v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,106,371 $ 461,836
Grant receivables 17,177 10,580
Prepaid expenses and other 30,634 9,714
Total current assets 2,154,182 482,130
Deposits 12,602 15,234
Construction-in-process 1,235,160 789,571
Operating leases right-of-use assets 88,667 58,713
Restricted cash 11,000 6,000
Other long-term assets 33,478 13,520
Total assets 3,535,089 1,365,168
Current liabilities:    
Accounts payable 29,667 10,789
Accrued capital expenditures 173,961 119,303
Current portion of long-term debt 11,042 0
Operating lease liabilities 24,744 4,822
Other current liabilities 10,614 16,997
Total current liabilities 250,028 151,911
Long-term debt, net of issuance costs and current portion 217,376 172,837
Operating lease liabilities 85,123 72,639
Other long-term liabilities 1,749 11,407
Total liabilities 554,276 408,794
Commitments and Contingencies (Note 19)
Mezzanine equity    
Temporary Equity, Carrying Amount, Attributable to Parent 0 1,022,942
Redeemable noncontrolling interest    
Redeemable noncontrolling interest 186,976 179,930
Stockholders’ equity (deficit):    
Additional paid-in capital 3,126,084 0
Treasury stock, at cost; 0 and 270 shares as of March 31, 2026 and December 31, 2025, respectively 0 (1,960)
Accumulated deficit (332,277) (244,539)
Total stockholders’ equity (deficit) 2,793,837 (246,498)
Total liabilities, mezzanine equity, and stockholders’ equity (deficit) 3,535,089 1,365,168
Common stock    
Stockholders’ equity (deficit):    
Common stock 0 1
Class A common stock    
Stockholders’ equity (deficit):    
Common stock 29 0
Class B common stock    
Stockholders’ equity (deficit):    
Common stock 1 0
Cape Phase I HoldCo - Redeemable noncontrolling interest    
Redeemable noncontrolling interest    
Redeemable noncontrolling interest 105,118 102,586
Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest    
Redeemable noncontrolling interest    
Redeemable noncontrolling interest $ 81,858 $ 77,344