CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
|
| Total revenue | $ 26,701 | $ 71,707 | $ 86,376 | $ 164,231 |
| Costs and operating (expenses) income | ||||
| Cost of revenue | (15,364) | (26,733) | (48,116) | (56,957) |
| Compensation and benefits | (38,555) | (14,445) | (115,917) | (44,407) |
| General and administrative | (26,359) | (8,167) | (54,578) | (26,196) |
| Depreciation and amortization | (18,821) | (59,549) | (57,200) | (147,102) |
| Change in fair value of power purchase agreement | (13,910) | (9,030) | (48,040) | (17,180) |
| Power sales | 4,251 | 2,335 | 8,684 | 4,702 |
| Equity in losses of equity investees | 0 | (1,479) | (1,601) | (8,472) |
| Unrealized gains (losses) on fair value of bitcoin | 12,394 | 108 | 33,055 | (2,927) |
| Realized gains (losses) on sale of bitcoin | 481 | 7,535 | (47,251) | 16,092 |
| Other operating income (losses) | (2,733) | 101 | (20,432) | (2,732) |
| Total costs and operating expenses | (98,616) | (109,324) | (351,396) | (285,179) |
| Operating loss | (71,915) | (37,617) | (265,020) | (120,948) |
| Other income (expense) | ||||
| Interest income | 32,684 | 457 | 100,135 | 943 |
| Interest expense | (58,994) | (1,286) | (184,888) | (3,200) |
| Change in fair value of warrant liability | 127,180 | 31,860 | 20,280 | 31,860 |
| Other income (expenses) | 2,587 | 3,000 | (20,036) | 4,064 |
| Total other income (expense) | 103,457 | 34,031 | (84,509) | 33,667 |
| Income (loss) before taxes | 31,542 | (3,586) | (349,529) | (87,281) |
| Current income tax benefit (expense) | 54 | 767 | (720) | (1,157) |
| Deferred income tax (expense) benefit | 0 | (464) | 0 | 399 |
| Total income tax benefit (expense) | 54 | 303 | (720) | (758) |
| Net income (loss) | 31,596 | (3,283) | (350,249) | (88,039) |
| Less: Net loss attributable to redeemable noncontrolling interest | 9 | 0 | 9 | 0 |
| Net income (loss) available for common stockholders | $ 31,605 | $ (3,283) | $ (350,240) | $ (88,039) |
| Earning (loss) per share - basic (in dollars per share) | $ 0.08 | $ (0.01) | $ (0.85) | $ (0.23) |
| Earning (loss) per share - diluted (in dollars per share) | $ (0.22) | $ (0.01) | $ (0.85) | $ (0.23) |
| Weighted average shares outstanding - basic (in shares) | 414,996,770 | 393,191,623 | 409,866,599 | 376,372,526 |
| Weighted average shares outstanding - diluted (in shares) | 439,694,022 | 393,191,623 | 409,866,599 | 376,372,526 |
| Bitcoin Mining | ||||
| Total revenue | $ 20,849 | $ 71,707 | $ 80,524 | $ 164,231 |
| Costs and operating (expenses) income | ||||
| Cost of revenue | (14,638) | (26,733) | (46,487) | (56,957) |
| HPC Leasing | ||||
| Total revenue | 5,852 | 0 | 5,852 | 0 |
| Costs and operating (expenses) income | ||||
| Cost of revenue | $ (726) | $ 0 | $ (1,629) | $ 0 |
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- Definition Change in fair value of derivative asset. No definition available.
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- Definition Costs and operating income expenses. No definition available.
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- Definition Crypto Asset, Realized Gain (Loss) On Sale, Net No definition available.
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- Definition Income from power sales. No definition available.
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- Definition Other operating gains (losses). No definition available.
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- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense for employee benefit and equity-based compensation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expense (income) related to adjustment to fair value of warrant liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of Net Income (Loss) attributable to redeemable noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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