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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,894,399 $ 1,361,083
Restricted cash and cash equivalents, current 596,777 37,394
Marketable securities 47,449 0
Accounts receivable, net 1,659,229 416,526
Prepaid expenses and other current assets 533,429 101,246
Total current assets 4,731,283 1,916,249
Restricted cash and cash equivalents, non-current 477,515 637,356
Restricted marketable securities, non-current 0 29,308
Property and equipment, net 20,659,181 11,914,774
Operating lease right-of-use assets 4,677,057 2,589,547
Intangible assets, net 200,001 4,909
Goodwill 829,979 19,544
Other non-current assets [1] 1,335,482 720,912
Total assets 32,910,498 17,832,599
Current liabilities    
Accounts payable 1,156,978 868,259
Accrued liabilities 3,172,274 355,821
Debt, current [1] 3,712,177 2,468,425
Deferred revenue, current 1,107,580 768,927
Operating lease liabilities, current 345,472 213,104
Finance lease liabilities, current 48,990 57,801
Other current liabilities [1] 171,401 230,244
Total current liabilities 9,714,872 4,962,581
Debt, non-current [1] 10,322,757 5,457,915
Derivative and warrant liabilities 1,710 200,089
Deferred revenue, non-current 4,228,222 3,294,977
Operating lease liabilities, non-current 4,378,869 2,388,912
Finance lease liabilities, non-current 12 34,120
Deferred tax liabilities, non-current 117,633 149,232
Other Liabilities, Noncurrent 268,409 36,260
Total liabilities 29,032,484 16,524,086
Commitments and contingencies (Note 9)
Redeemable convertible preferred stock and redeemable common stock    
Temporary equity   1,722,111
Stockholders' equity (deficit)    
Preferred stock, $0.000005 par value per share, 100,000 and no shares authorized as of June 30, 2025 and December 31, 2024, respectively; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Treasury stock, at cost, 6,588 as of June 30, 2025 and December 31, 2024, respectively (33,524) (33,524)
Additional paid-in capital 6,104,329 1,096,160
Accumulated other comprehensive loss (1,284) 0
Accumulated deficit (2,191,509) (1,476,235)
Total stockholders' equity (deficit) 3,878,014 (413,598)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) $ 32,910,498 $ 17,832,599
Common shares, shares authorized (in shares) 3,400,000,000 690,680,000
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Redeemable Convertible Preferred Stock    
Redeemable convertible preferred stock and redeemable common stock    
Temporary equity [1] $ 0 $ 1,722,111
Common Class A    
Stockholders' equity (deficit)    
Common stock $ 2 $ 1
Common shares, shares authorized (in shares) 3,000,000,000 540,680,000
Common shares, shares issued (in shares) 391,445,000 121,277,000
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares outstanding (in shares) 384,857,000 114,689,000
Common Class B    
Stockholders' equity (deficit)    
Common stock $ 0 $ 0
Common shares, shares authorized (in shares) 200,000,000 150,000,000
Common shares, shares issued (in shares) 112,733,000 118,198,000
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares outstanding (in shares) 112,733,000 118,198,000
Common Class C    
Stockholders' equity (deficit)    
Common stock $ 0 $ 0
Common shares, shares authorized (in shares) 200,000,000 0
Common shares, shares issued (in shares) 0 0
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares outstanding (in shares) 0 0
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.