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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | 9. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements During the three and nine months ended September 30, 2025, a decrease in fair value of contingent value rights of $0.8 million and $1.7 million, respectively, was included in Change in fair value of warrant and contingent value rights on the Company’s condensed consolidated statements of operations. During the three and nine months ended September 30, 2025, an increase in fair value of Warrants of $75.6 million and $365.0 million, respectively, was included in Change in fair value of warrant and contingent value rights on the Company’s condensed consolidated statements of operations. The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 (in thousands):
| Fair Value Hierarchy
| Level 1 |  | Level 2 |  | Level 3 |  | Fair value
Assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 449,911 |  |  | $ | — |  |  | $ | — |  |  | $ | 449,911 |
Digital assets | 241,355 |  |  | — |  |  | — |  |  | 241,355 |
Total assets measured at fair value on a recurring basis | $ | 691,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 691,266 |
Liabilities: |  |  |  |  |  |  |
Contingent value rights 1 | $ | 2,589 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,589 |
Warrants | 1,330,483 |  |  | — |  |  | — |  |  | 1,330,483 |
Total liabilities measured at fair value on a recurring basis | $ | 1,333,072 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,333,072 |
1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement. The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 (in thousands):
| Fair Value Hierarchy
| Level 1 |  | Level 2 |  | Level 3 |  | Fair value
Assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 832,213 |  |  | $ | — |  |  | $ | — |  |  | $ | 832,213 |
Digital assets | 23,893 |  |  | — |  |  | — |  |  | 23,893 |
Total assets measured at fair value on a recurring basis | $ | 856,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 856,106 |
Liabilities: |  |  |  |  |  |  |
Contingent value rights 1 | $ | 4,272 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,272 |
Warrants | 1,097,285 |  |  | — |  |  | — |  |  | 1,097,285 |
Total liabilities measured at fair value on a recurring basis | $ | 1,101,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,101,557 |
1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement. Financial Instruments Not Carried at Fair Value The Convertible Notes are recorded at amortized cost in the condensed consolidated balance sheets. The fair value is disclosed for informational purposes only in accordance with ASC Topic 825-10, Financial Instruments, and is determined using trading activity in over-the-counter markets. The following tables present the carrying amounts and estimated fair values of the Convertible Notes as of September 30, 2025 and December 31, 2024 (in thousands): September 30, 2025
|  | Carrying Amount |  | Fair Value |  | Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029 |  | $ | 460,000 |  |  | $ | 826,582 |  |  | Level 1
0.00% Convertible Senior Notes due 2031 |  | $ | 625,000 |  |  | $ | 701,493 |  |  | Level 1
December 31, 2024
|  | Carrying Amount |  | Fair Value |  | Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029 |  | $ | 460,000 |  |  | $ | 703,100 |  |  | Level 1
0.00% Convertible Senior Notes due 2031 |  | $ | 625,000 |  |  | $ | 615,800 |  |  | Level 1
Nonrecurring Fair Value Measurements The Company’s non-financial assets, including property, plant and equipment, are measured at estimated fair value on a nonrecurring basis and are adjusted only upon impairment or when held for sale. During the nine months ended September 30, 2025, the Company did not recognize any impairment or other fair value adjustments related to non-financial assets measured at fair value on a nonrecurring basis. No non-financial assets were classified as Level 3 as of September 30, 2025 or December 31, 2024. The Company’s financial instruments, that are not subject to recurring fair value measurements, include cash and cash equivalents (other than money market funds), restricted cash, accounts receivable, accounts payable, leases, notes payable and certain accrued expenses and other liabilities. Except for the 2029 Convertible Notes and 2031 Convertible Notes, the carrying amount of these financial instruments materially approximate their fair values.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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