XML 41 R28.htm IDEA: XBRL DOCUMENT
v3.25.3

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of fair value, by balance sheet grouping | The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in thousands):
| Fair Value Hierarchy |  | September 30, 2025 |  | December 31, 2024
Financial assets: |  |  |  |  |
Cash and cash equivalents |  |  |  |  |
Money market funds | Level 1 |  | $ | 3,544 |  |  | $ | 2,411 |
Commercial paper | Level 2 |  | 15,340 |  |  | — |
Restricted cash and cash equivalents, current |  |  |  |  |
Money market funds | Level 1 |  | 561,416 |  |  | 24,185 |
Restricted cash and cash equivalents, non-current |  |  |  |  |
Money market funds | Level 1 |  | — |  |  | 56,250 |
Restricted marketable securities, non-current |  |  |  |  |
Certificates of deposit | Level 2 |  | — |  |  | 29,308 |
Marketable securities, current |  |  |  |  |
U.S. government and agency securities | Level 2 |  | 996 |  |  | — |
Commercial paper | Level 2 |  | 22,346 |  |  | — |
Corporate bonds | Level 2 |  | 24,107 |  |  | — |
Prepaid expenses and other current assets |  |  |  |  |
Warrant assets | Level 3 |  | 153,603 |  |  | — |
Other non-current assets |  |  |  |  |
Power purchase agreements | Level 3 |  | 2,736 |  |  | 2,562 |
Total financial assets |  |  | $ | 784,088 |  |  | $ | 114,716 |
Financial liabilities: |  |  |  |  |
Other current liabilities |  |  |  |  |
Foreign exchange forward contracts not designated as accounting hedges | Level 2 |  | $ | 253 |  |  | $ | — |
Derivative and warrant liabilities |  |  |  |  |
Interest rate swaps designated as accounting hedges | Level 2 |  | $ | 1,315 |  |  | $ | — |
Warrant liabilities | Level 3 |  | — |  |  | 199,645 |
Power purchase agreements | Level 3 |  | 395 |  |  | 444 |
Total financial liabilities |  |  | $ | 1,963 |  |  | $ | 200,089 |
Schedule of notional amount outstanding interest rate swaps and foreign exchange forward contracts | The notional amounts of the Company's outstanding interest rate swaps and foreign exchange forward contracts were as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
Derivative instruments designated as accounting hedges |  |  |
Interest rate swaps | $ | 319,100 |  |  | $ | — |
Derivative instruments not designated as accounting hedges |  |  |
Foreign exchange forward contracts | $ | 102,283 |  |  | $ | — |
Schedule of gain (loss) associated with interest rate swaps and foreign exchange forward contracts | Gain (loss) associated with interest rate swaps and foreign exchange forward contracts were as follows (in thousands):
| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025
Interest rate swaps designated as accounting hedges |  |
Loss recognized in other comprehensive income (loss), net | $ | (1,044) |  | $ | (1,315) |
Foreign exchange forward contracts not designated as accounting hedges |  |
Gain (loss) recognized in other income, net | $ | (2,172) |  | $ | 107 |
Schedule of fair value measurement inputs and valuation techniques | The Company's valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:
| March 21, 2025 |  | December 31, 2024
Stock price | $ | 41 |  |  | $ | 48 |
Volatility | 60 | % |  | 60 | %
Risk-free rate | 4 | % |  | 4 | %
Dividend yield | 0 | % |  | 0 | %
Schedule of change in the fair value of the assets, measured using Level 3 Inputs | The following table presents a summary of the changes in the fair value of the Company's Level 3 financial instruments (in thousands):
| Warrant Assets |  | Power Purchase Agreements – Asset |  | Warrant Liabilities |  | Power Purchase Agreements – Liability
Balance at December 31, 2024 | $ | — |  |  | $ | 2,562 |  |  | $ | 199,645 |  |  | $ | 444 |
Additions | 222,332 |  |  | — |  |  | — |  |  | — |
Adjustment to fair value | 31,916 |  |  | 174 |  |  | (26,837) |  |  | (49) |
Sales | (100,645) |  |  | — |  |  | — |  |  | — |
Reclassification | — |  |  | — |  |  | (172,808) |  |  | — |
Balance at September 30, 2025 | $ | 153,603 |  |  | $ | 2,736 |  |  | $ | — |  |  | $ | 395 |
Schedule of change in the fair value of the liabilities, measured using Level 3 Inputs | The following table presents a summary of the changes in the fair value of the Company's Level 3 financial instruments (in thousands):
| Warrant Assets |  | Power Purchase Agreements – Asset |  | Warrant Liabilities |  | Power Purchase Agreements – Liability
Balance at December 31, 2024 | $ | — |  |  | $ | 2,562 |  |  | $ | 199,645 |  |  | $ | 444 |
Additions | 222,332 |  |  | — |  |  | — |  |  | — |
Adjustment to fair value | 31,916 |  |  | 174 |  |  | (26,837) |  |  | (49) |
Sales | (100,645) |  |  | — |  |  | — |  |  | — |
Reclassification | — |  |  | — |  |  | (172,808) |  |  | — |
Balance at September 30, 2025 | $ | 153,603 |  |  | $ | 2,736 |  |  | $ | — |  |  | $ | 395 |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration