v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 656,009 $ 628,263
Restricted cash, current 1,719,403 1,761,292
Prepaid expenses and other current assets 56,342 7,977
Bitcoin 25,943 125,400
Miners held for sale 0 94,879
Derivative asset, current 8,770 34,090
Total current assets 2,486,936 2,652,859
Restricted cash, non-current 477,182 275,076
Property and equipment, net 3,899,880 633,417
Intangible assets, net 125,094 77,388
Investment in equity investees 0 29,400
Derivative asset, non-current 0 22,720
Operating lease right-of-use asset 32,322 11,321
Security deposits 89,565 27,732
Other non-current assets 555,075 561,995
Total assets 7,666,054 4,291,908
Current liabilities    
Accounts payable 216,987 40,064
Accrued expenses and other current liabilities 628,770 90,086
Finance lease liability, current portion 4,389 4,237
Operating lease liability, current portion 2,450 1,731
Warrant liability 504,880 525,160
Short-term borrowings 112,704 37,793
Total current liabilities 1,470,180 699,071
Deferred revenue 46,185 0
Long-term borrowings, net 5,447,174 2,711,648
Asset retirement obligations 24,082 33,696
Finance lease liability 17,930 3,094
Operating lease liability 34,578 8,545
Total liabilities 7,040,129 3,456,054
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest 25,670 30,319
Stockholders’ equity    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of September 30, 2026, and December 31, 2025 0 0
Common stock, $0.001 par value, 1,000,000,000 and 1,000,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively, 425,237,783 and 412,074,529 shares issued as of September 30, 2026 and December 31, 2025, respectively, and 415,092,825 and 404,963,061 shares outstanding as of September 30, 2026, and December 31, 2025, respectively 425 412
Additional paid-in capital 1,953,736 1,808,786
Accumulated deficit (1,353,896) (1,003,656)
Treasury stock, at par, 10,144,958 and 7,111,468 shares at September 30, 2026 and December 31, 2025, respectively (10) (7)
Total stockholders’ equity 600,255 805,535
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity 7,666,054 4,291,908
Nonrelated Party    
Current assets    
Accounts receivable 20,469 687
Related Party    
Current assets    
Accounts receivable $ 0 $ 271