Debt (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
Debt, net consisted of the following (in thousands): | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Phase 1 LLC Debt: | | | | 6.67% Senior Secured Notes due 2033 | $ | 700,000 | | | $ | 700,000 | | 6.85% Senior Secured Notes due 2047 | 190,000 | | | 190,000 | | 6.58% Senior Secured Notes due 2047 | 1,115,000 | | | 1,115,000 | | 6.72% Senior Secured Loans due 2033 | 356,000 | | | 356,000 | | 7.11% Senior Secured Loans due 2047 | 251,000 | | | 251,000 | | | CD Credit Agreement | 3,819,000 | | | 3,708,000 | | | TCF Credit Agreement | 496,000 | | | 485,000 | | | Total Phase 1 LLC Debt | 6,927,000 | | | 6,805,000 | | | Phase 1 HoldCo Borrower Debt: | | | | 7.05% Phase 1 HoldCo Borrower Term Loan due 2033 | 1,000,000 | | | — | | | Train 4 LLC Debt: | | | | | Train 4 LLC Credit Agreement | 549,000 | | | 357,000 | | | Train 5 LLC Debt: | | | | 6.56% Senior Secured Notes due 2050 | 250,000 | | | 150,000 | | | | | | 13.00% Super FinCo Term Loan due 2031 | 1,295,196 | | | 1,214,517 | | 8.00% A&R Corporate Credit Agreement due 2030 - Series A | 100,000 | | | 100,000 | | 13.50% A&R Corporate Credit Agreement due 2030 - Series B | 214,715 | | | 200,851 | | | Total debt | 10,335,911 | | | 8,827,368 | | | Unamortized debt issuance costs | (316,011) | | | (316,443) | | | Finance leases | 396,707 | | | — | | | Debt, net | $ | 10,416,607 | | | $ | 8,510,925 | |
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| Schedule of Interest Income and Interest Expense Disclosure |
Interest expense consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Interest on debt obligations | $ | 180,121 | | | $ | 84,404 | | | $ | 346,773 | | | $ | 157,509 | | | Amortization of debt issuance costs | 30,379 | | | 16,995 | | | 59,921 | | | 33,911 | | | Interest on finance lease liabilities | 5,073 | | | — | | | 5,073 | | | — | | | Other interest and financing costs | 11,407 | | | 410 | | | 22,477 | | | 1,195 | | | Total interest cost incurred | 226,980 | | | 101,809 | | | 434,244 | | | 192,615 | | | Capitalized interest | (136,203) | | | (70,175) | | | (264,220) | | | (133,776) | | | Interest expense | $ | 90,777 | | | $ | 31,634 | | | $ | 170,024 | | | $ | 58,839 | |
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following table shows the carrying amount and estimated fair value of our debt (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | Phase 1 Senior Secured Notes | $ | 2,005,000 | | | $ | 2,044,786 | | | $ | 2,005,000 | | | $ | 2,077,080 | | Phase 1 Senior Secured Loans | 607,000 | | | 632,581 | | | 607,000 | | | 643,504 | | | Train 5 Senior Secured Notes | 250,000 | | | 243,177 | | | 150,000 | | | 148,470 | | | Super FinCo Term Loan | 1,295,196 | | | 1,206,366 | | | 1,214,517 | | | 1,144,196 | | A&R Corporate Credit Agreement - Series A | 100,000 | | | 91,954 | | | 100,000 | | | 77,416 | | A&R Corporate Credit Agreement - Series B | 214,715 | | | 178,693 | | | 200,851 | | | 165,518 | |
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