WARRANTS	9 Months Ended
Sep. 30, 2026
Other Liabilities Disclosure [Abstract]
WARRANTS	WARRANTS On September 24, 2025, as consideration for Google agreeing to backstop certain obligations of Fluidstack in connection with the Fluidstack Lease, the Company entered into an agreement with Google, amended and restated on November 20, 2025 (the “Google Warrant Agreement”), pursuant to which the Company issued to Google a warrant to purchase 24,178,576 shares (the “Warrant Shares”) of the Company’s Common Stock for an exercise price of $0.01 per share of Common Stock (the “Google Warrants”), subject to adjustments related to delivery of shares to settle the 2030 Convertible Notes and the 2031 Convertible Notes. The Google Warrants have an exercise period beginning on the commencement date of the Fluidstack Lease and expiring on November 20, 2030. Additionally, if, on the business day prior to the beginning of the exercise period under the Google Warrant Agreement, the value of the Warrant Shares does not equal or exceed $435.0 million, the Company shall be obligated to issue additional Warrant Shares and/or make a cash payment equal in the aggregate to such shortfall amount on the terms set forth in the Google Warrant Agreement. The Google Warrants are recorded at fair value in Warrant liability on the Company’s condensed consolidated balance sheets and changes in the fair value are recorded in Change in fair value of warrant liability on the Company’s condensed consolidated statements of operations. See additional information regarding valuation of the Google Warrants in Note 18. Fair Value Measurements. On October 16, 2026, the Company delivered shares to settle a portion of the 2030 Convertible Notes, resulting in an increase of approximately 2.0 million underlying Warrant Shares. The Company recorded an asset of $544.5 million in Other noncurrent assets on the condensed consolidated balance sheets at the initial fair value of the Google Warrants at issuance to represent the value of Google agreeing to make the lease payments from Fluidstack in the event of Fluidstack not fulfilling its obligations under the lease. The Company will amortize this asset over the life of the lease on a straight-line basis to recognize the benefit over the term of the benefit derived from the backstop.

On September 24, 2025, as consideration for Google agreeing to backstop certain obligations of Fluidstack in connection with the Fluidstack Lease, the Company entered into an agreement with Google, amended and restated on November 20, 2025 (the “Google Warrant Agreement”), pursuant to which the Company issued to Google a warrant to purchase 24,178,576 shares (the “Warrant Shares”) of the Company’s Common Stock for an exercise price of $0.01 per share of Common Stock (the “Google Warrants”), subject to adjustments related to delivery of shares to settle the 2030 Convertible Notes and the 2031 Convertible Notes. The Google Warrants have an exercise period beginning on the commencement

date of the Fluidstack Lease and expiring on November 20, 2030. Additionally, if, on the business day prior to the beginning of the exercise period under the Google Warrant Agreement, the value of the Warrant Shares does not equal or exceed $435.0 million, the Company shall be obligated to issue additional Warrant Shares and/or make a cash payment equal in the aggregate to such shortfall amount on the terms set forth in the Google Warrant Agreement. The Google Warrants are recorded at fair value in Warrant liability on the Company’s condensed consolidated balance sheets and changes in the fair value are recorded in Change in fair value of warrant liability on the Company’s condensed consolidated statements of operations. See additional information regarding valuation of the Google Warrants in Note 18. Fair Value Measurements.

On October 16, 2026, the Company delivered shares to settle a portion of the 2030 Convertible Notes, resulting in an increase of approximately 2.0 million underlying Warrant Shares.

The Company recorded an asset of $544.5 million in Other noncurrent assets on the condensed consolidated balance sheets at the initial fair value of the Google Warrants at issuance to represent the value of Google agreeing to make the lease payments from Fluidstack in the event of Fluidstack not fulfilling its obligations under the lease. The Company will amortize this asset over the life of the lease on a straight-line basis to recognize the benefit over the term of the benefit derived from the backstop.