Property and Equipment, Net (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

Property and equipment, net, consisted of the following (in thousands):

			June 30, 2025			December 31, 2024
Technology equipment			$13,170,295			$9,146,575
Software			459,742			139,508
Data center equipment and leasehold improvements			830,875			384,372
Furniture, fixtures, and other assets			12,949			8,684
Construction in progress			4,111,256			3,200,866
Total property and equipment			18,585,117			12,880,005
Less: accumulated depreciation and amortization			(1,953,607)			(965,231)
Total property and equipment, net			$16,631,510			$11,914,774

Property and equipment, net, consisted of the following (in thousands):

			December 31, 2023			December 31, 2024
Technology equipment			$1,298,127			$9,146,575
Software			14,937			139,508
Data center equipment and leasehold improvements			29,332			384,372
Furniture, fixtures, and other assets			1,717			8,684
Construction in progress			2,256,673			3,200,866
Total property and equipment			3,600,786			12,880,005
Less: accumulated depreciation and amortization			(116,796)			(965,231)
Total property and equipment, net			$3,483,990			$11,914,774