v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (FY)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:      
Net loss $ (863,448) $ (593,748) $ (31,055)
Net loss from discontinued operations, net of tax 0 0 (189)
Net loss from continuing operations (863,448) (593,748) (30,866)
Adjustments to reconcile net loss to net cash provided by operating activities      
Depreciation and amortization 863,413 103,210 11,695
Non-cash lease expense 122,748 20,404 16
Amortization of debt discounts and issuance costs 33,376 16,533 3,803
Loss on fair value adjustments 755,929 533,952 2,884
Stock-based compensation 31,487 15,154 1,490
Debt extinguishment loss 11,708 0 0
Deferred income taxes 112,785 35,816 (1,284)
Other non-cash reconciling items 3,286 632 0
Changes in operating assets and liabilities, net of effect of business acquisition:      
Accounts receivable (279,720) (162,413) (1,893)
Prepaid expenses and other current assets (29,200) (71,964) (1,047)
Accounts payable and accrued expenses 510,568 26,807 1,404
Deferred revenue 2,049,068 1,986,304 9,354
Lease liabilities (87,611) (9,302) 0
Other non-current assets (485,332) (67,317) 87
Other liabilities 111 (1,418) 0
Net cash (used in) provided by continuing operations 2,749,168 1,832,650 (4,357)
Net cash provided by operating activities-discontinued operations 0 0 5,267
Net cash provided by (used in) operating activities 2,749,168 1,832,650 910
Cash flows from investing activities:      
Purchase of property and equipment, including capitalized internal-use software (8,702,078) (2,943,130) (72,404)
Sale of available-for-sale marketable securities 2,470 5,689 7,000
Maturities of marketable securities 185,218 0 0
Purchase of restricted marketable securities (34,053) (171,734) 0
Purchase of strategic investments (50,000) (33,000) 0
Issuance of notes receivable (59,615) 0 0
Other investing activities 0 (5,535) (14,852)
Net cash used in investing activities by continuing operations (8,658,058) (3,147,710) (80,256)
Net cash provided by investing activities-discontinued operations 0 0 1,073
Net cash provided by (used in) investing activities (8,658,058) (3,147,710) (79,183)
Cash flows from financing activities:      
Proceeds from issuance of debt 7,022,291 1,415,862 60,000
Proceeds from issuance of convertible debt 0 0 30,000
Repayments of debt (588,555) (2,180) (3,055)
Payment of debt issuance costs (3,786) (12,053) (1,651)
Issuance of redeemable convertible preferred stock, net of issuance costs 1,172,476 420,765 0
Redeemable convertible preferred stock cash dividends paid (57,745) 0 0
Proceeds from exercise of stock options 2,890 1,669 0
Common stock repurchased (1,470) (32,054) 0
Proceeds from issuance of common stock 0 14,837 0
Other financing activities (81,453) (19,095) (3,840)
Net cash provided by (used in) financing activities 7,464,648 1,787,751 81,454
Net increase in cash, cash equivalents, and restricted cash 1,555,758 472,691 3,181
Cash, cash equivalents, and restricted cash-beginning of period 480,075 7,384 4,203
Cash, cash equivalents, and restricted cash-end of period 2,035,833 480,075 7,384
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of capitalized amounts 183,657 105 5,124
Cash paid for income taxes 14,332 214 255
Non-cash investing and financing activities:      
Capitalized interest 31,714 41,376 0
Operating lease right-of-use assets acquired through lease liability 2,222,257 481,145 1,210
Right-of-use assets for lease modification and renewals 18,987 0 0
Finance lease right-of-use assets acquired through lease liability 141,916 0 14,622
Derivative liabilities from issuance of convertible notes 0 0 10,841
Accounts payable and accrued expenses related to property and equipment additions 892,632 482,330 0
Issuance of common stock in connection with conversion of convertible notes 1,080,295 0 0
Settlement of Series B tranche liability 69,598 45,531 0
Non-cash investments 10,133 0 0
Stock-based compensation capitalized as internal-use software 7,100 2,216 0
Deferred offering costs not yet paid 7,951 0 0
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets:      
Cash and cash equivalents 1,361,083 217,147 7,384
Restricted cash and cash equivalents, current 37,394 42,940 0
Restricted cash and cash equivalents, non-current 637,356 219,988 0
Total cash, cash equivalents, and restricted cash $ 2,035,833 $ 480,075 $ 7,384