v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 669,052 $ 233,517
Restricted cash 79,170 76,272
Accounts receivable, net 20,433 29,788
Contract assets 19,574 8,308
Prepaid expenses and other current assets 237,044 59,447
Derivative assets, current portion 11,302 41,378
Total current assets 1,036,575 448,710
Property and equipment, net 1,513,368 1,528,716
Bitcoin 201,995 1,227,462
Restricted bitcoin   347,979
Deposits 28,149 76,511
Finite-lived intangible assets, net 27,363 30,187
Derivative assets, less current portion 51,186 106,670
Right-of-use assets 35,893 30,171
Goodwill 122,499 122,499
Other long-term assets 26,966 17,862
Total assets 3,043,994 3,936,767
Current liabilities    
Accounts payable 16,138 23,420
Contract liabilities 70,928 37,117
Accrued expenses and other current liabilities 130,455 142,852
Contingent consideration liabilities, current portion 2,010 6,185
Current portion of debt 67,482 253,887
Operating lease liability, current portion 10,018 6,314
Total current liabilities 297,031 469,775
Operating lease liability, less current portion 22,996 19,648
Contingent consideration liabilities, less current portion   2,010
Debt, less current portion 589,163 586,909
Other long-term liabilities 373 19
Total liabilities 909,563 1,078,361
Commitments and contingencies - Note 16
Stockholders' equity    
Preferred stock, no par value, 15,000,000 shares authorized:
2% Series A Convertible Preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of September 30, 2026 and December 31, 2025
0% Series B Convertible Preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of September 30, 2026 and December 31, 2025
Common stock, no par value; 680,000,000 shares authorized; 375,112,427 and 371,575,652 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 4,221,644 4,212,006
Accumulated deficit (2,087,213) (1,353,600)
Total stockholders' equity 2,134,431 2,858,406
Total liabilities and stockholders' equity $ 3,043,994 $ 3,936,767