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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of debt

The total debt obligations are as follows (dollars in thousands):

			Maturities						Effective Interest Rates						September 30, 2025						December 31, 2024
DDTL 1.0 Facility			March 2028						15%						$	1,667,500					$	2,012,500
DDTL 2.0 Facility			August 2030						10%						5,037,372						3,843,819
DDTL 2.1 Facility			September 2030						9%						1,241,325						—
DDTL 3.0 Facility			August 2030						9%						358,696						—
2030 Senior Notes			June 2030						10%						2,000,000						—
2031 Senior Notes			February 2031						10%						1,750,000						—
2024 Term Loan Facility			April 2025						12%						—						1,000,000
Revolving Credit Facility			May 2028						7%						700,000						—
OEM Financing Arrangements			March 2026- August 2028						8-10%						1,185,709						1,177,158
Magnetar Loan			January 2029						12%						264,666						—
Total principal of debt															14,205,268						8,033,477
Less: Unamortized discount and issuance costs															(170,334)						(107,137)
Total debt, net of unamortized discount and issuance costs															14,034,934						7,926,340
Less: Debt, current															(3,712,177)						(2,468,425)
Total debt, non-current															$	10,322,757					$	5,457,915

Schedule of maturities of long-term debt

As of September 30, 2025, the future principal payments for the Company's total debt were as follows (in thousands):

Years Ending December 31,						Amount
Remaining portion of 2025						$	575,271
2026						3,896,918
2027						3,012,136
2028						2,478,008
2029						435,545
Thereafter						3,807,390
Total						$	14,205,268

Schedule of debt interest expense

The total interest expense for the Company's debt obligations was as follows (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Contractual interest expense						$	324,131					$	130,003					$	807,215					$	294,862
Amortization of debt discounts and issuance costs and accretion of redemption premiums						21,049						7,397						87,776						23,002
Less: capitalized interest						(61,764)						(35,072)						(98,042)						(107,936)
Total						$	283,416					$	102,328					$	796,949					$	209,928

Schedule of lease payments for finance leases

As of September 30, 2025, the future payments under the financing obligation and finance lease due to the DCSP were as follows (in thousands):

Years Ending December 31,						Financing obligation						Finance lease
Remaining portion of 2025						$	4,918					$	4,680
2026						19,658						18,720
2027						19,645						18,720
2028						19,630						18,720
2029						19,616						18,720
Thereafter						175,800						168,480
Total future payments						259,267						248,040
Less: amount representing interest						(145,319)						(126,548)
Total						113,948						121,492
Less: current portion						(3,018)						(3,799)
Long-term portion						$	110,930					$	117,693

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Debt Interest Expense

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
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