v3.25.3
FAIR VALUE MEASUREMENTS - Summary of Financial Assets and Liabilities Measurement on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets included in:    
Cash and cash equivalents, money market securities $ 1,004,421 $ 4,314
Restricted cash, money market securities 13,779 14,392
Bitcoin 170,303 92,651
Receivable for bitcoin collateral 0 32,248
Accounts receivable 696 596
Assets, fair value 1,347,628 229,871
Liabilities included in:    
Derivative liability 414,320  
Warrant liability 512,590  
Bitcoin loan payable   7,330
Liabilities, fair value 926,910 7,330
Power Purchase Agreement    
Assets included in:    
Derivative assets 68,490 85,670
Capped Calls    
Assets included in:    
Derivative assets 89,939  
Level 1    
Assets included in:    
Cash and cash equivalents, money market securities 1,004,421 4,314
Restricted cash, money market securities 13,779 14,392
Bitcoin 170,303 92,651
Receivable for bitcoin collateral   0
Accounts receivable 696 596
Assets, fair value 1,189,199 111,953
Liabilities included in:    
Derivative liability 0  
Warrant liability 0  
Bitcoin loan payable   7,330
Liabilities, fair value 0 7,330
Level 1 | Power Purchase Agreement    
Assets included in:    
Derivative assets 0 0
Level 1 | Capped Calls    
Assets included in:    
Derivative assets 0  
Level 2    
Assets included in:    
Cash and cash equivalents, money market securities 0 0
Restricted cash, money market securities 0 0
Bitcoin 0 0
Receivable for bitcoin collateral   32,248
Accounts receivable 0 0
Assets, fair value 89,939 32,248
Liabilities included in:    
Derivative liability 0  
Warrant liability 0  
Bitcoin loan payable   0
Liabilities, fair value 0 0
Level 2 | Power Purchase Agreement    
Assets included in:    
Derivative assets 0 0
Level 2 | Capped Calls    
Assets included in:    
Derivative assets 89,939  
Level 3    
Assets included in:    
Cash and cash equivalents, money market securities 0 0
Restricted cash, money market securities 0 0
Bitcoin 0 0
Receivable for bitcoin collateral   0
Accounts receivable 0 0
Assets, fair value 68,490 85,670
Liabilities included in:    
Derivative liability 414,320  
Warrant liability 512,590  
Bitcoin loan payable   0
Liabilities, fair value 926,910 0
Level 3 | Power Purchase Agreement    
Assets included in:    
Derivative assets 68,490 $ 85,670
Level 3 | Capped Calls    
Assets included in:    
Derivative assets $ 0