Debt (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt Obligations |
The total debt obligations are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Years ended June 30, | | (in USD thousands) | | Maturities | | Effective Interest Rates | | 2026 | | 2025 | | Recourse debt | | | | | | | | | | 2030 Convertible Notes | | June 15, 2030 | | 3.87% | | $ | 212,310 | | | $ | 440,000 | | | 2029 Convertible Notes | | December 15, 2029 | | 4.22% | | 233,389 | | | 550,000 | | | 2031 Convertible Notes | | July 1, 2031 | | 0.37% | | 1,000,000 | | | — | | | 2032 Convertible Notes | | June 1, 2032 | | 0.45% | | 1,150,000 | | | — | | | 2033 (Jun) Convertible Notes | | June 1, 2033 | | 1.18% | | 1,150,000 | | | — | | | 2033 (Dec) Convertible Notes | | December 1, 2033 | | 1.18% | | 3,000,000 | | | — | | | Other debt | | 2027 - 2029 | | Various | | 21,950 | | | — | | | Total recourse debt | | | | | | $ | 6,767,649 | | | $ | 990,000 | | | | | | | | | | | | Non-recourse debt | | | | | | | | | | DDTL Facility | | December 31, 2031 | | 7.12% | | $ | 413,000 | | | $ | — | | | USPP Senior Notes | | December 31, 2031 | | 7.05% | | 525,000 | | | — | | | Total non-recourse debt | | | | | | $ | 938,000 | | | $ | — | | | | | | | | | | | | Total principal of debt | | | | | | $ | 7,705,649 | | | $ | 990,000 | | | Less: unamortized issuance costs | | | | | | (112,705) | | | (27,235) | | | Total debt, net of unamortized issuance costs | | | | | | $ | 7,592,944 | | | $ | 962,765 | | | Less: debt, current | | | | | | (169,370) | | | — | | | Debt, non-current | | | | | | $ | 7,423,574 | | | $ | 962,765 | |
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| Schedule of Future Principal Payments of Long-Term Debt |
As of June 30, 2026, the future principal payments for the Group's total debt were as follows: | | | | | | | | | | Years ended June 30, | | Total | | 2027 | | $ | 177,362 | | | 2028 | | 269,927 | | 2029 | | 194,181 | | 2030 | | 573,467 | | 2031 | | 127,922 | | Thereafter | | 6,362,790 | | Total | | $ | 7,705,649 | |
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| Schedule of Interest Expense for Group’s Debt Obligations |
The total interest expense for the Group’s debt obligations was as follows: | | | | | | | | | | | | | | | | | | | Years ended June 30, | | (in USD thousands) | 2026 | | 2025 | | 2024 | | Contractual interest expense | $ | 37,166 | | | $ | 9,053 | | | $ | — | | | Amortization of debt issuance costs | 9,408 | | | 1,400 | | | — | | | Total | $ | 46,574 | | | $ | 10,453 | | | $ | — | |
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| Schedule of Debt Instruments |
In the year ended June 30, 2026, the Group entered into the following debt instruments: | | | | | | | | | | | | | | | | | | | | | | (in USD thousands) | | Issuance date | | Stated interest rate | | Principal amount1 | | 2031 Convertible Notes | | October 14, 2025 | | 0.00% | | $ | 1,000,000 | | | 2032 Convertible Notes | | December 08, 2025 | | 0.25% | | 1,150,000 | | 2033 (Jun) Convertible Notes | | December 08, 2025 | | 1.00% | | 1,150,000 | | 2033 (Dec) Convertible Notes | | May 14, 2026 | | 1.00% | | 3,000,000 | DDTL Facility2 | | June 30, 2026 | | SOFR + 2.25% | | 1,545,000 | USPP Senior Notes2 | | June 11, 2026 | | 5.96% | | 2,100,000 |
1 Amounts represent borrowing capacity for the DDTL Facility and USPP Senior Notes and the principal amounts for the Convertible Notes. 2 Refer to Note 17. Derivatives for the Group’s interest rate cash flow hedge position in relation to the GPU Financing.
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| Schedule of Convertible Notes |
Details of the Group’s Notes are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2030 Notes | | 2029 Notes | | 2031 Notes | | 2032 Notes | | 2033 (Jun) Notes | | 2033 (Dec) Notes | | Issuance date | | December 6, 2024 | | June 13, 2025 | | October 14, 2025 | | December 8, 2025 | | December 8, 2025 | | May 14, 2026 | | Maturity date | | June 15, 2030 | | December 15, 2029 | | July 1, 2031 | | June 1, 2032 | | June 1, 2033 | | December 1, 2033 | | Stated interest rate | | 3.25 | % | | 3.50 | % | | 0% | | 0.25% | | 1.00% | | 1.00% | | Interest payment dates | | June 15 & December 15 | | June 15 & December 15 | | N/A | | June 1 & December 1 | | June 1 & December 1 | | June 1 & December 1 | | Initial conversion price | | $ | 16.81 | | | $ | 13.64 | | | $ | 85.63 | | | $ | 51.40 | | | $ | 51.40 | | | $ | 73.07 | | | First redemption date | | December 20, 2027 | | June 20, 2028 | | January 8, 2029 | | December 6, 2028 | | December 6, 2029 | | June 6, 2030 | | Unamortized discount and issuance costs | | $ | 4,689 | | | $ | 5,046 | | | $ | 18,186 | | | $ | 13,588 | | | $ | 13,792 | | | $ | 37,607 | | | Carrying value as of June 30, 2026 | | $ | 207,621 | | | $ | 228,343 | | | $ | 981,814 | | | $ | 1,136,412 | | | $ | 1,136,208 | | | $ | 2,962,393 | |
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