v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (255,223) $ (315,860)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8,275 1,006
Share-based compensation expense 10,797 13,834
Derivative (gain) loss, net (53,965) 143,543
Derivative settlements 4,197 9,315
Reduction of right-of-use assets 1,620 5,159
Loss on debt extinguishment 32,451 9,160
Amortization of debt issuance costs 58,261 33,911
Interest elected to be paid-in-kind 58,041 11,501
Other 152 3,315
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,543 (1,050)
Accounts payable 857 2,881
Operating lease liabilities (1,657) (3,764)
Accrued expenses and other liabilities 5,635 14,327
Net cash used in operating activities (128,016) (72,722)
Investing activities:    
Acquisition of property, plant and equipment (2,157,350) (1,501,590)
Acquisition of other non-current assets (46,043) (29,748)
Net cash used in investing activities (2,203,393) (1,531,338)
Financing activities:    
Proceeds from debt issuance 2,404,000 1,288,000
Repayments of debt (990,000) 0
Receipt of equity commitments 759,959 412,667
Debt issuance costs (44,654) (32,239)
Finance lease payments (5,397) 0
Shares repurchased related to share-based compensation (18) (91)
Net cash provided by financing activities 2,123,890 1,668,337
Net (decrease) increase in cash, cash equivalents and restricted cash (207,519) 64,277
Cash, cash equivalents and restricted cash – beginning of period 707,088 392,762
Cash, cash equivalents and restricted cash – end of period $ 499,569 $ 457,039