v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (88,039) $ (62,145)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 146,503 65,661
Amortization of intangible assets 599 470
Amortization of operating right-of-use asset 1,205 888
Share-based compensation 27,830 31,865
Equity in losses (gains) of equity investees 8,472 (1,008)
Loss on disposal of assets 666 0
Non-cash lease expense 817 429
Other operating activities 0 (1,235)
Income taxes (399) 1,358
Non-cash consideration received for services (164,131) (109,443)
Change in fair value of derivative assets 9,921 19,181
Change in fair value of warrant liability (31,860) (250)
Change in fair value of bitcoin collateral (5,731) 0
Change in fair value of bitcoin loan 782 0
Unrealized loss on fair value of bitcoin 2,927 2,778
Realized gains on sale of bitcoin (16,092) (25,114)
Changes in assets and liabilities:    
Accounts receivable (100) 396
Receivables, related party 1,782 186
Prepaid expenses and other current assets (579) 182
Security deposits 7,737 16,851
Other non-current assets (4,350) (210)
Accounts payable (13,969) 565
Accounts payable, related party 0 62
Accrued expenses and other liabilities (36,626) 0
Lease liabilities (871) 0
Net cash used in operating activities (153,506) (58,533)
Cash flows from investing activities    
Proceeds from sale of bitcoin 150,226 79,785
Deposits on equipment (934) (135,262)
Purchases of property and equipment (262,035) (92,373)
Purchases and development of software (1,143) (1,059)
Investment in equity investees (17,568) (29,194)
Purchase of strategic contracts 0 (17,044)
Net cash used in investing activities (131,454) (195,147)
Cash flows from financing activities    
Proceeds from treasury stock reissued for PIPE investment 50,000 0
Proceeds from the issuance of common stock 118,850 225,181
Offering costs paid for the issuance of common stock (1,453) (3,487)
Proceeds from issuance of convertible notes, net of issuance costs 1,437,395 0
Purchase of capped call options (82,680) 0
Repurchase of common shares to pay employee withholding taxes (7,285) (10,760)
Principal payments on loan (25,000) 0
Principal payments on financing lease (3,625) (3,625)
Net cash provided by financing activities 1,486,202 207,309
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,201,242 (46,371)
Cash, cash equivalents, and restricted cash, beginning of the period 19,977 86,105
Cash and cash equivalents, and restricted cash, end of the period 1,221,219 39,734
Supplemental disclosure of non-cash investing and financing activities    
Issuance of warrant liability 544,450 0
Bitcoin transferred for rehypothecated collateral 31,720 0
Reclassification of deposits on equipment to property and equipment 31,453 21,502
Bitcon loan payments 26,986 0
Bitcoin received from equity investees 20,714 10,487
Bitcon received as a loan 16,551 0
Initial estimate of asset retirement obligation and related capitalized costs 10,743 0
Property and equipment purchases in accounts payable and accrued expenses 7,708 17,422
Sales tax accrual on machines placed in service 2,363 1,388
Treasury stock reissued for PIPE investment 10 0
Right-of-use asset obtained in exchange for finance lease liability 0 4,375
Settlement of related party payable related to master services and supply agreement $ 0 $ 1,554