| Schedule of Debt |
The total debt obligations are as follows (dollars in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Maturities | | Effective
Interest
Rates | | June 30,
2026 | | December 31,
2025 | | | | | | | | | | Recourse debt: | | | | | | | | | DDTL 1.0 Facility | Mar 2028 | | 15% | | $ | 1,300 | | | $ | 1,553 | | | DDTL 2.0 Facility | Aug 2030 | | 11% | | 3,190 | | | 5,037 | | | DDTL 2.1 Facility | Mar 2031 | | 9% | | 3,000 | | | 2,741 | | | DDTL 3.0 Facility | Aug 2030 | | 9% | | 2,215 | | | 340 | | | DDTL 5.0 Facility | Nov 2031 | | 9% | | 1,101 | | | — | | | 2030 Senior Notes | Jun 2030 | | 10% | | 2,000 | | | 2,000 | | 2031 9.00% Senior Notes | Feb 2031 | | 10% | | 1,750 | | | 1,750 | | 2031 9.75% Senior Notes | Oct 2031 | | 10% | | 2,750 | | | — | | 2032 9.625% Senior Notes | Jul 2032 | | 10% | | 1,250 | | | — | | 2032 EUR Senior Notes(1) | Jul 2032 | | 9% | | 2,279 | | | — | | | 2031 Convertible Senior Notes | Dec 2031 | | 2% | | 2,588 | | | 2,588 | | | 2032 Convertible Senior Notes | Oct 2032 | | 2% | | 4,000 | | | — | | | Convertible Promissory Notes | Apr 2026 | | 7% | | — | | | 168 | | | Revolving Credit Facility | Nov 2029 | | 7% | | — | | | 1,000 | | | OEM and Software License Financing Arrangements | Dec 2026 - Jul 2030 | | 11% | | 4,220 | | | 3,518 | | | Magnetar Loan | Jan 2029 | | 12% | | 189 | | | 273 | | | Less: Unamortized discount and issuance costs | | | | | (427) | | | (242) | | | Total recourse debt, net of unamortized discount and issuance costs | | | | | 31,405 | | | 20,726 | | | Less: Recourse debt, current | | | | | (6,235) | | | (6,118) | | | Total recourse debt, non-current | | | | | $ | 25,170 | | | $ | 14,608 | | | Non-recourse debt: | | | | | | | | | DDTL 4.0 Facility | Mar 2032 | | 7% | | 2,837 | | | — | | | OEM and Software License Financing Arrangements | Aug 2026 - Aug 2028 | | 9% | | 882 | | | 647 | | | Less: Unamortized discount and issuance costs | | | | | (56) | | | — | | | Total non-recourse debt, net of unamortized discount and issuance costs | | | | | $ | 3,663 | | | $ | 647 | | | Less: Non-recourse debt, current | | | | | $ | (1,278) | | | $ | (590) | | | Total non-recourse debt, non-current | | | | | $ | 2,385 | | | $ | 57 | |
(1) In June 2026, the Company entered into cross currency interest rate swaps designated as a fair value hedge, to hedge changes in the fair value on the 2032 EUR Senior Notes, attributable to changes in foreign currency exchange rate. During the six months ended June 30, 2026, the Company entered into DDTL facilities and issued senior notes (each as defined in this Note 10—Debt) as follows (dollars in millions): | | | | | | | | | | | | | | | | | | | Date of Issuance | | Stated Interest Rates(1) | | Amount(2) | | | | | | | | DDTL 4.0 Facility | March 2026 | | SOFR + 2.25%; Treasury + 2.00% | | $ | 8,500 | | | DDTL 5.0 Facility | May 2026 | | SOFR + 4.50% | | $ | 3,100 | | 2031 9.75% Senior Notes | April 2026 | | 9.75% | | $ | 2,750 | | 2032 9.625% Senior Notes | June 2026 | | 9.625% | | $ | 1,250 | | | 2032 EUR Senior Notes | June 2026 | | 8.50% | | € | 2,000 | | | 2032 Convertible Senior Notes | April 2026 | | 1.75% | | $ | 4,000 | |
(1) DDTL Facility floating-rate commitments are subject to an interest rate per annum equal to, at the Company's option, either the SOFR or the alternative base rate plus a spread. For the DDTL 4.0 Facility, refer to the Delayed Draw Term Loans below for further details on interest rates. (2) Amounts represent borrowing capacity for the DDTL Facilities and the principal amounts for the Senior Notes.
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| Schedule of Maturities of Long-Term Debt |
As of June 30, 2026, the future principal payments for the Company's total debt were as follows (in millions): | | | | | | | | | | Years Ending December 31, | | Amount | | | | | Remaining portion of 2026 | | $ | 4,413 | | | 2027 | | 6,184 | | | 2028 | | 4,416 | | | 2029 | | 2,421 | | | 2030 | | 3,221 | | | Thereafter | | 14,896 | | | Total | | $ | 35,551 | |
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| Schedule of Future Contractual Principal Payments Under the Financing Obligation |
The future lease payments included in the measurement of the Company’s operating lease liabilities and finance lease liabilities as of June 30, 2026, were as follows (in millions): | | | | | | | | | | | | | | | | | Future Payments | | Years Ending December 31, | | Operating
Leases | | Finance Leases | | | | | | | Remaining portion of 2026 | | $ | 1,028 | | | $ | 12 | | | 2027 | | 2,116 | | | 223 | | | 2028 | | 2,306 | | | — | | | 2029 | | 2,373 | | | — | | | 2030 | | 2,289 | | | — | | | Thereafter | | 19,023 | | | — | | | Total undiscounted lease payments | | 29,135 | | | 235 | | | Less: imputed interest | | (12,816) | | | (14) | | | Present value of lease liabilities | | $ | 16,319 | | | $ | 221 | |
As of June 30, 2026, the future contractual principal payments under the financing obligation and finance lease due to the DCSP were as follows (in millions): | | | | | | | | | | | | | | | | Years Ending December 31, | | Financing obligation | | Finance lease | | | | | | | Remaining portion of 2026 | | $ | 10 | | | $ | 9 | | | 2027 | | 20 | | | 19 | | | 2028 | | 20 | | | 19 | | | 2029 | | 20 | | | 19 | | | 2030 | | 20 | | | 19 | | | Thereafter | | 155 | | | 148 | | | Total future payments | | 245 | | | 233 | | | Less: amount representing interest | | (133) | | | (115) | | | Total financing obligation | | $ | 112 | | | $ | 118 | | | Less: current portion | | (3) | | | (4) | | | Long-term portion | | $ | 109 | | | $ | 114 | |
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