BALANCE SHEET COMPONENTS

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

5. BALANCE SHEET COMPONENTS

Customer funding receivable and other current assets as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Customer funding receivable	$	343,085	$	7,442
Other	23,150		35,647
Total customer funding receivable and other current assets	$	366,235	$	43,089

Customer funding receivable represents amounts due from our customer for construction related payables and accrued expenses incurred on their behalf. The Company collects these amounts from the customer prior to payment to vendors. As of September 30, 2025, approximately $220.0 million of the related obligations were included in accrued expenses and approximately $123.1 million were included in accounts payable.

Accrued expenses as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued customer funded construction	$	220,036	$	—
Accrued capital expenditures	67,142		12,106
Accrued bonus	34,616		17,614
Other	36,476		34,950
Total accrued expenses	$	358,270	$	64,670

Other noncurrent liabilities as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Noncurrent deferred revenue	$	260,348	$	—
Operating lease liabilities, net of current portion	90,869		97,843
Other	13,370		15,315
Total other noncurrent liabilities	$	364,587	$	113,158

Noncurrent deferred revenue represents prepaid base license fees from our Colocation customer.