v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 311,378 $ 836,197
Restricted cash 0 783
Digital assets 222,000 23,893
Customer funding receivable and other current assets 362,159 43,089
Total Current Assets 895,537 903,962
Property, plant and equipment, net 1,293,299 433,473
Operating lease right-of-use assets 108,484 114,472
Other noncurrent assets 50,324 24,039
Total Assets 2,347,644 1,475,946
Current Liabilities:    
Accounts payable 126,106 19,265
Accrued expenses 511,957 64,670
Deferred revenue 127,561 18,134
Other current liabilities 15,777 32,493
Total Current Liabilities 781,401 134,562
Convertible and other notes payable, net of current portion 1,060,325 1,073,990
Warrant liabilities 936,107 1,097,285
Deferred revenue, net of current portion 428,290 0
Other noncurrent liabilities 104,261 113,158
Total Liabilities 3,310,384 2,418,995
Commitments and contingencies (Note 11)
Stockholders’ Deficit:    
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at December 31, 2025 and December 31, 2024 0 0
Common stock; $0.00001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; 314,231 and 292,606 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 3 3
Additional paid-in capital 3,183,960 2,915,035
Accumulated deficit (4,146,703) (3,858,087)
Total Stockholders’ Deficit (962,740) (943,049)
Total Liabilities and Stockholders’ Deficit $ 2,347,644 $ 1,475,946

Source

10-K XBRL Zip