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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value as follows: Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation. 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 |
The Company carries the 2030 Senior Notes and 2031 Senior Notes (as defined in Note 10—Debt) at the amortized cost basis and presents the fair value for disclosure purposes only. As of September 30, 2025, the fair value of the 2030 Senior Notes was $2.1 billion and the fair value of the 2031 Senior Notes was $1.8 billion. The fair value of the 2030 Senior Notes and 2031 Senior Notes, which are classified as Level 2 financial instruments, were determined based on the quoted prices of the 2030 Senior Notes and 2031 Senior Notes in an over-the-counter market on the last trading day of the reporting period. Refer to Note 10 — Debt for additional information. 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 |  |  | $ | — |
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 |
For the three and nine months ended September 30, 2025, the amount reclassified out of accumulated other comprehensive loss into earnings was not material. As of September 30, 2025, the amount the Company expects to reclassify out of accumulated other comprehensive loss into earnings within the next twelve months is not material. 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 | %
As discussed in Note 11—Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders' Equity (Deficit), the warrant liabilities for the warrants for the Company's Class A common stock were remeasured immediately before modification when modified to equity classified warrants on March 21, 2025. 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 |
Notes Receivable Notes receivable are primarily related to the DCSP Financing Arrangements (as defined in Note 10—Debt) and are reported at their amortized costs basis. As of September 30, 2025 and December 31, 2024, the Company determined that the fair values of its notes receivable approximate the carrying values. Marketable Securities For the nine months ended September 30, 2025 and September 30, 2024, the Company did not recognize any material realized or unrealized gains or losses related to its debt securities. As of September 30, 2025 and December 31, 2024, there were no allowance for credit losses related to the Company's debt securities. The weighted-average remaining maturity of the Company's debt securities was less than one year as of September 30, 2025. The Company considers marketable debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these as short-term marketable securities on the condensed consolidated balance sheets. Warrant Assets During the three and nine months ended September 30, 2025, the Company received warrants, which were accounted for as a derivative instrument and were measured at fair value each reporting period using the Black-Scholes option-pricing model with gains and losses recorded in other income, net on the condensed consolidated statements of operations. Key inputs and assumptions used in the valuations included risk-free interest rates, common stock values, equity volatilities, expected terms, exercise prices, and details specific to the warrants. Changes in one or more of these inputs and assumptions could significantly impact the fair-value determination. As of September 30, 2025, the fair value of the warrant was $154 million. The Company subsequently sold the warrant in October 2025.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + 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 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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