v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 5,524 $ 3,127
Restricted cash and cash equivalents, current 873 819
Marketable securities 15 34
Accounts receivable, net 2,541 3,169
Prepaid expenses and other current assets 567 339
Total current assets 9,520 7,488
Restricted cash and cash equivalents, non-current 507 184
Property and equipment, net 46,736 30,557
Operating lease right-of-use assets 16,595 8,231
Intangible assets, net 245 235
Goodwill 1,101 1,101
Other non-current assets 2,366 1,506
Total assets 77,070 49,302
Current liabilities    
Accounts payable 3,633 1,623
Accrued liabilities 6,424 5,773
Recourse debt, current 6,235 6,118
Non-recourse debt, current 1,278 590
Deferred revenue, current 2,686 1,709
Operating lease liabilities, current 584 427
Finance lease liabilities, current 7 38
Other current liabilities 70 162
Total current liabilities 20,917 16,440
Recourse debt, non-current 25,170 14,608
Non-recourse debt, non-current 2,385 57
Deferred revenue, non-current 7,006 6,476
Operating lease liabilities, non-current 15,735 7,768
Finance lease liabilities, non-current 214 216
Deferred tax liabilities, non-current 256 115
Other non-current liabilities 363 287
Total liabilities 72,046 45,967
Commitments and contingencies (Note 9)
Stockholders' equity    
Preferred stock 0 0
Treasury stock, at cost (34) (34)
Additional paid-in capital 9,085 6,012
Accumulated other comprehensive loss (18) 0
Accumulated deficit (4,009) (2,643)
Total stockholders' equity 5,024 3,335
Total liabilities and stockholders' equity 77,070 49,302
Common Class A    
Stockholders' equity    
Common stock 0 0
Common Class B    
Stockholders' equity    
Common stock 0 0
Common Class C    
Stockholders' equity    
Common stock $ 0 $ 0