v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,288,253 $ 2,335,683
Restricted cash 6,181 877
Accounts receivable, net (includes related party accounts receivable of $4,370 and $2,091 at June 30, 2026 and December 31 2025, respectively) 79,297 37,726
Inventory 28,417 12,007
Prepaid expenses 16,729 11,955
Other current assets 74,743 60,264
Total current assets 2,493,620 2,458,512
Non-current assets:    
Restricted cash 428,400 443,400
Property and equipment, net 2,069,336 1,398,761
Intangible assets, net 298,724 245,093
Operating lease right-of-use assets, net 21,224 19,420
Other non-current assets (includes related party loan receivable of $18,785 and $18,187 at June 30, 2026 and December 31, 2025, respectively) 543,581 449,201
TOTAL ASSETS 5,854,885 5,014,387
Current liabilities:    
Accounts payable 60,615 46,763
Accrued expenses and other current liabilities 103,340 69,246
Current contract liabilities 14,840 19,887
Current operating lease liabilities 3,749 2,449
Current portion of long-term debt 8,494 11,999
Total current liabilities 191,038 150,344
Non-current liabilities:    
Warrant liabilities 0 7,471
Non-current operating lease liabilities 18,066 17,479
Non-current contract liabilities 252,093 207,093
Long-term debt, net 2,963,422 2,207,583
Other non-current liabilities 32,688 32,092
Total liabilities 3,457,307 2,622,062
Commitments and contingencies (Note 8)
Stockholders' Equity    
Additional paid-in capital 3,146,053 2,671,770
Accumulated other comprehensive income 1,532 1,351
Accumulated deficit (1,253,606) (831,685)
Noncontrolling interest 503,561 550,850
Total stockholders' equity 2,397,578 2,392,325
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 5,854,885 5,014,387
Common Class A [Member]    
Stockholders' Equity    
Common stock value 27 27
Common Class B [Member]    
Stockholders' Equity    
Common stock value 3 4
Common Class C [Member]    
Stockholders' Equity    
Common stock value $ 8 $ 8