v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income (loss) $ (350,249) $ (88,039)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 57,200 147,102
Amortization of operating right-of-use asset 1,330 1,205
Share-based compensation 84,208 27,830
Equity in losses of equity investees 1,601 8,472
Write-down of assets held for sale 7,437 0
Loss on disposal of assets 10,403 666
Amortization of debt discount and issuance costs 184,888 0
Non-cash lease expense 0 817
Deferred income taxes 0 (399)
Non-cash consideration received for services (80,524) (164,131)
Change in fair value of derivative assets 48,040 9,921
Change in fair value of warrant liability (20,280) (31,860)
Change in fair value of investments at fair value 21,207 0
Change in fair value of bitcoin collateral 0 (5,731)
Change in fair value of bitcoin loan 0 782
Change in unrealized (gains) losses on fair value of bitcoin (33,055) 2,927
Realized losses (gains) on sale of bitcoin 47,251 (16,092)
(Decrease) increase in operating assets (55,259) 4,490
Decrease in operating liabilities (207,392) (51,466)
Net cash used in operating activities (283,194) (153,506)
Cash flows from investing activities    
Proceeds from sale of bitcoin 168,941 150,226
Proceeds from disposal of assets 52,798 0
Purchases of property and equipment (2,517,241) (262,969)
Purchases and development of software 0 (1,143)
Distributions paid to non-controlling interest (4,640) 0
Investment in equity investees (4,374) (17,568)
Purchases of strategic contracts (48,394) 0
Net cash used in investing activities (2,352,910) (131,454)
Cash flows from financing activities    
Proceeds from notes, net of issuance costs 2,766,437 1,437,395
Proceeds from the issuance of common stock, net of offering costs 129,193 117,397
Repurchase of common shares to pay employee withholding taxes (68,742) (7,285)
Principal payments of financing lease (2,821) (3,625)
Purchase of capped call options 0 (82,680)
Proceeds from treasury stock reissued for PIPE investment 0 50,000
Principal payments on loan 0 (25,000)
Net cash provided by financing activities 2,824,067 1,486,202
Net increase in cash, cash equivalents, and restricted cash 187,963 1,201,242
Cash, cash equivalents, and restricted cash, beginning of the period 2,664,631 19,977
Cash and cash equivalents, and restricted cash, end of the period 2,852,594 1,221,219
Supplemental information    
Cash paid for interest 126,545 0
Cash paid for income taxes, net 0 0
Supplemental disclosure of non-cash investing and financing activities    
Property and equipment purchases in accounts payable and accrued expenses 719,635 7,708
Interest capitalized on construction in progress 59,799 0
Investments acquired at fair value for sale of equity in investees interests 29,400 0
Right-of-use asset obtained in exchange for operating lease liability 29,021 491
Miners reclassified from held for sale to in service 25,816 0
Right-of-use asset obtained in exchange for finance lease liability 17,959 0
Derecognition of asset retirement obligation and asset retirement cost 11,433 0
Investments acquired at fair value for sale of miners 10,355 0
Sales tax accrual on machines placed in service 3,503 2,363
Decrease in Right-of-use asset and operating lease liability from lease modification 2,957 0
Bitcoin received from equity investees 2,772 20,714
Land asset adjustment on derecognition of lease liability and right-of-use asset 1,618 0
Issuance of warrant liability 0 544,450
Reclassification of deposits on equipment to property and equipment 0 31,453
Initial estimate of asset retirement obligation and related capitalized costs 0 10,743
Bitcoin transferred for rehypothecated collateral 0 31,720
Bitcoin loan payments 0 26,986
Bitcoin received as a loan 0 16,551
Treasury stock reissued for PIPE investment $ 0 $ 10