v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 711,315 $ 274,065
Accounts receivable 3,506 475
Digital assets 492 476
Prepaid expenses 2,955 2,493
Other receivables 8,409 3,799
Other current assets 2,427 123
Total current assets 729,104 281,431
Property, plant and equipment, net 861,778 411,869
Goodwill 55,457 0
Operating lease right-of-use asset 105,067 85,898
Finance lease right-of-use asset 120,100 7,285
Restricted cash 1,439 0
Deferred charges 572,943 0
Other assets 8,557 1,028
TOTAL ASSETS 2,454,445 787,511
CURRENT LIABILITIES:    
Accounts payable 62,281 24,382
Accrued construction liabilities 51,971 16,520
Accrued compensation 6,216 4,552
Accrued interest 6,868 2,559
Accrued lessor costs 42,813 0
Other accrued liabilities 4,217 2,414
Share based liability due to related party 10,747 0
Other amounts due to related parties 145 1,391
Current portion of deferred rent liability 50,653 0
Current portion of operating lease liability 1,993 25
Current portion of finance lease liability 2 2
Current portion of warrant liabilities 467,945 0
Total current liabilities 705,851 51,845
Deferred rent liability, net of current portion 35,504 0
Operating lease liability, net of current portion 22,813 3,427
Finance lease liability, net of current portion 290 292
Convertible notes 1,060,167 487,502
Warrant liabilities, net of current portion 371,603 0
Other liabilities 10,876 0
TOTAL LIABILITIES 2,207,104 543,066
Commitments and Contingencies (See Note 12)
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value, 100,000,000 authorized at September 30, 2025 and December 31, 2024; 9,558 and 9,566 issued and outstanding at September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $13,567 and $12,609 at September 30, 2025 and December 31, 2024, respectively 9,265 9,273
Common stock, $0.001 par value, 950,000,000 and 600,000,000 authorized at September 30, 2025 and December 31, 2024, respectively; 439,214,244 and 404,223,028 issued and outstanding at September 30, 2025 and December 31, 2024, respectively 439 404
Additional paid-in capital 1,256,260 685,261
Treasury stock at cost, 24,468,750 and 18,568,750 at September 30, 2025 and December 31, 2024, respectively (151,509) (118,217)
Accumulated deficit (867,114) (332,276)
Total stockholders' equity 247,341 244,445
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,454,445 $ 787,511

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