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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 697,942 $ 836,197
Restricted cash 783 783
Accounts receivable 1,018 1,025
Digital assets 80,646 23,893
Prepaid expenses and other current assets 52,789 42,064
Total Current Assets 833,178 903,962
Property, plant and equipment, net 522,980 433,473
Operating lease right-of-use assets 111,203 114,472
Other noncurrent assets 30,699 24,039
Total Assets 1,498,060 1,475,946
Current Liabilities:    
Accounts payable 6,328 19,265
Accrued expenses and other current liabilities 95,492 69,230
Deferred revenue 60,872 18,134
Operating lease liabilities, current portion 9,982 9,974
Finance lease liabilities, current portion 1,161 1,669
Notes payable, current portion 16,214 16,290
Contingent value rights, current portion 5,461 0
Total Current Liabilities 195,510 134,562
Operating lease liabilities, net of current portion 94,953 97,843
Convertible and other notes payable, net of current portion 1,071,843 1,073,990
Contingent value rights, net of current portion 11,628 4,272
Warrant liabilities 421,902 1,097,285
Other noncurrent liabilities 11,042 11,043
Total Liabilities 1,806,878 2,418,995
Commitments and contingencies (Note 9)
Stockholders’ Deficit:    
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at March 31, 2025 and December 31, 2024 0 0
Common stock; $0.00001 par value; 10,000,000 shares authorized at March 31, 2025 and December 31, 2024; 299,087 and 292,606 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 3 3
Additional paid-in capital 2,973,015 2,915,035
Accumulated deficit (3,281,836) (3,858,087)
Total Stockholders’ Deficit (308,818) (943,049)
Total Liabilities and Stockholders’ Deficit $ 1,498,060 $ 1,475,946