Debt (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of debt

The total debt obligations are as follows (dollars in thousands):

			Maturities			Effective Interest Rates			June 30, 2025			December 31, 2024
DDTL 1.0 Facility			March 2028			15%			$1,782,500			$2,012,500
DDTL 2.0 Facility			May 2029			11%			4,953,967			3,843,819
2030 Senior Notes			June 2030			10%			2,000,000			—
2024 Term Loan Facility			April 2025			12%			—			1,000,000
Revolving Credit Facility			June 2027			7%			450,000			—
OEM Financing Arrangements			March 2026 – May 2028			9-10%			1,728,388			1,177,158
Magnetar Loan			January 2029			12%			256,630			—
Total principal of debt									11,171,485			8,033,477
Less: Unamortized discount and issuance costs									(119,984)			(107,137)
Total debt, net of unamortized discount and issuance costs									11,051,501			7,926,340
Less: Debt, current									(3,627,664)			(2,468,425)
Total debt, non-current									$7,423,837			$5,457,915

The total debt obligations are as follows (in thousands):

			Maturities			Effective Interest Rates			December 31, 2023			December 31, 2024
2021 Convertible Senior Secured Notes			October 2025			17%			$55,125			$—
2022 Senior Secured Notes			October 2025 – April 2026			10%			125,000			—
Delayed Draw Term Loan Facility 1.0			March 2028			15%			1,374,924			2,012,500
Delayed Draw Term Loan Facility 2.0			May 2029			11%			—			3,843,819
2024 Term Loan Facility			December 2025			12%			—			1,000,000
Original Equipment Manufacturer financing arrangements			February 2026 – October 2027			9% – 11%			—			1,177,158
Total principal of debt									1,555,049			8,033,477
Less: Unamortized discount and issuance costs									(31,795)			(107,137)
Total debt, net of unamortized discount and issuance costs									1,523,254			7,926,340
Less: Debt, current									(171,865)			(2,468,425)
Total debt, non-current									$1,351,389			$5,457,915

Schedule of maturities of long-term debt

As of June 30, 2025, the future principal payments for the Company’s total debt were as follows (in thousands):

Years Ending December 31,			Amount
Remaining portion of 2025			$986,052
2026			4,218,457
2027			2,833,142
2028			1,010,054
2029			123,780
Thereafter			2,000,000
Total			$11,171,485

As of December 31, 2024, the future principal payments for the Company’s total debt were as follows (in thousands):

Years Ending December 31,			Amount
2025			$2,483,202
2026			3,102,384
2027			1,771,071
2028			548,093
2029			128,727
Total			$8,033,477

Debt interest expense

The total interest expense for the Company’s debt obligations was as follows (in thousands):

			Three Months Ended June 30,						Six Months Ended June 30,
			2025			2024			2025			2024
Contractual interest expense			$250,312			$100,237			$483,084			$164,859
Amortization of debt discounts and issuance costs and accretion of redemption premiums			29,036			7,547			66,727			15,605
Less: capitalized interest			(23,186)			(40,687)			(36,278)			(72,864)
Total			$256,162			$67,097			$513,533			$107,600

For the years ended December 31, 2022, 2023, and 2024, total interest expense for the Company’s debt obligations was as follows (in thousands):

			Year Ended December 31,
			2022			2023			2024
Contractual interest expense			$4,914			$30,189			$474,844
Amortization of debt discounts and issuance costs and accretion of redemption premiums			3,803			16,533			33,376
PIK interest			—			21,621			—
Less: capitalized interest			(343)			(41,376)			(159,017)
Total			$8,374			$26,967			$349,203

Lease payments for finance leases

As of June 30, 2025, the future payments under the financing obligation and finance lease due to the DCSP were as follows (in thousands):

Years Ending December 31,			Financing obligation			Finance lease
Remaining portion of 2025			$9,835			$9,360
2026			19,658			18,720
2027			19,645			18,720
2028			19,630			18,720
2029			19,616			18,720
Thereafter			175,800			168,480
Total future payments			264,184			252,720
Less: amount representing interest			(149,548)			(130,350)
Total			114,636			122,370
Less: current portion			(2,910)			(3,682)
Long-term portion			$111,726			$118,688

As of December 31, 2024, the future contractual principal payments under the financing obligation due to the DCSP were as follows (in thousands):

Years Ending December 31,			Contractual Principal Payments
2025			$19,672
2026			19,658
2027			19,645
2028			19,630
2029			19,616
Thereafter			175,800
Total future payments			274,021
Less: amount representing interest			(158,081)
Total financing obligation			$115,940
Less: current portion			(2,087)
Long-term portion			$113,853