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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

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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.

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