XML 13 R2.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,335,683 $ 564,988
Restricted cash 877 2,546
Accounts receivable, net (includes related party accounts receivable of $2,091 and $0 at December 31, 2025 and 2024, respectively) 37,726 1,400
Inventory 12,007 1,062
Prepaid expenses 11,955 7,887
Other current assets 60,264 22,363
Total current assets 2,458,512 600,246
Non-current assets:    
Restricted cash 443,400 0
Property and equipment, net 1,398,761 337,669
Intangible assets, net 245,093 0
Operating lease right-of-use assets, net 19,420 14,014
Other non-current assets (includes related party loan receivable of $18,187 and $0 at December 31, 2025 and 2024, respectively) 449,201 2,632
TOTAL ASSETS 5,014,387 954,561
Current liabilities:    
Accounts payable 46,763 17,004
Accrued expenses and other current liabilities 69,246 12,195
Current contract liabilities 19,887 41,968
Current operating lease liabilities 2,449 1,856
Current portion of long-term debt 11,999 2,919
Total current liabilities 150,344 75,942
Non-current liabilities:    
Warrant liabilities 7,471 41,248
Non-current operating lease liabilities 17,479 12,652
Non-current contract liabilities 207,093 0
Long-term debt, net 2,207,583 155,573
Other non-current liabilities 32,092 0
Total liabilities 2,622,062 285,415
Commitments and contingencies (Note 9)
Stockholders' Equity:    
Additional paid-in capital 2,671,770 969,004
Accumulated other comprehensive income (loss) 1,351 (176)
Accumulated deficit (831,685) (489,745)
Noncontrolling interest 550,850 190,031
Total stockholders' equity 2,392,325 669,146
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 5,014,387 954,561
Common Class A [Member]    
Stockholders' Equity:    
Common stock value 27 20
Common Class B [Member]    
Stockholders' Equity:    
Common stock value 4 4
Common Class C [Member]    
Stockholders' Equity:    
Common stock value $ 8 $ 8