Fair Value Measures and Disclosures (FY) (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Fair Value Disclosures [Abstract] |
|
|
| Fair value, by balance sheet grouping |
The following table presents information about the Company’s
financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
Level 1
|
|
|
$55,508
|
|
|
$2,411
|
|
Restricted cash and cash equivalents, current
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
Level 1
|
|
|
518,199
|
|
|
24,185
|
|
Restricted cash and cash equivalents, non-current
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
Level 1
|
|
|
—
|
|
|
56,250
|
|
Restricted marketable securities, non-current
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
|
Level 2
|
|
|
—
|
|
|
29,308
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange forward contracts not designated as
accounting hedges
|
|
|
Level 2
|
|
|
2,279
|
|
|
—
|
|
Other non-current assets
|
|
|
|
|
|
|
|
|
|
|
Power purchase agreements
|
|
|
Level 3
|
|
|
3,444
|
|
|
2,562
|
|
Total financial assets
|
|
|
|
|
|
$579,430
|
|
|
$114,716
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
Derivative and warrant liabilities
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps designated as accounting hedges
|
|
|
Level 2
|
|
|
$271
|
|
|
$—
|
|
Warrant liabilities
|
|
|
Level 3
|
|
|
—
|
|
|
199,645
|
|
Power purchase agreements
|
|
|
Level 3
|
|
|
427
|
|
|
444
|
|
Total financial liabilities
|
|
|
|
|
|
$698
|
|
|
$200,089
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables presents the hierarchy fair value as of
the end of each reporting period (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
Level 1
|
|
|
$87,258
|
|
|
$2,411
|
|
Restricted cash and cash equivalents, current
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
Level 1
|
|
|
42,940
|
|
|
24,185
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale marketable securities
|
|
|
Level 2
|
|
|
2,368
|
|
|
—
|
|
Restricted cash and cash equivalents, non-current
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
Level 1
|
|
|
206,846
|
|
|
56,250
|
|
Restricted marketable securities, non-current
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
|
Level 2
|
|
|
171,734
|
|
|
29,308
|
|
Other non-current assets
|
|
|
|
|
|
|
|
|
|
|
Power purchase agreements
|
|
|
Level 3
|
|
|
1,459
|
|
|
2,562
|
|
Total financial assets
|
|
|
|
|
|
$512,605
|
|
|
$114,716
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
Derivative and warrant liabilities
|
|
|
|
|
|
|
|
|
|
|
Bifurcated embedded derivative liabilities
|
|
|
Level 3
|
|
|
$386,469
|
|
|
$—
|
|
Warrant liabilities
|
|
|
Level 3
|
|
|
70,930
|
|
|
199,645
|
|
Series B tranche liability
|
|
|
Level 3
|
|
|
69,648
|
|
|
—
|
|
Power purchase agreements
|
|
|
Level 3
|
|
|
—
|
|
|
444
|
|
Total financial liabilities
|
|
|
|
|
|
$527,047
|
|
|
$200,089
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Assets Measured at Fair Value on Recurring Basis |
|
The following tables present information about the Company’s
financial assets that are measured at fair value on a recurring basis as of the end of each reporting period (in thousands):
|
|
|
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
$87,258
|
|
|
$—
|
|
|
$—
|
|
|
$87,258
|
|
Restricted cash and cash equivalents, current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
42,940
|
|
|
—
|
|
|
—
|
|
|
42,940
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale marketable securities
|
|
|
2,354
|
|
|
14
|
|
|
—
|
|
|
2,368
|
|
Restricted cash and cash equivalents, non-current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
206,846
|
|
|
—
|
|
|
—
|
|
|
206,846
|
|
Restricted marketable securities, non-current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
|
171,734
|
|
|
—
|
|
|
—
|
|
|
171,734
|
|
Total
|
|
|
$511,132
|
|
|
$14
|
|
|
$—
|
|
|
$511,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
$2,411
|
|
|
$—
|
|
|
$—
|
|
|
$2,411
|
|
Restricted cash and cash equivalents, current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
24,185
|
|
|
—
|
|
|
—
|
|
|
24,185
|
|
Restricted cash and cash equivalents, non-current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
|
56,250
|
|
|
—
|
|
|
—
|
|
|
56,250
|
|
Restricted marketable securities, non-current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
|
29,308
|
|
|
—
|
|
|
—
|
|
|
29,308
|
|
Total
|
|
|
$112,154
|
|
|
$—
|
|
|
$—
|
|
|
$112,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value measurement inputs and valuation techniques |
The Company’s valuation of the warrant liabilities utilized
the Black-Scholes option-pricing model that relied on the following significant inputs:
|
|
|
|
|
|
|
|
|
Stock price
|
|
|
$41
|
|
|
$48
|
|
Volatility
|
|
|
60%
|
|
|
60%
|
|
Risk-free rate
|
|
|
4%
|
|
|
4%
|
|
Dividend yield
|
|
|
0%
|
|
|
0%
|
|
|
|
|
|
|
|
|
|
The Company’s valuation of the warrant liabilities utilized
the Black-Scholes option-pricing model that relied on the following significant inputs:
|
|
|
|
|
|
|
|
|
Stock price
|
|
|
$18
|
|
|
$48
|
|
Volatility
|
|
|
55%
|
|
|
60%
|
|
Risk-free rate
|
|
|
4%
|
|
|
4%
|
|
Dividend yield
|
|
|
0%
|
|
|
0%
|
|
|
|
|
|
|
|
|
The Company’s valuation of the embedded derivative
liabilities utilized the binomial lattice model that relied on the following significant inputs:
|
|
|
|
|
|
Stock price
|
|
|
$18
|
|
Volatility
|
|
|
40%
|
|
Risk-free rate
|
|
|
4%
|
|
Lattice or Monte Carlo model projection period (years)
|
|
|
2
|
|
|
|
|
|
As discussed in Note 10—Debt,
the 2021 Convertible Notes were converted into common stock on September 17, 2024. The following table is a summary of the significant unobservable inputs to value the embedded derivative liability immediately before conversion:
|
|
|
|
|
|
Stock price
|
|
|
$44
|
|
Discount rate
|
|
|
12%
|
|
|
|
|
|
The Company’s valuation of the Series B tranche liability
utilized the Black-Scholes option-pricing model that relied on the following significant inputs:
|
|
|
|
|
|
Series B stock price
|
|
|
$21
|
|
Volatility
|
|
|
21%
|
|
Risk-free rate
|
|
|
5%
|
|
|
|
|
|
|
| Schedule of change in the fair value of the assets, measured using Level 3 Inputs |
|
The following table presents a summary of the changes in
the fair value of the Company’s Level 3 financial instruments (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2023
|
|
|
$—
|
|
|
$3,887
|
|
|
$4,901
|
|
|
$—
|
|
|
$—
|
|
Additions
|
|
|
1,040
|
|
|
1,716
|
|
|
20,829
|
|
|
—
|
|
|
10,300
|
|
Adjustment to fair value
|
|
|
419
|
|
|
68,334
|
|
|
360,739
|
|
|
—
|
|
|
104,879
|
|
Settlements
|
|
|
—
|
|
|
(3,007)
|
|
|
—
|
|
|
—
|
|
|
(45,531)
|
|
Balance at December 31, 2023
|
|
|
1,459
|
|
|
70,930
|
|
|
386,469
|
|
|
—
|
|
|
69,648
|
|
Additions
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
770
|
|
|
—
|
|
Adjustment to fair value
|
|
|
1,103
|
|
|
128,715
|
|
|
627,263
|
|
|
(326)
|
|
|
(49)
|
|
Settlements
|
|
|
—
|
|
|
—
|
|
|
(1,013,732)
|
|
|
—
|
|
|
(69,599)
|
|
Balance at December 31, 2024
|
|
|
$2,562
|
|
|
$199,645
|
|
|
$—
|
|
|
$444
|
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contractual Maturity of Investments in Available-for-sale Securities |
|
The following table summarizes the estimated fair value of
investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):
|
|
|
|
|
|
Due in one year or less
|
|
|
$—
|
|
Due over one year
|
|
|
2,368
|
|
Total available-for-sale marketable securities
|
|
|
$2,368
|
|
|
|
|
|
|