v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (87,745) $ (20,584)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 437 103
Amortization of debt issuance costs 1,672 807
Loss on extinguishment of debt 8,988 0
Stock-based compensation 10,845 1,102
Non-cash expense related to long-term operating leases 2,584 1,522
Non-cash expense related to warrant valuation 39,998 0
Non-cash income related to embedded derivative valuation (1,620) 0
Non-cash income related to interest rate swap valuation (1,172) 0
Changes in operating assets and liabilities:    
Grant receivable 0 791
Prepaid expenses and other (20,857) 3,846
Deposits 2,632 17,940
Accounts payable 5,139 (3,445)
Accrued expenses 0 0
Net changes in other assets and liabilities (4,674) 4,139
Net cash (used in) provided by operating activities (43,773) 6,221
Cash flows from investing activities:    
Capital expenditures (399,278) (213,368)
Net cash used in investing activities (399,278) (213,368)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriting discounts and commissions 2,043,089 0
Proceeds from issuance of common stock, net of issuance costs 1,201 155
Proceeds from long-term debt 212,344 23,031
Proceeds from warrant exercise 18,750 0
Repayment of long-term debt (152,085) 0
Debt issuance costs related to long-term debt (20,855) 0
Offering costs related to initial public offering (9,802) 0
Proceeds from issuance of subsidiary stock, net of issuance costs 0 81,239
Treasury stock purchased 0 (1,960)
Other (56) 0
Net cash provided by financing activities 2,092,586 102,465
Net change in cash and cash equivalents and restricted cash 1,649,535 (104,682)
Cash and cash equivalents and restricted cash at beginning of period 467,836 199,428
Cash and cash equivalents and restricted cash at end of period 2,117,371 94,746
Supplemental disclosure of cash flow information:    
Conversion of redeemable convertible preferred stock 1,022,886 0
Capital expenditures included in Accounts payable and Accrued capital expenditures 197,510 74,483
Settlement of warrant liability 50,211 0
Adjustment of redeemable noncontrolling interest 7,046 0
Cash paid for interest, net of amounts capitalized 5,194 2,243
Retirement of treasury stock $ 1,960 $ 0