
(in USD millions)		September 30, 2026				June 30, 2026
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest-rate swaps — cash flow hedges	Derivative assets - Current	$	8	$	—	$	—	$	—
Interest-rate swaps — cash flow hedges	Derivative assets - Non-current	18		—		3		—
Derivatives not designated as hedging instruments:
Capped Call Transactions	Derivative assets - Non-current	384		—		412		—
Total derivatives		$	410	$	—	$	416	$	—


(in USD millions)		Three Months Ended September 30,
Derivative	Statement of Operations Line	2026		2025
Derivatives not designated as hedging instruments:
Capped Call Transactions	Unrealized gain (loss) on financial instruments	$	(28)	$	192
Bitcoin purchase option	Realized gain (loss) on financial instruments	—		(6)
Bitcoin purchase option	Unrealized gain (loss) on financial instruments	—		3
Total gain (loss) on derivatives		$	(28)	$	189

In conjunction with the offering of the Group’s convertible notes, the Group entered into the capped call transactions with certain financial institutions (collectively, the “Capped Call Transactions”). The Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group’s Ordinary shares upon conversion of the related convertible notes and/or offset cash payments the Group may be required to make in excess of the principal amount upon conversion, subject to a cap. No Capped Call Transactions were entered into, modified or settled during the three months ended September 30, 2026. The 2029 and 2030 Capped Call Transactions have been classified within stockholders’ equity since November 19, 2025 and are not subsequently remeasured. The remaining Capped Call Transactions are accounted for as derivative assets measured at fair value, with changes in fair value recognized within unrealized gain (loss) on financial instruments.

The Group determined that the remaining Capped Call Transactions are Level 3 derivative assets given significant unobservable inputs are included in their valuation. The Group estimates the fair value of the derivative using the Black-Scholes-Merton pricing model, which includes several inputs and assumptions including the risk-free interest rate, dividend


	2031 Capped Call			2032 Capped Call			2033 (Jun) Capped Call			2033 (Dec) Capped Call
Closing share price	$	40.88		$	40.88		$	40.88		$	40.88
Long strike price	$	85.63		$	51.40		$	51.40		$	73.07
Short strike price	$	120.18		$	82.24		$	82.24		$	110.30
Risk free interest rate	4.95		%	4.99		%	5.04		%	5.06		%
Dividend yield	nil			nil			nil			nil
Expected volatility	65.0		%	62.5		%	60.0		%	60.0		%

Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, for a long position in an option, an increase in volatility would result in an increase in the fair values of financial instruments.

In May 2026, in connection with the Group’s delayed draw term loan facility (the “DDTL Facility”, see Note 19. Debt), the Group entered into pay-fixed, receive-Term-SOFR interest-rate swaps with an aggregate notional amount of $1,478 million as of September 30, 2026, designated as cash flow hedges of the variability in interest payments on the facility. The swaps mature in October 2031 and amortize in line with the scheduled principal of the facility.

For the three months ended September 30, 2026, the Group recognized a gain of $23 million in other comprehensive income on the effective portion of its cash flow hedges. The Group estimates that approximately $8 million of the amount recorded in accumulated other comprehensive income as of September 30, 2026 will be reclassified into finance expense within the next 12 months.