Derivatives (Tables)

3 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Consolidated Balance Sheet Classification of Derivatives

The following table presents the Group’s Condensed Consolidated Balance Sheets classification of derivatives carried at fair value:


(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	$	—

Schedule of Effect of Derivatives on the Consolidated Statement of Operations and Comprehensive Income (Loss)

The following table presents the effect of derivatives on the Group’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


(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

Schedule of Significant Fair Value Assumptions

The following table represents the significant fair value assumptions used for Capped Call Transactions as of September 30, 2026:


	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		%

Schedule of Movement in the Fair Value

The following table reconciles the movement in the fair value of the Capped Call Transactions:


(in USD millions)	Total Capped Call Transactions
Balance as of July 1, 2026	$	412
Unrealized gain (loss) recognized	(28)
Balance as of September 30, 2026	$	384

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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