v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 471,383 $ 233,517
Restricted cash 77,485 76,272
Accounts receivable, net 42,438 29,788
Contract assets 19,947 8,308
Prepaid expenses and other current assets 96,209 59,447
Derivative assets, current portion 18,268 41,378
Total current assets 725,730 448,710
Property and equipment, net 1,554,413 1,528,716
Bitcoin 325,370 1,227,462
Restricted bitcoin 340,668 347,979
Deposits 31,556 76,511
Finite-lived intangible assets, net 28,305 30,187
Derivative assets, less current portion 70,197 106,670
Right-of-use assets 38,704 30,171
Goodwill 122,499 122,499
Other long-term assets 26,122 17,862
Total assets 3,263,564 3,936,767
Current liabilities    
Accounts payable 18,126 23,420
Contract liabilities 65,643 37,117
Accrued expenses and other current liabilities 101,024 142,852
Contingent consideration liabilities, current portion 8,195 6,185
Current portion of debt 254,615 253,887
Operating lease liability, current portion 10,143 6,314
Total current liabilities 457,746 469,775
Operating lease liability, less current portion 24,625 19,648
Contingent consideration liabilities, less current portion   2,010
Debt, less current portion 588,412 586,909
Other long-term liabilities 165 19
Total liabilities 1,070,948 1,078,361
Commitments and contingencies - Note 16
Stockholders' equity    
Preferred stock, no par value, 15,000,000 shares authorized:
2% Series A Convertible Preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
0% Series B Convertible Preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, no par value; 680,000,000 shares authorized; 378,022,964 and 371,575,652 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 4,283,863 4,212,006
Accumulated deficit (2,091,247) (1,353,600)
Total stockholders' equity 2,192,616 2,858,406
Total liabilities and stockholders' equity $ 3,263,564 $ 3,936,767