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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (715,274) $ (812,076)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 1,633,457 497,994
Non-cash lease expense 233,836 79,470
Amortization of debt discounts and issuance costs and accretion of redemption premiums 87,776 23,002
Loss (gain) on fair value adjustments (26,837) 748,864
Stock-based compensation 473,409 23,466
Debt extinguishment loss 14,486 11,708
Deferred income taxes (37,141) 80,252
Other non-cash reconciling items 49,388 1,075
Changes in operating assets and liabilities, net of effect of business acquisition:    
Accounts receivable (1,252,507) (332,347)
Prepaid expenses and other current assets (171,034) (54,538)
Accounts payable and accrued expenses 333,211 336,347
Deferred revenue 1,402,164 2,417,010
Lease liabilities (181,061) (45,119)
Other non-current assets (344,822) (415,348)
Other liabilities 0 2,676
Net cash provided by operating activities 1,499,051 2,562,436
Cash flows from investing activities:    
Purchase of property and equipment, including capitalized internal-use software (6,249,239) (5,204,251)
Sale of available-for-sale marketable securities 0 1,270
Maturities of marketable securities 29,308 94,638
Purchase of marketable securities (47,246) (34,053)
Purchase of strategic investments 0 (50,000)
Sale of warrants received as lease incentive 100,645 0
Business combinations, net of cash acquired (55,918) 0
Issuance of notes receivable (73,000) 0
Other investing activities (49,849) (1,433)
Net cash used in investing activities (6,345,299) (5,193,829)
Cash flows from financing activities:    
Proceeds from issuance of debt 7,562,686 3,329,121
Repayments of debt (2,978,850) (364,127)
Payment of debt issuance costs (46,086) (3,479)
Issuance of redeemable convertible preferred stock, net of issuance costs 0 1,172,476
Redeemable convertible preferred stock cash dividends paid (28,693) (29,331)
Proceeds from exercise of stock options 17,519 1,327
Proceeds from initial public offering, net of underwriting discounts and commissions 1,422,619 0
Issuance of common stock in connection with over-allotment exercise, net of underwriting discounts and commissions 67,669 0
Payment of tax withholdings on settlement of RSUs (144,043) 0
Deferred offering costs paid (28,769) 0
Common stock repurchased 0 (1,470)
Other financing activities (64,946) (31,149)
Net cash provided by financing activities 5,779,106 4,073,368
Net increase in cash, cash equivalents, and restricted cash 932,858 1,441,975
Cash, cash equivalents, and restricted cash—beginning of period 2,035,833 480,075
Cash, cash equivalents, and restricted cash—end of period 2,968,691 1,922,050
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized amounts 557,124 97,426
Non-cash investing and financing activities:    
Capitalized interest not yet paid 49,093 9,969
Operating lease right-of-use assets acquired through lease liability 2,323,202 1,368,808
Liabilities related to property and equipment additions, including OEM financed additions 4,788,343 1,336,832
Issuance of common stock for contract incentive 350,000 0
Issuance of common stock in connection with conversion of convertible notes 0 1,080,295
Reclassification of redeemable Class A common stock to Class A common stock 1,163,159 0
Conversion of redeemable convertible preferred stock in connection with initial public offering 1,722,140 0
Fair value of common stock issued as consideration for a business combination 938,854 0
Fair value of equity awards assumed in a business combination 3,861 0
Reclassification of warrant liabilities to equity 172,808 0
Settlement of Series B tranche liability 0 69,598
Reclassification of customer deposit to debt 230,244 0
Non-cash investments 74,305 7,633
Warrants received as lease incentive 222,332 0
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:    
Cash and cash equivalents 1,894,399 1,355,216
Restricted cash and cash equivalents, current 596,777 69,576
Restricted cash and cash equivalents, non-current 477,515 497,258
Total cash, cash equivalents, and restricted cash $ 2,968,691 $ 1,922,050