v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,207,440 $ 5,585
Prepaid expenses and other current assets 3,966 3,387
Bitcoin 170,303 92,651
Receivable for bitcoin collateral 0 32,248
Derivative asset 36,766 31,648
Total current assets 1,419,479 168,205
Restricted cash 13,779 14,392
Property and equipment, net 649,877 480,865
Deposits on equipment 7,683 38,872
Intangible assets, net 9,425 8,881
Investment in equity investees 42,289 53,908
Derivative assets 121,664 54,022
Operating lease right-of-use asset 11,867 12,561
Security deposits 12,045 19,782
Other noncurrent assets 552,758 3,958
Total assets 2,840,866 855,446
Current liabilities    
Accounts payable 12,462 22,699
Accrued expenses and other current liabilities 37,549 69,824
Finance lease liability, current portion 4,123 3,798
Operating lease liability, current portion 3,523 3,127
Warrant liability 512,590 0
Short-term borrowings 0 32,330
Total current liabilities 570,247 131,778
Long-term borrowings, net 1,023,075 0
Derivative liability 414,320 0
Asset retirement obligations 32,903 20,282
Finance lease liability 4,197 7,331
Operating lease liability 9,058 9,833
Deferred tax liability 3,871 4,269
Total liabilities 2,057,671 173,493
Commitments and contingencies (Note 13)
Stockholders’ equity    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of September 30, 2025, and December 31, 2024 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 395,488,396 and 361,432,449 shares issued as of September 30, 2025 and December 31, 2024, respectively, and 393,602,553 and 350,783,817 shares outstanding as of September 30, 2025, and December 31, 2024, respectively 395 361
Additional paid-in capital 1,052,253 863,015
Accumulated deficit (269,451) (181,412)
Treasury stock, at par, 1,885,843 and 10,648,632 shares at September 30, 2025 and December 31, 2024, respectively (2) (11)
Total stockholders’ equity 783,195 681,953
Total liabilities and stockholders’ equity 2,840,866 855,446
Nonrelated Party    
Current assets    
Accounts receivable 696 596
Related Party    
Current assets    
Accounts receivable $ 308 $ 2,090