v3.25.3
Condensed Consolidated Statements of Changes in Stockholders’ Deficit - USD ($)
shares in Thousands, $ in Thousands
Total
Issuance of new common stock in connection with emergence
Issuance of new common stock under the Equity Rights Offering
Issuance of new common stock for the Equity Rights Offering backstop commitment
Issuance of new common stock for Bitmain obligation
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Issuance of new common stock in connection with emergence
Common Stock
Issuance of new common stock under the Equity Rights Offering
Common Stock
Issuance of new common stock for the Equity Rights Offering backstop commitment
Common Stock
Issuance of new common stock for Bitmain obligation
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional
Paid-In Capital
Additional
Paid-In Capital
Issuance of new common stock in connection with emergence
Additional
Paid-In Capital
Issuance of new common stock under the Equity Rights Offering
Additional
Paid-In Capital
Issuance of new common stock for the Equity Rights Offering backstop commitment
Additional
Paid-In Capital
Issuance of new common stock for Bitmain obligation
Additional
Paid-In Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated
Deficit
Accumulated
Deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated
Deficit
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2023               386,883         386,883                  
Beginning balance at Dec. 31, 2023 $ (596,941)         $ 24 $ (596,917) $ 36         $ 36 $ 1,823,260         $ 1,823,260 $ (2,420,237) $ 24 $ (2,420,213)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (1,049,464)                                     (1,049,464)    
Stock-based compensation 27,957                         27,957                
Cancellation of common stock in connection with emergence (in shares)               (386,883)                            
Cancellation of common stock in connection with emergence 0             $ (36)           36                
Issuance of new common stock (in shares)                 152,576 15,649 2,111 10,735                    
Issuance of new common stock   $ 296,895 $ 55,000 $ 5,475 $ 27,839       $ 2           $ 296,893 $ 55,000 $ 5,475 $ 27,839        
Conversion premium on the issuance of the New Secured Convertible Notes 33,202                         33,202                
Issuance of warrants (345,856)                         (345,856)                
Exercise of stock options 9                         9                
Restricted stock awards issued, net of tax withholding obligations (in shares)               1,624                            
Restricted stock awards issued, net of tax withholding obligations (3,390)                         (3,390)                
Restricted stock awards forfeited (in shares)               (40)                            
Exercise of warrants (in shares)               51,699                            
Exercise of warrants 554,406             $ 1           554,405                
Issuance of new common stock for New Secured Convertible Notes conversion (in shares)               44,585                            
Issuance of new common stock for New Secured Convertible Notes conversion 261,772                         261,772                
Issuance of new common stock for PIK interest (in shares)               882                            
Issuance of new common stock for PIK interest 3,677                         3,677                
Ending balance (in shares) at Sep. 30, 2024               279,821                            
Ending balance at Sep. 30, 2024 (729,395)             $ 3           2,740,279           (3,469,677)    
Beginning balance (in shares) at Jun. 30, 2024               187,892                            
Beginning balance at Jun. 30, 2024 (1,083,874)             $ 2           1,930,542           (3,014,418)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (455,259)                                     (455,259)    
Stock-based compensation 20,523                         20,523                
Restricted stock awards issued, net of tax withholding obligations (in shares)               224                            
Restricted stock awards issued, net of tax withholding obligations 2                         2                
Exercise of warrants (in shares)               51,645                            
Exercise of warrants 553,986             $ 1           553,985                
Issuance of new common stock for New Secured Convertible Notes conversion (in shares)               40,060                            
Issuance of new common stock for New Secured Convertible Notes conversion 235,227                         235,227                
Ending balance (in shares) at Sep. 30, 2024               279,821                            
Ending balance at Sep. 30, 2024 $ (729,395)             $ 3           2,740,279           (3,469,677)    
Beginning balance (in shares) at Dec. 31, 2024 292,606             292,606                            
Beginning balance at Dec. 31, 2024 $ (820,180)             $ 3           2,915,035           (3,735,218)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (502,766)                                     (502,766)    
Stock-based compensation 70,924                         70,924                
Restricted stock awards issued (in shares)               6,108                            
Restricted stock awards issued (16)                         (16)                
Restricted stock awards withheld for tax withholding obligations (in shares)               (585)                            
Restricted stock awards withheld for tax withholding obligations (9,722)                         (9,722)                
Equity issuance costs (21)                         (21)                
Exercise of warrants (in shares)               10,252                            
Exercise of warrants $ 133,821                         133,821                
Ending balance (in shares) at Sep. 30, 2025 308,381             308,381                            
Ending balance at Sep. 30, 2025 $ (1,127,960)             $ 3           3,110,021           (4,237,984)    
Beginning balance (in shares) at Jun. 30, 2025               303,146                            
Beginning balance at Jun. 30, 2025 (1,064,676)             $ 3           3,026,645           (4,091,324)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (146,660)                                     (146,660)    
Stock-based compensation 30,173                         30,173                
Restricted stock awards issued (in shares)               1,629                            
Restricted stock awards issued 34                         34                
Restricted stock awards withheld for tax withholding obligations (in shares)               (585)                            
Restricted stock awards withheld for tax withholding obligations (9,722)                         (9,722)                
Exercise of warrants (in shares)               4,191                            
Exercise of warrants $ 62,891                         62,891                
Ending balance (in shares) at Sep. 30, 2025 308,381             308,381                            
Ending balance at Sep. 30, 2025 $ (1,127,960)             $ 3           $ 3,110,021           $ (4,237,984)