v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 51,294 $ 24,747
Marketable securities 38,561 0
Accounts receivable, net of allowance for credit losses of $67 and $39 at September 30, 2026 and December 31, 2025, respectively 4,772 1,579
Inventory 2,891 2,416
Prepaid expenses and other current assets 3,457 2,210
Total current assets 100,975 30,952
Property, plant, and equipment, net [1] 89,483 42,602
Finance lease right-of-use assets 1,040 1,260
Intangible assets, net 6,354 1,548
Digital assets 1,573 1,637
Goodwill 48,423 11,809
Deferred tax assets 388 141
Other assets (related party of $570 and $10 at September 30, 2026 and December 31, 2025, respectively) 5,809 2,130
Total assets 254,045 92,079
Current liabilities    
Accounts payable 13,259 11,792
Deferred revenue, current 10,784 6,111
Debt and finance leases, current (related party of $2,181 and $455 at September 30, 2026 and December 31, 2025, respectively) 2,698 928
Accrued expenses and other current liabilities 5,997 2,569
Total current liabilities 32,738 21,400
Long-term liabilities    
Deferred revenue, net of current 6,736 6,005
Debt and finance leases, net of current (related party of $10,716 and $4,052 at September 30, 2026 and December 31, 2025, respectively) 36,146 21,968
Other liabilities 1,657 1,381
Total liabilities 77,277 50,754
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock    
Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of September 30, 2026 and December 31, 2025, respectively 0 38,752
Shareholders’ equity    
Preferred stock, par value $0.001; - shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 212,539 37,706
Accumulated deficit (37,448) (37,035)
Accumulated other comprehensive income 1,664 1,898
Total shareholders’ equity 176,768 2,573
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity 254,045 92,079
Class A Common Stock    
Shareholders’ equity    
Common stock 8 3
Class B Common Stock    
Shareholders’ equity    
Common stock 5 1
Class C Common Stock    
Shareholders’ equity    
Common stock $ 0 $ 0
[1] Refer to Note 17 - Related Party Transactions for additional details on related party arrangements.