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Subsequent events
 3 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent events
Note 20. Subsequent events
The Group has completed an evaluation of all subsequent events after the balance sheet date up to the date that the Unaudited Condensed Consolidated Financial Statements were available to be issued. Except as described above and below, the Group has concluded no other subsequent events have occurred that require disclosure.
Convertible notes offering
On October 14, 2025, the Group completed the issuance of $1.0 billion aggregate principal amount of 0.00% Convertible Senior Notes due in 2031 (the “2031 Convertible Notes”). Net proceeds from the offering were approximately $979.0 million after deducting initial purchasers’ discounts, commissions, and estimated offering expenses. The Group used approximately $56.7 million of the net proceeds to enter into capped call transactions.
Commercial agreement for GPU services
On November 2, 2025, the Group entered into an agreement with Microsoft Corporation to provide dedicated GPU services in tranches at data center facilities located in Childress, Texas, over an average term of five years. The total contract value is approximately $9.7 billion over the term of the agreement, with 20% of the contract value to be paid prior to the applicable delivery date of each tranche.
Hardware purchase and equipment financing agreements
On November 2, 2025, the Group entered into a purchase agreement with Dell Marketing L.P. to acquire GPUs and related products and services, to be delivered in multiple tranches beginning in March 2026, for a total purchase consideration of approximately $5.8 billion payable within 30 days of each tranche shipping. The GPUs will be installed across four data center facilities at Childress known as “Horizon 1,” “Horizon 2,” “Horizon 3,” and “Horizon 4”, representing a combined IT load of approximately 200MW.
On November 5, 2025, the Group entered into financing arrangements with Dell Financial Services for a portion of its existing GPU orders. The facility provides $199.8 million of financing, structured as a 24-month lease. The lease includes a purchase option at the Group’s sole discretion, allowing the acquisition of the GPUs upon maturity of the lease for $1.