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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of debt | The total debt obligations are as follows (dollars in thousands):
| Maturities |  | Effective Interest Rates |  | September 30, 2025 |  | December 31, 2024
DDTL 1.0 Facility | March 2028 |  | 15% |  | $ | 1,667,500 |  |  | $ | 2,012,500 |
DDTL 2.0 Facility | August 2030 |  | 10% |  | 5,037,372 |  |  | 3,843,819 |
DDTL 2.1 Facility | September 2030 |  | 9% |  | 1,241,325 |  |  | — |
DDTL 3.0 Facility | August 2030 |  | 9% |  | 358,696 |  |  | — |
2030 Senior Notes | June 2030 |  | 10% |  | 2,000,000 |  |  | — |
2031 Senior Notes | February 2031 |  | 10% |  | 1,750,000 |  |  | — |
2024 Term Loan Facility | April 2025 |  | 12% |  | — |  |  | 1,000,000 |
Revolving Credit Facility | May 2028 |  | 7% |  | 700,000 |  |  | — |
OEM Financing Arrangements | March 2026- August 2028 |  | 8-10% |  | 1,185,709 |  |  | 1,177,158 |
Magnetar Loan | January 2029 |  | 12% |  | 264,666 |  |  | — |
Total principal of debt |  |  |  |  | 14,205,268 |  |  | 8,033,477 |
Less: Unamortized discount and issuance costs |  |  |  |  | (170,334) |  |  | (107,137) |
Total debt, net of unamortized discount and issuance costs |  |  |  |  | 14,034,934 |  |  | 7,926,340 |
Less: Debt, current |  |  |  |  | (3,712,177) |  |  | (2,468,425) |
Total debt, non-current |  |  |  |  | $ | 10,322,757 |  |  | $ | 5,457,915 |
Schedule of maturities of long-term debt | As of September 30, 2025, the future principal payments for the Company's total debt were as follows (in thousands):
Years Ending December 31, |  | Amount
Remaining portion of 2025 |  | $ | 575,271 |
2026 |  | 3,896,918 |
2027 |  | 3,012,136 |
2028 |  | 2,478,008 |
2029 |  | 435,545 |
Thereafter |  | 3,807,390 |
Total |  | $ | 14,205,268 |
Schedule of debt interest expense | The total interest expense for the Company's debt obligations was as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Contractual interest expense |  | $ | 324,131 |  |  | $ | 130,003 |  |  | $ | 807,215 |  |  | $ | 294,862 |
Amortization of debt discounts and issuance costs and accretion of redemption premiums |  | 21,049 |  |  | 7,397 |  |  | 87,776 |  |  | 23,002 |
Less: capitalized interest |  | (61,764) |  |  | (35,072) |  |  | (98,042) |  |  | (107,936) |
Total |  | $ | 283,416 |  |  | $ | 102,328 |  |  | $ | 796,949 |  |  | $ | 209,928 |
Schedule of lease payments for finance leases | As of September 30, 2025, the future payments under the financing obligation and finance lease due to the DCSP were as follows (in thousands):
Years Ending December 31, |  | Financing obligation |  | Finance lease
Remaining portion of 2025 |  | $ | 4,918 |  |  | $ | 4,680 |
2026 |  | 19,658 |  |  | 18,720 |
2027 |  | 19,645 |  |  | 18,720 |
2028 |  | 19,630 |  |  | 18,720 |
2029 |  | 19,616 |  |  | 18,720 |
Thereafter |  | 175,800 |  |  | 168,480 |
Total future payments |  | 259,267 |  |  | 248,040 |
Less: amount representing interest |  | (145,319) |  |  | (126,548) |
Total |  | 113,948 |  |  | 121,492 |
Less: current portion |  | (3,018) |  |  | (3,799) |
Long-term portion |  | $ | 110,930 |  |  | $ | 117,693 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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