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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s borrowings consist of the following related and third-party borrowings:
December 31, 2025
December 31, 2024
Maturity Date
Principal Outstanding
Carrying Value*
Principal Outstanding
Carrying Value*
2021 Convertible Notes Payable June 2026$— $— $122,868 $109,838 
AFG Convertible NoteSeptember 2034— — 22,353 63,033 
Delayed Draw Term Loan(1)
June 2034194,419 150,427 179,542 76,188 
Notes payable - related party194,419 150,427 324,763 249,059 
Equipment Financing FacilityApril 2026372 372 2,386 2,385 
May 2025 Convertible NotesJune 203050,000 48,044 — — 
November 2025 Convertible Notes
December 2031600,000 530,096 — — 
DOE Loan Facility(1)
June 203494,685 84,327 68,386 65,452 
  Total borrowings939,476 813,266 395,535 316,896 
  Less: current portion
372 372 2,014 2,014 
     Total borrowings, non-current$939,104 $812,894 $393,521 $314,882 
*Carrying value includes unamortized deferred financing costs, unamortized discounts and fair value of embedded derivative liabilities, except for the Delayed Draw Term Loan, which is carried at fair value.
(1) The DDTL and DOE Loan Facility contain Springing Maturity dates that could make the debt due March 14, 2030.
As of December 31, 2025, the annual repayment requirements for debt obligations are as follows:
Year
Total Debt Payment Obligations (1)
2026
$372 
2027
— 
2028
28,006 
2029
30,555 
2030
80,713 
Thereafter963,006 
Total$1,102,652 
(1) The DDTL and DOE Loan Facility contain Springing Maturity dates that could make the debt payments due March 14, 2030. Included within the table above is $315,827, as reduced by paid-in-kind amounts, that would be payable on March 14, 2030 upon a debt payment requirement under Springing Maturity for the DDTL and DOE Loan Facility.
For the Years Ended December 31,
20252024
Gain on change in fair value(a)
18,053 33,823 
Loss attributable to changes in instrument-specific credit risk(b)
87,317 43,490 
(a) This is included in Change in fair value of debt - related party on the Consolidated Statements of Operations and Comprehensive Loss.
(b)This is included in Change in fair value of debt - credit risk - related party in Accumulated other comprehensive (loss) income.
Date of Draw
Gross Amount of Initial Draw
Coupon Interest Rate
Debt Issuance Costs
September 2021$7,000 14.3%$175 
September 20224,216 16.2%96 
    Total Equipment Financing loans$11,216 $271 
Schedule of Interest Expense
Interest expense recognized on the 2021 Convertible Notes is as follows:
For the Years Ended December 31,
20252024
Contractual interest expense$3,072 $7,053 
Amortization of debt discount3,230 6,608 
Amortization of debt issuance costs311 638 
    Total$6,613 $14,299 
Interest expense recognized on the AFG Convertible Notes are as follows:
For the Years Ended December 31,
20252024
Contractual interest expense$3,300 $4,924 
Amortization of debt discount108 928 
Amortization of debt issuance costs(95)262 
    Total$3,313 $6,114 
Interest expense recognized on the May 2025 Convertible Notes is as follows:
For the Year Ended December 31, 2025
Contractual interest expense$8,353 
Amortization of debt discount
853 
Amortization of debt issuance costs75 
    Total$9,281 
Interest expense recognized on the November 2025 Convertible Notes is as follows:
For the Year Ended December 31, 2025
Contractual interest expense$1,050 
Amortization of debt discount
3,257 
Amortization of debt issuance costs4 
    Total$4,311 
Interest expense recognized on the DOE Loan Facility is as follows:
For the Years Ended December 31,
20252024
Contractual interest expense$3,826 $107 
Amortization of debt issuance costs1,760 9 
Amortization of debt discount
181 — 
    Total$5,767 $116 
The following table summarizes interest expense recognized on the Senior Secured Term Loan:
For the Year Ended December 31,
2024
Contractual interest expense$6,858 
Amortization of debt discount224 
Amortization of debt issuance costs1,980 
Total $9,062 
Schedule of Balances Recognized Upon Issuance of Convertible Notes
The carrying value for the 2021 Convertible Notes is as follows:
December 31,
20252024
Principal$— $122,868 
Unamortized debt discount— (13,045)
Unamortized debt issuance costs— (1,257)
Embedded derivative liability— 1,272 
     Aggregate carrying value$— $109,838 
The balance for the AFG Convertible Notes are as follows:
December 31,
20252024
Principal$— $22,353 
Unamortized debt discount— (1,906)
Unamortized debt issuance costs— (538)
Embedded conversion feature— 43,124 
     Aggregate carrying value$— $63,033 
The carrying value for the May 2025 Convertible Notes is as follows:
December 31, 2025
June 13, 2025
June 11, 2025
June 03, 2025
Principal
$50,000 $250,000 $237,500 $225,000 
Unamortized debt discount
(1,799)(10,000)(9,500)(9,000)
Unamortized debt issuance costs(157)(874)(874)(874)
     Aggregate carrying value$48,044 $239,126 $227,126 $215,126 
The carrying value for the November 2025 Convertible Notes is as follows:
December 31, 2025
November 24, 2025
Principal
$600,000 $600,000 
Unamortized debt discount
(298,297)(301,554)
Unamortized debt issuance costs(326)(330)
Embedded conversion feature
$228,719 $282,054 
     Aggregate carrying value$530,096 $580,170 
The carrying value for the DOE Loan Facility is as follows:
For the Years Ended December 31,
20252024
Principal (life to date draw-downs)
$90,945 $68,279 
Capitalized PIK Interest
3,740 107 
Unamortized debt issuance costs(2,749)(2,934)
Unamortized debt discount
$(7,609)$— 
     Aggregate carrying value$84,327 $65,452 
Schedule of Loan Facility Draw-Downs
The DOE Loan Facility draw-downs were as follows:
Loan Facility Available
for Future Draw-downs Tranche 1
Interest Rate
Beginning Balance, November 26, 2024
$90,945 
   Draw-downs received during the year ended December 31, 2024
(68,279)4.791 %
   Draw-downs received during the year ended December 31, 2025
$(22,666)4.286 %
Remaining Balance, December 31, 2025
$— 
The Company has not drawn on Tranches 2, 3 or 4 as of December 31, 2025.