Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 83,678,000	$ 143,782,000
Restricted cash	415,891,000	563,306,000
Derivatives	12,103,000	0
Prepaid expenses and other current assets	120,234,000	10,961,000
Total current assets	631,906,000	718,049,000
Property, plant and equipment, net	13,514,226,000	10,568,311,000
Operating lease right-of-use assets	136,793,000	162,493,000
Deferred financing fees	376,088,000	423,076,000
Derivatives	479,177,000	532,245,000
Other non-current assets	67,031,000	21,654,000
Total assets	15,205,221,000	12,425,828,000
Current liabilities:
Accounts payable	327,168,000	443,947,000
Operating leases	1,633,000	3,883,000
Accrued and other current liabilities	1,363,705,000	888,200,000
Total current liabilities	1,692,506,000	1,336,030,000
Debt, net	10,416,607,000	8,510,925,000
Operating leases	118,932,000	142,266,000
Derivatives	160,574,000	135,520,000
Total liabilities	12,388,619,000	10,124,741,000
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.0001 par value, 480.0 million authorized: 265.1 million and 264.8 million outstanding, respectively	27,000	26,000
Treasury stock: 4.9 million and 4.9 million, respectively, at cost	(37,880,000)	(37,862,000)
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding	0	0
Additional paid-in-capital	942,362,000	893,131,000
Accumulated deficit	(961,789,000)	(759,957,000)
Total stockholders’ equity	(57,280,000)	95,338,000
Non-controlling interests	2,873,882,000	2,205,749,000
Total equity	2,816,602,000	2,301,087,000
Total liabilities and equity	$ 15,205,221,000	$ 12,425,828,000

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).