LEASES (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Assets and Liabilities

The components of operating and finance leases are presented on the Company’s condensed consolidated balance sheets as follows (in thousands):

	Financial statement line item	September 30, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	107,784	114,472
Finance lease right-of-use assets	Property, plant and equipment, net	$	—	5,873
Liabilities:
Operating lease liabilities,    current portion	Other current liabilities	$	11,353	9,974
Operating lease liabilities, net    of current portion	Other noncurrent liabilities	$	90,869	97,843
Finance lease liabilities, current portion	Other current liabilities	$	—	1,669

Schedule of Lease Cost

The components of lease expense were as follows (in thousands):

		Three Months Ended September 30,
	Financial statement line item	2025		2024
Operating lease expense	Cost of Colocation services	$	3,412	$	4,833
Operating lease expense	Cost of digital asset self-mining	79		106
Operating lease expense	Cost of digital asset hosted mining services	11		22
Operating lease expense	Selling, general and administrative expenses	1,297		(1,133)
Short-term lease expense	Cost of digital asset self-mining	318		68
Variable lease expense	Cost of Colocation services	304		—
Finance lease expense:
Amortization of right-of-use assets	Cost of digital asset self-mining	101		231
Interest on lease liabilities	Interest expense, net	11		91
Total finance lease expense		112		322
Total lease expense		$	5,533	$	4,218

		Nine Months Ended September 30,
	Financial statement line item	2025		2024
Operating lease expense	Cost of Colocation services	$	10,221	$	7,930
Operating lease expense	Cost of digital asset self-mining	240		302
Operating lease expense	Cost of digital asset hosted mining services	25		78
Operating lease expense	Selling, general and administrative expenses	3,722		1,025
Short-term lease expense	Cost of digital asset self-mining	943		262
Variable lease expense	Cost of Colocation services	877		—
Finance lease expense:
Amortization of right-of-use assets	Cost of digital asset self-mining	497		880
Interest on lease liabilities	Interest expense, net	90		1,132
Total finance lease expense		587		2,012
Total lease expense		$	16,615	$	11,609

Information relating to the lease term and discount rate is as follows:

	September 30, 2025		September 30, 2024
Weighted Average Remaining Lease Term (Years)
Operating leases	7.8		6.9
Finance leases	0.0		1.0
Weighted Average Discount Rate
Operating leases	8.5	%	9.3	%
Finance leases	—	%	12.5	%

Schedule of Supplemental Cash Flow Information

Information relating to lease payments is as follows (in thousands):

	Nine Months Ended September 30,
	2025		2024
Lease Payments
Operating cash flows from operating leases	$	12,512	$	5,414
Operating cash flows from finance leases	$	82	$	1,819
Financing cash flows from finance leases	$	1,672	$	5,328
Supplemental Noncash Information
Operating lease right-of-use assets obtained in exchange for lease obligations	$	2,154	$	70,690
Decrease in operating right-of-use assets due to lease modification	$	(593)	$	—

Schedule of Operating Lease Liability, Maturity

The Company’s minimum payments under noncancelable operating leases having initial terms and bargain renewal periods in excess of one year are as follows at September 30, 2025, and thereafter (in thousands):

	Operating Leases
Remaining 2025	$	4,750
2026	19,631
2027	20,064
2028	20,405
2029	20,754
Thereafter	54,318
Total lease payments	139,922
Less: imputed interest	37,700
Total	$	102,222

Schedule of Components of Lease Revenue

The components of lease revenue were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Lease Revenue
Operating lease revenue	$	9,848	$	7,806	$	22,853	$	11,625
Variable lease revenue	5,103		2,532		11,231		4,232
Total lease revenue	$	14,951	$	10,338	$	34,084	$	15,857

Schedule of Payments to be Received, Maturity

The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received at September 30, 2025, and thereafter (in thousands):

	Operating Leases(1)
Remaining 2025	$	10,203
2026	38,520
2027	39,748
2028	54,614
2029	58,476
Thereafter	317,899
Total	$	519,460

(1) Operating lease payments expected to be received excludes $9.55 billion in total future noncancellable minimum lease payments for operating leases that have not yet commenced at September 30, 2025, which have initial lease terms of 12 years from commencement.