HPC Lease and assume the Fluidstack HPC Lease as the tenant thereunder.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In consideration of Google providing the Google Backstop, the Company entered into Warrant Agreements with Google, pursuant to which the Company issued to Google Warrants (the “Google Warrants”) to purchase a total of 73,580,000 shares of Common Stock for an exercise price of $0.01 per share of Common Stock. The Google Warrants have an exercise period beginning on the earlier of the commencement date of each respective Fluidstack HPC Lease or 180 days after the target commencement date, as defined, of each respective Fluidstack HPC Lease and expiring on August 13, 2030 for 41,011,803 of the Google Warrants and August 17, 2030 for 32,568,197 of the Google Warrants. If the Google Warrants are not exercised by these dates and the market value of Common Stock exceeds the exercise price, the Google Warrants are automatically exercised on a net basis. As a condition to receiving the Google Warrants prior to the effective date applicable to the Google Backstop, Google has agreed to pledge the Google Warrants for the benefit of the lenders under certain financing transactions in connection with construction of the HPC buildings pursuant to a customary warrant pledge agreement until such time as the Google Backstop becomes effective. Google entered into this pledge agreement with the Company and Wilmington Trust, National Association, as collateral agent, in connection with the Company’s $3,200.0 million 2030 Secured Notes financing in October 2025 (see Note 10).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded an asset of $515.5 million based on the fair value of the Google Warrants at issuance, which is in deferred charges in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. The Company will amortize this asset over the life of the Fluidstack HPC Leases on a straight-line basis to recognize the benefit derived from the Google Backstop. The Company recorded the Google Warrants in warrant liabilities in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 and changes in the fair value are recorded in change in fair value of warrants in the condensed consolidated statements of operations during the three and six months ended June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company entered into commission agreements in connection with its HPC Leases. The commissions were earned upon execution of the HPC Leases and receipt of Prepaid Rent, as applicable, and the Company recorded assets for the commission charges as initial direct costs and will amortize these assets over the life of the respective HPC Leases on the same basis as lease income. Certain of the commission payments become payable upon future events, including commencement of the respective HPC Leases. As of June 30, 2026 and December 31, 2025, the Company reported unamortized initial direct costs of $57.1 million and $57.4 million, respectively, included in deferred charges and $25.0 million and $27.6 million, respectively, in other current liabilities in the condensed consolidated balance sheets.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The components of HPC lease revenue for the operating lease were as follows:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Lease income relating to lease payments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">26,924 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">44,485 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Variable lease payments </span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,008 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,469 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total HPC lease revenue</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">31,932 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">52,954 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received as of June 30, 2026, and thereafter (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">40,233 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">92,464 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">129,972 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">141,925 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">146,183 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">906,481 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,457,258 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Leased plant and equipment, net consisted of the following (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Computer equipment</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,335 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,867 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Electrical equipment</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">180,110 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">43,200 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leasehold improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">437,902 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">126,927 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">626,347 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">172,994 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Less: accumulated depreciation</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(9,605)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(2,655)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leased property and equipment, net</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">616,742 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">170,339 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> LEASES<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Lessee Accounting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">The New Ground Lease</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In May 2021, the Company entered into a ground lease (as amended from time to time, the “Ground Lease”), related to the Lake Mariner Data Campus in New York with a counterparty which is a related party due to control by a member of Company management (the “Ground Lease Lessor”). The Ground Lease had a term of eight years and was classified as an operating lease remeasured as of the date of the second amendment in July 2022 utilizing a discount rate of 12.6%, which was an estimate of the Company’s incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the remeasurement date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2024, the Company terminated its existing Ground Lease and entered into a new agreement with the same related party counterparty (the “New Ground Lease”) for the Lake Mariner Data Campus. The New Ground Lease expanded the acreage of real property covered by the prior lease to support both cryptocurrency mining and HPC leasing datacenter operations. The New Ground Lease includes both fixed and variable payments, including an annual escalation factor and the Company’s proportionate share of the landlord’s cost to own, operate and maintain the premises. It has an initial term of 35 years, commencing on October 9, 2024, and will automatically renew for up to nine additional five-year periods unless the Company provides written notice of termination at least six months prior to the end of the initial or the then-current renewal term. Upon expiration of the New Ground Lease, all buildings and improvements on the premises will revert to the Ground Lease Lessor in good condition. As consideration for terminating the prior lease and entering into the New Ground Lease, the Company issued 20.0 million shares of Common Stock with a fair value of 68.8 million and paid $12.0 million in cash (the “Cash Lease Prepayment”) to the parent company of the Ground Lease Lessor in October 2024. The Company determined that this transaction constituted a lease modification under ASC 842.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The New Ground Lease contains two lease components: land and building. The land component was classified as an operating lease, while the building component was classified as a finance lease, as the 35 years initial term represents a major portion of the building’s remaining economic life. As of October 9, 2024, the Company remeasured the lease liabilities for both components using a discount rate of 6.9%, which reflects the estimated incremental borrowing rate for a collateralized loan with a term comparable to the lease payments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In May 2025 in connection with acquisition of Beowulf E&amp;D, the New Ground Lease was amended and restated (as amended and restated, the “A&amp;R Lease”). While the A&amp;R Lease did not change the parties, term or payments under the lease, the A&amp;R Lease grants the Ground Lease Lessor the right to participate in TeraWulf’s board of directors meetings as a non-voting observer for the remainder of the A&amp;R Lease term, provided that the Ground Lease Lessor (together with its affiliates) continues to beneficially own at least 15 million shares of Common Stock. The A&amp;R Lease also provides that (a) Beowulf E&amp;D has been, and is currently providing certain services in its capacity as the exclusive operator of the Lake Mariner Data Campus, (b) so long as TeraWulf is an affiliate of the Ground Lease Lessor, the lessee may designate TeraWulf or one or more of its wholly owned subsidiaries as operator of the premises (together with Beowulf E&amp;D, each and collectively “TeraWulf Operator”), and (c) as long as TeraWulf Operator is not in material default of its services, TeraWulf Operator may not be replaced or removed as operator without the prior written consent of the Ground Lease Lessor, with such consent not to be unreasonably withheld, conditioned or delayed.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In August 2025, the A&amp;R Lease was amended and restated (the “Second A&amp;R Lease”). Pursuant to the terms of the Second A&amp;R Lease, Lake Mariner Data LLC (“Lake Mariner”), an indirect wholly owned subsidiary of the Company, assigned its right, title and interest in the premises to its parent company, TeraWulf Brookings LLC (“Brookings”) and the parties adjusted the leased acreage to Lake Mariner’s current bitcoin mining operations. On the same date, the Ground Lease Lessor and Brookings entered into three new ground leases for the remaining acreage (collectively, the “Somerset-Brookings Leases”). The Somerset-Brookings Leases and the Second A&amp;R Lease collectively cover 162.7 acres of real property and grant the respective tenants access to power and infrastructure equipment for up to 750 MW at the Lake Mariner Data Campus. This internal lease restructuring was not a substantive modification to the A&amp;R Lease as it did not result in a change to the underlying right-of-use assets, lease term or total consideration transferred under the leasing arrangement. This restructuring enabled the Company to allocate power and infrastructure resources to its bitcoin mining and HPC subsidiaries via different subleases tailored to its datacenter customers.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">The Cayuga Lease</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On August 12, 2025 (the “Effective Date”), the Company entered into a lease agreement (the “Cayuga Lease”), related to the Company’s Lake Hawkeye site in New York with a counterparty which is a related party due to control by a member of Company management (the “Cayuga Lease Lessor”), The Cayuga Lease leases a portion of Cayuga Lease Lessor’s real property consisting of approximately 183 acres, including all structures, equipment, facilities and fixtures located thereon which the Company expects to use primarily for HPC datacenter operations. The Cayuga Lease has an initial term of 80 years with no renewal rights and the Company prepaid rent consisting of (i) $95.0 million in the form of Common Stock determined on the basis of a 15-day trailing VWAP by issuing 18.6 million shares of Common Stock and (ii) $3.0 million in cash during the year ended December 31, 2025. The Company is also responsible for its proportionate share of certain costs, expenses and disbursements incurred by Cayuga Lease Lessor to own, operate and maintain any other portions of the real property necessary or useful to reasonably support the Company’s use of the premises.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Any time after the 50th anniversary of the Effective Date (i) the Company may elect to purchase the premises for $100, either as an asset acquisition or though the purchase of all membership interests in the Cayuga Lease Lessor, and (ii) the Cayuga Lease Lessor and its parent may require the Company to purchase the premises on the same terms. In addition, following the Cayuga Lease Lessor’s reasonable determination that the premises will be subject to material environmental damage arising during the term resulting from the Company’s use of the premises, the Cayuga Lease Lessor may require the Company to purchase the premises for $100 either as an asset acquisition or through the purchase of all the membership interests in the Cayuga Lease Lessor. Any such sale will be on an “as is” “where is” basis. Upon expiration of the Cayuga Lease, all buildings and improvements on the premises will revert to the Cayuga Lease Lessor in good condition. The Cayuga Lease contained three lease components: land, buildings and equipment. All three components were classified as finance leases, due to the bargain purchase option. The Company measured the lease liabilities for the three components using a discount rate of 7.5%, which reflects the estimated incremental borrowing rate for a collateralized loan with a term comparable to the expected lease term.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Other Lessee Arrangements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In April 2025, the Company entered into an office lease in New York (the “NY Hudson Lease”). The NY Hudson Lease, which was classified as an operating lease, commenced in September 2025 with an initial term ending March 31, 2033 and includes two <span style="-sec-ix-hidden:f-974">five</span>-year renewal options. The Company measured the right-of use asset and lease liability of the NY Hudson Lease in accordance with ASC 842 using a discount rate of 6.2%, which reflects the estimated incremental borrowing rate for a collateralized loan with terms comparable to the lease payments. In connection with the execution of the NY Hudson Lease, the Company posted a letter of credit for $1.4 million as security for the lease which shall remain in effect through the term of the NY Hudson Lease. The Company is required to maintain a balance of $1.4 million in a deposit account as collateral to the letter of credit, which is included in restricted cash (noncurrent) in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the acquisition of Beowulf E&amp;D, the Company acquired four office leases of Beowulf E&amp;D, including (i) one lease with a remaining lease terms of less than twelve months, for which the Company elected an accounting policy to not recognize this short-term lease on its balance sheet as allowed under ASC 842 as well as one lease for office space in Washington D.C. with nominal rent payments over a 13-month term, (ii) an acquired lease for a property in New York with a related party counterparty due to control by members of the Company’s management (the “NY Lease”), which was classified as an operating lease with a remaining term of 11.3 years and (iii) an acquired lease for office space in Maryland with a related party counterparty due to control by a member of the Company’s management (the “MD Lease”), which was classified as an operating lease with a remaining term of 6.1 years as of the Acquisition Date. The Company measured the right-of-use assets and lease liabilities of the NY Lease and the MD Lease as of May 21, 2025 in accordance with ASC 842 using a discount rate of 6.9% and 6.5%, respectively, which reflects the estimated incremental borrowing rates for a collateralized loan with terms comparable to the lease payments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In September 2025, the Company entered an equipment lease for certain standby power generation equipment which commenced in April 2026 (the “Equipment Lease”). The Equipment Lease includes fixed and variable payments over an initial term of six months with options to extend in six-month increments, up to four years. The Equipment Lease also includes a purchase option under which the Company may purchase the equipment with certain credits applied for fixed payments made during the term of the lease. As of December 31, 2025, the Company anticipated the lease would qualify as a finance lease upon commencement and classified the $6.2 million of prepaid rent and security deposits within other assets in the condensed consolidated balance sheet. As of the commencement date in April 2026, the Company determined it is not reasonably certain to exercise the options to extend or the purchase option and accordingly, determined the Equipment Lease is a short-term lease and reclassified the $6.2 million of prepaid rent and security deposits to other current assets in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In March 2026, the Company entered into an office lease in Florida (the “FL Office Lease”). The FL Office Lease is expected to commence in early 2027 with an initial term ending March 31, 2033. In connection with the execution of the FL Office Lease, the Company was required to pay a security deposit of $0.8 million which shall remain in effect through the term of the FL Office Lease and is included in other assets in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company recorded operating lease expense of $1.5 million and $3.0 million, respectively, including variable expense of $0 and $0.2 million, respectively, and made cash lease payments of $1.0 million and $2.0 million, respectively. Of the total operating lease expenses, $0.6 million and $1.2 million, respectively, is included in operating expenses – related party, $0.6 million and $1.2 million, respectively, is included in selling, general and administrative expenses, and $0.3 million and $0.6 million, respectively, is included in selling, general and administrative expenses – related party, respectively, in the condensed consolidated statements of operations. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, the Company recorded operating lease expense of $1.0 million and $1.8 million. respectively, including variable expense of $0.2 million and $0.3 million, and made cash lease payments of $0.4 million and $0.8 million, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company recorded amortization of the right-of-use asset related to its finance lease of $0.8 million and $1.5 million, respectively, in addition to variable expense of $0.1 million and $0.4 million, respectively, in operating expenses – related party in the condensed consolidated statements of operations and made cash payments of $6,000 and $11,000, respectively. The Company also recorded interest expense on finance lease liabilities of $5,000 and $10,000, respectively, included in interest expense in the condensed consolidated statements of operations for the three and six months ended June 30, 2026. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, the Company recorded amortization of the right-of-use asset related to its finance lease of $0.1 million and $0.2 million, respectively, in operating expenses – related party in the condensed consolidated statements of operations and made cash payments of $6,000 and $11,000, respectively. The Company also recorded interest expense on finance lease liabilities of $5,000 and $10,000, respectively, included in interest expense in the condensed consolidated statements of operations for the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2026, the remaining operating and finance lease terms were 11.5 and 33.3 years, respectively, and the weighted-average discount rate of operating and finance leases were 6.5% and 6.9%, respectively. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a maturity analysis of the annual undiscounted cash flows of the estimated operating and finance lease liabilities as of June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,766 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">11 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,543 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,559 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,612 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,703 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">17,839 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">635 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">A reconciliation of the undiscounted cash flows to the operating and finance lease liabilities recognized in the condensed consolidated balance sheet as of June 30, 2026 follows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Undiscounted cash flows of the lease</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unamortized discount</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10,700 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">444 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total lease liability</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">23,322 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">290 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Current portion of lease liability</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,102 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Lease liability, net of current portion</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">21,220 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">288 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Lessor Accounting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In December 2024, the Company entered into long-term HPC Leases with a customer (the “Core42 HPC Leases”) for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customer’s HPC operations. The Company determined at contract inception that these arrangements contain a lease, comprising lease components related to the right to use datacenter space and nonlease components for power delivery, physical security, and maintenance services.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Two of the Core42 HPC Leases commenced in July and August 2025, respectively. During the six months ended June 30, 2026, the remaining two Core42 HPC Leases commenced. The Core42 HPC Leases included an initial 10-year term, two five-year renewal options, and a now-expired provision for near-term capacity expansion. In August 2025, the Company entered into change orders on the Core42 HPC Leases whereby the parties agreed to additional work and an adjustment of the base lease rent and modified the 10-year term to commence upon the achievement of certain specified additional work.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Core42 HPC Leases provide for certain prepaid rent amounts (“Prepaid Rent”) representing the first 12 months base rent under each lease for a total of $90.0 million which shall be applied towards 50% of each month’s base rent commencing on the respective commencement date of each lease until the Prepaid Rent is exhausted. During the six months ended June 30, 2025, the Company received the $90.0 million of Prepaid Rent from the customer and as of June 30, 2026 recorded $49.7 million and $0.9 million in current portion of deferred rent liability and deferred rent liability, net of current portion, respectively, in the condensed consolidated balance sheet. As of December 31, 2025, the Company recorded $58.2 million and $23.3 million in current portion of deferred rent liability and deferred rent liability, net of current portion, respectively, in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In August 2025, the Company entered in long-term HPC Leases with a customer (the “Fluidstack HPC Leases”) for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customer’s HPC operations. The Company determined at contract inception that these arrangements contain a lease, comprising lease components related to the right to use datacenter space—currently under construction—and nonlease components for power delivery, physical security, and maintenance services. As of June 30, 2026, one of the Fluidstack HPC Leases had partially commenced and the remaining leases are expected to commence in the second half of 2026 and in early 2027. Each Fluidstack HPC Lease includes an initial 10-year term and two five-year renewal options. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In July 2026, the Company amended certain of the Fluidstack HPC Leases to increase the aggregate contracted critical IT load under two leases from 162 MW to 168 MW. The amendments also provide for commencement on a data hall-by-data hall basis, with the affected leases expected to commence in phases during the second half of 2026 and early 2027. In connection with certain tenant-requested scope changes, the Company will receive additional base rent per kilowatt of tenant critical power beginning on the applicable data hall commencement date, subject to annual escalation.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the Fluidstack HPC Leases the Company entered into recognition agreements with Fluidstack USA I Inc. (“Fluidstack”) and Google LLC (“Google”) (the “Google Recognition Agreements”), pursuant to which Google agreed to backstop (the “Google Backstop”) certain obligations of Fluidstack under the Fluidstack HPC Leases. The Google Backstop under each Google Recognition Agreement becomes effective as of the commencement date under the corresponding Fluidstack HPC Lease. In the event of a payment default under a Fluidstack HPC Lease, or if Fluidstack becomes subject to an insolvency event, following notice from the Company, Google will have the option to either (i) pay the termination fee under such Fluidstack HPC Lease (the “Termination Fee”) or (ii) pay all rent currently due under the Fluidstack HPC Lease and assume the Fluidstack HPC Lease as the tenant thereunder.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In consideration of Google providing the Google Backstop, the Company entered into Warrant Agreements with Google, pursuant to which the Company issued to Google Warrants (the “Google Warrants”) to purchase a total of 73,580,000 shares of Common Stock for an exercise price of $0.01 per share of Common Stock. The Google Warrants have an exercise period beginning on the earlier of the commencement date of each respective Fluidstack HPC Lease or 180 days after the target commencement date, as defined, of each respective Fluidstack HPC Lease and expiring on August 13, 2030 for 41,011,803 of the Google Warrants and August 17, 2030 for 32,568,197 of the Google Warrants. If the Google Warrants are not exercised by these dates and the market value of Common Stock exceeds the exercise price, the Google Warrants are automatically exercised on a net basis. As a condition to receiving the Google Warrants prior to the effective date applicable to the Google Backstop, Google has agreed to pledge the Google Warrants for the benefit of the lenders under certain financing transactions in connection with construction of the HPC buildings pursuant to a customary warrant pledge agreement until such time as the Google Backstop becomes effective. Google entered into this pledge agreement with the Company and Wilmington Trust, National Association, as collateral agent, in connection with the Company’s $3,200.0 million 2030 Secured Notes financing in October 2025 (see Note 10).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded an asset of $515.5 million based on the fair value of the Google Warrants at issuance, which is in deferred charges in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. The Company will amortize this asset over the life of the Fluidstack HPC Leases on a straight-line basis to recognize the benefit derived from the Google Backstop. The Company recorded the Google Warrants in warrant liabilities in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 and changes in the fair value are recorded in change in fair value of warrants in the condensed consolidated statements of operations during the three and six months ended June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company entered into commission agreements in connection with its HPC Leases. The commissions were earned upon execution of the HPC Leases and receipt of Prepaid Rent, as applicable, and the Company recorded assets for the commission charges as initial direct costs and will amortize these assets over the life of the respective HPC Leases on the same basis as lease income. Certain of the commission payments become payable upon future events, including commencement of the respective HPC Leases. As of June 30, 2026 and December 31, 2025, the Company reported unamortized initial direct costs of $57.1 million and $57.4 million, respectively, included in deferred charges and $25.0 million and $27.6 million, respectively, in other current liabilities in the condensed consolidated balance sheets.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The components of HPC lease revenue for the operating lease were as follows:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Lease income relating to lease payments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">26,924 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">44,485 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Variable lease payments </span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,008 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,469 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total HPC lease revenue</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">31,932 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">52,954 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received as of June 30, 2026, and thereafter (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">40,233 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">92,464 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">129,972 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">141,925 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">146,183 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">906,481 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,457,258 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Leased plant and equipment, net consisted of the following (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Computer equipment</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,335 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,867 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Electrical equipment</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">180,110 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">43,200 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leasehold improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">437,902 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">126,927 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">626,347 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">172,994 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Less: accumulated depreciation</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(9,605)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(2,655)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leased property and equipment, net</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">616,742 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">170,339 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> LEASES<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Lessee Accounting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">The New Ground Lease</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In May 2021, the Company entered into a ground lease (as amended from time to time, the “Ground Lease”), related to the Lake Mariner Data Campus in New York with a counterparty which is a related party due to control by a member of Company management (the “Ground Lease Lessor”). The Ground Lease had a term of eight years and was classified as an operating lease remeasured as of the date of the second amendment in July 2022 utilizing a discount rate of 12.6%, which was an estimate of the Company’s incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the remeasurement date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2024, the Company terminated its existing Ground Lease and entered into a new agreement with the same related party counterparty (the “New Ground Lease”) for the Lake Mariner Data Campus. The New Ground Lease expanded the acreage of real property covered by the prior lease to support both cryptocurrency mining and HPC leasing datacenter operations. The New Ground Lease includes both fixed and variable payments, including an annual escalation factor and the Company’s proportionate share of the landlord’s cost to own, operate and maintain the premises. It has an initial term of 35 years, commencing on October 9, 2024, and will automatically renew for up to nine additional five-year periods unless the Company provides written notice of termination at least six months prior to the end of the initial or the then-current renewal term. Upon expiration of the New Ground Lease, all buildings and improvements on the premises will revert to the Ground Lease Lessor in good condition. As consideration for terminating the prior lease and entering into the New Ground Lease, the Company issued 20.0 million shares of Common Stock with a fair value of 68.8 million and paid $12.0 million in cash (the “Cash Lease Prepayment”) to the parent company of the Ground Lease Lessor in October 2024. The Company determined that this transaction constituted a lease modification under ASC 842.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The New Ground Lease contains two lease components: land and building. The land component was classified as an operating lease, while the building component was classified as a finance lease, as the 35 years initial term represents a major portion of the building’s remaining economic life. As of October 9, 2024, the Company remeasured the lease liabilities for both components using a discount rate of 6.9%, which reflects the estimated incremental borrowing rate for a collateralized loan with a term comparable to the lease payments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In May 2025 in connection with acquisition of Beowulf E&amp;D, the New Ground Lease was amended and restated (as amended and restated, the “A&amp;R Lease”). While the A&amp;R Lease did not change the parties, term or payments under the lease, the A&amp;R Lease grants the Ground Lease Lessor the right to participate in TeraWulf’s board of directors meetings as a non-voting observer for the remainder of the A&amp;R Lease term, provided that the Ground Lease Lessor (together with its affiliates) continues to beneficially own at least 15 million shares of Common Stock. The A&amp;R Lease also provides that (a) Beowulf E&amp;D has been, and is currently providing certain services in its capacity as the exclusive operator of the Lake Mariner Data Campus, (b) so long as TeraWulf is an affiliate of the Ground Lease Lessor, the lessee may designate TeraWulf or one or more of its wholly owned subsidiaries as operator of the premises (together with Beowulf E&amp;D, each and collectively “TeraWulf Operator”), and (c) as long as TeraWulf Operator is not in material default of its services, TeraWulf Operator may not be replaced or removed as operator without the prior written consent of the Ground Lease Lessor, with such consent not to be unreasonably withheld, conditioned or delayed.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In August 2025, the A&amp;R Lease was amended and restated (the “Second A&amp;R Lease”). Pursuant to the terms of the Second A&amp;R Lease, Lake Mariner Data LLC (“Lake Mariner”), an indirect wholly owned subsidiary of the Company, assigned its right, title and interest in the premises to its parent company, TeraWulf Brookings LLC (“Brookings”) and the parties adjusted the leased acreage to Lake Mariner’s current bitcoin mining operations. On the same date, the Ground Lease Lessor and Brookings entered into three new ground leases for the remaining acreage (collectively, the “Somerset-Brookings Leases”). The Somerset-Brookings Leases and the Second A&amp;R Lease collectively cover 162.7 acres of real property and grant the respective tenants access to power and infrastructure equipment for up to 750 MW at the Lake Mariner Data Campus. This internal lease restructuring was not a substantive modification to the A&amp;R Lease as it did not result in a change to the underlying right-of-use assets, lease term or total consideration transferred under the leasing arrangement. This restructuring enabled the Company to allocate power and infrastructure resources to its bitcoin mining and HPC subsidiaries via different subleases tailored to its datacenter customers.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">The Cayuga Lease</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On August 12, 2025 (the “Effective Date”), the Company entered into a lease agreement (the “Cayuga Lease”), related to the Company’s Lake Hawkeye site in New York with a counterparty which is a related party due to control by a member of Company management (the “Cayuga Lease Lessor”), The Cayuga Lease leases a portion of Cayuga Lease Lessor’s real property consisting of approximately 183 acres, including all structures, equipment, facilities and fixtures located thereon which the Company expects to use primarily for HPC datacenter operations. The Cayuga Lease has an initial term of 80 years with no renewal rights and the Company prepaid rent consisting of (i) $95.0 million in the form of Common Stock determined on the basis of a 15-day trailing VWAP by issuing 18.6 million shares of Common Stock and (ii) $3.0 million in cash during the year ended December 31, 2025. The Company is also responsible for its proportionate share of certain costs, expenses and disbursements incurred by Cayuga Lease Lessor to own, operate and maintain any other portions of the real property necessary or useful to reasonably support the Company’s use of the premises.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Any time after the 50th anniversary of the Effective Date (i) the Company may elect to purchase the premises for $100, either as an asset acquisition or though the purchase of all membership interests in the Cayuga Lease Lessor, and (ii) the Cayuga Lease Lessor and its parent may require the Company to purchase the premises on the same terms. In addition, following the Cayuga Lease Lessor’s reasonable determination that the premises will be subject to material environmental damage arising during the term resulting from the Company’s use of the premises, the Cayuga Lease Lessor may require the Company to purchase the premises for $100 either as an asset acquisition or through the purchase of all the membership interests in the Cayuga Lease Lessor. Any such sale will be on an “as is” “where is” basis. Upon expiration of the Cayuga Lease, all buildings and improvements on the premises will revert to the Cayuga Lease Lessor in good condition. The Cayuga Lease contained three lease components: land, buildings and equipment. All three components were classified as finance leases, due to the bargain purchase option. The Company measured the lease liabilities for the three components using a discount rate of 7.5%, which reflects the estimated incremental borrowing rate for a collateralized loan with a term comparable to the expected lease term.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Other Lessee Arrangements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In April 2025, the Company entered into an office lease in New York (the “NY Hudson Lease”). The NY Hudson Lease, which was classified as an operating lease, commenced in September 2025 with an initial term ending March 31, 2033 and includes two <span style="-sec-ix-hidden:f-974">five</span>-year renewal options. The Company measured the right-of use asset and lease liability of the NY Hudson Lease in accordance with ASC 842 using a discount rate of 6.2%, which reflects the estimated incremental borrowing rate for a collateralized loan with terms comparable to the lease payments. In connection with the execution of the NY Hudson Lease, the Company posted a letter of credit for $1.4 million as security for the lease which shall remain in effect through the term of the NY Hudson Lease. The Company is required to maintain a balance of $1.4 million in a deposit account as collateral to the letter of credit, which is included in restricted cash (noncurrent) in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the acquisition of Beowulf E&amp;D, the Company acquired four office leases of Beowulf E&amp;D, including (i) one lease with a remaining lease terms of less than twelve months, for which the Company elected an accounting policy to not recognize this short-term lease on its balance sheet as allowed under ASC 842 as well as one lease for office space in Washington D.C. with nominal rent payments over a 13-month term, (ii) an acquired lease for a property in New York with a related party counterparty due to control by members of the Company’s management (the “NY Lease”), which was classified as an operating lease with a remaining term of 11.3 years and (iii) an acquired lease for office space in Maryland with a related party counterparty due to control by a member of the Company’s management (the “MD Lease”), which was classified as an operating lease with a remaining term of 6.1 years as of the Acquisition Date. The Company measured the right-of-use assets and lease liabilities of the NY Lease and the MD Lease as of May 21, 2025 in accordance with ASC 842 using a discount rate of 6.9% and 6.5%, respectively, which reflects the estimated incremental borrowing rates for a collateralized loan with terms comparable to the lease payments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In September 2025, the Company entered an equipment lease for certain standby power generation equipment which commenced in April 2026 (the “Equipment Lease”). The Equipment Lease includes fixed and variable payments over an initial term of six months with options to extend in six-month increments, up to four years. The Equipment Lease also includes a purchase option under which the Company may purchase the equipment with certain credits applied for fixed payments made during the term of the lease. As of December 31, 2025, the Company anticipated the lease would qualify as a finance lease upon commencement and classified the $6.2 million of prepaid rent and security deposits within other assets in the condensed consolidated balance sheet. As of the commencement date in April 2026, the Company determined it is not reasonably certain to exercise the options to extend or the purchase option and accordingly, determined the Equipment Lease is a short-term lease and reclassified the $6.2 million of prepaid rent and security deposits to other current assets in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In March 2026, the Company entered into an office lease in Florida (the “FL Office Lease”). The FL Office Lease is expected to commence in early 2027 with an initial term ending March 31, 2033. In connection with the execution of the FL Office Lease, the Company was required to pay a security deposit of $0.8 million which shall remain in effect through the term of the FL Office Lease and is included in other assets in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company recorded operating lease expense of $1.5 million and $3.0 million, respectively, including variable expense of $0 and $0.2 million, respectively, and made cash lease payments of $1.0 million and $2.0 million, respectively. Of the total operating lease expenses, $0.6 million and $1.2 million, respectively, is included in operating expenses – related party, $0.6 million and $1.2 million, respectively, is included in selling, general and administrative expenses, and $0.3 million and $0.6 million, respectively, is included in selling, general and administrative expenses – related party, respectively, in the condensed consolidated statements of operations. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, the Company recorded operating lease expense of $1.0 million and $1.8 million. respectively, including variable expense of $0.2 million and $0.3 million, and made cash lease payments of $0.4 million and $0.8 million, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company recorded amortization of the right-of-use asset related to its finance lease of $0.8 million and $1.5 million, respectively, in addition to variable expense of $0.1 million and $0.4 million, respectively, in operating expenses – related party in the condensed consolidated statements of operations and made cash payments of $6,000 and $11,000, respectively. The Company also recorded interest expense on finance lease liabilities of $5,000 and $10,000, respectively, included in interest expense in the condensed consolidated statements of operations for the three and six months ended June 30, 2026. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, the Company recorded amortization of the right-of-use asset related to its finance lease of $0.1 million and $0.2 million, respectively, in operating expenses – related party in the condensed consolidated statements of operations and made cash payments of $6,000 and $11,000, respectively. The Company also recorded interest expense on finance lease liabilities of $5,000 and $10,000, respectively, included in interest expense in the condensed consolidated statements of operations for the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2026, the remaining operating and finance lease terms were 11.5 and 33.3 years, respectively, and the weighted-average discount rate of operating and finance leases were 6.5% and 6.9%, respectively. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a maturity analysis of the annual undiscounted cash flows of the estimated operating and finance lease liabilities as of June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,766 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">11 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,543 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,559 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,612 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,703 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">17,839 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">635 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">A reconciliation of the undiscounted cash flows to the operating and finance lease liabilities recognized in the condensed consolidated balance sheet as of June 30, 2026 follows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Undiscounted cash flows of the lease</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unamortized discount</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10,700 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">444 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total lease liability</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">23,322 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">290 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Current portion of lease liability</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,102 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Lease liability, net of current portion</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">21,220 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">288 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Lessor Accounting</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In December 2024, the Company entered into long-term HPC Leases with a customer (the “Core42 HPC Leases”) for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customer’s HPC operations. The Company determined at contract inception that these arrangements contain a lease, comprising lease components related to the right to use datacenter space and nonlease components for power delivery, physical security, and maintenance services.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Two of the Core42 HPC Leases commenced in July and August 2025, respectively. During the six months ended June 30, 2026, the remaining two Core42 HPC Leases commenced. The Core42 HPC Leases included an initial 10-year term, two five-year renewal options, and a now-expired provision for near-term capacity expansion. In August 2025, the Company entered into change orders on the Core42 HPC Leases whereby the parties agreed to additional work and an adjustment of the base lease rent and modified the 10-year term to commence upon the achievement of certain specified additional work.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Core42 HPC Leases provide for certain prepaid rent amounts (“Prepaid Rent”) representing the first 12 months base rent under each lease for a total of $90.0 million which shall be applied towards 50% of each month’s base rent commencing on the respective commencement date of each lease until the Prepaid Rent is exhausted. During the six months ended June 30, 2025, the Company received the $90.0 million of Prepaid Rent from the customer and as of June 30, 2026 recorded $49.7 million and $0.9 million in current portion of deferred rent liability and deferred rent liability, net of current portion, respectively, in the condensed consolidated balance sheet. As of December 31, 2025, the Company recorded $58.2 million and $23.3 million in current portion of deferred rent liability and deferred rent liability, net of current portion, respectively, in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In August 2025, the Company entered in long-term HPC Leases with a customer (the “Fluidstack HPC Leases”) for specified datacenter infrastructure at the Lake Mariner Data Campus to support the customer’s HPC operations. The Company determined at contract inception that these arrangements contain a lease, comprising lease components related to the right to use datacenter space—currently under construction—and nonlease components for power delivery, physical security, and maintenance services. As of June 30, 2026, one of the Fluidstack HPC Leases had partially commenced and the remaining leases are expected to commence in the second half of 2026 and in early 2027. Each Fluidstack HPC Lease includes an initial 10-year term and two five-year renewal options. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In July 2026, the Company amended certain of the Fluidstack HPC Leases to increase the aggregate contracted critical IT load under two leases from 162 MW to 168 MW. The amendments also provide for commencement on a data hall-by-data hall basis, with the affected leases expected to commence in phases during the second half of 2026 and early 2027. In connection with certain tenant-requested scope changes, the Company will receive additional base rent per kilowatt of tenant critical power beginning on the applicable data hall commencement date, subject to annual escalation.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the Fluidstack HPC Leases the Company entered into recognition agreements with Fluidstack USA I Inc. (“Fluidstack”) and Google LLC (“Google”) (the “Google Recognition Agreements”), pursuant to which Google agreed to backstop (the “Google Backstop”) certain obligations of Fluidstack under the Fluidstack HPC Leases. The Google Backstop under each Google Recognition Agreement becomes effective as of the commencement date under the corresponding Fluidstack HPC Lease. In the event of a payment default under a Fluidstack HPC Lease, or if Fluidstack becomes subject to an insolvency event, following notice from the Company, Google will have the option to either (i) pay the termination fee under such Fluidstack HPC Lease (the “Termination Fee”) or (ii) pay all rent currently due under the Fluidstack HPC Lease and assume the Fluidstack HPC Lease as the tenant thereunder.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In consideration of Google providing the Google Backstop, the Company entered into Warrant Agreements with Google, pursuant to which the Company issued to Google Warrants (the “Google Warrants”) to purchase a total of 73,580,000 shares of Common Stock for an exercise price of $0.01 per share of Common Stock. The Google Warrants have an exercise period beginning on the earlier of the commencement date of each respective Fluidstack HPC Lease or 180 days after the target commencement date, as defined, of each respective Fluidstack HPC Lease and expiring on August 13, 2030 for 41,011,803 of the Google Warrants and August 17, 2030 for 32,568,197 of the Google Warrants. If the Google Warrants are not exercised by these dates and the market value of Common Stock exceeds the exercise price, the Google Warrants are automatically exercised on a net basis. As a condition to receiving the Google Warrants prior to the effective date applicable to the Google Backstop, Google has agreed to pledge the Google Warrants for the benefit of the lenders under certain financing transactions in connection with construction of the HPC buildings pursuant to a customary warrant pledge agreement until such time as the Google Backstop becomes effective. Google entered into this pledge agreement with the Company and Wilmington Trust, National Association, as collateral agent, in connection with the Company’s $3,200.0 million 2030 Secured Notes financing in October 2025 (see Note 10).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded an asset of $515.5 million based on the fair value of the Google Warrants at issuance, which is in deferred charges in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. The Company will amortize this asset over the life of the Fluidstack HPC Leases on a straight-line basis to recognize the benefit derived from the Google Backstop. The Company recorded the Google Warrants in warrant liabilities in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 and changes in the fair value are recorded in change in fair value of warrants in the condensed consolidated statements of operations during the three and six months ended June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company entered into commission agreements in connection with its HPC Leases. The commissions were earned upon execution of the HPC Leases and receipt of Prepaid Rent, as applicable, and the Company recorded assets for the commission charges as initial direct costs and will amortize these assets over the life of the respective HPC Leases on the same basis as lease income. Certain of the commission payments become payable upon future events, including commencement of the respective HPC Leases. As of June 30, 2026 and December 31, 2025, the Company reported unamortized initial direct costs of $57.1 million and $57.4 million, respectively, included in deferred charges and $25.0 million and $27.6 million, respectively, in other current liabilities in the condensed consolidated balance sheets.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The components of HPC lease revenue for the operating lease were as follows:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Lease income relating to lease payments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">26,924 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">44,485 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Variable lease payments </span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,008 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,469 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total HPC lease revenue</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">31,932 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">52,954 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received as of June 30, 2026, and thereafter (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">40,233 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">92,464 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">129,972 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">141,925 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">146,183 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">906,481 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,457,258 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Leased plant and equipment, net consisted of the following (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Computer equipment</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,335 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,867 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Electrical equipment</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">180,110 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">43,200 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leasehold improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">437,902 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">126,927 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">626,347 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">172,994 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Less: accumulated depreciation</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(9,605)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(2,655)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leased property and equipment, net</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">616,742 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">170,339 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> P8Y 0.126 P35Y 9 P5Y P6M 20000000.0 68800000 12000000.0 2 P35Y 0.069 15000000 3 162.7 750 183 P80Y 95000000.0 P15D 18600000 3000000.0 100 100 0.075 2 0.062 1400000 1400000 1400000 4 1 1 P11Y3M18D P6Y1M6D 0.069 0.065 P6M P6M P4Y 6200000 6200000 800000 1500000 3000000.0 0 200000 1000000.0 2000000.0 600000 1200000 600000 1200000 300000 600000 1000000.0 1800000 200000 300000 400000 800000 800000 1500000 100000 400000 6000 11000 5000 10000 100000 200000 6000 11000 5000 10000 P11Y6M P33Y3M18D 0.065 0.069 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a maturity analysis of the annual undiscounted cash flows of the estimated operating and finance lease liabilities as of June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,766 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">11 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,543 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,559 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,612 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,703 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">17,839 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">635 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a maturity analysis of the annual undiscounted cash flows of the estimated operating and finance lease liabilities as of June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,766 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">11 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,543 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,559 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,612 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,703 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">17,839 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">635 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 1766000 11000 3543000 22000 3559000 22000 3612000 22000 3703000 22000 17839000 635000 34022000 734000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">A reconciliation of the undiscounted cash flows to the operating and finance lease liabilities recognized in the condensed consolidated balance sheet as of June 30, 2026 follows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease Liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Finance Lease Liability</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Undiscounted cash flows of the lease</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">34,022 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">734 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unamortized discount</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10,700 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">444 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total lease liability</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">23,322 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">290 </span></td><td style="background-color:#cceeff;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Current portion of lease liability</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,102 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Lease liability, net of current portion</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">21,220 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">288 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 34022000 734000 10700000 444000 23322000 290000 2102000 2000 21220000 288000 2 P10Y 2 P5Y P10Y 90000000.0 0.50 90000000.0 49700000 900000 58200000 23300000 P10Y 2 P5Y 2 162 168 73580000 0.01 P180D 41011803 32568197 3200000000 515500000 515500000 57100000 57400000 25000000.0 27600000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The components of HPC lease revenue for the operating lease were as follows:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Lease income relating to lease payments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">26,924 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">44,485 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Variable lease payments </span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,008 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,469 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total HPC lease revenue</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">31,932 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">52,954 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 26924000 0 44485000 0 5008000 0 8469000 0 31932000 0 52954000 0 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received as of June 30, 2026, and thereafter (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Operating Lease</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">40,233 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">92,464 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">129,972 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">141,925 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">146,183 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">906,481 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1,457,258 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 40233000 92464000 129972000 141925000 146183000 906481000 1457258000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Leased plant and equipment, net consisted of the following (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Computer equipment</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">8,335 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,867 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Electrical equipment</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">180,110 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">43,200 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leasehold improvements</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">437,902 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">126,927 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">626,347 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">172,994 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Less: accumulated depreciation</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(9,605)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(2,655)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Leased property and equipment, net</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">616,742 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">170,339 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 8335000 2867000 180110000 43200000 437902000 126927000 626347000 172994000 9605000 2655000 616742000 170339000 INCOME TAXES<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. The Company has an effective tax rate of approximately 0% for each of the three and six months ended June 30, 2026 and 2025. The Company’s effective rate differs from its statutory rate of 21% primarily due to the recording of a valuation allowance against its deferred tax assets.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">ASC 740, Income Taxes (“ASC 740”), requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some or a portion or all the deferred tax assets will not be realized. As of June 30, 2026 and December 31, 2025, the Company estimated a portion of its deferred tax assets will be utilized to offset the Company’s deferred tax liabilities. Based upon the level of historical U.S. losses and future projections over the period in which the net deferred tax assets are deductible, at this time, management believes it is more likely than not that the Company will not realize the benefits of the remaining deductible temporary differences, and as a result the Company has recorded a valuation allowance as of June 30, 2026 and December 31, 2025 for the amount of deferred tax assets that will not be realized.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company had no unrecognized tax benefits as of June 30, 2026 and December 31, 2025. The Company’s policy is to recognize interest accrued and penalties related to unrecognized tax benefits in tax expense. No accrued interest or penalties were recorded during the three and six months ended June 30, 2026 and 2025.</span></div> 0 0 0 0 0 0 0 0 DEBT<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Long-term debt consists of the following (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Term debt</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,200,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,200,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Debt issuance costs and debt discount</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(89,947)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(101,444)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,110,053 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,098,556 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Less current portion of long-term debt</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90,718 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">46,316 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total long-term debt, net of current portion</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,019,335 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,052,240 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Senior Secured Notes</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On October 22, 2025, the Company, through its wholly owned subsidiary Wulf Compute LLC (“Wulf Compute”), completed a private offering of $3,200.0 million aggregate principal amount of 7.75% Senior Secured Notes due 2030 (the “2030 Secured Notes”). The 2030 Secured Notes have a maturity date of October 15, 2030. The net proceeds of the 2030 Secured Notes are being used to finance a portion of the cost of the HPC buildout at the Lake Mariner Data Campus. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Principal payments on the 2030 Secured Notes are due on a semi-annual basis on April 15 and October 15 of each year following completion of the initial phase of the Lake Mariner Data Campus buildout. The Company is also required to make an offer to holders to repurchase the 2030 Secured Notes based on excess cash flows, as defined, on or before each semiannual payment date. Interest payments are due in arrears on April 15 and October 15 of each year, beginning on April 15, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The 2030 Notes are fully and unconditionally guaranteed by Wulf Compute’s subsidiaries, La Lupa Data LLC, Akela Data Holdings LLC and Akela Data LLC (collectively, the “Guarantors”). The 2030 Secured Notes and related guarantees are secured by first-priority liens on (i) substantially all the assets of Wulf Compute and the Guarantors, other than certain excluded property, (ii) all equity interests of Wulf Compute held by Brookings, the direct parent company of Wulf Compute, and (iii) a designated lockbox account of Fluidstack. Additionally, in connection with the 2030 Secured Notes, Google and the Company entered into a pledge agreement. Under the pledge agreement, Google assigned and pledged to the collateral agent, its successors and permitted assigns, for the benefit of the lenders, and granted to the collateral agent, its successors and permitted assigns, for the benefit of the lenders, a security interest in all of Google’s right, title and interest in, to and under the Google Warrants. The security interests associated with the Google Warrants shall automatically terminate and/or be released upon the earlier of (i) the occurrence of the commencement date of the respective Fluidstack HPC Leases and the (ii) the payment and discharge in full of the 2030 Secured Notes.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the 2030 Secured Notes, an affiliate of Google unconditionally agreed with the collateral agent for the benefit of the lenders that it shall (or shall cause Google to) pay the Termination Fee in accordance with the timing requirements set forth in the respective Google Recognition Agreements.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company has provided customary completion guarantees with respect to the HPC buildout at the Lake Mariner Data Campus under which it will fund Wulf Compute as necessary to ensure the timely completion of the HPC data center buildings.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company may redeem some or all of the 2030 Secured Notes at any time on or after October 15, 2027 at the redemption price, plus accrued and unpaid interest. Prior to October 15, 2027, the Company may redeem some or all of the 2030 Secured Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, plus the applicable “make-whole” premium set forth in the agreement. Prior to October 15, 2027, the Company may also redeem up to 40% of the aggregate principal amount of the 2030 Secured Notes (which includes additional notes, if any) in an amount not to exceed the amount of the proceeds of certain equity offerings at set redemption prices, plus accrued and unpaid interest. Certain events, as described in the 2030 Secured Notes, required mandatory prepayment.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The 2030 Secured Notes related guarantees rank (i) equally in right of payment with all existing and future senior indebtedness of Wulf Compute and the Guarantors, (ii) senior in right of payment to all existing and future indebtedness of the Wulf Compute and the Guarantors that are, by their terms, expressly subordinated in right of payment to the 2030 Secured Notes, (iii) effectively senior to all existing and future unsecured indebtedness of Wulf Compute and the Guarantors to the extent of the value of the Collateral, (iv) effectively senior to all existing and future indebtedness of Wulf Compute and the Guarantors secured by a junior-priority lien on the collateral, to the extent of the value of the collateral, (v) effectively junior to all indebtedness of Wulf Compute and the Guarantors that is secured by assets not constituting collateral, to the extent of the value of such assets, and (vi) structurally subordinated to all obligations of each of the Issuer’s subsidiaries that is not a guarantor of the 2030 Secured Notes.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The 2030 Secured Notes contain certain customary negative covenants. The negative covenants restrict or limit Wulf Compute to, among other things, incur debt, create liens, divest or acquire assets and make distributions or pay dividends. The 2030 Secured Notes also contain usual and customary events of default (subject to certain threshold amounts and grace periods). If an event of a default occurs and is continuing, the then outstanding obligations under the 2030 Secured Notes may become immediately due and payable.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the offering, the Company incurred issuance costs and up-front fees, totaling $105.4 million. These amounts represented debt issuance costs which are being amortized as an adjustment of interest expense over the term of the 2030 Secured Notes. The 2030 Secured Notes have an effective interest rate of 8.7% which includes the stated interest of 7.75%.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Bridge Credit Facility</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In March 2026, the Company entered into a Delayed-Draw Bridge Credit Agreement ( the “Bridge Credit Agreement”). The Bridge Credit Agreement provided the Company with financing under a 364-day $500.0 million delayed draw senior secured bridge facility (the “Bridge Credit Facility”), the proceeds of which may be used to finance the construction and development of the Justified Data Campus. During the six months ended June 30, 2026, the Company borrowed $100.0 million under the Bridge Credit Facility under the Term Secured Overnight Financing Rate (“Term SOFR”) and elected an interest rate of the secured overnight financing rate published by an administrator plus an applicable margin of 2.75% per annum pursuant to the Bridge Credit Agreement.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the initial $100.0 million borrowing under the Bridge Credit Facility, the Company paid a facility commitment fee equal to 1.00% of the aggregate $500.0 million commitment, or $5.0 million, a structuring fee equal to 0.25% of the aggregate $500.0 million commitment, or $1.3 million, and $1.0 million of directly attributable legal fees, for total upfront financing costs of $7.3 million, of which $5.8 million was recorded to other assets and $1.5 million was recorded as a direct deduction from the carrying amount of the Bridge Credit Facility in the condensed consolidated balance sheet as of June 30, 2026. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On April 16, 2026, the Company fully repaid the then outstanding $100.0 million principal amount under the Bridge Credit Facility, together with $0.4 million of accrued interest and agency fees, and terminated the Bridge Credit Agreement. In connection with the early termination of the Bridge Credit Agreement, the Company recorded a loss on extinguishment of debt of $7.1 million, representing the write-off of unamortized debt issuance costs which is included in the condensed consolidated statements of operations for the three and six months ended June 30, 2026. No prepayment premium or penalty was payable in connection with the repayment.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Revolving Credit Facility</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On May 7, 2026, the Company entered into a revolving credit agreement (the “Revolving Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, which provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) with aggregate commitments of $250.0 million, which includes a $150.0 million sublimit for the issuance of letters of credit. The Revolving Credit Facility matures on May 7, 2030, subject to a springing maturity date of 91 days prior to the maturity date of the 2030 Convertible Notes if certain conditions exist.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">From the closing date to the earlier of the CB-4 and CB-5 commencement dates under the Fluidstack HPC Leases (the “First Commencement Date”), borrowings under the Revolving Credit Facility will bear interest at a rate equal to, at the Company’s option, either (i) a Term SOFR determined by reference to the secured overnight financing rate published by an administrator therefor, plus a margin of 1.75% per annum or (ii) the ABR (as defined) plus a margin of 0.75% per annum. Thereafter, the applicable margin may range from 1.25% to 1.75% for Term SOFR loans and 0.25% to 0.75% for ABR loans based on the Company’s consolidated total debt to market capitalization ratio (as defined). The obligations under the Revolving Credit Facility are guaranteed by certain of the Company's subsidiaries and secured by substantially all assets of the Company and certain assets of certain of the Company’s subsidiaries, in each case, subject to certain excluded assets (as defined). The Revolving Credit Agreement contains customary restrictive covenants, as well as a minimum liquidity covenant. As of June 30, 2026, the Company was in compliance with all covenants under the Revolving Credit Agreement.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Interest on Term SOFR loans is payable at the end of the applicable interest period and, for interest periods longer than three months, at three-month intervals during the applicable interest period. Interest on ABR loans is payable quarterly in arrears on the last day of March, June, September and December. The Revolving Credit Facility also requires payments for customary fees, including i) a commitment fee of 0.50% on the unused portion of the Revolving Credit Facility; ii) participation fees and bank issuance fees; and iii) administrative agent fees. The Company has the option to repay the borrowings, and to permanently reduce the commitments in whole or in part, under the Revolving Credit Facility without premium or penalty.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to the First Commencement Date, borrowings and letters of credit outstanding under the Revolving Credit Facility are limited to $75.0 million in the aggregate. As the First Commencement Date had not occurred as of June 30, 2026, the Company’s borrowing and letter of credit capacity under the Revolving Credit Facility was limited to $75.0 million in the aggregate as of June 30, 2026. The Company did not make any borrowings or repayments under the Revolving Credit Facility and issued a letter of credit for $0.2 million during the three and six months ended June 30, 2026. As of June 30, 2026, no borrowings were outstanding and the Company had $74.8 million of remaining available letter of credit capacity. As of June 30, 2026, the effective interest rate on the outstanding letter of credit was 1.9%. In connection with entering into the Revolving Credit Agreement, the Company incurred debt issuance costs of $2.1 million, which were capitalized within other assets and are being amortized on a straight-line basis to interest expense over the term of the Revolving Credit Facility. As of June 30, 2026, the unamortized balance of such costs was approximately 2.0 million.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Convertible Notes</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a summary of the Company’s convertible notes as of June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Principal Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Unamortized Debt Discount and Issuance Costs</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Short-term convertible notes:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2030 Convertible notes</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(9,054)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">490,946 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2031 Convertible notes</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,000,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(388,970)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">611,030 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,101,976 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Convertible notes:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2032 Convertible notes</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,025,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(23,917)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,001,083 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a summary of the Company’s convertible notes as of December 31, 2025 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Principal Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Unamortized Debt Discount and Issuance Costs</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Short-term convertible notes:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2030 Convertible notes</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(10,233)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">489,767 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Convertible notes:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2031 Convertible notes</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,000,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(416,301)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">583,699 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2032 Convertible notes</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,025,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(25,911)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">999,089 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,582,788 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">2030 Convertible Notes</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2024, the Company completed a private offering of 2.75% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”). The 2030 Convertible Notes, which are unsecured, were sold under a purchase agreement entered into by and between the Company and Cantor Fitzgerald &amp; Co. (“Cantor”) as representative of the initial purchasers named therein (the “Initial Purchasers”), for resale to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $500.0 million, which included $75.0 million aggregate principal amount of notes issued pursuant to an option to purchase additional notes granted to the Initial Purchasers under the purchase agreement, which the Initial Purchasers exercised in full. The notes were issued at a price equal to 100% of their principal amount. The net proceeds from the sale of the notes were approximately $487.1 million after deducting the Initial Purchasers’ commissions and offering expenses of $12.9 million in total. The 2030 Convertible Notes have an effective interest rate of 3.3% which includes the stated interest of 2.75% that is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The 2030 Convertible Notes will mature on February 1, 2030 (the “2030 Convertible Notes Maturity Date”), unless earlier converted by the noteholders or redeemed or repurchased by the Company. The initial conversion rate of the 2030 Convertible Notes was 117.9245 shares of Common Stock per $1,000 principal amount of 2030 Convertible Notes, which is equal to an initial conversion price of approximately $8.48 per share. The conversion rate is subject to adjustment upon the occurrence of events specified in the indenture to the 2030 Convertible Notes but will not be adjusted for accrued and unpaid interest on any 2030 Convertible Notes being converted. In addition, upon the occurrence of a make-whole fundamental change (as defined) during the make-whole fundamental change period (as defined), the Company will, in certain circumstances, increase the conversion rate by the number of additional shares described in the indenture to the 2030 Convertible Notes for a holder that elects to convert such holders’ 2030 Convertible Notes in connection with such make-whole fundamental change. As of June 30, 2026, there were no changes to the initial conversion rate.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Before November 1, 2029, noteholders will have the right to convert their 2030 Convertible Notes only upon the occurrence of the following events:</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">during any calendar quarter (and only during such calendar quarter) commencing after March 31, 2025, if the last reported sale price per share of Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “2030 Sale Price Conversion Event”);</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">During the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price, as defined, per $1,000 principal amount of notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of Common Stock and the conversion rate on such trading day;</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">if the Company calls any or all of the 2030 Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the 2030 Convertible Notes called (or deemed called) for redemption; or</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">upon the occurrence of certain specified corporate events as set forth in the indenture governing the 2030 Convertible Notes.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2025, the 2030 Convertible Notes became convertible at the option of the holder based on the achievement of the 2030 Sale Price Conversion Event. Accordingly, the 2030 Convertible Notes are classified as short-term convertible notes in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. Upon conversion of the 2030 Convertible Notes, the Company will pay or deliver, as the case may be, cash or a combination of cash and shares of Common Stock, at the Company’s election. The 2030 Convertible Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after November 6, 2027, but only if the last reported sale price per share of the Company’s Common Stock exceeds 130% of the conversion price for a specified period of time (as set forth in the indenture to the 2030 Convertible Notes). The redemption price will be equal to the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On or after November 1, 2029, noteholders may convert all or any portion of their 2030 Convertible Notes at any time at their option until the close of business on the second scheduled trading day immediately before the 2030 Convertible Notes Maturity Date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">If certain corporate events that constitute a “Fundamental Change” (as defined in the indenture governing the 2030 Convertible Notes) occur, then noteholders may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s Common Stock.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the offering of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “2030 Capped Calls”). The 2030 Capped Calls, which terminate on February 1, 2030 (the “Capped Calls Termination Date”), each have an initial strike price of $8.48 per share, subject to certain adjustments, which correspond to the initial conversion price of the Convertible Notes. The 2030 Capped Calls have an initial cap price of $12.80 per share, subject to certain adjustments. The 2030 Capped Calls cover, subject to anti-dilution adjustments, the aggregate number of shares of Common Stock that initially underlie the 2030 Convertible Notes, and are expected generally to reduce potential dilution to the Company’s Common Stock upon any conversion of 2030 Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2030 Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the 2030 Capped Calls. The conditions that cause adjustments to the initial strike price of the 2030 Capped Calls mirror the conditions that result in corresponding adjustments for the 2030 Convertible Notes. The 2030 Capped Calls automatically exercise in daily ratable amounts between December 5, 2029 and the Capped Calls Termination Date. Additionally, upon the repurchase, redemption or conversion of a quantity of 2030 Convertible Notes, the Company may, but is not required to, effect an early termination of the number of Capped Call options in proportion to such 2030 Convertible Notes repurchased, redeemed or converted. The Company may elect cash settlement or combination settlement, which includes shares of Common Stock or a combination of cash and shares of Common Stock. For accounting purposes, the 2030 Capped Calls are separate transactions, and not part of the terms of the 2030 Convertible Notes. As these transactions meet certain accounting criteria, the 2030 Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $60.0 million incurred in connection with the 2030 Capped Calls was recorded as a reduction to additional paid in capital on the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The indenture governing the 2030 Convertible Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee, as defined, or the holders of at least 25% in principal amount of the outstanding 2030 Convertible Notes may declare 100% of the principal of, and accrued and unpaid additional interest, if any, on all the 2030 Convertible Notes to be due and payable.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">2031 Convertible Notes</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In August 2025, the Company completed a private offering of 1.00% Convertible Senior Notes due 2031 (the “2031 Convertible Notes”). The unsecured notes were sold pursuant to a purchase agreement between the Company and Morgan Stanley &amp; Co. LLC, as representative of the initial purchasers (the “Initial 2031 Purchasers”), for resale to qualified institutional buyers under Rule 144A under the Securities Act.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The total aggregate principal amount of the offering was $1,000.0 million, including $150.0 million issued pursuant to the Initial 2031 Purchasers’ full exercise of their option to purchase additional notes. The 2031 Convertible Notes were issued at par, and net proceeds totaled approximately $975.3 million after deducting $24.7 million in purchasers’ commissions and offering expenses. The 2031 Convertible Notes have an effective interest rate of 10.9% which includes the stated interest of 1.00% that is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2026. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The 2031 Convertible Notes mature on September 1, 2031 (the “2031 Convertible Notes Maturity Date”), unless earlier converted redeemed or repurchased. The initial conversion rate is 80.4602 shares of Common Stock per $1,000 principal amount, equivalent to a conversion price of approximately $12.43 per share, subject to customary anti-dilution adjustments outlined in the indenture. The conversion rate will not be adjusted for accrued but unpaid interest.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In the event of a make-whole fundamental change (as defined in the indenture), the Company may be required to increase the conversion rate for holders that elect to convert their notes during the designated make-whole fundamental change period. As of June 30, 2026, there were no changes to the initial conversion rate.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to June 1, 2031, holders may convert their notes only upon the occurrence of specific conditions, including:</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">If, during any calendar quarter commencing after December 31, 2025, the last reported sale price per share of Common Stock is at least 130% of the conversion price for at least 20 out of the last 30 consecutive trading days of the preceding quarter (the “2031 Sale Price Conversion Event”);</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">During the five business days following any 10 consecutive trading-day measurement period in which the trading price of the 2031 Convertible Notes was less than 98% of the product of the Common Stock price and the conversion rate on each trading day;</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">If the Company calls any or all of the 2031 Convertible Notes for redemption prior to the scheduled redemption date; or</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the occurrence of certain specified corporate events, as defined in the indenture</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In April 2026, the 2031 Convertible Notes became convertible at the option of the holder based on the achievement of the 2031 Sale Price Conversion Event. Upon conversion, the Company may settle the 2031 Convertible Notes in cash or a combination of cash and shares of Common Stock, at its election. The Company’s ability to elect to settle conversions in a combination of cash and shares of Common Stock was subject to its receipt of stockholder approval for an increase in the number of the Company’s authorized shares of Common Stock. Accordingly, the 2031 Convertible Notes are classified as short-term convertible notes in the condensed consolidated balance sheet as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">As of closing of the 2031 Convertible Notes in August 2025, the Company was not initially allowed to elect combination settlement (cash and shares of Common Stock) until after the Company’s Articles of Incorporation were amended to increase the number of authorized shares of Common Stock, subject to stockholder approval, such that the conversion feature was required to be bifurcated from the 2031 Convertible Notes and accounted for separately as a derivative liability of $410.6 million. On September 30, 2025, the Company increased the number of authorized shares of Common Stock such that the Company may elect combination settlement (cash and shares of Common Stock) such that the conversion feature met the criteria for equity classification and the Company reclassified the fair value of the derivative liability of $511.2 million to additional paid in capital in the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Beginning September 6, 2028, the Company may redeem the 2031 Convertible Notes, in whole or in part, for cash, provided the Common Stock trades above 130% of the conversion price for a specified period, as outlined in the indenture. The redemption price will equal the principal amount plus accrued and unpaid interest, if any, up to but excluding the redemption date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On or after June 1, 2031, holders may convert their notes at any time until the second scheduled trading day immediately preceding the Maturity Date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">If a “Fundamental Change” occurs, as defined in the indenture—including certain business combinations or delisting events—holders may require the Company to repurchase all or part of their notes at 100% of principal plus accrued and unpaid interest.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the offering, the Company entered into privately negotiated capped call transactions (the “2031 Capped Calls”) with certain counterparties. The 2031 Capped Calls have a strike price of $12.43 per share and an initial cap price of $18.76 per share, each subject to adjustment. They cover the same number of shares initially underlying the 2031 Convertible Notes and are intended to reduce potential dilution and/or offset any cash payments the Company may be required to make above the principal amount upon conversion.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The 2031 Capped Calls will automatically settle or exercise in daily ratable amounts between July 2, 2031, and August 28, 2031, if such capped calls are in-the-money. In the event of a repurchase, redemption, or conversion of the 2031 Convertible Notes, the Company may—but is not obligated to—terminate a corresponding portion of the 2031 Capped Calls options. The Company may elect cash settlement or combination settlement, which includes shares of Common Stock or a combination of cash and shares of Common Stock. The 2031 Capped Calls are accounted for as separate equity transactions and not as derivatives. The $100.6 million cost of the 2031 Capped Calls was recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheet.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The indenture includes customary covenants and events of default. If an event of default occurs and is continuing, the trustee or holders of at least 25% of the outstanding principal amount may declare the 2031 Convertible Notes immediately due and payable.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">2032 Convertible Notes</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2025, the Company completed a private offering of 0.00% Convertible Senior Notes due 2032 (the “2032 Convertible Notes”). The unsecured notes were sold pursuant to a purchase agreement between the Company and Morgan Stanley &amp; Co. LLC, as representative of the initial purchasers (the “Initial 2032 Purchasers”), for resale to qualified institutional buyers under Rule 144A under the Securities Act.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The total aggregate principal amount of the offering was $1,025.0 million, including $125.0 million issued pursuant to the Initial 2032 Purchasers full exercise of their option to purchase additional notes. The 2032 Convertible Notes were issued at par, and net proceeds totaled approximately $998.4 million after deducting $26.6 million in purchasers’ commissions and offering expenses. The 2032 Convertible Notes have an effective interest rate of 0.4% and do not bear regular interest.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The 2032 Convertible Notes mature on May 1, 2032 (the “2032 Convertible Notes Maturity Date”), unless earlier converted redeemed or repurchased. The initial conversion rate is 50.1567 shares of Common Stock per $1,000 principal amount, equivalent to a conversion price of approximately $19.94 per share, subject to customary anti-dilution adjustments outlined in the indenture. The conversion rate will not be adjusted for accrued but unpaid special interest.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In the event of a make-whole fundamental change (as defined in the indenture), the Company may be required to increase the conversion rate for holders that elect to convert their notes during the designated make-whole fundamental change period. As of June 30, 2026, there were no changes to the initial conversion rate.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Prior to February 1, 2032, holders may convert their notes only upon the occurrence of specific conditions, including:</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">If, during any calendar quarter commencing after December 31, 2025, the last reported sale price per share of Common Stock is at least 130% of the conversion price for at least 20 out of the last 30 consecutive trading days of the preceding quarter;</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">During the five business days following any 10 consecutive trading-day measurement period in which the trading price of the 2032 Convertible Notes was less than 98% of the product of the Common Stock price and the conversion rate on each trading day;</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">If the Company calls any or all of the 2032 Convertible Notes for redemption prior to the scheduled redemption date; or</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.5pt">Upon the occurrence of certain specified corporate events, as defined in the indenture</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Upon conversion of the 2032 Convertible Notes, the Company will pay or deliver, as the case may be, cash or a combination of cash and shares of Common Stock, at the Company’s election. The 2032 Convertible Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after November 6, 2027, but only if the last reported sale price per share of the Company’s Common Stock exceeds 130% of the conversion price for a specified period of time (as set forth in the Indenture to the 2032 Convertible Notes). The redemption price will be equal to the principal amount of the 2032 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On or after February 1, 2032, noteholders may convert all or any portion of their 2032 Convertible Notes at any time at their option until the close of business on the second scheduled trading day immediately before the 2032 Convertible Notes Maturity Date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">If certain corporate events that constitute a “Fundamental Change” (as defined in the indenture governing the 2032 Convertible Notes) occur, then noteholders may require the Company to repurchase for cash all or any portion of their 2032 Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2032 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s Common Stock.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The indenture includes customary covenants and events of default. If an event of default occurs and is continuing, the trustee or holders of at least 25% of the outstanding principal amount may declare the 2032 Convertible Notes immediately due and payable.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company recorded stated interest on short-term debt, long-term debt and convertible notes of $68.4 million and $135.8 million for the three and six months ended June 30, 2026, respectively, of which (i) $21.8 million and $35.3 million was capitalized interest to property, plant and equipment, net in the condensed consolidated balance sheet as of June 30, 2026 and (ii) $46.6 million and $100.5 million was included within interest expense in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company amortized $21.1 million and $41.3 million, respectively, of debt issuance costs related to short-term debt, long-term debt and convertible notes, inclusive of the discount stemming from the bifurcation of the conversion feature for the 2031 Convertible Notes, of which (i) $10.9 million and $17.6 million was capitalized interest to property, plant and equipment, net and $0.4 million and $0.7 million was capitalized to equity in net assets of investee in the condensed consolidated balance sheet as of June 30, 2026 and (ii) $9.8 million and $23.0 million was included within interest expense in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively. The Company amortized $0.6 million and $1.2 million of debt issuance costs related to the 2030 Convertible Notes during the three and six months ended June 30, 2025, respectively, included within interest expense in the condensed consolidated statements of operations.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Principal maturities of outstanding long term debt and convertible notes as of June 30, 2026 are as follows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:85.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.102%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Year ending December 31:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">13,850 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">222,890 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">297,290 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">302,604 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,863,366 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="text-indent:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,025,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total principal maturities</span></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,725,000 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr></table></div> <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Long-term debt consists of the following (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:71.889%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.101%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.104%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Term debt</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,200,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,200,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Debt issuance costs and debt discount</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(89,947)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(101,444)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,110,053 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,098,556 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Less current portion of long-term debt</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90,718 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">46,316 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total long-term debt, net of current portion</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,019,335 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,052,240 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 3200000000 3200000000 89947000 101444000 3110053000 3098556000 90718000 46316000 3019335000 3052240000 3200000000 0.0775 1 0.40 105400000 0.087 0.0775 P364D 500000000.0 100000000.0 0.0275 100000000.0 0.0100 500000000.0 5000000.0 0.0025 500000000.0 1300000 1000000.0 7300000 5800000 1500000 100000000.0 400000 -7100000 0 250000000.0 150000000.0 0.0175 0.0075 0.0125 0.0175 0.0025 0.0075 0.0050 75000000.0 75000000.0 0 0 200000 0 74800000 0.019 2100000 2000000.0 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a summary of the Company’s convertible notes as of June 30, 2026 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Principal Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Unamortized Debt Discount and Issuance Costs</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Short-term convertible notes:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2030 Convertible notes</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(9,054)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">490,946 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2031 Convertible notes</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,000,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(388,970)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">611,030 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,101,976 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Convertible notes:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2032 Convertible notes</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,025,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(23,917)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,001,083 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following is a summary of the Company’s convertible notes as of December 31, 2025 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Principal Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Unamortized Debt Discount and Issuance Costs</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Amount</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Short-term convertible notes:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2030 Convertible notes</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(10,233)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">489,767 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Convertible notes:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2031 Convertible notes</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,000,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(416,301)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">583,699 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2032 Convertible notes</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,025,000 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(25,911)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">999,089 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,582,788 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 500000000 9054000 490946000 1000000000 388970000 611030000 1101976000 1025000000 23917000 1001083000 500000000 10233000 489767000 1000000000 416301000 583699000 1025000000 25911000 999089000 1582788000 0.0275 500000000.0 75000000.0 1 487100000 12900000 0.033 0.0275 8.48 20 30 1.30 5 10 0.98 1.30 1 8.48 12.80 60000000.0 0.25 1 0.0100 1000000000 150000000.0 975300000 24700000 0.109 0.0100 12.43 1.30 20 30 5 10 0.98 410600000 511200000 1.30 1 12.43 18.76 100600000 0.25 0.0000 1025000000 125000000.0 998400000 26600000 0.004 19.94 1.30 20 30 5 10 0.98 1.30 1 0.25 68400000 135800000 21800000 35300000 46600000 100500000 21100000 41300000 10900000 17600000 400000 700000 9800000 23000000.0 600000 1200000 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Principal maturities of outstanding long term debt and convertible notes as of June 30, 2026 are as follows (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"></td><td style="width:85.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.102%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Year ending December 31:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Remainder of 2026</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">13,850 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2027</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">222,890 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2028</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">297,290 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2029</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">302,604 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;text-indent:6pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2030</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,863,366 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div style="text-indent:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Thereafter</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">2,025,000 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Total principal maturities</span></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,725,000 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr></table></div> 13850000 222890000 297290000 302604000 2863366000 2025000000 5725000000 JOINT VENTURE<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Abernathy Joint Venture</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2025, the Company entered into the Abernathy Joint Venture Agreement with the Fluidstack Member to govern the terms of operation of the Abernathy Joint Venture, which will develop and operate the Abernathy HPC Campus. Pursuant to the terms of the Abernathy Joint Venture Agreement, the TeraWulf Member was required to make equity contributions to the Abernathy Joint Venture and, upon such contributions, the percentage of equity owned by the TeraWulf Member could be adjusted up to 51.0% accordingly. If additional capital contributions were required to fund the Abernathy Joint Venture, the Fluidstack Member and the TeraWulf Member each had the right to contribute a pro rata portion of such additional capital contributions according to the percentage of equity they own in the Abernathy Joint Venture, with the TeraWulf Member being required to contribute any shortfall that the Fluidstack Member elected not to contribute, and the percentage of equity owned by each would have been adjusted accordingly.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the Abernathy Joint Venture Agreement, the TeraWulf Member simultaneously entered into (i) a contribution agreement (the “Contribution Agreement”) and (ii) a development agreement (the “Development Agreement”).</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Contribution Agreement provided for the TeraWulf Member to purchase from the Fluidstack Member membership interests of the Abernathy Joint Venture representing a 50.1% ownership percentage, for an aggregate purchase price of $450.0 million, payable in installments during 2025 in accordance with and pursuant to the terms of the Abernathy Joint Venture Agreement. In addition, the Contribution Agreement provided for the TeraWulf Member to pay up to additional $50.0 million on or before December 31, 2025 to the extent reasonably agreed by the Members for a maximum total ownership percentage of 51.0%. As of June 30, 2026, the Company paid $450.0 million in cash for 50.1% of the Abernathy Joint Venture and did not purchase any additional membership interests pursuant to the Contribution Agreement. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Development Agreement between the Members and the Abernathy Joint Venture governed the terms and conditions of certain development, construction management and financial services to be provided by each of the respective Members in connection with the design, infrastructure, site preparation, construction and financing of the Abernathy HPC Campus. On December 29, 2025, the Abernathy Joint Venture completed a private offering of 7.250% Senior Secured Notes due 2030 (the “JV Notes”). The aggregate principal amount of JV Notes sold in the offering was $1,300.0 million. The net proceeds will be used to finance a portion of the cost of construction of the Abernathy HPC Campus, to fund debt reserves, to fund $75.0 million of cash collateral to secure the Guarantor’s obligations under a certain letter of credit, and to pay fees and expenses in connection with the foregoing.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Concurrent with the issuance of the JV Notes, the Abernathy Members amended the Abernathy Joint Venture Agreement, the Contribution Agreement and the Development Agreement for the parties to agree to modified timing of the TeraWulf Member installment contributions to the Abernathy Joint Venture as well as to provide for additional construction management rights over the development of the Abernathy HPC Campus. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company capitalized a portion of the interest on funds borrowed to finance its investments in the Abernathy Joint Venture prior to the Abernathy Joint Venture commencing its principal operations. Capitalized interest costs were $0.4 million and $0.7 million for the three and six months ended June 30, 2026, respectively, and $0 for the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Abernathy Joint Venture is a VIE accounted for using the equity method of accounting.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On July 6, 2026, the TeraWulf Member entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with the Fluidstack Member and certain other purchasers (collectively, the “Purchasers”) to sell to the Purchasers all of the TeraWulf Member’s 50.1% membership interest in the Abernathy Joint Venture for aggregate cash consideration of approximately $530.0 million. The sale was effective as of July 6, 2026. The consideration is payable in three installments: $250.0 million within 14 days following the effective date; $150.0 million on or before December 31, 2026; and approximately $130.0 million, subject to adjustment as provided in the Purchase Agreement, on or before April 30, 2027. As a result of the transaction, the TeraWulf Member no longer holds any equity interest in the Abernathy Joint Venture. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Justified Data Campus Developer</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the Justified Data Campus asset acquisition in February 2026, the Justified Data Campus seller was granted a 6.8% non-dilutive minority equity interest in one of TeraWulf’s subsidiaries, which was formed to develop and own a HPC/AI data center on the property (the “Justified Data Campus Developer”). The Justified Data Campus seller has the right to request the redemption of its minority interest (the “Put Option”) starting on the first anniversary of the data center’s commencement of operations (the “Operations Anniversary Date”). The payable pursuant to the Put Option is a fixed amount, less the amount of any distributions received by the Justified Data Campus seller. The Justified Data Campus seller will not participate in the development, financing, construction, management or operation of the data center and will not have any obligations to contribute capital, unless the Put Option is not redeemed in full within 30 days after the Operations Anniversary Date. The Company determined the Justified Data Campus Developer is a VIE and as the primary beneficiary, the Company has consolidated the entity. As of June 30, 2026, the Company holds a 93.2% controlling interest in the Justified Data Campus Developer.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Upon closing of the Justified Data Campus asset acquisition, the Company recorded the 6.8% minority equity interest as noncontrolling interest in the condensed consolidated balance sheet at an initial carrying amount of $1.2 million. The noncontrolling interest is subsequently adjusted for the noncontrolling interest’s share of the Justified Data Campus’s net income or loss and is not adjusted to redemption value unless redemption becomes probable. During the three and six months ended June 30, 2026, the Company recorded $0.9 million and $1.0 million, respectively, loss attributable to noncontrolling interest in the condensed consolidated statements of operations.</span></div> 0.510 0.501 450000000.0 50000000.0 0.510 450000000.0 0.501 0.07250 1300000000 75000000.0 400000 700000 0 0 0.501 530000000.0 3 250000000.0 P14D 150000000.0 130000000.0 0.068 P30D 0.932 0.068 1200000 -900000 -1000000.0 COMMITMENTS AND CONTINGENCIES<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In June 2026, the Company entered into an agreement regarding the sale of certain electrical equipment and reimbursement of transmission system modification-related costs (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, the Company agreed to reimburse the generation and transmission cooperative for costs incurred to complete a transmission system modification to its substation in connection with the Justified Data Campus. The Company is expected to pay a net $11.2 million in the aggregate by the first quarter of 2027, which is net of a $0.6 million credit related to the sale of electrical equipment and is being credited against the costs of the transmission system modification. In July 2026, the Company paid $5.3 million of its obligations under the Reimbursement Agreement.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">Litigation</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings, regulatory inquiries and claims that arise in the ordinary course of its business activities.</span></div> 11200000 600000 5300000 CONVERTIBLE PREFERRED STOCK<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%">TeraWulf Convertible Preferred Stock</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In March 2022, TeraWulf entered into Series A Convertible Preferred Stock Subscription Agreements (the “Subscription Agreements”) with certain accredited and institutional investors (collectively, the “Holders”). Pursuant to the Subscription Agreements, the Company sold 9,566 shares (of 10,000 shares authorized) of Series A Convertible Preferred Stock, par value $0.001 per share (the “Convertible Preferred Stock”) to the Purchasers for an aggregate purchase price of $9.6 million. The Subscription Agreements contain customary representations, warranties, covenants and agreements of the Company. The offer and sale of the Convertible Preferred Stock were made pursuant to the prospectus and prospectus supplement forming a part of the 2022 Registration Statement.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Holders of the Convertible Preferred Stock accumulated cumulative dividends at an annual rate of 10.0% on the stated amount per share plus the amount of any accrued and unpaid dividends on such share, accumulating on a daily basis and payable, if declared by the Company’s Board of Directors, quarterly on March 31st, June 30th, September 30th and December 31st, respectively, in each year and commencing June 30, 2022. Commencing June 30, 2022, unpaid dividends were accreted to the liquidation preference. The initial liquidation preference was $1,000 per share. Holders of the Convertible Preferred Stock were also entitled to such dividends paid to holders of the Company’s Common Stock, if applicable, as if such Holders of the Convertible Preferred Stock had converted their Preferred Shares into Common Stock (without regard to any limitations on conversions) and had held such shares of the Company’s Common Stock on the record date for such dividends and distributions. Holders of Convertible Preferred Stock did not generally have the right to vote at any meeting of stockholders, except for certain protective voting rights, as defined.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Holders of the Convertible Preferred Stock had a right to effect an optional conversion of all or any whole number of shares of the Convertible Preferred Stock at any time and from time to time. The Company had a right to effect a mandatory conversion of the Convertible Preferred Stock after the third anniversary of the issuance date if the Last Reported Sale Price (as defined in the Company’s Series A Convertible Preferred Certificate of Designations) per share of Common Stock exceeds 130% of the Conversion Price, as defined, on each of at least five (5) trading days (whether or not consecutive) during the fifteen consecutive trading days ending on, and including, the trading day immediately before the mandatory conversion notice date for such mandatory conversion. The number of shares of Common Stock issuable upon conversion were equal to the liquidation preference, including accumulated and unpaid dividends, divided by the Conversion Price, as defined. The Conversion Price is determined by dividing $1,000 by the Conversion Rate, as defined, which was initially 100 shares of Common Stock per $1,000 liquidation preference of Convertible Preferred Stock. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the year ended December 31, 2025, (i) one Holder of the Convertible Preferred Stock exercised their right to effect an optional conversion of 8 shares of Convertible Preferred Stock and the Company exercised its option to settle such conversion in cash for $12,000, (ii) one Holder of the Convertible Preferred Stock exercised their right to effect an optional conversion of 1,000 shares of Convertible Preferred Stock to 141,948 shares of Common Stock, and (iii) the Company exercised its right to effect a mandatory conversion of the remaining 8,558 shares of the Convertible Preferred Stock to 1,214,790 shares of Common Stock.</span></div>No dividends were paid during the three and six months ended June 30, 2026 and 2025. 9566 10000 0.001 9600000 0.100 1000 1.30 5 15 1000 100 1000 8 12000 1000 141948 8558 1214790 0 0 0 0 COMMON STOCK<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On September 30, 2025, the Company held a Special Meeting of Stockholders (the “Special Meeting”). As a result of the matters submitted to a stockholder vote at the Special Meeting, the Company's stockholders adopted a charter amendment increasing the number of authorized shares of Common Stock from 600,000,000 to 950,000,000. Consequently, as of September 30, 2025, TeraWulf’s Certificate of Incorporation provides for authorized shares of 1,050,000,000 divided into (a) 950,000,000 shares of Common Stock, with par value of $0.001 per share and (b) 100,000,000 shares of Preferred Stock, with par value of $0.001 per share. Each holder of a share of Common Stock shall be entitled to one vote of each common share held. Each holder of a share of Preferred Stock shall not be entitled to any voting powers, except as provided in an applicable Certificate of Designations. The board of directors may authorize one or more series of Preferred Stock and may fix the number of shares in such series and the designation, powers, preferences, rights, qualifications, limitations and restrictions in respect of the shares of such series. One series of preferred stock, the Convertible Preferred Stock, was authorized as of June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In April 2022, the Company entered into a sales agreement with Cantor Fitzgerald &amp; Co. (“Cantor”), B. Riley Securities, Inc. (“B. Riley Securities”) and D.A. Davidson &amp; Co. (“D.A. Davidson”), pursuant to which the Company may offer and sell, from time to time, through or to the agents thereunder, shares of Common Stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million. The April 2022 sales agreement was amended in August 2023 to terminate the agreement with respect to D.A. Davidson and add Northland Securities, Inc. (“Northland”) and Compass Point Research &amp; Trading, LLC (“Compass Point”) as agents (as so amended, the “Original ATM Sales Agreement“). The Company incurred a commission up to 3.0% of the gross sales price from each sale of shares. In May 2024, the Company and B. Riley Securities mutually agreed to terminate the Original ATM Sales Agreement with respect to B. Riley Securities and the Company entered into Amendment No. 2 to the Original ATM Sales Agreement with Cantor, Northland, Compass Point ATB Capital Markets USA Inc. (“ATB Capital Markets”), Roth Capital Partners, LLC (“Roth Capital Partners”), Stifel Nicolaus Canada Inc. (“Stifel Canada”) and Virtu Americas LLC (each, individually, an “Agent” and, collectively, the “ATM Agents”) pursuant to which the Company may offer and sell, from time to time, through or to the ATM Agents, shares of Common Stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million (the “Amended ATM Sales Agreement,” together with the Original ATM Sales Agreement, the “ATM Program”). The Company incurs a commission up to 3.0% of the gross sales price from each sale of shares. The Company is not obligated to sell any shares under the ATM Program. The issuance and sale of the shares by the Company under the ATM Program have been made pursuant to the Company’s effective registration statement on Form S-3 (Registration statement No. 333-262226), including final prospectus supplements dated April 26, 2022 and May 23, 2024.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2026, the Company sold pursuant to the ATM Program 10,326,000 and 10,875,298 shares of Common Stock for net proceeds of $187.0 million and $196.0 million, respectively. Additionally, during the six months ended June 30, 2026, the Company amortized $41,000 of previously capitalized stock issuance costs to additional paid-in capital. During the three and six months ended June 30, 2025, the Company sold no shares of Common Stock pursuant to the ATM Program. As of June 30, 2026, no amounts remained available for sale under the ATM Program.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2022, the Company entered into unit subscription agreements with certain accredited investors in privately negotiated transactions (collectively, the “October Purchasers”) as part of a private placement (the “October Private Placement”) exempt from registration under the Securities Act. Pursuant to the agreements, the Company sold 7,481,747 units, each consisting of one share of Common Stock and one warrant (the “October Warrants”), exercisable at a price of $1.93 per Common Share, to the October Purchasers for an aggregate purchase price of approximately $9.4 million. Approximately $3.5 million of the aggregate purchase price related to investments by entities controlled by members of Company management. The Company allocated the proceeds between Common Stock and the October Warrants based on the relative fair values of the financial instruments, with $5.1 million allocated to the Common Stock and $4.3 million allocated to the October Warrants. During the three and six months ended June 30, 2026, 3,174,604 and 3,492,064 October Warrants were exercised for issuance of 3,028,754 and 3,346,214 shares of Common Stock for aggregate proceeds to the Company of $3.1 million and $3.7 million, respectively. No October Warrants were exercised during the three and six months ended June 30, 2025. As of June 30, 2026, there were 2,837,302 of the October Warrants outstanding. The October Warrants are classified as equity in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In March 2023, in connection with the fifth amendment to the LGSA the Company entered into a warrant agreement (the “Warrant Agreement”) to issue the following warrants to the lenders: (i) 27,759,265 warrants to purchase an aggregate number of shares of the Company’s Common Stock equal to 10.0% of the fully diluted equity of the Company as of the fifth amendment effective date with an exercise price of $0.01 per share of the Company’s Common Stock (the “Penny Warrants”) and (ii) 13,879,630 warrants to purchase an aggregate number of shares of the Company’s Common Stock equal to 5.0% of the fully diluted equity of the Company as of the fifth amendment effective date with an exercise price of $1.00 per share of the Company’s Common Stock (the “Dollar Warrants”). The Penny Warrants were exercisable during the period beginning on April 1, 2024 and ending on December 31, 2025, and the Dollar Warrants are exercisable during the period beginning on April 1, 2024 and ending on December 31, 2026. In March 2023, in connection with the issuance of the warrants pursuant to the Warrant Agreement, the Company entered into a registration rights agreement pursuant to which the Company has agreed to provide customary shelf and piggyback registration rights to the LGSA lenders with respect to the Common Stock issuable upon exercise of the warrants described above. During the three and six months ended June 30, 2026, 0 and 3,371,570 warrants issued in connection with the LGSA were exercised for issuance of the same number of shares of Common Stock, comprised entirely of Dollar Warrants, for aggregate proceeds to the Company of $0 and $3.4 million, respectively. During the three and six months ended June 30, 2025, no warrants issued in connection with the LGSA were exercised. The Penny Warrants and Dollar Warrants are classified as equity in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In October 2024, the Company’s board of directors approved a share repurchase program authorizing the Company to repurchase up to $200.0 million of the Company’s outstanding shares of Common Stock through December 31, 2025. During the three and six months ended June 30, 2026, the Company did not repurchase Common Stock under the share repurchase program. During the three and six months ended June 30, 2025, the Company repurchased 0 and 5,900,000 shares of Common Stock for $0 and $33.3 million, respectively. In May 2025, the Board of Directors authorized an increase of the share repurchase program in the amount of $151.4 million. Additionally, the Board of Directors agreed that the share repurchase program authorization shall continue unless and until the Company purchases $200.0 million of Common Stock or it is revoked by the Board of Directors. As of June 30, 2026, the Company has the capacity to repurchase $200.0 million of outstanding shares of Common Stock under the share repurchase program.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In April 2026, the Company closed a stock offering of 54,510,000 shares of Common Stock at a public offering price of $19.00 per share, resulting in gross proceeds of approximately $1,035.7 million, before deducting underwriting discounts and commissions and other offering expenses. Net proceeds from the offering were approximately $1,003.8 million.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">No dividends were declared during the three and six months ended June 30, 2026 and 2025.</span></div> 600000000 950000000 1050000000 950000000 0.001 100000000 0.001 1 1 0.001 200000000.0 0.030 0.001 200000000.0 0.030 10326000 10875298 187000000.0 196000000.0 41000 0 0 0 7481747 1.93 9400000 3500000 5100000 4300000 3174604 3492064 3028754 3346214 3100000 3700000 0 0 2837302 27759265 0.100 0.01 13879630 0.050 1.00 0 3371570 0 3400000 0 0 200000000.0 0 0 0 5900000 0 33300000 151400000 200000000.0 200000000.0 54510000 19.00 1035700000 1003800000 0 0 0 0 STOCK-BASED COMPENSATION<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In May 2021, the Company made effective the 2021 Omnibus Incentive Plan (the “Plan”) for purpose of attracting and retaining employees, consultants and directors of the Company and its affiliates by providing each the opportunity to acquire an equity interest in the Company or other incentive compensation in order to align the interests of such individuals with those of the Company’s stockholders. The Plan provides for a maximum number of shares to be issued, limitations of shares to be delivered for incentive stock options and a maximum compensation amount for any non-employee member of the board of directors, among other provisions. The form of grants under the Plan includes stock options, stock appreciation rights, restricted stock and RSUs. In May 2025, the Company’s stockholders approved an amendment of the Plan to (i) increase the number of shares authorized for issuance thereunder to 54,096,290 shares of Common Stock, (ii) eliminate the Plan’s automatic annual share increase provision, and (iii) increase the number of shares of Common Stock authorized for issuance for grants of incentive stock options to 13,524,073 shares of Common Stock. The Company recorded stock-based compensation expense of $83.9 million and $185.4 for the three and six months ended June 30, 2026, respectively, and $1.3 million and $40.0 million for the three and six months ended June 30, 2025, respectively.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Certain employees, in lieu of paying withholding taxes on the vesting of certain shares of restricted stock and RSU awards, authorized the withholding of an aggregate of 5,794,365 and 6,154,616 shares of Common Stock to satisfy statutory withholding requirements related to such vesting during the three and six months ended June 30, 2026. respectively, and withholdings of an aggregate 257,553 and 3,557,963 shares of Common Stock during the three and six months ended June 30, 2025, respectively. Shares withheld for the payment of withholding taxes are not deemed issued under the Plan and remain available for issuance. Additionally, the Company issued 5,632 and 10,528 shares of Common Stock to members of the board of directors for payment of quarterly fees in lieu of cash payments during the three and six months ended June 30, 2026, respectively, and 0 and 21,869 shares of Common Stock to members of the board of directors for payment of quarterly fees in lieu of cash payments during the three and six months ended June 30, 2025.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the activities for unvested RSUs granted to employees and members of the board of directors during the six months ended June 30, 2026:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Unvested Restricted Stock Units</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Number of Shares</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Weighted-Average Grant-Date Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of December 31, 2025</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">15,313,881</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">4.78</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.36pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Granted</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">33,051,097</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12.39</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Vested</span></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(12,305,836)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10.53</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Forfeited/canceled</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(3,333)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5.15</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of June 30, 2026</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">36,055,809</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">9.80</span></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The requisite service period for RSUs is generally three years. RSUs granted as set out in the table above include PSUs representing 10,871,273 shares with vesting based on market conditions tied to the Company’s stock price during the six months ended June 30, 2026. The PSUs are subject to performance-based vesting conditions measured over a three-year performance period and vest based on the Company’s achievement of certain stock price hurdles by certain determination dates, subject to the respective employee’s continued service through the applicable determination date. The stock price hurdle is calculated using the VWAP of Common Stock as reported by the Nasdaq during the 20 trading days immediately preceding the applicable determination date. Any unvested PSUs will be forfeited if the performance targets are not achieved within three years of the grant date. There were no unvested PSUs as of June 30, 2026. Restricted stock are immediately vested on the grant date, but shall not be assigned, sold or transferred by the participant until one year from the grant date. As of June 30, 2026, there was $286.0 million of unrecognized compensation cost related to unvested RSUs granted to employee and members of the board of directors. The amount is expected to be recognized over a weighted average period of 1.3 years.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the activities for unvested RSUs granted to non-employees, excluding members of the board of directors, during the six months ended June 30, 2026:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Unvested Restricted Stock Units</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Number of Shares</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Weighted-Average Grant-Date Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of December 31, 2025</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">274,664</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">4.63</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Granted</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,887</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12.74</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Vested</span></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(101,665)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1.46</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Forfeited/canceled</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(15,000)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3.30</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of June 30, 2026</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">163,886</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">7.02</span></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The requisite service period for grants, including derived service periods for RSUs with market conditions, is generally three years. As of June 30, 2026, there was $0.8 million of unrecognized compensation cost related to unvested non-employee, excluding members of the board of directors, RSUs. The amount is expected to be recognized over a weighted average period of 1.0 year.</span></div> 54096290 13524073 83900000 185400000 1300000 40000000.0 5794365 6154616 257553 3557963 5632 10528 0 21869 <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the activities for unvested RSUs granted to employees and members of the board of directors during the six months ended June 30, 2026:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Unvested Restricted Stock Units</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Number of Shares</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Weighted-Average Grant-Date Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of December 31, 2025</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">15,313,881</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">4.78</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.36pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Granted</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">33,051,097</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12.39</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Vested</span></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(12,305,836)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10.53</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Forfeited/canceled</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(3,333)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5.15</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of June 30, 2026</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">36,055,809</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">9.80</span></td></tr></table></div> 15313881 4.78 33051097 12.39 12305836 10.53 3333 5.15 36055809 9.80 P3Y 10871273 P3Y P20D P3Y 0 P1Y 286000000.0 P1Y3M18D <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table summarizes the activities for unvested RSUs granted to non-employees, excluding members of the board of directors, during the six months ended June 30, 2026:</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Unvested Restricted Stock Units</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Number of Shares</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Weighted-Average Grant-Date Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of December 31, 2025</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">274,664</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">4.63</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Granted</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">5,887</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12.74</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Vested</span></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(101,665)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">1.46</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 4.37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Forfeited/canceled</span></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(15,000)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3.30</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Unvested as of June 30, 2026</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">163,886</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 1.37pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">7.02</span></td></tr></table></div> 274664 4.63 5887 12.74 101665 1.46 15000 3.30 163886 7.02 P3Y 800000 P1Y RELATED PARTY TRANSACTIONS<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In April 2021, the Company entered into a Services Agreement (the “Services Agreement”) with Beowulf Electricity &amp; Data Inc. (“Beowulf E&amp;D”), a related party due to control by a member of Company management. Under the Services Agreement, Beowulf E&amp;D provided, or caused its affiliates to provide, to TeraWulf certain services necessary to construct and operate certain bitcoin mining facilities developed or anticipated to be developed by the Company and support the Company’s ongoing business, including, among others, services related to construction, technical and engineering, operations and maintenance, procurement, information technology, finance and accounting, human resources, legal, risk management and external affairs consultation. The Services Agreement had an initial term of five years and provided for certain fixed, passthrough and incentive payments to Beowulf E&amp;D, including issuing to certain designated employees of Beowulf E&amp;D awards with respect to shares of Common Stock upon the consummation of an initial public offering of TeraWulf or the consummation of a merger following which TeraWulf is listed on a nationally recognized securities exchange and, thereafter, upon achievement of certain milestones regarding bitcoin mining capacity deployed at the bitcoin mining facilities.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">For the base fee, the Company originally agreed to pay Beowulf E&amp;D in monthly installments an annual fee for the first year in the amount of $7.0 million and, thereafter, an annual fee equal to the greater of $10.0 million or $0.0037 per kilowatt hour of electric load utilized by the bitcoin mining facilities. In March 2023, TeraWulf and Beowulf E&amp;D entered into an Amendment No. 1 to the Services Agreement, pursuant to which TeraWulf agreed to pay Beowulf E&amp;D, effective as of January 1, 2023, a reduced annual base fee equal to $8.5 million payable in monthly installments, until all obligations under the Company’s loan, guarantee and security agreement, as amended and restated from time to time, are either indefeasibly repaid in full or refinanced, at which point the annual base fee will increase to $10.0 million, which occurred in July 2024. The Services Agreement also provides for reimbursement of cost and expenses incurred in connection with providing the services. On May 21, 2025, the Company acquired Beowulf E&amp;D which terminated the Services Agreement between the Company and Beowulf E&amp;D. For the six months ended June 30, 2025, prior to the Company’s acquisition of Beowulf E&amp;D, the Company paid Beowulf E&amp;D $15.3 million under the Services Agreement, including payments related to construction agreements with contractors at the Lake Mariner Data Campus. For the three and six months ended June 30, 2025, selling, general and administrative expenses – related party in the condensed consolidated statements of operations included $4.3 million and $7.9 million, respectively, and operating expenses – related party in the condensed consolidated statements of operations included $0.6 million and $1.4 million, respectively, in each case related to the base fee and reimbursement of costs and expenses. Following the termination of the Services Agreement, no amounts were incurred or paid during the three and six months ended June 30, 2026.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Services Agreement also provided for performance-related milestones and related incentive compensation. Once the mining facilities have utilized 100 MW of cryptocurrency mining load in the aggregate, and for every incremental 100 MW of cryptocurrency mining load deployed thereafter, the Company agreed to issue additional awards of shares of Common Stock each in the amount of $2.5 million to certain designated employees of Beowulf E&amp;D in accordance with TeraWulf’s then effective Plan.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">During the three and six months ended June 30, 2025, due to the change in the Company’s strategy to focus on development and deployment of infrastructure to support HPC workloads, the Company agreed to settle the final100 MW performance-related milestone on a pro-rata basis for the 95 MW of cryptocurrency mining load deployed and recognized $2.4 million of performance milestone expense included in selling, general and administrative expenses – related party in the condensed consolidated statements of operations for the three and six months ended June 30, 2025. During the three and six months ended June 30, 2025, the Company issued 798,319 shares of Common Stock with a fair value of $2.4 million to settle the share-based liabilities due to related party.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In January 2022, the Company established The TeraWulf Charitable Foundation (the “Foundation”), a private philanthropic organization focused on funding and participating in social, health, environmental, and sustainability programs. Certain of the Company’s officers also serve as officers of the Foundation. In June 2026, the Company's Board of Directors authorized the Company to make annual charitable contributions of up to $13.0 million to the Foundation per calendar year, in cash, shares of Common Stock, or a combination thereof, subject to determination by the Company’s authorized officers. The Board approved the 2026 annual contribution in the form of 500,000 shares of Common Stock, which were reissued from treasury stock. The shares were reissued during the three and six months ended June 30, 2026, with a fair value on the issuance date of $14.4 million, which is included in selling, general and administrative expenses – related party.</span></div> P5Y 7000000.0 10000000.0 0.0037 8500000 10000000.0 15300000 4300000 7900000 600000 1400000 0 0 100 100 2500000 100 95 2400000 798319 2400000 13000000.0 500000 14400000 14400000 SEGMENTS<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents revenue and segment profit (loss) by reportable segment for the periods presented (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">HPC Leasing Segment</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">HPC lease revenue</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">31,932 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">52,954 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cost of revenue (exclusive of depreciation)</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,452 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6,903 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Operating expenses (including related party)</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">18,473 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">26,805 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">HPC leasing segment profit</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">9,007 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">19,246 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Digital Asset Mining Segment</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Digital asset mining revenue</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,835 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">47,636 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">25,825 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">82,041 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cost of revenue (exclusive of depreciation)</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,948 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">22,094 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,858 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">46,647 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Operating expenses (including related party)</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">4,965 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,514 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">7,835 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">6,406 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Digital asset mining segment (loss) profit</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(78)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22,028 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10,132 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">28,988 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents a reconciliation of the reportable segment profit to loss before income taxes and equity in net loss of investee included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Reportable segment profit</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">8,929 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">22,028 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">29,378 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">28,988 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Selling, general and administrative expenses</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">112,411 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">9,996 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">240,016 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">56,569 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Selling, general and administrative expenses – related party</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">14,529 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">4,292 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">14,688 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,863 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Depreciation</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">21,241 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">18,786 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">49,718 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">34,360 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss (gain) on fair value of digital assets, net</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">799 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(887)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,452 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(17)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Change in fair value of contingent consideration</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,600 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,600 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Impairment of property, plant, and equipment</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">25,697 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss on disposals of property, plant, and equipment</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">399 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,831 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">399 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,831 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Operating loss</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,450)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(15,590)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(302,592)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(75,218)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Interest expense</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(56,389)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(4,012)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(123,460)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(8,061)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Change in fair value of warrants</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(755,667)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(971,992)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss on extinguishment of debt</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(7,116)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(7,116)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">28,956 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,232 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">58,367 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,491 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Other income</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">930 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">930 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss before income tax and equity in net loss of investee</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(929,736)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(18,370)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,345,863)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(79,788)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents revenue and segment profit (loss) by reportable segment for the periods presented (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">HPC Leasing Segment</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">HPC lease revenue</span></div></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">31,932 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">52,954 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cost of revenue (exclusive of depreciation)</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,452 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6,903 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Operating expenses (including related party)</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">18,473 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">26,805 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">HPC leasing segment profit</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">9,007 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">19,246 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Digital Asset Mining Segment</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Digital asset mining revenue</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">12,835 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">47,636 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">25,825 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">82,041 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cost of revenue (exclusive of depreciation)</span></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,948 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">22,094 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,858 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">46,647 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Operating expenses (including related party)</span></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">4,965 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">3,514 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">7,835 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">6,406 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">Digital asset mining segment (loss) profit</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">(78)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">22,028 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">10,132 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:114%">28,988 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following table presents a reconciliation of the reportable segment profit to loss before income taxes and equity in net loss of investee included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.354%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.085%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Three Months Ended June 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:114%">Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Reportable segment profit</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">8,929 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">22,028 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">29,378 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">$</span></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">28,988 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Selling, general and administrative expenses</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">112,411 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">9,996 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">240,016 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">56,569 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Selling, general and administrative expenses – related party</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">14,529 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">4,292 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">14,688 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,863 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Depreciation</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">21,241 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">18,786 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">49,718 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">34,360 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss (gain) on fair value of digital assets, net</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">799 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(887)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,452 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(17)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Change in fair value of contingent consideration</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,600 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,600 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Impairment of property, plant, and equipment</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">25,697 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss on disposals of property, plant, and equipment</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">399 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,831 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">399 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,831 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Operating loss</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,450)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(15,590)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(302,592)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(75,218)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Interest expense</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(56,389)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(4,012)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(123,460)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(8,061)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Change in fair value of warrants</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(755,667)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(971,992)</span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss on extinguishment of debt</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(7,116)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(7,116)</span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">28,956 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,232 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">58,367 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,491 </span></td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Other income</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">930 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">930 </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Loss before income tax and equity in net loss of investee</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(929,736)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(18,370)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,345,863)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(79,788)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 31932000 0 52954000 0 4452000 0 6903000 0 18473000 0 26805000 0 9007000 0 19246000 0 12835000 47636000 25825000 82041000 7948000 22094000 7858000 46647000 4965000 3514000 7835000 6406000 -78000 22028000 10132000 28988000 8929000 22028000 29378000 28988000 112411000 9996000 240016000 56569000 14529000 4292000 14688000 7863000 21241000 18786000 49718000 34360000 -799000 887000 -1452000 17000 0 1600000 0 1600000 0 0 25697000 0 -399000 -3831000 -399000 -3831000 -140450000 -15590000 -302592000 -75218000 56389000 4012000 123460000 8061000 -755667000 0 -971992000 0 -7116000 0 -7116000 0 28956000 1232000 58367000 3491000 930000 0 930000 0 -929736000 -18370000 -1345863000 -79788000 SUBSEQUENT EVENTS<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">In July 2026, the Company entered into a long-term datacenter lease agreement (the “Anthropic HPC Lease”) with Anthropic PBC (“Anthropic”) for specified datacenter infrastructure at the Justified Data Campus to support Anthropic’s HPC operations. Under the Anthropic HPC Lease, the Company will provide Anthropic with approximately 401 MW of critical IT load at the Justified Data Campus. The Anthropic HPC Lease has an initial term of 20 years commencing upon delivery of the applicable leased premises, with two options to extend the initial term by five years each at Anthropic’s election. Delivery of the leased premises is expected to occur in phases, with initial capacity expected to be delivered in the second half of 2027 and full delivery of the 401 MW of critical IT load expected in early 2028. The Anthropic HPC Lease had not commenced as of the date these condensed consolidated financial statements were issued.</span></div> 401 P20Y 2 P5Y 401 <div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">On May 13, 2026, Steven Pincus, a member of the Company’s board of directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of the Company’s common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 100,000 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until August 6, 2027 or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.</span></div> May 13, 2026 Steven Pincus board of directors true 100000 August 6, 2027 false false false