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PROPERTY AND EQUIPMENT, NET | 9 Months Ended
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Sep. 30, 2025
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Leasehold improvements |  | $ | 193,659 |  |  | $ | — |
Machinery and equipment |  | 114,579 |  |  | — |
Office equipment |  | 8,048 |  |  | 2,634 |
Construction in progress |  | 6,939 |  |  | 284,136 |
Property and equipment |  | 323,225 |  |  | 286,770 |
Less: Accumulated depreciation |  | (33,464) |  |  | (1,583) |
Property and equipment, net |  | $ | 289,761 |  |  | $ | 285,187 |
Depreciation expense was $13.5 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $31.9 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

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- Definition The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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