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FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
8. FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
During the three and nine months ended September 30, 2025, a decrease in fair value of contingent value rights of $0.8 million and $1.7 million, respectively, was included in Change in fair value of warrant and contingent value rights on the Company’s Condensed Consolidated Statements of Operations.
During the three and nine months ended September 30, 2025, an increase in fair value of Warrants of $75.6 million and $365.0 million, respectively, was included in Change in fair value of warrant and contingent value rights on the Company’s Condensed Consolidated Statements of Operations.
The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 (in thousands):
Fair Value Hierarchy
Level 1Level 2Level 3Fair value
Assets:
Cash and cash equivalents
Money market funds
$449,911 $— $— $449,911 
Digital assets241,355 — — 241,355 
Total assets measured at fair value on a recurring basis
$691,266 $— $— $691,266 
Liabilities:
Contingent value rights1
$2,589 $— $— $2,589 
Warrants1,330,483 — — 1,330,483 
Total liabilities measured at fair value on a recurring basis$1,333,072 $— $— $1,333,072 
1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement.
The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 (in thousands):

Fair Value Hierarchy
Level 1Level 2Level 3Fair value
Assets:
Cash and cash equivalents
Money market funds
$832,213 $— $— $832,213 
Digital assets23,893 — — 23,893 
Total assets measured at fair value on a recurring basis
$856,106 $— $— $856,106 
Liabilities:
Contingent value rights1
$4,272 $— $— $4,272 
Warrants1,097,285 — — 1,097,285 
Total liabilities measured at fair value on a recurring basis$1,101,557 $— $— $1,101,557 
1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement.
Financial Instruments Not Carried at Fair Value

The Convertible Notes are recorded at amortized cost in the condensed consolidated balance sheets. The fair value is disclosed for informational purposes only in accordance with ASC Topic 825-10, Financial Instruments, and is determined using trading activity in over-the-counter markets. The following tables present the carrying amounts and estimated fair values of the Convertible Notes as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025
Carrying Amount
Fair ValueFair Value Hierarchy
3.00% Convertible Senior Notes due 2029
$460,000 $826,582 
Level 1
0.00% Convertible Senior Notes due 2031
$625,000 $701,493 Level 1

December 31, 2024
Carrying Amount
Fair Value
Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029
$460,000 $703,100 
Level 1
0.00% Convertible Senior Notes due 2031
$625,000 $615,800 Level 1

Nonrecurring Fair Value Measurements
The Company’s non-financial assets, including property, plant and equipment, are measured at estimated fair value on a nonrecurring basis and are adjusted only upon impairment or when held for sale. During the nine months ended September 30, 2025, the Company did not recognize any impairment or other fair value adjustments related to non-financial assets measured at fair value on a nonrecurring basis.
No non-financial assets were classified as Level 3 as of September 30, 2025 or December 31, 2024.
The Company’s financial instruments, that are not subject to recurring fair value measurements, include cash and cash equivalents (other than money market funds), restricted cash, accounts receivable, accounts payable, leases, notes payable and certain accrued expenses and other liabilities. Except for the 2029 Convertible Notes and 2031 Convertible Notes, the carrying amount of these financial instruments materially approximate their fair values.