v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 666,096 $ 254,475
Marketable securities 178,645 0
Accounts receivable, less allowance for credit losses of $7,289 and $6,374, respectively 139,811 90,908
Prepaid expenses and other current assets 86,234 81,598
Total current assets 1,070,786 426,981
Noncurrent assets:    
Property and equipment, net 1,407,705 589,094
Restricted cash 156 158
Goodwill 350,651 348,674
Intangible assets, net 88,303 99,504
Operating lease right-of-use assets, net 704,847 270,854
Deferred tax assets 88,097 90,310
Other assets 24,969 12,130
Total assets 3,735,514 1,837,705
Current liabilities:    
Accounts payable 44,660 38,836
Accrued other expenses 92,994 42,679
Deferred revenue 52,707 5,882
Debt, current 312,052 325,109
Operating lease liabilities, current 147,078 108,037
Finance lease liabilities and equipment financing obligations, current 204,778 31,411
Other current liabilities 72,908 67,510
Total current liabilities 927,177 619,464
Noncurrent liabilities:    
Deferred tax liabilities 3,949 4,092
Debt, long-term 149,578 970,653
Operating lease liabilities, long-term 519,533 166,895
Finance lease liabilities and equipment financing obligations, long-term 718,821 99,103
Other non-current liabilities 0 6,188
Total liabilities 2,319,058 1,866,395
Commitments and Contingencies (Note 10)
Preferred stock ($0.000025 par value per share; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2026 and December 31, 2025) 0 0
Common stock ($0.000025 par value per share; 750,000,000 shares authorized; 117,920,731 and 91,947,614 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) 2 2
Additional paid-in capital 1,453,589 16,005
Accumulated other comprehensive loss (1,997) (960)
Accumulated deficit (35,138) (43,737)
Total stockholders’ deficit 1,416,456 (28,690)
Total liabilities and stockholders’ deficit $ 3,735,514 $ 1,837,705