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Fair Value Measurements
 9 Months Ended
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 fundsLevel 1$3,544 $2,411 
Commercial paperLevel 215,340 — 
Restricted cash and cash equivalents, current
Money market fundsLevel 1561,416 24,185 
Restricted cash and cash equivalents, non-current
Money market fundsLevel 1— 56,250 
Restricted marketable securities, non-current
Certificates of depositLevel 2— 29,308 
Marketable securities, current
U.S. government and agency securitiesLevel 2996 — 
Commercial paperLevel 222,346 — 
Corporate bondsLevel 224,107 — 
Prepaid expenses and other current assets
Warrant assetsLevel 3153,603 — 
Other non-current assets
Power purchase agreementsLevel 32,736 2,562 
Total financial assets$784,088 $114,716 
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedgesLevel 2$253 $— 
Derivative and warrant liabilities
Interest rate swaps designated as accounting hedgesLevel 2$1,315 $— 
Warrant liabilitiesLevel 3— 199,645 
Power purchase agreementsLevel 3395 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 $48 
Volatility60%60%
Risk-free rate4%4%
Dividend yield0%0%
As discussed in Note 11—Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders' Equity (Deficit), the warrant liabilities for the warrants for the Company's Class A common stock were remeasured immediately before modification when modified to equity classified warrants on March 21, 2025.
The following table presents a summary of the changes in the fair value of the Company's Level 3 financial instruments (in thousands):
Warrant AssetsPower Purchase
Agreements –
Asset		Warrant
Liabilities 		Power Purchase
Agreements –
Liability
Balance at December 31, 2024$— $2,562 $199,645 $444 
Additions222,332 — — — 
Adjustment to fair value31,916 174 (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.