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LEASES (Tables) | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Schedule of Assets and Liabilities | The components of operating and finance leases are presented on the Company’s condensed consolidated balance sheets as follows (in thousands):
|  | Financial statement line item |  | September 30, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 107,784 |  |  | 114,472 |
Finance lease right-of-use assets |  | Property, plant and equipment, net |  | $ | — |  |  | 5,873 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities, current portion |  | Other current liabilities |  | $ | 11,353 |  |  | 9,974 |
Operating lease liabilities, net of current portion |  | Other noncurrent liabilities |  | $ | 90,869 |  |  | 97,843 |
Finance lease liabilities, current portion |  | Other current liabilities |  | $ | — |  |  | 1,669 |
Schedule of Lease Cost | The components of lease expense were as follows (in thousands):
|  |  |  | Three Months Ended September 30,
|  | Financial statement line item |  | 2025 |  | 2024
Operating lease expense |  | Cost of Colocation services |  | $ | 3,412 |  |  | $ | 4,833 |
Operating lease expense |  | Cost of digital asset self-mining |  | 79 |  |  | 106 |
Operating lease expense |  | Cost of digital asset hosted mining services |  | 11 |  |  | 22 |
Operating lease expense |  | Selling, general and administrative expenses |  | 1,297 |  |  | (1,133) |
Short-term lease expense |  | Cost of digital asset self-mining |  | 318 |  |  | 68 |
Variable lease expense |  | Cost of Colocation services |  | 304 |  |  | — |
Finance lease expense: |  |  |  |  |  |
Amortization of right-of-use assets |  | Cost of digital asset self-mining |  | 101 |  |  | 231 |
Interest on lease liabilities |  | Interest expense, net |  | 11 |  |  | 91 |
Total finance lease expense |  |  |  | 112 |  |  | 322 |
Total lease expense |  |  |  | $ | 5,533 |  |  | $ | 4,218 |
|  |  |  | Nine Months Ended September 30,
|  | Financial statement line item |  | 2025 |  | 2024
Operating lease expense |  | Cost of Colocation services |  | $ | 10,221 |  |  | $ | 7,930 |
Operating lease expense |  | Cost of digital asset self-mining |  | 240 |  |  | 302 |
Operating lease expense |  | Cost of digital asset hosted mining services |  | 25 |  |  | 78 |
Operating lease expense |  | Selling, general and administrative expenses |  | 3,722 |  |  | 1,025 |
Short-term lease expense |  | Cost of digital asset self-mining |  | 943 |  |  | 262 |
Variable lease expense |  | Cost of Colocation services |  | 877 |  |  | — |
Finance lease expense: |  |  |  |  |  |
Amortization of right-of-use assets |  | Cost of digital asset self-mining |  | 497 |  |  | 880 |
Interest on lease liabilities |  | Interest expense, net |  | 90 |  |  | 1,132 |
Total finance lease expense |  |  |  | 587 |  |  | 2,012 |
Total lease expense |  |  |  | $ | 16,615 |  |  | $ | 11,609 |
Information relating to the lease term and discount rate is as follows:
| September 30, 2025 |  | September 30, 2024
Weighted Average Remaining Lease Term (Years) |  |  |
Operating leases | 7.8 |  | 6.9
Finance leases | 0.0 |  | 1.0
Weighted Average Discount Rate |  |  |
Operating leases | 8.5 | % |  | 9.3 | %
Finance leases | — | % |  | 12.5 | %
Schedule of Supplemental Cash Flow Information | Information relating to lease payments is as follows (in thousands):
|  |  | Nine Months Ended September 30,
|  |  |  |  | 2025 |  | 2024
Lease Payments |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 12,512 |  |  | $ | 5,414 |
Operating cash flows from finance leases |  |  |  |  | $ | 82 |  |  | $ | 1,819 |
Financing cash flows from finance leases |  |  |  |  | $ | 1,672 |  |  | $ | 5,328 |
Supplemental Noncash Information |  |  |  |  |  |  |
Operating lease right-of-use assets obtained in exchange for lease obligations |  |  |  |  | $ | 2,154 |  |  | $ | 70,690 |
Decrease in operating right-of-use assets due to lease modification |  |  |  |  | $ | (593) |  |  | $ | — |
Schedule of Operating Lease Liability, Maturity | The Company’s minimum payments under noncancelable operating leases having initial terms and bargain renewal periods in excess of one year are as follows at September 30, 2025, and thereafter (in thousands):
| Operating Leases |  |
Remaining 2025 | $ | 4,750 |  |  |
2026 | 19,631 |  |  |
2027 | 20,064 |  |  |
2028 | 20,405 |  |  |
2029 | 20,754 |  |  |
Thereafter | 54,318 |  |  |
Total lease payments | 139,922 |  |  |
Less: imputed interest | 37,700 |  |  |
Total | $ | 102,222 |  |  |
Schedule of Components of Lease Revenue | The components of lease revenue were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease Revenue |  |  |  |  |  |  |
Operating lease revenue | $ | 9,848 |  |  | $ | 7,806 |  |  | $ | 22,853 |  |  | $ | 11,625 |
Variable lease revenue | 5,103 |  |  | 2,532 |  |  | 11,231 |  |  | 4,232 |
Total lease revenue | $ | 14,951 |  |  | $ | 10,338 |  |  | $ | 34,084 |  |  | $ | 15,857 |
Schedule of Payments to be Received, Maturity | The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received at September 30, 2025, and thereafter (in thousands):
| Operating Leases(1)
Remaining 2025 | $ | 10,203 |
2026 | 38,520 |
2027 | 39,748 |
2028 | 54,614 |
2029 | 58,476 |
Thereafter | 317,899 |
Total | $ | 519,460 |
(1) Operating lease payments expected to be received excludes $9.55 billion in total future noncancellable minimum lease payments for operating leases that have not yet commenced at September 30, 2025, which have initial lease terms of 12 years from commencement.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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