v3.26.3
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Cash flows from Operating Activities:        
Net loss $ 1,178,130 $ (144,027) $ (324,368) $ (504,575)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization     50,133 54,816
Loss on disposal of property, plant and equipment 5,342 300 20,253 4,472
Loss on remeasurement of assets held for sale, net 1,518 0 21,013 0
Impairment of property, plant and equipment 0 0 266,488 0
Change in operating lease right-of-use assets     10,046 8,248
Stock-based compensation     61,186 70,301
Digital asset self-mining revenue     (63,903) (187,396)
Proceeds from sales of digital assets generated by self-mining revenues     286,765 [1] 0 [1]
Gain on fair value of digital assets (19,264) (10,957) (3,338) (30,066)
Change in fair value of warrants and contingent value rights (1,034,358) 74,864 41,956 363,358
Loss on debt extinguishment 0 0 5,435 1,377
Deferred income taxes     (105,816) 0
Accrued interest capitalized to construction in progress     (23,273) 0
Changes in operating assets and liabilities:        
Customer funding receivable     54,499 (335,643)
Accounts payable     (82,177) 105,615
Accrued expenses     167,124 244,977
Deferred revenue from colocation services     19,151 323,796
Other current assets     (50,979) 11,500
Other operating assets and liabilities, net     (53,952) (10,040)
Net cash provided by operating activities     296,243 120,740
Cash flows from Investing Activities:        
Purchases of property, plant and equipment     (1,494,979) (449,752)
Proceeds from sales of property, plant and equipment     6,094 1,929
Cash paid for asset acquisitions     (676,881) 0
Other investing activities     (149) (15,160)
Net cash used in investing activities     (2,165,915) (462,983)
Cash flows from Financing Activities:        
Debt extinguishment payments     (1,000,000) (26,862)
Proceeds from the issuance of debt     4,275,250 0
Debt issuance costs     (50,907) 0
Taxes paid related to net share settlement of equity awards     (35,152) (5,893)
Principal payments on debt     0 (8,613)
Proceeds from exercise of warrants     11,742 1,746
Other financing activities     (1,095) (1,672)
Net cash provided by (used in) financing activities     3,199,838 (41,294)
Net increase (decrease) in cash, cash equivalents and restricted cash     1,330,166 (383,537)
Cash, cash equivalents and restricted cash—beginning of period     311,378 836,980
Cash, cash equivalents and restricted cash—end of period 1,641,544 453,443 1,641,544 453,443
Supplemental disclosures of other cash flow information:        
Cash paid for interest, net of capitalized interest     19,313 15,285
Income tax payments     640 298
Supplemental disclosures of non-cash investing and financing activities:        
Purchases of property, plant and equipment in accounts payable and accrued expenses     429,937 154,440
Reclass of property, plant and equipment to held for sale     51,262 0
Operating lease right-of-use assets obtained in exchange for lease obligations     13,440 2,154
Non-cash exercise of warrants     1,514 24,692
Liabilities assumed in acquisition     115,790 0
Issuance of warrants     296,423 0
Interest capitalized to construction in progress     25,828 0
Reconciliation of cash, cash equivalents and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:        
Cash and cash equivalents 803,941 453,443 803,941 453,443
Restricted cash, current portion 201,745 0 201,745 0
Restricted cash, net of current portion 635,858 0 635,858 0
Total cash, cash equivalents and restricted cash $ 1,641,544 $ 453,443 $ 1,641,544 $ 453,443
[1] Proceeds from digital assets received as non-cash revenue consideration liquidated at management's discretion.

Source

10-Q XBRL Zip