FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Financial Assets And Liabilities Measurement on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):


	Fair Value Measured as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	1,004,421	$	-	$	-	$	1,004,421
Restricted cash
Money market securities	13,779		-		-		13,779
Bitcoin	170,303		-		-		170,303

Accounts receivable	696		-		-		696


Derivative asset
Power Purchase Agreement	-		-		68,490		68,490
Capped Calls	-		89,939		-		89,939
	$	1,189,199	$	89,939	$	68,490	$	1,347,628
Liabilities included in:
Derivative liability	$	-	$	-	$	414,320	$	414,320
Warrant liability	-		-		512,590		512,590
	$	-	$	-	$	926,910	$	926,910


	Fair Value Measured as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	4,314	$	-	$	-	$	4,314
Restricted cash
Money market securities	14,392		-		-		14,392
Bitcoin	92,651		-		-		92,651
Receivable for bitcoin collateral	-		32,248		-		32,248
Accounts receivable	596		-		-		596
Derivative assets
Power Purchase Agreement	-		-		85,670		85,670
	$	111,953	$	32,248	$	85,670	$	229,871
Liabilities included in:
Short-term borrowings
Bitcoin loan payable	$	7,330	$	-	$	-	$	7,330
	$	7,330	$	-	$	-	$	7,330

Schedule of Financial Assets and Liabilities Not Subject to Fair Value Measurement on Recurring Basis

The Company’s financial assets and liabilities not subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):


	September 30, 2025
	Total carrying value		Level 1		Level 2		Level 3		Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes	$	167,392	$	-	$	517,356	$	-	$	517,356
2031 Convertible Notes	$	855,683	$	-	$	1,015,230	$	-	$	1,015,230
	$	1,023,075	$	-	$	1,532,586	$	-	$	1,532,586

Summary of Changes in the Estimated Fair Value of Power Purchase Agreement

The following table presents the changes in the estimated fair value of the power purchase agreement measured using significant unobservable inputs (Level 3) for the nine months ended September 30, 2025 and 2024 (amounts in thousands):


	Nine Months Ended September 30,
	2025		2024
Opening balance	$	85,670	$	93,591
Change in fair value	(17,180)		(19,181)
Ending balance	$	68,490	$	74,410

Summary of Assumptions Utilized in Valuations

The following table presents significant assumptions utilized in the valuations of the Capped Call Transaction as of the date indicated:


			September 30, 2025
Strike Price			$16.03
Cap Price			$23.32
Volatility			59.9%
Stock Price			12.59

The following table presents significant assumptions utilized in the valuations of the Private Placement Warrants as of the date indicated:


			December 31, 2023
Risk-free rate			4.00%
Dividend yield rate			0.00%
Volatility			124.0%
Contractual term (in years)			2.7
Exercise price			$11.50

The following table presents significant assumptions utilized in the valuations of the 2031 Note Conversion Option as of the date indicated:


			September 30, 2025
Volatility			51.00%
Risk-Free Rate			3.84%
Dividend Yield			0.00%
Contractual Term (in years)			6.0
Conversion Price			$16.03

The following table presents significant assumptions utilized in the valuations of the Google Warrants as of the date indicated:


			September 30, 2025
Risk-free rate			3.68%
Dividend yield rate			0.00%
Volatility			112.32%
Contractual term (in years)			6.0

Summary of Change in the Fair Value

The following table presents changes in the estimated fair value of the Private Placement Warrants (amounts in thousands):


Balance as of December 31, 2024	$	—
Change in fair value	—
Balance as of September 30, 2025	$	—

Balance as of December 31, 2023	$	250
Change in fair value	(250)
Balance as of September 30, 2024	$	—

The following table presents changes in the estimated fair value of the Google Warrants (amounts in thousands):






Balance as of December 31, 2024	—
Fair value of warrants as of issuance date	544,450
Change in fair value	(31,860)
Balance as of September 30, 2025	$	512,590

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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