0001819989-26-000050 | 10-Q | XBRL Viewer

WARRANTS (Details) - Google Warrants - USD ($) $ / shares in Units, $ in Millions	Sep. 24, 2025	Oct. 16, 2026	Sep. 30, 2026
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase (in shares)	24,178,576
Exercise price of warrants (in dollars per share)	$ 0.01
Warrant value threshold	$ 435.0
Warrant outstanding			$ 544.5
Subsequent Event
Subsidiary Sale Of Stock [Line Items]
Number of securities called by warrants or rights, additional (in shares)		2,000,000.0

BITCOIN - Schedule of Bitcoin (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Crypto Asset [Roll Forward]
Opening balance			$ 125,400	$ 92,651
Bitcoin received from equity investees			2,772	20,714
Bitcoin received from mining activities			80,908	139,858
Bitcoin received from loan			0	16,551
Bitcoin paid for interest on loan			0	(140)
Proceeds from sales of bitcoin			(168,941)	(150,226)
Realized (losses) gains on sales of bitcoin, net	$ 481	$ 7,535	(47,251)	16,092
Unrealized gains (losses) on fair value of bitcoin	12,394	108	33,055	(2,927)
Realized loss on bitcoin transferred to collateral, net			0	(3,195)
Bitcoin transferred from collateral, net			0	40,925
Ending balance	$ 25,943	$ 170,303	$ 25,943	$ 170,303

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

The Company prepares its unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”).

The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All intercompany transactions and balances have been eliminated.

The Company had no items of other comprehensive income or loss for any of the periods presented. Accordingly, comprehensive loss equals net loss for all periods presented, and a separate statement of comprehensive loss has not been presented.

Certain prior year amounts have been reclassified for consistency with the current period presentation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates inherent in the preparation of the Company’s financial statements include, but are not limited to, those related to equity instruments issued in share-based compensation arrangements, valuation of its Level 3 assets and liabilities, useful lives of property and equipment, asset retirement obligations and the valuation allowance associated with the Company’s deferred tax assets, among others. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Unaudited condensed consolidated financial statements

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of the Company’s management, these unaudited condensed consolidated financial statements reflect all adjustments, which consist of only normal recurring adjustments necessary for the fair presentation of the balances and results for the periods presented. These unaudited condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period.

A detailed description of the Company’s significant accounting policies is included in the Company’s 2025 Form 10-K as filed with the SEC on February 24, 2026. The Company’s unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes in the Company’s 2025 Form 10-K. There have been no material changes to the Company’s significant accounting policies from those disclosed in the notes to the Company’s audited consolidated financial statements included in the Company’s 2025 Form 10-K, except for the addition of our HPC leasing described below.

Revenue recognition - bitcoin mining

The Company recognizes revenue related to bitcoin mining under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

The Company recognizes revenue on the same day that the control of the contracted service of providing hashrate transfers to the mining pool operator, which is the same day as contract inception. The noncash consideration received in the form of bitcoin is measured at 0:00:00 Coordinated Universal Time (“UTC”) using the Company’s principal market for bitcoin.

The contract is terminable at any time by either party with no substantive termination penalty. The Company’s enforceable right to compensation begins when, and lasts for as long as, the Company provides computing power to the mining pool operator; the Company’s performance obligation extends over the contract term given the Company’s continuous provision of hashrate. This period of time corresponds with the period of service for which the mining pool operator determines compensation due to the Company. Given the terms of the contract, and the Company’s customary business practice, the contract effectively provides the Company with a contract that continuously renews throughout the day.

Revenue recognition - HPC leasing

The Company generates revenue by leasing data center capacity and providing related services to customers including hyperscalers, AI labs, and neoclouds for high-performance computing. These arrangements generally include lease components related to the right to use specified data center space and associated infrastructure and nonlease components, including power delivery, environmental controls, physical security, connectivity products, operations and maintenance services and certain other operating services.

The Company evaluates each arrangement under ASC 842, Leases (“ASC 842”), to determine whether the arrangement contains a lease and whether the Company is acting as lessor. For its HPC data center assets, the Company has elected the practical expedient available under ASC 842 to combine nonlease components that have the same pattern of transfer as the related lease components into a single combined component. The combined component is accounted for under ASC 842 when the lease component is predominant and under ASC 606 when the nonlease component is predominant. The lease components are the predominant components in the Company's HPC lease arrangements and, accordingly, the combined components are accounted for as operating leases under ASC 842. As a result, all of the consideration within the HPC lease arrangement is presented as HPC leasing revenue on the condensed consolidated statements of operations. Recognition of HPC leasing revenue begins upon lease commencement, which occurs for each lease component when the applicable facility or phase is delivered to the customer and made available for its intended use.

The Company has concluded that it is probable that substantially all of the payments will be collected over the term of the arrangements. For each lease component, the Company recognizes the total fixed payments allocated to the component on a straight-line basis over the noncancellable term. The difference between lease revenue recognized on a straight-line basis and contractual lease payments is recorded as an accrued rent receivable or deferred rent liability on the condensed consolidated balance sheets. Certain arrangements include options to extend the term. These extension options are not reasonably certain to be exercised and are excluded from the lease term and calculation of lease payments at lease commencement.

The lease arrangements generally require the Company to provide power delivery, environmental controls, physical security, connectivity, operations and maintenance and certain other operating services throughout the lease term. Any fixed monthly payments associated with these services are allocated to the related lease components and recognized as lease revenue on a straight-line basis over the lease term.

Certain arrangements also provide for reimbursement of electricity, taxes, insurance, maintenance and other operating costs incurred on behalf of tenants. These amounts are generally variable and are recognized as HPC leasing revenue in the period earned. Reimbursement-related lease payments are presented on a gross basis in the condensed consolidated statements of operations.

Certain lease arrangements also include customer-requested change orders to the lease component during the construction period. Recognition of HPC leasing revenue begins upon lease commencement, which occurs for each lease component when the applicable facility or phase is delivered to the customer and made available for its intended use.

Segment information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company currently has two operating segments, Bitcoin Mining, which through operations produces bitcoin to generate revenue, and HPC Leasing through which data centers are constructed and leased to tenants for HPC. The Chief Operating Decision Maker (“CODM”) for the Company consists of the chief executive officer (“CEO”), and chief financial officer (“CFO”). The CODM reviews the performance of its segments primarily based on operating income when deciding on allocating resources. Refer to Note 19. Segment Reporting for more details on the Company’s significant segment expenses.

Restricted cash

Restricted cash primarily relates to proceeds from various senior secured notes offerings which the Company is restricted from using for general corporate purposes outside of financing specific site developments. As these funds are expected to be used in the short term to build out the various sites, this restricted cash is classified in current assets on the Company’s condensed consolidated balance sheets.

Restricted cash classified as noncurrent on the Company’s condensed consolidated balance sheets represents cash required to be held in debt service accounts related to various senior secured notes, as well as amounts pledged as collateral to Luminant ET Services Company LLC (“Luminant”), and Vistra Operations Company, LLC (“Vistra”), a Luminant affiliate, primarily related to the Luminant Power Agreement (defined below in Note 4. Derivative Assets).

Accounts receivable

The Company’s accounts receivable balance as of September 30, 2026 consists primarily of amounts due related to rent, operating expense reimbursements, and change orders requested from tenants for its HPC data centers. Amounts recorded in accounts receivable consist of the amount invoiced, but not yet received from the tenant.

The Company’s accounts receivable balance as of December 31, 2025 consists of amounts due from its mining pool operator. Amounts recorded in accounts receivable consist of the block rewards and transaction fees earned on the last day (last contract period) of the period, but not yet received from the mining pool operator.

No allowance was recorded as of September 30, 2026 or December 31, 2025.

Fixed assets

As a result of fixed assets placed into service related to the Black Pearl Facility, the Company established estimated useful lives for Buildings from 10 to 40 years, and Infrastructure assets from 10 to 40 years.

Long-term borrowings, net

Long-term borrowings, net represents the Company’s convertible senior notes and senior secured notes. The Company records the aggregate principal amount of each of its long-term debt instruments as a liability on the balance sheet, offset by the instrument’s issuance costs. The issuance costs are amortized to interest expense using the effective interest rate method over the expected term of each instrument. The Company records contractually obligated payments due within one year as short term liabilities.

Earnings (Loss) per share

Basic earnings (loss) per share is computed by dividing net income (loss) allocated to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share adjusts net income (loss) and net income (loss) per common share for the effect of all potentially dilutive shares of Common Stock. Potentially dilutive common shares consist of the Company’s outstanding warrants to purchase Common Stock, Common Stock to settle convertible notes, as well as unvested restricted stock units (“RSUs”).

The dilutive effect of RSUs is calculated using the treasury stock method. The dilutive effect of PSUs is calculated using the contingently issuable share method. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive

shares calculated using the treasury stock method. The dilutive effect of the convertible notes was determined using the if-converted method. Under the if-converted method, net income (loss) is adjusted to reflect the assumption that the convertible notes were converted at the beginning of the period.

The Company’s potentially dilutive common shares have been excluded from the computation of diluted net loss per common share when the effect would be to reduce the net loss per common share, or increase the net income per common share.

The following is a reconciliation of the numerator and denominator of the diluted earnings (loss) per share computations for the periods indicated below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Basic and diluted earnings (loss) per share:
Net income (loss) available for common stockholders - basic	$	31,605	$	(3,283)	$	(350,240)	$	(88,039)
Less: gain on change in fair value of Google warrant liability	(127,180)		—		—		—
Net income (loss) available for common stockholders - diluted	$	(95,575)	$	(3,283)	$	(350,240)	$	(88,039)

Weighted average shares outstanding - basic	414,996,770		393,191,623		409,866,599		376,372,526
Add:
Google Warrants	24,697,252		-		-		-



Weighted average shares outstanding - diluted	439,694,022		393,191,623		409,866,599		376,372,526

Net earnings (loss) per share - basic	$	0.08	$	(0.01)	$	(0.85)	$	(0.23)
Net earnings (loss) per share - diluted	$	(0.22)	$	(0.01)	$	(0.85)	$	(0.23)

The following table presents the common share equivalents that are excluded from the computation of diluted earnings (loss) per common share for the three and nine months ended September 30, 2026 and 2025, because including them would have been antidilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Note conversion(1)	161,930,746	50,438,686	161,930,746	50,438,686
Google warrants	—	—	24,710,265	—
Unvested RSUs & PSUs	17,115,345	25,691,978	17,115,345	25,691,978
Public warrants	—	8,613,935	—	8,613,935
	179,046,091	84,744,599	203,756,356	84,744,599

(1) Amounts assume conversion at the maximum conversion rates of 292.3976 and 85.7632 shares of the Company’s common stock per $1,000 principal amount of the 2030 Convertible Notes and 2031 Convertible Notes, respectively.

Recently adopted accounting pronouncements

In November 2024, the FASB issued Accounting Standard Update (“ASU”) 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). ASU 2024-04 seeks to improve the relevance and consistency in application of Subtopic 470-20 around when the terms of convertible

debt instruments are changed to incentivize conversion. The Company adopted ASU 2024-04 on January 1, 2026. Adoption did not have a material impact on the Company's financial statements and disclosures.

Recently issued accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 seeks to improve disclosures around expenses and provide more detail to investors about certain types of expenses in commonly presented captions. The updated guidance is effective for the Company for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 seeks to modernize the internal-use software guidance, primarily by removing the project-stage framework (preliminary/application development/post-implementation) in favor of a principle focused on when it is probable that the software will be completed and used as intended. The updated guidance is effective for the Company for annual periods beginning January 1, 2028. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of interim financial statements, provides a comprehensive list of required interim disclosures, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The updated guidance is effective for the Company for interim periods beginning January 1, 2028, and early adoption is permitted. The Company is currently evaluating the impact this guidance may have on the notes to its condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”). ASU 2025-12 contains 33 amendments intended to correct errors in, clarify, and make narrow-scope improvements to various Codification topics, including clarifications to the calculation of diluted earnings per share when a loss from continuing operations exists, the permissible methods for accounting for treasury stock retirements, and the accounting for transfers of receivables from contracts with customers. The updated guidance is effective for the Company for fiscal years beginning January 1, 2027, including interim periods within those years. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and disclosures.

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on its condensed consolidated financial statements.

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Nature of operations Cipher Digital Inc. (“Cipher,” “CDI,” or the “Company”) is focused on the development and operation of industrial-scale data centers for high-performance compute (“HPC”) hosting and bitcoin mining. The Company has a 300 MW data center in Wink, Texas that draws power from the power grid (the “Black Pearl Facility”) that was used for bitcoin mining through February 2026, and in August 2026 commenced phased delivery to an HPC tenant. The Company is also in the process of constructing two other sites for HPC tenants, with the 300 MW Barber Lake Facility for Fluidstack USA II Inc. (“Fluidstack”), expecting phased commencement in the fourth quarter of 2026 and the 100 MW Stingray data center (the “Stingray Facility”) expecting commencement in 2027. The Company’s portfolio as of September 30, 2026 also consists of seven additional sites expected to be built out for HPC. The Company also operates one wholly owned bitcoin mining data center, a 207 MW site located in Odessa, Texas that draws fixed priced power from a power purchase agreement with its electricity provider (the “Odessa Facility”). Risks and uncertainties Liquidity and capital resources The Company has historically experienced net losses and negative cash flows from operations; however, proceeds from sales of bitcoin are categorized as cash flows from investing activities to the extent bitcoin is sold after seven days from receipt. As of September 30, 2026, the Company had approximate balances of Cash and cash equivalents of $656.0 million, working capital of $1,016.8 million, Total stockholders’ equity of $600.3 million and an Accumulated deficit of $1,353.9 million. The Company uses a combination of short-term and long-term financing arrangements, proceeds from sales of bitcoin earned by or received from its bitcoin mining data centers, and strategic sales of shares through “at-the-market” offerings to support its operating expenses and capital expenditures. The Company monitors its balance sheet on an ongoing basis to determine the proper mix of bitcoin retention and bitcoin sales to support its cash requirements, ongoing operations, and capital expenditures. Bitcoin is classified as a current asset on the Company’s balance sheets due to its intent and ability to sell bitcoin to support operations when needed. Approximately $283.2 million of cash was used in operating activities during the nine months ended September 30, 2026. During the nine months ended September 30, 2026, the Company sold bitcoin for proceeds of approximately $168.9 million. The Company paid approximately $2,517.2 million for property and equipment primarily related to the build-out of various facilities. The Company has a master loan agreement with Coinbase Credit, Inc., as Lender, and Coinbase, Inc., as Lending Service Provider (the “Coinbase Master Loan Agreement”). Pursuant to the master loan agreement, the Company has a secured line of credit, with capacity to be determined, subject to credit review (the “Coinbase Overnight Credit Facility”). The borrowings are collateralized by bitcoin transferred to the Lending Service Provider’s platform. On May 22, 2025, the Company issued $172.5 million of principal amount of convertible notes due in 2030 with an interest rate of 1.75% (the “2030 Convertible Notes”). The 2030 Convertible Notes are senior, unsecured obligations with interest due semiannually on May 15 and November 15 each year beginning on November 15, 2025. On October 16, 2026, the Company exchanged approximately $165.9 million of principal amount of the 2030 Convertible Notes for approximately 40.7 million shares of the Company’s common stock. Following this exchange, approximately $6.6 million aggregate principal amount of the 2030 Convertible Notes remains outstanding. On September 30, 2025, the Company issued $1,300.0 million of principal amount of convertible notes due in 2031 with an interest rate of 0.00% (the “2031 Convertible Notes”). The 2031 Convertible Notes are senior, unsecured obligations. On March 23, 2026, the Company entered into a $200.0 million revolving credit facility (the “Revolving Credit Facility”) with Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent, and a syndicate of lenders. The Revolving Credit Facility also provides for an additional accordion option of up to $50.0 million. The Revolving Credit Facility matures on March 23, 2030 (the fourth anniversary of the closing date); provided, however, that if any of the 2030 Convertible Notes (or certain refinancing indebtedness in respect thereof) are outstanding on the date that is 91 days prior to the maturity date thereof, the maturity date of the Revolving Credit Facility will spring to such earlier date (the “Springing Maturity Date”). On October 16, 2026, the Company issued $850.0 million aggregate principal amount of 0.00% convertible senior notes due in 2032 (the “2032 Convertible Notes”). The 2032 Convertible Notes are senior, unsecured obligations of the Company and will mature on November 1, 2032, unless earlier repurchased or converted. Refer to Note 21, Subsequent Events for additional information. Refer to Note 14. Debt for more details on all debt arrangements. Management believes that the Company’s existing financial resources, ability to obtain project level financing, projected cash and bitcoin inflows from its data centers, ability to sell bitcoin received or earned, and its intent and ability to sell common stock through at-the-market offerings will be sufficient to enable the Company to meet its operating and capital requirements for at least 12 months from the date these condensed consolidated financial statements are issued.

FAIR VALUE MEASUREMENTS - Schedule of Change in the Fair Value (Details) - Google Warrants $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 525,160
Change in fair value	$ (20,280)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of warrant liability
Balance, end of period	$ 504,880

LEASES - Future Minimum Operating Lease Payments Expected to be Received from Commenced Lease (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Leases [Abstract]
Remainder of Year Ending December 31, 2026	$ 7,909
Year Ending December 31, 2027	29,989
Year Ending December 31, 2028	26,965
Year Ending December 31, 2029	27,774
Year Ending December 31, 2030	28,607
Thereafter	363,920
Total undiscounted lease payments	$ 485,164

DEBT - Schedule of Components of Convertible Debt Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Debt Instrument [Line Items]
Amortization of issuance costs and discount			$ 184,888	$ 0
2030 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	$ 755	$ 755	2,264	1,073
Amortization of issuance costs and discount	267	261	797	371
Total interest expense	1,022	1,016	3,061	1,444
2031 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	0	0	0	0
Amortization of issuance costs and discount	15,970	0	46,584	0
Total interest expense	$ 15,970	$ 0	$ 46,584	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Millions	Oct. 16, 2026 USD ($) $ / shares shares	May 22, 2025 USD ($) $ / shares	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Subsequent Event [Line Items]
Outstanding principal amount			$ 6,016,312,000	$ 3,205,500,000
2030 Convertible Notes \| Convertible Debt
Subsequent Event [Line Items]
Outstanding principal amount			$ 172,500,000	$ 172,500,000
Debt instrument, face amount		$ 172,500,000
Conversion ratio		0.2249213
Conversion price (in dollars per share) \| $ / shares		$ 4.45
2030 Convertible Notes \| Convertible Debt \| Subsequent Event
Subsequent Event [Line Items]
Debt conversion, converted instrument, amount	$ 165,900,000
Debt conversion, converted instrument, shares issued (in shares) \| shares	40.7
Outstanding principal amount	$ 6,600,000
2032 Convertible Notes \| Convertible Debt \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, face amount	$ 850,000,000.0
Conversion ratio	0.0653211
Conversion price (in dollars per share) \| $ / shares	$ 15.31
Debt instrument, convertible, option to purchase, amount	$ 150,000,000.0
Cost of capped call transactions	$ 89,700,000

SHARE-BASED COMPENSATION - Schedule of Unvested RSU Activity (Details) - Service-based RSUs	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	10,642,732
Granted (in shares) \| shares	3,779,115
Forfeited (in shares) \| shares	(18,530)
Vested (in shares) \| shares	(4,902,606)
Unvested, ending balance (in shares) \| shares	9,500,711
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 3.95
Granted (in dollars per share) \| $ / shares	17.01
Forfeited (in dollars per share) \| $ / shares	11.08
Vested (in dollars per share) \| $ / shares	4.24
Unvested, ending balance (in dollars per share) \| $ / shares	$ 8.98

BITCOIN - Additional Information (Details) $ in Millions	9 Months Ended	12 Months Ended
BITCOIN - Additional Information (Details) $ in Millions	Sep. 30, 2026 USD ($) bitcoin	Dec. 31, 2025 USD ($) bitcoin
Crypto Asset [Abstract]
Number of bitcoin held \| bitcoin	310	1,433
Fair value of bitcoin	$ 25.9	$ 125.4
Cost basis of bitcoin	$ 21.6	$ 154.1
Number of bitcoin pledged \| bitcoin	10	0
Fair value of bitcoin pledged as collateral	$ 0.8

INVESTMENTS IN JOINT VENTURES

9 Months Ended

Sep. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN JOINT VENTURES

The Company accounted for its 49% equity ownership in each of Alborz LLC, Bear LLC, and Chief Mountain LLC (the “WindHQ JV sites”) using the equity method of accounting. The book value of these investments was included in Investment in equity investees on the Company’s condensed consolidated balance sheets, with the Company’s portion of income included in Equity in losses of equity investees on the Company’s condensed consolidated statements of operations.

Activity in the Company’s investments in equity investees during the nine months ended September 30, 2026, and 2025, consisted of the following (in thousands):


	For the Nine Months Ended September 30,
	2026		2025
Opening balance	$	29,400	$	53,908
Capital contributions	4,374		17,568
Accretion of basis differences related to miner contributions	243		3,927
Bitcoin received from equity investees	(2,772)		(20,714)
Equity in net losses of equity investees	(1,845)		(12,400)
Proceeds from sale of equity investee interests	(29,400)		-
Ending Balance	$	-	$	42,289

On February 19, 2026, the Company sold its 49% interests in the WindHQ JV sites to Canaan Inc (“Canaan”) in exchange for $29.4 million of Canaan common stock. In the year ended December 31, 2025, the Company recorded an additional expense in Equity in losses of equity investees to adjust the carrying value of its investments to the negotiated sale price.

In October 2025, the Company purchased 53% of the equity in Colchis LLC (“Colchis”), a joint venture of a potential 1 GW site in Texas, the “Colchis Site.” The Company is the managing member and consolidates Colchis, and records redeemable noncontrolling interest for the minority interest in the site. The Company deems the noncontrolling interest to be redeemable due to certain clauses in the agreement, which could trigger the redemption of the noncontrolling shares upon events outside of the Company's control.

Since the original purchase of Colchis, the Company made capital contributions to Colchis, which increased the Company’s ownership to 76% as of September 30, 2026.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured at fair value are classified and disclosed in one of the following categories based on the inputs used to derive the fair value:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):


	Fair Value Measured as of September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	602,581	$	-	$	-	$	602,581
Restricted cash
Money market securities	2,196,435		-		-		2,196,435
Bitcoin	25,943		-		-		25,943
Accounts receivable
Bitcoin receivable	285		-		-		285
Prepaid expenses and other current assets
Investments at fair value	18,548		-		-		18,548
Derivative asset	-		-		8,770		8,770
	$	2,843,792	$	-	$	8,770	$	2,852,562
Liabilities included in:

Warrant liability	-		-		504,880		504,880
	$	-	$	-	$	504,880	$	504,880


	Fair Value Measured as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	535,085	$	-	$	-	$	535,085
Restricted cash
Money market securities	2,035,631		-		-		2,035,631
Bitcoin	125,400		-		-		125,400
Accounts receivable	687		-		-		687
Derivative assets	-		-		56,810		56,810
	$	2,696,803	$	-	$	56,810	$	2,753,613
Liabilities included in:
Warrant liability	$	-	$	-	$	525,160	$	525,160


	$	-	$	-	$	525,160	$	525,160

The Company’s financial assets and liabilities not subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):


	September 30, 2026
	Total carrying value		Level 1		Level 2		Level 3		Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes	$	168,435	$	-	$	620,388	$	-	$	620,388
2031 Convertible Notes	917,426		-		1,658,306		-		1,658,306
Cipher Compute 2030 Senior Secured Notes	1,710,252		-		1,741,665		-		1,741,665
Black Pearl 2031 Senior Secured Notes	1,967,945		-		1,957,500		-		1,957,500
Stingray 2031 Senior Secured Notes	795,008		-		774,101		-		774,101
	$	5,559,066	$	-	$	6,751,960	$	-	$	6,751,960



	December 31, 2025
	Total carrying value		Level 1		Level 2		Level 3		Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes	$	167,643	$	-	$	597,768	$	-	$	597,768
2031 Convertible Notes	$	870,842	$	-	$	1,547,533	$	-	$	1,547,533
Cipher Compute 2030 Senior Secured Notes	$	1,710,956	$	-	$	1,769,514	$	-	$	1,769,514

	$	2,749,441	$	-	$	3,914,815	$	-	$	3,914,815

The carrying values reported in the Company’s condensed consolidated balance sheets for cash (excluding cash equivalents which are recorded at fair value on a recurring basis), accounts payable and accrued expenses and other current liabilities are reasonable estimates of their fair values due to the short-term nature of these items.

There were no transfers of financial instruments between Level 1, Level 2 and Level 3 during the periods presented.

Power purchase agreement

The Company’s power purchase agreement, related to the Luminant Power Agreement, is divided between current and noncurrent assets, and was initially recorded on its condensed consolidated balance sheets on the derivative asset’s effective date of July 1, 2022, with an offsetting amount recorded to change in fair value of derivative asset in costs and operating expenses on the condensed consolidated statements of operations. Subsequent changes in fair value are also recorded to change in fair value of derivative asset. The Luminant Power Agreement was not designated as a hedging instrument. The estimated fair value of the Company’s derivative asset was derived from Level 2, and Level 3 inputs, due to a lack of quoted prices for similar type assets and as such, is classified in Level 3 of the fair value hierarchy. Specifically, the discounted cash flow estimation models contain quoted spot and forward prices for electricity, as well as estimated usage rates consistent with the terms of the Luminant Power Agreement, the initial term of which is five years, and a remaining term of approximately 0.8 years. The valuations performed by the third-party valuation firm engaged by the Company utilized pre-tax discount rates of 5.52% and 4.80% as of September 30, 2026 and December 31, 2025, respectively, and include observable market inputs, but also include unobservable inputs based on qualitative judgment related to company-specific risk factors. Unrealized gains and losses associated with the derivative asset within the Level 3 category include changes in fair value that were attributable to amendments to the Luminant Power Agreement, changes to the quoted forward electricity rates, as well as unobservable inputs (e.g., changes in estimated usage rates and discount rate assumptions).

The following table presents the changes in the estimated fair value of the power purchase agreement measured using significant unobservable inputs (Level 3) for the nine months ended September 30, 2026 and 2025 (amounts in thousands):


	Nine Months Ended September 30,
	2026		2025
Opening balance	$	56,810	$	85,670
Change in fair value	(48,040)		(17,180)
Ending balance	$	8,770	$	68,490

Level 3 liabilities

Google Warrants

The Company’s Google Warrants (as defined in Note 16. Warrants) were classified within Level 3 of the fair value hierarchy because the fair value is based on significant inputs that are unobservable in the market. The valuation of the Google Warrants used assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The initial valuation of the Google Warrants was recorded to Warrant liability on the Company’s condensed consolidated balance sheets, and subsequent changes in fair value are also recorded to Change in fair value of warrant liability in the Company’s condensed consolidated statements of operations.

The Company engaged a third-party valuation firm to determine the fair value of the Google Warrants using a Black-Scholes option-pricing model and the quoted price of Common Stock. The following table presents significant assumptions utilized in the valuations of the Google Warrants as of the date indicated:


			September 30, 2026
Risk-free rate			4.24%
Dividend yield rate			0.00%
Volatility			107.00%
Contractual term (in years)			4.2

The following table presents changes in the estimated fair value of the Google Warrants (amounts in thousands):






Balance as of December 31, 2025	525,160

Change in fair value	(20,280)
Balance as of September 30, 2026	$	504,880

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of presentation	The Company prepares its unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”).
Principles of consolidation	The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All intercompany transactions and balances have been eliminated.
Reclassifications	Certain prior year amounts have been reclassified for consistency with the current period presentation.
Use of estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates inherent in the preparation of the Company’s financial statements include, but are not limited to, those related to equity instruments issued in share-based compensation arrangements, valuation of its Level 3 assets and liabilities, useful lives of property and equipment, asset retirement obligations and the valuation allowance associated with the Company’s deferred tax assets, among others. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Unaudited condensed consolidated financial statements	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of the Company’s management, these unaudited condensed consolidated financial statements reflect all adjustments, which consist of only normal recurring adjustments necessary for the fair presentation of the balances and results for the periods presented. These unaudited condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. A detailed description of the Company’s significant accounting policies is included in the Company’s 2025 Form 10-K as filed with the SEC on February 24, 2026. The Company’s unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes in the Company’s 2025 Form 10-K. There have been no material changes to the Company’s significant accounting policies from those disclosed in the notes to the Company’s audited consolidated financial statements included in the Company’s 2025 Form 10-K, except for the addition of our HPC leasing described below.
Revenue recognition - bitcoin mining/HPC leasing	The Company recognizes revenue related to bitcoin mining under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company recognizes revenue on the same day that the control of the contracted service of providing hashrate transfers to the mining pool operator, which is the same day as contract inception. The noncash consideration received in the form of bitcoin is measured at 0:00:00 Coordinated Universal Time (“UTC”) using the Company’s principal market for bitcoin. The contract is terminable at any time by either party with no substantive termination penalty. The Company’s enforceable right to compensation begins when, and lasts for as long as, the Company provides computing power to the mining pool operator; the Company’s performance obligation extends over the contract term given the Company’s continuous provision of hashrate. This period of time corresponds with the period of service for which the mining pool operator determines compensation due to the Company. Given the terms of the contract, and the Company’s customary business practice, the contract effectively provides the Company with a contract that continuously renews throughout the day. The Company generates revenue by leasing data center capacity and providing related services to customers including hyperscalers, AI labs, and neoclouds for high-performance computing. These arrangements generally include lease components related to the right to use specified data center space and associated infrastructure and nonlease components, including power delivery, environmental controls, physical security, connectivity products, operations and maintenance services and certain other operating services. The Company evaluates each arrangement under ASC 842, Leases (“ASC 842”), to determine whether the arrangement contains a lease and whether the Company is acting as lessor. For its HPC data center assets, the Company has elected the practical expedient available under ASC 842 to combine nonlease components that have the same pattern of transfer as the related lease components into a single combined component. The combined component is accounted for under ASC 842 when the lease component is predominant and under ASC 606 when the nonlease component is predominant. The lease components are the predominant components in the Company's HPC lease arrangements and, accordingly, the combined components are accounted for as operating leases under ASC 842. As a result, all of the consideration within the HPC lease arrangement is presented as HPC leasing revenue on the condensed consolidated statements of operations. Recognition of HPC leasing revenue begins upon lease commencement, which occurs for each lease component when the applicable facility or phase is delivered to the customer and made available for its intended use. The Company has concluded that it is probable that substantially all of the payments will be collected over the term of the arrangements. For each lease component, the Company recognizes the total fixed payments allocated to the component on a straight-line basis over the noncancellable term. The difference between lease revenue recognized on a straight-line basis and contractual lease payments is recorded as an accrued rent receivable or deferred rent liability on the condensed consolidated balance sheets. Certain arrangements include options to extend the term. These extension options are not reasonably certain to be exercised and are excluded from the lease term and calculation of lease payments at lease commencement. The lease arrangements generally require the Company to provide power delivery, environmental controls, physical security, connectivity, operations and maintenance and certain other operating services throughout the lease term. Any fixed monthly payments associated with these services are allocated to the related lease components and recognized as lease revenue on a straight-line basis over the lease term. Certain arrangements also provide for reimbursement of electricity, taxes, insurance, maintenance and other operating costs incurred on behalf of tenants. These amounts are generally variable and are recognized as HPC leasing revenue in the period earned. Reimbursement-related lease payments are presented on a gross basis in the condensed consolidated statements of operations. Certain lease arrangements also include customer-requested change orders to the lease component during the construction period. Recognition of HPC leasing revenue begins upon lease commencement, which occurs for each lease component when the applicable facility or phase is delivered to the customer and made available for its intended use.
Segment information	Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company currently has two operating segments, Bitcoin Mining, which through operations produces bitcoin to generate revenue, and HPC Leasing through which data centers are constructed and leased to tenants for HPC. The Chief Operating Decision Maker (“CODM”) for the Company consists of the chief executive officer (“CEO”), and chief financial officer (“CFO”). The CODM reviews the performance of its segments primarily based on operating income when deciding on allocating resources.
Restricted cash	Restricted cash primarily relates to proceeds from various senior secured notes offerings which the Company is restricted from using for general corporate purposes outside of financing specific site developments. As these funds are expected to be used in the short term to build out the various sites, this restricted cash is classified in current assets on the Company’s condensed consolidated balance sheets. Restricted cash classified as noncurrent on the Company’s condensed consolidated balance sheets represents cash required to be held in debt service accounts related to various senior secured notes, as well as amounts pledged as collateral to Luminant ET Services Company LLC (“Luminant”), and Vistra Operations Company, LLC (“Vistra”), a Luminant affiliate, primarily related to the Luminant Power Agreement (defined below in Note 4. Derivative Assets).
Accounts receivable	The Company’s accounts receivable balance as of September 30, 2026 consists primarily of amounts due related to rent, operating expense reimbursements, and change orders requested from tenants for its HPC data centers. Amounts recorded in accounts receivable consist of the amount invoiced, but not yet received from the tenant. The Company’s accounts receivable balance as of December 31, 2025 consists of amounts due from its mining pool operator. Amounts recorded in accounts receivable consist of the block rewards and transaction fees earned on the last day (last contract period) of the period, but not yet received from the mining pool operator.
Fixed assets	As a result of fixed assets placed into service related to the Black Pearl Facility, the Company established estimated useful lives for Buildings from 10 to 40 years, and Infrastructure assets from 10 to 40 years.
Long-term borrowings, net	Long-term borrowings, net represents the Company’s convertible senior notes and senior secured notes. The Company records the aggregate principal amount of each of its long-term debt instruments as a liability on the balance sheet, offset by the instrument’s issuance costs. The issuance costs are amortized to interest expense using the effective interest rate method over the expected term of each instrument. The Company records contractually obligated payments due within one year as short term liabilities.
Earnings (loss) per share	Basic earnings (loss) per share is computed by dividing net income (loss) allocated to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share adjusts net income (loss) and net income (loss) per common share for the effect of all potentially dilutive shares of Common Stock. Potentially dilutive common shares consist of the Company’s outstanding warrants to purchase Common Stock, Common Stock to settle convertible notes, as well as unvested restricted stock units (“RSUs”). The dilutive effect of RSUs is calculated using the treasury stock method. The dilutive effect of PSUs is calculated using the contingently issuable share method. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. The dilutive effect of the convertible notes was determined using the if-converted method. Under the if-converted method, net income (loss) is adjusted to reflect the assumption that the convertible notes were converted at the beginning of the period. The Company’s potentially dilutive common shares have been excluded from the computation of diluted net loss per common share when the effect would be to reduce the net loss per common share, or increase the net income per common share.
Recently adopted and issued accounting pronouncements	Recently adopted accounting pronouncements In November 2024, the FASB issued Accounting Standard Update (“ASU”) 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). ASU 2024-04 seeks to improve the relevance and consistency in application of Subtopic 470-20 around when the terms of convertible debt instruments are changed to incentivize conversion. The Company adopted ASU 2024-04 on January 1, 2026. Adoption did not have a material impact on the Company's financial statements and disclosures. Recently issued accounting pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 seeks to improve disclosures around expenses and provide more detail to investors about certain types of expenses in commonly presented captions. The updated guidance is effective for the Company for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 seeks to modernize the internal-use software guidance, primarily by removing the project-stage framework (preliminary/application development/post-implementation) in favor of a principle focused on when it is probable that the software will be completed and used as intended. The updated guidance is effective for the Company for annual periods beginning January 1, 2028. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements and disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of interim financial statements, provides a comprehensive list of required interim disclosures, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The updated guidance is effective for the Company for interim periods beginning January 1, 2028, and early adoption is permitted. The Company is currently evaluating the impact this guidance may have on the notes to its condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”). ASU 2025-12 contains 33 amendments intended to correct errors in, clarify, and make narrow-scope improvements to various Codification topics, including clarifications to the calculation of diluted earnings per share when a loss from continuing operations exists, the permissible methods for accounting for treasury stock retirements, and the accounting for transfers of receivables from contracts with customers. The updated guidance is effective for the Company for fiscal years beginning January 1, 2027, including interim periods within those years. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and disclosures. The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on its condensed consolidated financial statements.

ORGANIZATION (Details) shares in Millions			9 Months Ended
ORGANIZATION (Details) shares in Millions	Oct. 16, 2026 USD ($) shares	Mar. 23, 2026 USD ($) day	Sep. 30, 2026 USD ($) facilitySite dataCenter MW	Sep. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 22, 2025 USD ($)	Dec. 31, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facility sites for high performance compute tenant, in progress \| facilitySite			2
Number of additional facility sites for high performance compute hosting, expected \| facilitySite			7
Number of bitcoin wholly-owned data centers \| dataCenter			1
Bitcoin held for sale, minimum holding period before sale to be classified as investing activity			7 days
Cash and cash equivalents			$ 656,009,000	$ 1,207,440,000		$ 628,263,000
Working capital			1,016,800,000
Stockholders' equity			600,255,000	783,195,000	$ 562,057,000	805,535,000	$ 748,904,000		$ 681,953,000
Accumulated deficit			1,353,896,000			1,003,656,000
Cash used in operating activities			283,194,000	153,506,000
Proceeds from sale of bitcoin			168,941,000	150,226,000
Cost of equipment transferred from deposits on equipment			2,517,241,000	262,969,000
Outstanding principal amount			$ 6,016,312,000			$ 3,205,500,000
2030 Convertible Notes \| Convertible Debt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument, face amount								$ 172,500,000
Stated interest percentage			1.75%			1.75%		1.75%
Outstanding principal amount			$ 172,500,000			$ 172,500,000
2030 Convertible Notes \| Convertible Debt \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt conversion, converted instrument, amount	$ 165,900,000
Debt conversion, converted instrument, shares issued (in shares) \| shares	40.7
Outstanding principal amount	$ 6,600,000
2031 Convertible Notes \| Convertible Debt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument, face amount				$ 1,300,000,000
Stated interest percentage			0.00%	0.00%		0.00%
Outstanding principal amount			$ 1,300,000,000			$ 1,300,000,000
Morgan Stanley Senior Funding Credit Facility \| Revolving Credit Facility \| Line of Credit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum borrowing capacity		$ 200,000,000.0
Facility, accordion feature, increase limit		$ 50,000,000.0
Number of days convertible debt outstanding prior to maturity date of facility \| day		91
2032 Convertible Notes \| Convertible Debt \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument, face amount	$ 850,000,000.0
Stated interest percentage	0.00%
Wink, Texas
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capacity of data center (in megawatts) \| MW			300
Colorado City, Texas
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capacity of data center (in megawatts) \| MW			300
West Texas
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capacity of data center (in megawatts) \| MW			100
Odessa, Texas
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capacity of data center (in megawatts) \| MW			207

INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Intangible Assets

The Company’s intangible assets consisted of the following (in thousands):


	September 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Strategic contracts	$	124,528	$	(992)	$	123,536
Capitalized software	2,848		(1,290)		1,558
Total	$	127,376	$	(2,282)	$	125,094


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Strategic contracts	$	76,135	$	(729)	$	75,406
Capitalized software	2,848		(866)		1,982
Total	$	78,983	$	(1,595)	$	77,388

Schedule of Expected Amortization Expenses

The Company expects to record amortization expense as follows over the next five subsequent years:


			(in thousands)
Remainder of Year Ending December 31, 2026			229
Year Ending December 31, 2027			917
Year Ending December 31, 2028			826
Year Ending December 31, 2029			615
Year Ending December 31, 2030			445

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation and Benefits

The Company recognized total share-based compensation in Compensation and benefits on the condensed consolidated statements of operations for the following categories of awards as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Service-based RSUs	$	13,607	$	6,690	$	49,467	$	23,040
Performance-based RSUs	13,027		2,384		34,741		5,696
Total share-based compensation expense	$	26,634	$	9,074	$	84,208	$	28,736

Schedule of Unvested RSU Activity

A summary of the Company's unvested Service-Based RSU activity for the nine months ended September 30, 2026 is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	10,642,732	$	3.95
Granted	3,779,115	$	17.01
Forfeited	(18,530)	$	11.08
Vested	(4,902,606)	$	4.24
Unvested at September 30, 2026	9,500,711	$	8.98

Schedule of Grant Date Fair Value of 2025 Performance-Based RSUs

The grant date fair value of the Performance-Based RSUs was measured using a Monte Carlo simulation model based on the following assumptions:


	Risk-free interest rate	Expected volatility
2026 Executive Officer PSU Agreement	3.60%	113.1%
2025 Performance-Based RSUs	4.14%	111.5%

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

The Company’s accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Construction costs	$	507,066	$	36,081
Accrued interest	77,606		16,892
Contingent liabilities	21,858		14,650
Employee compensation	10,200		5,847
Professional fees	4,970		3,994
Taxes	2,487		9,310
Power costs	2,403		2,622
Other	2,180		690

Total accrued expenses and other current liabilities	$	628,770	$	90,086

SECURITY DEPOSITS (Tables)

9 Months Ended

Sep. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Security Deposits Consisted

The Company’s security deposits consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Security deposits with utility providers	89,020		27,020
Other deposits	545		712
Total security deposits	$	89,565	$	27,732

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measurement on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets included in:
Cash and cash equivalents, money market securities	$ 602,581	$ 535,085
Restricted cash, money market securities	2,196,435	2,035,631
Bitcoin	25,943	125,400
Accounts receivable, bitcoin receivable	285	687
Prepaid expenses and other current assets, Investments at fair value	18,548
Derivative asset	8,770	56,810
Assets, fair value	2,852,562	2,753,613
Liabilities included in:
Warrant liability	504,880	525,160
Liabilities, fair value	504,880	525,160
Level 1
Assets included in:
Cash and cash equivalents, money market securities	602,581	535,085
Restricted cash, money market securities	2,196,435	2,035,631
Bitcoin	25,943	125,400
Accounts receivable, bitcoin receivable	285	687
Prepaid expenses and other current assets, Investments at fair value	18,548
Derivative asset	0	0
Assets, fair value	2,843,792	2,696,803
Liabilities included in:
Warrant liability	0	0
Liabilities, fair value	0	0
Level 2
Assets included in:
Cash and cash equivalents, money market securities	0	0
Restricted cash, money market securities	0	0
Bitcoin	0	0
Accounts receivable, bitcoin receivable	0	0
Prepaid expenses and other current assets, Investments at fair value	0
Derivative asset	0	0
Assets, fair value	0	0
Liabilities included in:
Warrant liability	0	0
Liabilities, fair value	0	0
Level 3
Assets included in:
Cash and cash equivalents, money market securities	0	0
Restricted cash, money market securities	0	0
Bitcoin	0	0
Accounts receivable, bitcoin receivable	0	0
Prepaid expenses and other current assets, Investments at fair value	0
Derivative asset	8,770	56,810
Assets, fair value	8,770	56,810
Liabilities included in:
Warrant liability	504,880	525,160
Liabilities, fair value	$ 504,880	$ 525,160

BITCOIN

9 Months Ended

Sep. 30, 2026

Crypto Asset [Abstract]

BITCOIN

The following table presents information about the Company’s bitcoin (in thousands):


	For the Nine Months Ended September 30,
	2026		2025
Opening balance	$	125,400	$	92,651
Bitcoin received from equity investees	2,772		20,714
Bitcoin received from mining activities	80,908		139,858
Bitcoin received from loan	-		16,551
Bitcoin paid for interest on loan	-		(140)
Proceeds from sales of bitcoin	(168,941)		(150,226)
Realized (losses) gains on sales of bitcoin, net	(47,251)		16,092
Unrealized gains (losses) on fair value of bitcoin	33,055		(2,927)

Realized loss on bitcoin transferred to collateral, net	-		(3,195)
Bitcoin transferred from collateral, net	-		40,925
Ending balance	$	25,943	$	170,303

The Company held approximately 310 and 1,433 bitcoin at September 30, 2026, and December 31, 2025, respectively. The associated fair values and cost bases of bitcoin held were $25.9 million, and $21.6 million, respectively, at September 30, 2026, and $125.4 million, and $154.1 million, respectively at December 31, 2025. Fair value of bitcoin is estimated using the closing price at 23:59:59 UTC in the Company’s principal market, which is a Level 1 input (i.e., an observable input such as a quoted price in an active market for an identical asset). The Company accounts for bitcoin on a first-in-first-out (“FIFO”) basis.

Additionally, the Company may pledge bitcoin as collateral related to bitcoin trading strategies. As of September 30, 2026, the Company had 10 bitcoin with a fair value of $0.8 million pledged as part of trading strategies. As of December 31, 2025 the Company had no bitcoin pledged as part of trading strategies.

BITCOIN (Tables)

9 Months Ended

Sep. 30, 2026

Crypto Asset [Abstract]

Schedule of Bitcoin

The following table presents information about the Company’s bitcoin (in thousands):


	For the Nine Months Ended September 30,
	2026		2025
Opening balance	$	125,400	$	92,651
Bitcoin received from equity investees	2,772		20,714
Bitcoin received from mining activities	80,908		139,858
Bitcoin received from loan	-		16,551
Bitcoin paid for interest on loan	-		(140)
Proceeds from sales of bitcoin	(168,941)		(150,226)
Realized (losses) gains on sales of bitcoin, net	(47,251)		16,092
Unrealized gains (losses) on fair value of bitcoin	33,055		(2,927)

Realized loss on bitcoin transferred to collateral, net	-		(3,195)
Bitcoin transferred from collateral, net	-		40,925
Ending balance	$	25,943	$	170,303

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets And Liabilities Measurement on Recurring Basis


	Fair Value Measured as of September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	602,581	$	-	$	-	$	602,581
Restricted cash
Money market securities	2,196,435		-		-		2,196,435
Bitcoin	25,943		-		-		25,943
Accounts receivable
Bitcoin receivable	285		-		-		285
Prepaid expenses and other current assets
Investments at fair value	18,548		-		-		18,548
Derivative asset	-		-		8,770		8,770
	$	2,843,792	$	-	$	8,770	$	2,852,562
Liabilities included in:

Warrant liability	-		-		504,880		504,880
	$	-	$	-	$	504,880	$	504,880


	Fair Value Measured as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets included in:
Cash and cash equivalents
Money market securities	$	535,085	$	-	$	-	$	535,085
Restricted cash
Money market securities	2,035,631		-		-		2,035,631
Bitcoin	125,400		-		-		125,400
Accounts receivable	687		-		-		687
Derivative assets	-		-		56,810		56,810
	$	2,696,803	$	-	$	56,810	$	2,753,613
Liabilities included in:
Warrant liability	$	-	$	-	$	525,160	$	525,160


	$	-	$	-	$	525,160	$	525,160

Schedule of Financial Assets and Liabilities Not Subject to Fair Value Measurement on Recurring Basis


	September 30, 2026
	Total carrying value		Level 1		Level 2		Level 3		Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes	$	168,435	$	-	$	620,388	$	-	$	620,388
2031 Convertible Notes	917,426		-		1,658,306		-		1,658,306
Cipher Compute 2030 Senior Secured Notes	1,710,252		-		1,741,665		-		1,741,665
Black Pearl 2031 Senior Secured Notes	1,967,945		-		1,957,500		-		1,957,500
Stingray 2031 Senior Secured Notes	795,008		-		774,101		-		774,101
	$	5,559,066	$	-	$	6,751,960	$	-	$	6,751,960



	December 31, 2025
	Total carrying value		Level 1		Level 2		Level 3		Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes	$	167,643	$	-	$	597,768	$	-	$	597,768
2031 Convertible Notes	$	870,842	$	-	$	1,547,533	$	-	$	1,547,533
Cipher Compute 2030 Senior Secured Notes	$	1,710,956	$	-	$	1,769,514	$	-	$	1,769,514

	$	2,749,441	$	-	$	3,914,815	$	-	$	3,914,815

Schedule of Changes in the Estimated Fair Value of Power Purchase Agreement


	Nine Months Ended September 30,
	2026		2025
Opening balance	$	56,810	$	85,670
Change in fair value	(48,040)		(17,180)
Ending balance	$	8,770	$	68,490

Schedule of Assumptions Utilized in Valuations

The following table presents significant assumptions utilized in the valuations of the Google Warrants as of the date indicated:


			September 30, 2026
Risk-free rate			4.24%
Dividend yield rate			0.00%
Volatility			107.00%
Contractual term (in years)			4.2

Schedule of Change in the Fair Value

The following table presents changes in the estimated fair value of the Google Warrants (amounts in thousands):






Balance as of December 31, 2025	525,160

Change in fair value	(20,280)
Balance as of September 30, 2026	$	504,880

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Computation of Diluted Earnings (Loss) Per Common Share (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2026 shares	Sep. 30, 2025 shares	Sep. 30, 2026 shares	Sep. 30, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of net loss per common share (in shares)	179,046,091	84,744,599	203,756,356	84,744,599
Note conversion
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of net loss per common share (in shares)	161,930,746	50,438,686	161,930,746	50,438,686
2030 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, convertible debt, maximum conversion rate, number of shares (in shares)	0.2923976	0.2923976	0.2923976	0.2923976
2031 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, convertible debt, maximum conversion rate, number of shares (in shares)	0.0857632	0.0857632	0.0857632	0.0857632
Google warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of net loss per common share (in shares)	0	0	24,710,265	0
Unvested RSUs & PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of net loss per common share (in shares)	17,115,345	25,691,978	17,115,345	25,691,978
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of net loss per common share (in shares)	0	8,613,935	0	8,613,935

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEASES - Leasing Revenue for Commenced Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Leases [Abstract]
Income relating to fixed payments	$ 5,231	$ 0	$ 5,231	$ 0
Income relating to variable payments	621	0	621	0
Total HPC leasing revenue	$ 5,852	$ 0	$ 5,852	$ 0

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Finance Lease
Remainder of Year Ending December 31, 2026	$ 1,216
Year Ending December 31, 2027	3,253
Year Ending December 31, 2028	19,500
Year Ending December 31, 2029	0
Year Ending December 31, 2030	0
Thereafter	0
Total lease payments	23,969
Less present value discount	(1,650)
Total	22,319
Operating Lease
Remainder of Year Ending December 31, 2026	1,373
Year Ending December 31, 2027	3,546
Year Ending December 31, 2028	5,285
Year Ending December 31, 2029	5,179
Year Ending December 31, 2030	4,950
Thereafter	36,525
Total lease payments	56,858
Less present value discount	(19,830)
Total	37,028
Total
Remainder of Year Ending December 31, 2026	2,589
Year Ending December 31, 2027	6,799
Year Ending December 31, 2028	24,785
Year Ending December 31, 2029	5,179
Year Ending December 31, 2030	4,950
Thereafter	36,525
Total lease payments	80,827
Less present value discount	(21,480)
Total	$ 59,347

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The Incentive Award Plan provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, RSUs and other stock or cash-based awards to employees, consultants and directors. Upon vesting of an award, the Company may either issue new shares or reissue treasury shares.

Initially, up to 19,869,312 shares of Common Stock were available for issuance under awards granted pursuant to the Incentive Award Plan. In addition, the number of shares of Common Stock available for issuance under the Incentive Award Plan is increased on January 1 of each calendar year beginning in 2022 and ending in 2031 by an amount equal to the lesser of (a) three percent (3%) of the total number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares determined by the Board. On January 1, 2026, this resulted in an increase of 12,148,892 shares of Common Stock available for issuance under the Incentive Award Plan. As of September 30, 2026, 26,765,571 shares of Common Stock were available for issuance under the Incentive Award Plan.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Service-based RSUs	$	13,607	$	6,690	$	49,467	$	23,040
Performance-based RSUs	13,027		2,384		34,741		5,696
Total share-based compensation expense	$	26,634	$	9,074	$	84,208	$	28,736

Service-based RSUs

A summary of the Company's unvested Service-Based RSU activity for the nine months ended September 30, 2026 is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	10,642,732	$	3.95
Granted	3,779,115	$	17.01
Forfeited	(18,530)	$	11.08
Vested	(4,902,606)	$	4.24
Unvested at September 30, 2026	9,500,711	$	8.98

As of September 30, 2026, there was approximately $41.2 million of unrecognized compensation expense related to unvested Service-Based RSUs, which is expected to be recognized over a weighted-average vesting period of approximately 0.7 years.

If not fully vested upon grant, service-based RSUs awarded generally vest over a period ranging from three to four years in installments as determined by the Board.

Vesting is subject to the award recipient’s continuous service on the applicable vesting date; provided, that if the award recipient’s employment is terminated by the Company without “cause”, by award recipient for “good reason” (if applicable, as such term or similar term may be defined in any employment, consulting or similar service agreement between award recipient and the Company) or due to award recipient’s death or permanent disability, all unvested service-based RSUs will vest in full (unless otherwise specified in the agreement between the award recipient and the Company). In addition, in the event of a change in control, any unvested service-based RSUs will vest subject to the award recipient’s continuous service to the Company through such change in control.

Performance-Based RSUs

In 2021, the Company issued 4,257,710 performance-based RSUs (the “2021 Performance-Based RSUs”) at a weighted average grant date fair value of $7.76.

There was no unrecognized compensation expense related to unvested 2021 Performance-Based RSUs at September 30, 2026.

In June 2026, the last of the 2021 Performance-Based RSUs vested as the Company achieved a market capitalization equal to or exceeding $10 billion.

On February 26, 2025, the Company issued an additional 2,490,943 Performance-Based RSUs (the “2025 Performance-Based RSUs”) to the Company’s senior management team under the Incentive Award Plan at a weighted average grant date fair value of $5.01. There was approximately $1.4 million in unrecognized compensation expense related to the 2025 Performance-Based RSUs at September 30, 2026, which is expected to be recognized over a weighted-average vesting period of approximately 0.27 years, regardless of whether the market conditions required for vesting are achieved.

As of the end of the performance period, the Compensation Committee of the Board of Directors certified that the Company’s common stock achieved the necessary Total Shareholder Return (“TSR”) relative to the TSR of peer companies identified in the grant agreements and overall TSR for the performance period, and earned 225% of the 2025 Performance-Based RSUs originally granted, resulting in the issuance of 5,604,621 shares. One-third of the earned PSUs vested on December 31, 2025, and the remaining two-thirds of the earned PSUs will vest in equal quarterly installments over the following two years.

On February 25, 2026, the Company issued an additional 2,179,406 Performance-Based RSUs (the “2026 Executive Officer PSU Agreement”) to the Company’s senior management team under the Incentive Award Plan at a weighted average grant date fair value of $26.80. None of the 2026 Performance-Based RSUs were vested as of September 30, 2026. There was approximately $31.0 million in unrecognized compensation expense related to the 2026 Performance-Based RSUs at September 30, 2026, which is expected to be recognized over a weighted-average vesting period of approximately 0.98 years, regardless of whether the market conditions required for vesting are achieved.

On or about December 31, 2026, the Company will calculate the number of PSUs expected to vest (the “Earned PSUs”), based upon the Company’s common stock achieving certain TSR relative to the TSR of peer companies identified in the grant agreements and the overall TSR of the Company for the 2026 calendar year. The number of Earned PSUs will range from 0% to 225% of the number of 2026 Performance-Based RSUs originally granted. Subject to the employee’s continuous service through the vesting date, one-third of the Earned PSUs will vest on December 31, 2026 and the remaining two-thirds of the Earned PSUs will vest in equal quarterly installments over the following two years with the first such vesting date occurring on March 31, 2027.

The grant date fair value of the Performance-Based RSUs was measured using a Monte Carlo simulation model based on the following assumptions:


	Risk-free interest rate	Expected volatility
2026 Executive Officer PSU Agreement	3.60%	113.1%
2025 Performance-Based RSUs	4.14%	111.5%

On February 25, 2026, the Company also issued additional 132,660 Performance-Based RSUs (the “2026 Key Service Provider PSU Equity Grants”) to other senior employees under the Incentive Award Plan. The awards vest upon the achievement of pre-established operational, infrastructure and execution-based milestones, as approved and certified by the Compensation Committee of the Board of Directors. Performance milestones include, but are not limited to, data center delivery, timely lease payments, interconnection progress with respect to company sites, execution of additional HPC leases, and securing additional megawatts as established by the Compensation Committee at the time of grant. No awards will vest unless at least one milestone is certified as achieved by the Compensation Committee.

Following the conclusion of the performance period, the Company will calculate the number of PSUs expected to vest based upon the level of milestone attainment. The number of Earned PSUs will range from 0% to 200% of the target award amount based on the extent to which specified performance milestones are achieved during the performance period. For 94,757 of the awards, the applicable performance period ends on December 31, 2026, and for 37,903 of the awards, the applicable performance period ends on March 31, 2027. Subject to the employee’s continuous service through the vesting date, one-third of the Earned PSUs will vest at the end of the applicable performance period and the remaining two-thirds will vest in equal quarterly installments over the following two years with the first such vesting date occurring on March 31, 2027.

Compensation expense is recognized over the requisite service period based on the grant-date fair value of the award and the probability of achieving the applicable performance conditions, in accordance with ASC 718, Compensation — Stock Compensation. The Company reassesses the probability of milestone achievement at each reporting date. If a milestone is deemed not probable of achievement, any previously recognized compensation expense associated with that milestone is reversed in the period of the change in estimate, regardless of whether service has been rendered to date.

As of September 30, 2026, there was approximately $3.2 million of unrecognized compensation expense related to unvested PSUs, which is expected to be recognized over a weighted-average remaining service period of 0.98 years.

DEBT (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Borrowings

The following summarizes the Company’s long-term borrowings, net of debt issuance costs as of the period presented:


	September 30, 2026
	Maturity Date	Interest Rate		Outstanding Principal		Unamortized debt issuance costs and original issue discounts and premium, net		Current portion of Long-term Debt		Outstanding Borrowings, net
Long-term borrowings:
2030 Convertible Notes	May 2030	1.750%		$	172,500	$	(4,065)	$	—	$	168,435
2031 Convertible Notes	October 2031	0.000%		1,300,000		(382,574)		—		917,426
Cipher Compute 2030 Senior Secured Notes	November 2030	7.125%		1,733,000		(22,748)		(48,369)		1,661,883
Black Pearl 2031 Senior Secured Notes	February 2031	6.125%		2,000,000		(32,055)		(64,167)		1,903,778
Stingray 2031 Senior Secured Notes	June 2031	6.000%		810,000		(14,992)		—		795,008
Vehicle Loans	Various	10.300	%	812		—		(168)		644
Total Long-term borrowings				$	6,016,312	$	(456,434)	$	(112,704)	$	5,447,174


	December 31, 2025
	Maturity Date	Interest Rate	Outstanding Principal		Unamortized debt issuance costs and original issue discounts and premium, net		Current portion of Long-term Debt		Outstanding Borrowings, net
Long-term borrowings:
2030 Convertible Notes	May 2030	1.750%	$	172,500	$	(4,857)	$	—	$	167,643
2031 Convertible Notes	October 2031	0.000%	1,300,000		(429,158)		—		870,842
Cipher Compute 2030 Senior Secured Notes	November 2030	7.125%	1,733,000		(22,044)		(37,793)		1,673,163
Total Long-term borrowings			$	3,205,500	$	(456,059)	$	(37,793)	$	2,711,648

Schedule of Components of Convertible Debt Interest Expense

The following table summarizes the components of interest expense recognized on the Company's convertible notes for three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
2030 Convertible Notes:
Contractual interest expense	$	755	$	755	$	2,264	$	1,073
Amortization of issuance costs and discount	267		261		797		371
Total interest expense	$	1,022	$	1,016	$	3,061	$	1,444

2031 Convertible Notes:
Contractual interest expense	$	—	$	—	$	—	$	—
Amortization of issuance costs and discount	15,970		—		46,584		—
Total interest expense	$	15,970	$	—	$	46,584	$	—

Schedule of Future Principal Payments

As of September 30, 2026, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)
Remainder of 2026	$	40
2027	188,861
2028	295,095
2029	299,631
2030(1)	1,606,517
Thereafter(2)	3,626,168
Total principal of long-term borrowings	$	6,016,312

(1) Included in 2030 is $172.5 million of principal related to the 2030 Convertible Notes which may be settled in cash, shares of common stock, or a combination thereof.
(2) Included in Thereafter is $1,300.0 million of principal related to the 2031 Convertible Notes which may be settled in cash, shares of common stock, or a combination thereof.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

LEASES - Schedule of Components of Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Finance leases:
Amortization of ROU assets	$ 503	$ 761	$ 1,508	$ 2,283
Interest on lease liability	298	246	655	817
Total finance lease expense	801	1,007	2,163	3,100
Operating leases:
Operating lease expense	1,746	676	4,185	1,962
Total lease expense	$ 2,547	$ 1,683	$ 6,348	$ 5,062

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment, Including Leased Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Total cost of property and equipment	$ 4,153,439	$ 967,582
Less: accumulated depreciation	(253,559)	(334,165)
Property and equipment, net	3,899,880	633,417
Miners and mining equipment
Property Plant And Equipment [Line Items]
Total cost of property and equipment	185,676	289,680
Leasehold improvements
Property Plant And Equipment [Line Items]
Total cost of property and equipment	120,029	134,122
Land
Property Plant And Equipment [Line Items]
Total cost of property and equipment	191,847	79,054
Buildings
Property Plant And Equipment [Line Items]
Total cost of property and equipment	89,033	66,594
Infrastructure
Property Plant And Equipment [Line Items]
Total cost of property and equipment	189,090	108,827
Other
Property Plant And Equipment [Line Items]
Total cost of property and equipment	2,742	1,873
Construction-in-progress
Property Plant And Equipment [Line Items]
Total cost of property and equipment	3,357,356	276,470
Deposits on equipment
Property Plant And Equipment [Line Items]
Total cost of property and equipment	$ 17,666	$ 10,962

SUPPLEMENTAL FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

Prepaid expenses and other current assets were $56.3 million as of September 30, 2026, primarily consisting of receivables from utilities for cash deposits replaced with letters of credit, as well as the fair value of the 806,439,900 shares of Canaan Inc. common stock, acquired on February 19, 2026, as part of the sale of the Company’s WindHQ JV sites and certain mining rigs located at the Black Pearl Facility to Canaan.

Prepaid expenses and other current assets were $8.0 million at December 31, 2025, consisting primarily of prepaid insurance.

Other noncurrent assets were $555.1 million, and $562.0 million as of September 30, 2026, and December 31, 2025, respectively. The balance primarily consisted of an asset of $544.5 million at both periods representing the value of Google agreeing to make the lease payments from Fluidstack in the event of Fluidstack not fulfilling its obligations under the lease. The Company will amortize this asset over the life of the lease on a straight-line basis to recognize the benefit over the term of the benefit derived from the backstop.

The Company’s accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Construction costs	$	507,066	$	36,081
Accrued interest	77,606		16,892
Contingent liabilities	21,858		14,650
Employee compensation	10,200		5,847
Professional fees	4,970		3,994
Taxes	2,487		9,310
Power costs	2,403		2,622
Other	2,180		690

Total accrued expenses and other current liabilities	$	628,770	$	90,086

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2026 USD ($) segment	Jun. 30, 2026 segment	Dec. 31, 2025 USD ($)
Property Plant And Equipment [Line Items]
Number of segments \| segment	2	1
Accounts receivable, allowance for credit loss \| $	$ 0		$ 0
Minimum \| Buildings
Property Plant And Equipment [Line Items]
Fixed assets, useful lives	10 years
Minimum \| Infrastructure
Property Plant And Equipment [Line Items]
Fixed assets, useful lives	10 years
Maximum \| Buildings
Property Plant And Equipment [Line Items]
Fixed assets, useful lives	40 years
Maximum \| Infrastructure
Property Plant And Equipment [Line Items]
Fixed assets, useful lives	40 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

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-SubTopic 20
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-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Construction costs	$ 507,066	$ 36,081
Accrued interest	77,606	16,892
Contingent liabilities	21,858	14,650
Employee compensation	10,200	5,847
Professional fees	4,970	3,994
Taxes	2,487	9,310
Power costs	2,403	2,622
Other	2,180	690
Accrued expenses and other current liabilities	$ 628,770	$ 90,086

INVESTMENTS IN JOINT VENTURES - Schedule of Activity in Investment in Equity Investee (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Equity Method Investments [Roll Forward]
Opening balance	$ 29,400	$ 53,908
Capital contributions	4,374	17,568
Accretion of basis differences related to miner contributions	243	3,927
Bitcoin received from equity investees	(2,772)	(20,714)
Equity in net losses of equity investees	(1,845)	(12,400)
Proceeds from sale of equity investee interests	(29,400)	0
Ending Balance	$ 0	$ 42,289

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

SECURITY DEPOSITS (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Deposits Assets [Line Items]
Total security deposits	$ 89,565	$ 27,732
Security deposits with utility providers
Deposits Assets [Line Items]
Total security deposits	89,020	27,020
Other deposits
Deposits Assets [Line Items]
Total security deposits	$ 545	$ 712

MINERS HELD FOR SALE (Details) - USD ($) $ in Thousands	9 Months Ended
MINERS HELD FOR SALE (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Miners held for sale	$ 0		$ 94,879
Impairment of miners held for sale	7,437	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Miners At Black Peral Facility
Disposal Group, Including Discontinued Operations [Line Items]
Miners held for sale	0		$ 94,900
Impairment of miners held for sale	$ 7,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SECURITY DEPOSITS

9 Months Ended

Sep. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

SECURITY DEPOSITS

The Company’s security deposits consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Security deposits with utility providers	89,020		27,020
Other deposits	545		712
Total security deposits	$	89,565	$	27,732

As part of various transactions to acquire wholly owned sites, the Company has deposits with Oncor Electric Delivery Company LLC (“Oncor”), Lower Colorado River Authority (“LCRA”), City Public Service Board (“CPS Energy”), and American Electric Power (“AEP”) to construct infrastructure to provide the ability to energize each data center. These deposits are eligible to be returned to the Company if the data centers energize an agreed upon capacity within an agreed upon timeframe. As of September 30, 2026 the Company believes these deposits will be returned.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Oct. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-39625
Entity Registrant Name	Cipher Digital Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1614529
Entity Address, Address Line One	1 Vanderbilt Avenue
Entity Address, Address Line Two	Floor 54
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	332
Local Phone Number	262-2300
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CIFR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		456,365,113
Entity Central Index Key	0001819989
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3

DERIVATIVE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
DERIVATIVE ASSETS (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Luminant Power Agreement
Derivative Instruments, Gain (Loss) [Line Items]
Termination notice period			6 months
Luminant Power Agreement
Derivative Instruments, Gain (Loss) [Line Items]
Power sales	$ 4.3	$ 2.3	$ 8.7	$ 4.7
Luminant Power Agreement \| Luminant ET Services Company LLC
Derivative Instruments, Gain (Loss) [Line Items]
Term of power agreement			5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

LEASES

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

LEASES

Lessor Accounting

In September 2025, the Company, through its wholly owned subsidiary Cipher Barber Lake LLC, entered into an agreement with Fluidstack for the development, construction and lease of an HPC data center facility for a 10-year term, with two five-year extension options, which lease was subsequently amended and restated in November 2025 (as so amended and restated, the “Fluidstack Lease”). As part of the Fluidstack Lease, the Company is required to provide certain services for the data center including supplying power, environmental controls, physical security and connectivity products to the tenant, and failure to provide these services may result in additional costs under the lease.

In connection with the Fluidstack Lease, Google LLC (“Google”) agreed to support certain payment obligations under the lease upon the occurrence of specified events. See additional information regarding this agreement in Note 16. Warrants.

In September 2026, the Company amended the Fluidstack Lease to provide for an updated phased delivery schedule, with individual data halls expected to be delivered between the fourth quarter of 2026 and the first quarter of 2027 and remove the two five-year extension options. Concurrently with the execution of the amendment to the Fluidstack Lease, the Company entered into a binding agreement with a leading AI lab to lease the facility for 10 years to commence following the term of the Fluidstack Lease. In connection with the amendment to the Fluidstack Lease and related tenant-modification change orders, the Company, Fluidstack and the leading AI lab established a cost reimbursement framework under which the Company will bear the first $359.3 million of costs in excess of the initial budgeted amount under the Fluidstack Lease. The tenant will reimburse the Company over the aggregate 20-year contracted term for 50% of any such costs above that amount, payable as additional rent and calculated in a manner to provide the Company with a contracted rate of return on such reimbursed amounts.

In October 2025, the Company, through its wholly owned subsidiary Cipher Black Pearl LLC, entered into a 15-year lease agreement with an investment grade hyperscaler tenant to deliver approximately 300 gross MW of turnkey data center capacity at the Black Pearl Facility (the “Black Pearl Facility Lease”). Delivery of the facility occurs on a phased basis, with the initial phase commenced in August 2026. The Black Pearl Facility Lease provides three five-year extension options, as well as a short-term extension option under specified conditions. The Company is required to provide ongoing services including power, operations and maintenance, and other operating services, and may be subject to rent credits or other remedies for failure to achieve specified milestones. Between November 2025 and July 2026, the parties entered into three amendments to the Black Pearl Facility Lease that, among other things, revised the data hall configuration and milestone delivery dates.

In March 2026, the Company, through a wholly owned subsidiary, entered into a data center lease agreement with an investment grade hyperscaler tenant for the development, construction and lease of an additional HPC data center facility at one of the Company’s existing sites in Texas. The initial term of the lease is 15 years, with multiple extension options at the tenant's election. The Company is responsible for construction of the facility, with phased delivery expected to begin in 2027. Base rent is abated prior to the first phase commencement date and commences on a per-phase basis as each phase is

delivered. The Company is required to provide ongoing services including power, operations and maintenance, and other operating services, and may be subject to rent credits or other remedies for failure to achieve specified delivery milestones.

The components of the Company’s HPC leasing revenue for its commenced operating leases were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Income relating to fixed payments	$	5,231	$	—	$	5,231	$	—
Income relating to variable payments	621		—		621		—
Total HPC leasing revenue	$	5,852	$	—	$	5,852	$	—

The difference between lease revenue recognized on a straight-line basis and contractual lease payments billed is recorded as accrued rent receivable or deferred rent liability. As of September 30, 2026, the Company had accrued rent receivables of $1.4 million, included in Other noncurrent assets, and deferred rent liabilities of $46.2 million included in Deferred revenue, in the Company’s condensed consolidated balance sheets. There were no accrued rent receivables or deferred rent liabilities as of December 31, 2025.

The following table presents the Company’s future minimum operating lease payments expected to be received from commenced lease components as of September 30, 2026. The table includes only base rent and excludes reimbursements and variable lease components:


Remainder of Year Ending December 31, 2026	$	7,909
Year Ending December 31, 2027	29,989
Year Ending December 31, 2028	26,965
Year Ending December 31, 2029	27,774
Year Ending December 31, 2030	28,607
Thereafter	363,920
Total undiscounted lease payments	$	485,164

Lessee Accounting

Odessa Facility Lease

The Company entered into a series of agreements with affiliates of Luminant, including the Lease Agreement dated June 29, 2021, as amended on July 9, 2021 and August 23, 2023 (as amended, the “Luminant Lease Agreement”). The Luminant Lease Agreement leases a plot of land to the Company for the data center, ancillary infrastructure and electrical system (the “Interconnection Electrical Facilities” or “substation”) of the Odessa Facility. The Company entered into the Luminant Lease Agreement and the Purchase and Sale Agreement dated June 28, 2021 with Vistra Operations Company LLC (the “Luminant Purchase and Sale Agreement”) to build the infrastructure necessary to support its Odessa Facility operations. The Company determined that the Luminant Lease Agreement and the Luminant Purchase and Sale Agreement should be combined for accounting purposes under ASC 842, Leases (collectively, the “Combined Luminant Lease Agreement”) and that amounts exchanged under the combined contract should be allocated to the various components of the overall transaction based on relative fair values. The Combined Luminant Lease Agreement is classified as a finance lease.

The Combined Luminant Lease Agreement commenced on November 22, 2022 and has an initial term of approximately five years, with renewal provisions that are aligned with the Luminant Power Agreement. Financing for use of the land and substation is provided by Luminant affiliates.

At the end of the lease term for the Interconnection Electrical Facilities, the substation will be sold back to Luminant’s affiliate, Vistra Operations Company, LLC, at a price to be determined based upon bids obtained in the secondary market.

Mikeska Ground Lease

In August 2026, the Company, through its wholly-owned subsidiary Mikeska LLC, entered into a Second Amendment to Ground Lease with Purchase Option with the property owner to expand the optioned land, and extend term during which the purchase option is exercisable. The Company determined that it is reasonably certain to exercise the purchase option and classified the lease as a finance lease. At the amendment date, the Company recognized a finance lease ROU asset of $18.2 million and a lease liability of $18.0 million.

Reveille Facility Lease

The Company, through its wholly owned subsidiary, Cipher Reveille LLC, assumed a lease for up to 52 acres of land in LaSalle, Texas, in October 2024 for the purpose of constructing a data center, and ancillary infrastructure. The initial term of the lease is ten years, and includes two consecutive renewal options for ten years each.

Office and warehouse leases

The Company leases office space for its headquarters in New York, New York, and office space in Charleston, South Carolina, and Denver, Colorado. In September 2026, the Company entered into an agreement to terminate the license for its One Vanderbilt Avenue office effective January 30, 2027, and remeasured the related lease liability and right-of-use asset.

In April 2025, the Company entered into a commercial lease for a warehouse in Odessa, Texas.

In April 2026, the Company entered into an operating lease for office space in New York, New York.

All of the Company's office leases are classified as operating leases.

Additional lease information

Components of the Company’s lease expenses are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance leases:
Amortization of ROU assets (1)	$	503	$	761	$	1,508	$	2,283
Interest on lease liability	298		246		655		817
Total finance lease expense	801		1,007		2,163		3,100
Operating leases:
Operating lease expense	1,746		676		4,185		1,962
Total operating lease expense	1,746		676		4,185		1,962
Total lease expense	$	2,547	$	1,683	$	6,348	$	5,062
(1)Amortization of finance lease ROU asset is included within depreciation expense. The Mikeska ROU asset is not amortized as the underlying asset is land.

The Company did not incur any variable lease costs during any of the periods presented.

Other information related to the Company’s leases is shown below (dollar amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating cash flows - operating lease	$	237	$	570	$	1,866	$	1,648
Right-of-use asset obtained in exchange for finance lease liabilities	$	17,959	$	—	$	17,959	$	—
Right-of-use asset obtained in exchange for operating lease liabilities	$	—	$	491	$	29,021	$	491
Decrease in right-of-use asset and operating lease liability from lease modification	$	2,957	$	—	$	2,957	$	—


	September 30, 2026			December 31, 2025
Weighted-average remaining lease term – finance lease (in years)	1.2			1.7
Weighted-average remaining lease term – operating lease (in years)	10.5			7.3
Weighted-average discount rate – finance lease	7.0		%	11.0		%
Weighted-average discount rate – operating lease	7.8		%	8.0		%
Finance lease ROU assets(1)	$	20,052		$	5,073

(1)As of September 30, 2026, the Company recorded accumulated amortization of $8.9 million for the Odessa finance lease ROU asset. Finance lease ROU assets are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets. The Mikeska finance lease ROU asset is not amortized, as the underlying asset is land.

As of September 30, 2026, future minimum lease payments are as follows (in thousands):


	Finance Lease		Operating Lease		Total
Remainder of Year Ending December 31, 2026	1,216		1,373		2,589
Year Ending December 31, 2027	3,253		3,546		6,799
Year Ending December 31, 2028	19,500		5,285		24,785
Year Ending December 31, 2029	—		5,179		5,179
Year Ending December 31, 2030	—		4,950		4,950
Thereafter	—		36,525		36,525
Total lease payments	23,969		56,858		80,827
Less present value discount	(1,650)		(19,830)		(21,480)
Total	$	22,319	$	37,028	$	59,347

LEASES

Lessor Accounting

The components of the Company’s HPC leasing revenue for its commenced operating leases were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Income relating to fixed payments	$	5,231	$	—	$	5,231	$	—
Income relating to variable payments	621		—		621		—
Total HPC leasing revenue	$	5,852	$	—	$	5,852	$	—


Remainder of Year Ending December 31, 2026	$	7,909
Year Ending December 31, 2027	29,989
Year Ending December 31, 2028	26,965
Year Ending December 31, 2029	27,774
Year Ending December 31, 2030	28,607
Thereafter	363,920
Total undiscounted lease payments	$	485,164

Lessee Accounting

Odessa Facility Lease

Mikeska Ground Lease

Reveille Facility Lease

Office and warehouse leases

In April 2025, the Company entered into a commercial lease for a warehouse in Odessa, Texas.

In April 2026, the Company entered into an operating lease for office space in New York, New York.

All of the Company's office leases are classified as operating leases.

Additional lease information

Components of the Company’s lease expenses are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance leases:
Amortization of ROU assets (1)	$	503	$	761	$	1,508	$	2,283
Interest on lease liability	298		246		655		817
Total finance lease expense	801		1,007		2,163		3,100
Operating leases:
Operating lease expense	1,746		676		4,185		1,962
Total operating lease expense	1,746		676		4,185		1,962
Total lease expense	$	2,547	$	1,683	$	6,348	$	5,062
(1)Amortization of finance lease ROU asset is included within depreciation expense. The Mikeska ROU asset is not amortized as the underlying asset is land.

The Company did not incur any variable lease costs during any of the periods presented.

Other information related to the Company’s leases is shown below (dollar amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating cash flows - operating lease	$	237	$	570	$	1,866	$	1,648
Right-of-use asset obtained in exchange for finance lease liabilities	$	17,959	$	—	$	17,959	$	—
Right-of-use asset obtained in exchange for operating lease liabilities	$	—	$	491	$	29,021	$	491
Decrease in right-of-use asset and operating lease liability from lease modification	$	2,957	$	—	$	2,957	$	—


	September 30, 2026			December 31, 2025
Weighted-average remaining lease term – finance lease (in years)	1.2			1.7
Weighted-average remaining lease term – operating lease (in years)	10.5			7.3
Weighted-average discount rate – finance lease	7.0		%	11.0		%
Weighted-average discount rate – operating lease	7.8		%	8.0		%
Finance lease ROU assets(1)	$	20,052		$	5,073

As of September 30, 2026, future minimum lease payments are as follows (in thousands):


	Finance Lease		Operating Lease		Total
Remainder of Year Ending December 31, 2026	1,216		1,373		2,589
Year Ending December 31, 2027	3,253		3,546		6,799
Year Ending December 31, 2028	19,500		5,285		24,785
Year Ending December 31, 2029	—		5,179		5,179
Year Ending December 31, 2030	—		4,950		4,950
Thereafter	—		36,525		36,525
Total lease payments	23,969		56,858		80,827
Less present value discount	(1,650)		(19,830)		(21,480)
Total	$	22,319	$	37,028	$	59,347

LEASES

Lessor Accounting

The components of the Company’s HPC leasing revenue for its commenced operating leases were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Income relating to fixed payments	$	5,231	$	—	$	5,231	$	—
Income relating to variable payments	621		—		621		—
Total HPC leasing revenue	$	5,852	$	—	$	5,852	$	—


Remainder of Year Ending December 31, 2026	$	7,909
Year Ending December 31, 2027	29,989
Year Ending December 31, 2028	26,965
Year Ending December 31, 2029	27,774
Year Ending December 31, 2030	28,607
Thereafter	363,920
Total undiscounted lease payments	$	485,164

Lessee Accounting

Odessa Facility Lease

Mikeska Ground Lease

Reveille Facility Lease

Office and warehouse leases

In April 2025, the Company entered into a commercial lease for a warehouse in Odessa, Texas.

In April 2026, the Company entered into an operating lease for office space in New York, New York.

All of the Company's office leases are classified as operating leases.

Additional lease information

Components of the Company’s lease expenses are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance leases:
Amortization of ROU assets (1)	$	503	$	761	$	1,508	$	2,283
Interest on lease liability	298		246		655		817
Total finance lease expense	801		1,007		2,163		3,100
Operating leases:
Operating lease expense	1,746		676		4,185		1,962
Total operating lease expense	1,746		676		4,185		1,962
Total lease expense	$	2,547	$	1,683	$	6,348	$	5,062
(1)Amortization of finance lease ROU asset is included within depreciation expense. The Mikeska ROU asset is not amortized as the underlying asset is land.

The Company did not incur any variable lease costs during any of the periods presented.

Other information related to the Company’s leases is shown below (dollar amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating cash flows - operating lease	$	237	$	570	$	1,866	$	1,648
Right-of-use asset obtained in exchange for finance lease liabilities	$	17,959	$	—	$	17,959	$	—
Right-of-use asset obtained in exchange for operating lease liabilities	$	—	$	491	$	29,021	$	491
Decrease in right-of-use asset and operating lease liability from lease modification	$	2,957	$	—	$	2,957	$	—


	September 30, 2026			December 31, 2025
Weighted-average remaining lease term – finance lease (in years)	1.2			1.7
Weighted-average remaining lease term – operating lease (in years)	10.5			7.3
Weighted-average discount rate – finance lease	7.0		%	11.0		%
Weighted-average discount rate – operating lease	7.8		%	8.0		%
Finance lease ROU assets(1)	$	20,052		$	5,073

As of September 30, 2026, future minimum lease payments are as follows (in thousands):


	Finance Lease		Operating Lease		Total
Remainder of Year Ending December 31, 2026	1,216		1,373		2,589
Year Ending December 31, 2027	3,253		3,546		6,799
Year Ending December 31, 2028	19,500		5,285		24,785
Year Ending December 31, 2029	—		5,179		5,179
Year Ending December 31, 2030	—		4,950		4,950
Thereafter	—		36,525		36,525
Total lease payments	23,969		56,858		80,827
Less present value discount	(1,650)		(19,830)		(21,480)
Total	$	22,319	$	37,028	$	59,347

FAIR VALUE MEASUREMENTS - Schedule of Changes in Estimated Fair Value of Derivative Asset (Details) - Level 3 - Derivative Financial Instruments, Assets - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 56,810	$ 85,670
Change in fair value	$ (48,040)	$ (17,180)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change In Fair Value Of Power Purchase Agreement	Change In Fair Value Of Power Purchase Agreement
Balance, end of period	$ 8,770	$ 68,490

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Depreciation	$ 18.6	$ 59.3	$ 56.5	$ 146.5
Accretion expense	0.6	$ 0.8	1.8	$ 1.9
Impairment of long-lived assets			0.0		$ 45.3
Black Pearl Facility
Property Plant And Equipment [Line Items]
Construction-in-progress	$ 3,357.4		$ 3,357.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

WARRANTS	9 Months Ended
WARRANTS	Sep. 30, 2026
Other Liabilities Disclosure [Abstract]
WARRANTS	WARRANTS On September 24, 2025, as consideration for Google agreeing to backstop certain obligations of Fluidstack in connection with the Fluidstack Lease, the Company entered into an agreement with Google, amended and restated on November 20, 2025 (the “Google Warrant Agreement”), pursuant to which the Company issued to Google a warrant to purchase 24,178,576 shares (the “Warrant Shares”) of the Company’s Common Stock for an exercise price of $0.01 per share of Common Stock (the “Google Warrants”), subject to adjustments related to delivery of shares to settle the 2030 Convertible Notes and the 2031 Convertible Notes. The Google Warrants have an exercise period beginning on the commencement date of the Fluidstack Lease and expiring on November 20, 2030. Additionally, if, on the business day prior to the beginning of the exercise period under the Google Warrant Agreement, the value of the Warrant Shares does not equal or exceed $435.0 million, the Company shall be obligated to issue additional Warrant Shares and/or make a cash payment equal in the aggregate to such shortfall amount on the terms set forth in the Google Warrant Agreement. The Google Warrants are recorded at fair value in Warrant liability on the Company’s condensed consolidated balance sheets and changes in the fair value are recorded in Change in fair value of warrant liability on the Company’s condensed consolidated statements of operations. See additional information regarding valuation of the Google Warrants in Note 18. Fair Value Measurements. On October 16, 2026, the Company delivered shares to settle a portion of the 2030 Convertible Notes, resulting in an increase of approximately 2.0 million underlying Warrant Shares. The Company recorded an asset of $544.5 million in Other noncurrent assets on the condensed consolidated balance sheets at the initial fair value of the Google Warrants at issuance to represent the value of Google agreeing to make the lease payments from Fluidstack in the event of Fluidstack not fulfilling its obligations under the lease. The Company will amortize this asset over the life of the lease on a straight-line basis to recognize the benefit over the term of the benefit derived from the backstop.

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Total Revenues, Significant Expenses, Operating Income and Net Income by Segment

The Company’s revenues, significant expenses, operating income, and net income by segment for the three months ended September 30, 2026, and 2025 are summarized in the following table (in thousands):


Three Months Ended September 30, 2026
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	20,849	$	5,852	$	26,701


Costs and operating (expenses) income
Cost of revenue	$	(14,638)	$	(726)	$	(15,364)
Depreciation and amortization	(16,415)		(2,406)		(18,821)
Change in fair value of power purchase agreement	(13,910)		—		(13,910)
Equity in losses of equity investees	—		—		—
Unrealized gains (losses) on fair value of bitcoin	12,394		—		12,394
Realized gains (losses) on sale of bitcoin	481		—		481
Direct operating expenses(1)	—		(2,009)		(2,009)
Other segment items(2)	4,257		(2,739)		1,518
Segment operating income (loss)	$	(6,982)	$	(2,028)	$	(9,010)
Other operating items(3)					(62,905)
Operating (loss) income					$	(71,915)
Interest income					$	32,684
Interest expense					(58,994)
Other non-operating items(4)					129,767
Income before taxes					31,542
Total income tax benefit					54
Net income					$	31,596


Three Months Ended September 30, 2025
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	71,707	$	—	$	71,707
Costs and operating (expenses) income
Cost of revenue	$	(26,733)	$	—	$	(26,733)
Depreciation and amortization	(59,549)		—		(59,549)
Change in fair value of power purchase agreement	(9,030)		—		(9,030)
Equity in losses of equity investees	(1,479)		—		(1,479)
Unrealized gains (losses) on fair value of bitcoin	108		—		108
Realized gains (losses) on sale of bitcoin	7,535		—		7,535
Direct operating expenses(1)	—		—		—
Other segment items(2)	2,443		(6)		2,437
Segment operating income (loss)	$	(14,998)	$	(6)	$	(15,004)
Other operating items(3)					(22,613)
Operating (loss) income					$	(37,617)
Interest income					$	457
Interest expense					(1,286)
Other non-operating items(4)					34,860
Loss before taxes					(3,586)
Total income tax benefit					303
Net loss					$	(3,283)

(1) Direct operating expenses consist of site-specific general and administrative expenses, primarily insurance, property taxes and site-level legal and professional fees, at operating HPC sites.
(2) Other segment items consist of power sales and other operating expenses, including non-capitalized project costs at HPC data center sites, loss on disposal of assets and fixed asset write-downs.
(3) Other operating items include compensation and benefits and general and administrative expenses not recorded at operating HPC sites (including those of HPC sites not yet commenced), which are not allocated to segments.
(4) Other non-operating items consist of the change in fair value of warrant liability and other income (expense), net.

The Company’s revenues, significant expenses, operating income, and net income by segment for the nine months ended September 30, 2026, and 2025 are summarized in the following table (in thousands):


Nine Months Ended September 30, 2026
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	80,524	$	5,852	$	86,376
Costs and operating (expenses) income
Cost of revenue	$	(46,487)	$	(1,629)	$	(48,116)
Depreciation and amortization	(52,678)		(4,522)		(57,200)
Change in fair value of power purchase agreement	(48,040)		—		(48,040)
Equity in losses of equity investees	(1,601)		—		(1,601)
Unrealized gains (losses) on fair value of bitcoin	33,055		—		33,055
Realized gains (losses) on sale of bitcoin	(47,251)		—		(47,251)
Direct operating expenses(1)	—		(2,017)		(2,017)
Other segment items(2)	(9,096)		(2,651)		(11,747)
Segment operating loss	$	(91,574)	$	(4,967)	$	(96,541)
Other operating items(3)					(168,479)
Operating loss					$	(265,020)
Interest income					$	100,135
Interest expense					(184,888)
Other non-operating items(4)					244
Loss before taxes					(349,529)
Total income tax expense					(720)
Net loss					$	(350,249)


Nine Months Ended September 30, 2025
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	164,231	$	—	$	164,231
Costs and operating (expenses) income
Cost of revenue	$	(56,957)	$	—	$	(56,957)
Depreciation and amortization	(147,102)		—		(147,102)
Change in fair value of power purchase agreement	(17,180)		—		(17,180)
Equity in losses of equity investees	(8,472)		—		(8,472)
Unrealized gains (losses) on fair value of bitcoin	(2,927)		—		(2,927)
Realized gains (losses) on sale of bitcoin	16,092		—		16,092
Direct operating expenses(1)	—		—		—
Other segment items(2)	4,290		(2,319)		1,971
Segment operating income (loss)	$	(48,025)	$	(2,319)	$	(50,344)
Other operating items(3)					(70,604)
Operating loss					$	(120,948)
Interest income					943
Interest expense					(3,200)

Other non-operating items(4)

35,924

Loss before taxes

(87,281)

Total income tax expense

(758)

Net loss

(88,039)

(1) Direct operating expenses consist of site-specific general and administrative expenses, primarily insurance, property taxes and site-level legal and professional fees, at operating HPC sites.

(2) Other segment items consist of power sales and other operating expenses, including non-capitalized project costs at HPC data center sites, loss on disposal of assets and fixed asset write-downs.

(3) Other operating items include compensation and benefits and general and administrative expenses not recorded at operating HPC sites (including those of HPC sites not yet commenced), which are not allocated to segments.

(4) Other non-operating items consist of the change in fair value of warrant liability and other income (expense), net.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Numerator and Denominator of the Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Basic and diluted earnings (loss) per share:
Net income (loss) available for common stockholders - basic	$ 31,605	$ (3,283)	$ (350,240)	$ (88,039)
Less: gain on change in fair value of Google warrant liability	(127,180)	0	0	0
Net income (loss) available for common stockholders - diluted	$ (95,575)	$ (3,283)	$ (350,240)	$ (88,039)
Weighted average shares outstanding - basic (in shares)	414,996,770	393,191,623	409,866,599	376,372,526
Google Warrants (in shares)	24,697,252	0	0	0
Weighted average shares outstanding - diluted (in shares)	439,694,022	393,191,623	409,866,599	376,372,526
Net earnings (loss) per share - basic (in dollars per share)	$ 0.08	$ (0.01)	$ (0.85)	$ (0.23)
Net earnings (loss) per share - diluted (in dollars per share)	$ (0.22)	$ (0.01)	$ (0.85)	$ (0.23)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. The Company’s maximum exposure under these arrangements, if any, is unknown as of September 30, 2026. In the normal course of business, the Company enters into contracts with suppliers, primarily related to construction, and has commitments of approximately $1,610.1 million as of September 30, 2026. The majority of commitments relate to construction at sites with leases to HPC tenants. Contingencies The Company, and its subsidiaries, are subject at times to various claims, lawsuits and governmental proceedings relating to the Company’s business and transactions arising in the ordinary course of business. The Company cannot predict the final outcome of such proceedings. Where appropriate, the Company vigorously defends such claims, lawsuits and proceedings. Some of these claims, lawsuits and proceedings seek damages, including consequential, exemplary or punitive damages, in amounts that could, if awarded, be significant. Certain of the claims, lawsuits and proceedings arising in the ordinary course of business are covered by the Company’s insurance program. The Company maintains property and various types of liability insurance in an effort to protect the Company from such claims. In terms of any matters where there is no insurance coverage available to the Company, or where coverage is available and the Company maintains a retention or deductible associated with such insurance, the Company may establish an accrual for such loss, retention or deductible based on current available information. In accordance with accounting guidance, if it is probable that an asset has been impaired or a liability has been incurred as of the date of the financial statements, and the amount of loss is reasonably estimable, then an accrual for the cost to resolve or settle these claims is recorded by the Company in the accompanying condensed consolidated balance sheets. If it is reasonably possible that an asset may be impaired as of the date of the financial statements, then the Company discloses the range of possible loss. Expenses related to the defense of such claims are recorded by the Company as incurred and included in the accompanying condensed consolidated statements of operations. Management, with the assistance of outside counsel, may from time to time adjust such accruals according to new developments in the matter, court rulings, or changes in the strategy affecting the Company’s defense of such matters. On the basis of current information, the Company does not believe there is a reasonable possibility that a material loss, if any, will result from any claims, lawsuits and proceedings, to which the Company is subject to either individually, or in the aggregate. Litigation The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Numerator and Denominator of the Diluted Loss Per Share

The following is a reconciliation of the numerator and denominator of the diluted earnings (loss) per share computations for the periods indicated below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Basic and diluted earnings (loss) per share:
Net income (loss) available for common stockholders - basic	$	31,605	$	(3,283)	$	(350,240)	$	(88,039)
Less: gain on change in fair value of Google warrant liability	(127,180)		—		—		—
Net income (loss) available for common stockholders - diluted	$	(95,575)	$	(3,283)	$	(350,240)	$	(88,039)

Weighted average shares outstanding - basic	414,996,770		393,191,623		409,866,599		376,372,526
Add:
Google Warrants	24,697,252		-		-		-



Weighted average shares outstanding - diluted	439,694,022		393,191,623		409,866,599		376,372,526

Net earnings (loss) per share - basic	$	0.08	$	(0.01)	$	(0.85)	$	(0.23)
Net earnings (loss) per share - diluted	$	(0.22)	$	(0.01)	$	(0.85)	$	(0.23)

Schedule of Computation of Diluted Earnings (Loss) Per Common Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Note conversion(1)	161,930,746	50,438,686	161,930,746	50,438,686
Google warrants	—	—	24,710,265	—
Unvested RSUs & PSUs	17,115,345	25,691,978	17,115,345	25,691,978
Public warrants	—	8,613,935	—	8,613,935
	179,046,091	84,744,599	203,756,356	84,744,599

PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	September 30, 2026		December 31, 2025
Miners and mining equipment	$	185,676	$	289,680
Leasehold improvements	120,029		134,122
Land	191,847		79,054
Buildings	89,033		66,594
Infrastructure	189,090		108,827
Other	2,742		1,873
Construction-in-progress	3,357,356		276,470
Deposits on equipment	17,666		10,962
Total cost of property and equipment	4,153,439		967,582
Less: accumulated depreciation	(253,559)		(334,165)
Property and equipment, net	$	3,899,880	$	633,417

As of September 30, 2026, the Company had approximately $3,357.4 million of construction-in-progress related to construction at various sites related to building data centers for leasing to HPC tenants.

Depreciation expense was approximately $18.6 million and $59.3 million for the three months ended September 30, 2026 and 2025, respectively, and included approximately $0.6 million and $0.8 million of accretion expense related to the Company’s asset retirement obligations, and $56.5 million, and $146.5 million for the nine months ended September 30, 2026, and 2025, respectively, and included approximately $1.8 million and $1.9 million for the nine months ended September 30, 2026, and 2025, respectively, of accretion expense related to the Company’s asset retirement obligations.

The Company completed a quantitative assessment during the fourth quarter of 2025 in connection with a substantial decline in the price of bitcoin with increased network hashrate, and concluded an impairment existed on the miners and leasehold improvements at the Odessa Facility as of the assessment date. The Company recorded an impairment of $45.3 million on these long-lived assets at the Odessa Facility in Other operating losses in the year ended December 31, 2025. There was no impairment recognized for the nine months ended September 30, 2026.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

LEASES - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Leases [Abstract]
Operating cash flows - operating lease	$ 237	$ 570	$ 1,866	$ 1,648
Right-of-use asset obtained in exchange for finance lease liabilities	17,959	0	17,959	0
Right-of-use asset obtained in exchange for operating lease liabilities	0	491	29,021	491
Decrease in Right-of-use asset and operating lease liability from lease modification	$ 2,957	$ 0	$ 2,957	$ 0
Weighted-average remaining lease term – finance lease (in years)	1 year 2 months 12 days		1 year 2 months 12 days		1 year 8 months 12 days
Weighted-average remaining lease term – operating lease (in years)	10 years 6 months		10 years 6 months		7 years 3 months 18 days
Weighted-average discount rate – finance lease	7.00%		7.00%		11.00%
Weighted-average discount rate – operating lease	7.80%		7.80%		8.00%
Finance lease ROU assets	$ 20,052		$ 20,052		$ 5,073
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization		Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization		Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Accumulated amortization for finance lease ROU asset	$ 8,900		$ 8,900

FAIR VALUE MEASUREMENTS - Schedule of Assumptions Utilized in Valuations of Warrants (Details) - Google Warrants - Level 3	Sep. 30, 2026 year
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.0424
Dividend yield rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.0000
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	1.0700
Contractual term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	4.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SEGMENT REPORTING - Schedule of Total Revenues, Significant Expenses, Operating Income and Net Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 26,701	$ 71,707	$ 86,376	$ 164,231
Costs and operating (expenses) income
Cost of revenue	(15,364)	(26,733)	(48,116)	(56,957)
Depreciation and amortization	(18,821)	(59,549)	(57,200)	(147,102)
Change in fair value of power purchase agreement	(13,910)	(9,030)	(48,040)	(17,180)
Equity in losses of equity investees	0	(1,479)	(1,601)	(8,472)
Unrealized gains (losses) on fair value of bitcoin	12,394	108	33,055	(2,927)
Realized gains (losses) on sale of bitcoin	481	7,535	(47,251)	16,092
Direct operating expenses	(2,009)	0	(2,017)	0
Other segment items	1,518	2,437	(11,747)	1,971
Segment operating income (loss)	(9,010)	(15,004)	(96,541)	(50,344)
Other operating items	(62,905)	(22,613)	(168,479)	(70,604)
Operating loss	(71,915)	(37,617)	(265,020)	(120,948)
Interest income	32,684	457	100,135	943
Interest expense	(58,994)	(1,286)	(184,888)	(3,200)
Other non-operating items	129,767	34,860	244	35,924
Income (loss) before taxes	31,542	(3,586)	(349,529)	(87,281)
Total income tax benefit (expense)	54	303	(720)	(758)
Net income (loss)	31,596	(3,283)	(350,249)	(88,039)
Operating Segments \| Bitcoin Mining
Segment Reporting [Line Items]
Revenue	20,849	71,707	80,524	164,231
Costs and operating (expenses) income
Cost of revenue	(14,638)	(26,733)	(46,487)	(56,957)
Depreciation and amortization	(16,415)	(59,549)	(52,678)	(147,102)
Change in fair value of power purchase agreement	(13,910)	(9,030)	(48,040)	(17,180)
Equity in losses of equity investees	0	(1,479)	(1,601)	(8,472)
Unrealized gains (losses) on fair value of bitcoin	12,394	108	33,055	(2,927)
Realized gains (losses) on sale of bitcoin	481	7,535	(47,251)	16,092
Direct operating expenses	0	0	0	0
Other segment items	4,257	2,443	(9,096)	4,290
Segment operating income (loss)	(6,982)	(14,998)	(91,574)	(48,025)
Operating Segments \| HPC Leasing
Segment Reporting [Line Items]
Revenue	5,852	0	5,852	0
Costs and operating (expenses) income
Cost of revenue	(726)	0	(1,629)	0
Depreciation and amortization	(2,406)	0	(4,522)	0
Change in fair value of power purchase agreement	0	0	0	0
Equity in losses of equity investees	0	0	0	0
Unrealized gains (losses) on fair value of bitcoin	0	0	0	0
Realized gains (losses) on sale of bitcoin	0	0	0	0
Direct operating expenses	(2,009)	0	(2,017)	0
Other segment items	(2,739)	(6)	(2,651)	(2,319)
Segment operating income (loss)	$ (2,028)	$ (6)	$ (4,967)	$ (2,319)

INVESTMENTS IN JOINT VENTURES - Additional Information (Details) - USD ($) $ in Millions	Feb. 19, 2026	Sep. 30, 2026	Oct. 31, 2025
WindHQ JV Sites
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage		49.00%
Equity ownership percentage sold	49.00%
Equity interest received in exchange for equity method investment sold	$ 29.4
Colchis LLC
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage		76.00%	53.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
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-Section 50
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+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments with suppliers	$ 1,610.1

INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	$ 127,376	$ 78,983
Accumulated Amortization	(2,282)	(1,595)
Net Carrying Amount	125,094	77,388
Strategic contracts
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	124,528	76,135
Accumulated Amortization	(992)	(729)
Net Carrying Amount	123,536	75,406
Capitalized software
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	2,848	2,848
Accumulated Amortization	(1,290)	(866)
Net Carrying Amount	$ 1,558	$ 1,982

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-SubTopic 30
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-Publisher FASB
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]
Amortization of intangible assets	$ 0.2	$ 0.2	$ 0.7	$ 0.4

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Topic 230
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Topic 220
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 656,009	$ 628,263
Restricted cash, current	1,719,403	1,761,292
Prepaid expenses and other current assets	56,342	7,977
Bitcoin	25,943	125,400
Miners held for sale	0	94,879
Derivative asset, current	8,770	34,090
Total current assets	2,486,936	2,652,859
Restricted cash, non-current	477,182	275,076
Property and equipment, net	3,899,880	633,417
Intangible assets, net	125,094	77,388
Investment in equity investees	0	29,400
Derivative asset, non-current	0	22,720
Operating lease right-of-use asset	32,322	11,321
Security deposits	89,565	27,732
Other non-current assets	555,075	561,995
Total assets	7,666,054	4,291,908
Current liabilities
Accounts payable	216,987	40,064
Accrued expenses and other current liabilities	628,770	90,086
Finance lease liability, current portion	4,389	4,237
Operating lease liability, current portion	2,450	1,731
Warrant liability	504,880	525,160
Short-term borrowings	112,704	37,793
Total current liabilities	1,470,180	699,071
Deferred revenue	46,185	0
Long-term borrowings, net	5,447,174	2,711,648
Asset retirement obligations	24,082	33,696
Finance lease liability	17,930	3,094
Operating lease liability	34,578	8,545
Total liabilities	7,040,129	3,456,054
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest	25,670	30,319
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of September 30, 2026, and December 31, 2025	0	0
Common stock, $0.001 par value, 1,000,000,000 and 1,000,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively, 425,237,783 and 412,074,529 shares issued as of September 30, 2026 and December 31, 2025, respectively, and 415,092,825 and 404,963,061 shares outstanding as of September 30, 2026, and December 31, 2025, respectively	425	412
Additional paid-in capital	1,953,736	1,808,786
Accumulated deficit	(1,353,896)	(1,003,656)
Treasury stock, at par, 10,144,958 and 7,111,468 shares at September 30, 2026 and December 31, 2025, respectively	(10)	(7)
Total stockholders’ equity	600,255	805,535
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	7,666,054	4,291,908
Nonrelated Party
Current assets
Accounts receivable	20,469	687
Related Party
Current assets
Accounts receivable	$ 0	$ 271

SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Prepaid expenses and other current assets	$ 56,342	$ 7,977
Other non-current assets	555,075	$ 561,995
Google Warrants
Schedule of Equity Method Investments [Line Items]
Warrant outstanding	$ 544,500
WindHQ JV Sites
Schedule of Equity Method Investments [Line Items]
Equity method investment, sold, consideration received, equity interest, number of shares	806,439,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT - Schedule of Long-Term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 15, 2026	Feb. 11, 2026	Dec. 31, 2025	Nov. 13, 2025	Sep. 30, 2025	May 22, 2025
Debt Instrument [Line Items]
Outstanding Principal	$ 6,016,312			$ 3,205,500
Unamortized debt issuance costs and original issue discounts and premium, net	(456,434)			(456,059)
Current portion of Long-term Debt	(112,704)			(37,793)
Outstanding Borrowings, net	$ 5,447,174			$ 2,711,648
Convertible Debt \| 2030 Convertible Notes
Debt Instrument [Line Items]
Interest Rate	1.75%			1.75%			1.75%
Outstanding Principal	$ 172,500			$ 172,500
Unamortized debt issuance costs and original issue discounts and premium, net	(4,065)			(4,857)
Current portion of Long-term Debt	0			0
Outstanding Borrowings, net	$ 168,435			$ 167,643
Convertible Debt \| 2031 Convertible Notes
Debt Instrument [Line Items]
Interest Rate	0.00%			0.00%		0.00%
Outstanding Principal	$ 1,300,000			$ 1,300,000
Unamortized debt issuance costs and original issue discounts and premium, net	(382,574)			(429,158)
Current portion of Long-term Debt	0			0
Outstanding Borrowings, net	$ 917,426			$ 870,842
Senior Notes \| Cipher Compute 2030 Senior Secured Notes
Debt Instrument [Line Items]
Interest Rate	7.125%			7.125%	7.125%
Outstanding Principal	$ 1,733,000			$ 1,733,000
Unamortized debt issuance costs and original issue discounts and premium, net	(22,748)			(22,044)
Current portion of Long-term Debt	(48,369)			(37,793)
Outstanding Borrowings, net	$ 1,661,883			$ 1,673,163
Senior Notes \| Black Pearl 2031 Senior Secured Notes
Debt Instrument [Line Items]
Interest Rate	6.125%		6.125%
Outstanding Principal	$ 2,000,000
Unamortized debt issuance costs and original issue discounts and premium, net	(32,055)
Current portion of Long-term Debt	(64,167)
Outstanding Borrowings, net	$ 1,903,778
Senior Notes \| Stingray 2031 Senior Secured Notes
Debt Instrument [Line Items]
Interest Rate	6.00%	6.00%
Outstanding Principal	$ 810,000
Unamortized debt issuance costs and original issue discounts and premium, net	(14,992)
Current portion of Long-term Debt	0
Outstanding Borrowings, net	$ 795,008
Line of Credit \| Vehicle Loans
Debt Instrument [Line Items]
Interest Rate	10.30%
Outstanding Principal	$ 812
Unamortized debt issuance costs and original issue discounts and premium, net	0
Current portion of Long-term Debt	(168)
Outstanding Borrowings, net	$ 644

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement [Line Items]
Total revenue	$ 26,701	$ 71,707	$ 86,376	$ 164,231
Costs and operating (expenses) income
Cost of revenue	(15,364)	(26,733)	(48,116)	(56,957)
Compensation and benefits	(38,555)	(14,445)	(115,917)	(44,407)
General and administrative	(26,359)	(8,167)	(54,578)	(26,196)
Depreciation and amortization	(18,821)	(59,549)	(57,200)	(147,102)
Change in fair value of power purchase agreement	(13,910)	(9,030)	(48,040)	(17,180)
Power sales	4,251	2,335	8,684	4,702
Equity in losses of equity investees	0	(1,479)	(1,601)	(8,472)
Unrealized gains (losses) on fair value of bitcoin	12,394	108	33,055	(2,927)
Realized gains (losses) on sale of bitcoin	481	7,535	(47,251)	16,092
Other operating income (losses)	(2,733)	101	(20,432)	(2,732)
Total costs and operating expenses	(98,616)	(109,324)	(351,396)	(285,179)
Operating loss	(71,915)	(37,617)	(265,020)	(120,948)
Other income (expense)
Interest income	32,684	457	100,135	943
Interest expense	(58,994)	(1,286)	(184,888)	(3,200)
Change in fair value of warrant liability	127,180	31,860	20,280	31,860
Other income (expenses)	2,587	3,000	(20,036)	4,064
Total other income (expense)	103,457	34,031	(84,509)	33,667
Income (loss) before taxes	31,542	(3,586)	(349,529)	(87,281)
Current income tax benefit (expense)	54	767	(720)	(1,157)
Deferred income tax (expense) benefit	0	(464)	0	399
Total income tax benefit (expense)	54	303	(720)	(758)
Net income (loss)	31,596	(3,283)	(350,249)	(88,039)
Less: Net loss attributable to redeemable noncontrolling interest	9	0	9	0
Net income (loss) available for common stockholders	$ 31,605	$ (3,283)	$ (350,240)	$ (88,039)
Earning (loss) per share - basic (in dollars per share)	$ 0.08	$ (0.01)	$ (0.85)	$ (0.23)
Earning (loss) per share - diluted (in dollars per share)	$ (0.22)	$ (0.01)	$ (0.85)	$ (0.23)
Weighted average shares outstanding - basic (in shares)	414,996,770	393,191,623	409,866,599	376,372,526
Weighted average shares outstanding - diluted (in shares)	439,694,022	393,191,623	409,866,599	376,372,526
Bitcoin Mining
Statement [Line Items]
Total revenue	$ 20,849	$ 71,707	$ 80,524	$ 164,231
Costs and operating (expenses) income
Cost of revenue	(14,638)	(26,733)	(46,487)	(56,957)
HPC Leasing
Statement [Line Items]
Total revenue	5,852	0	5,852	0
Costs and operating (expenses) income
Cost of revenue	$ (726)	$ 0	$ (1,629)	$ 0

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

INTANGIBLE ASSETS

The Company’s intangible assets consisted of the following (in thousands):


	September 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Strategic contracts	$	124,528	$	(992)	$	123,536
Capitalized software	2,848		(1,290)		1,558
Total	$	127,376	$	(2,282)	$	125,094


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Strategic contracts	$	76,135	$	(729)	$	75,406
Capitalized software	2,848		(866)		1,982
Total	$	78,983	$	(1,595)	$	77,388

The Company recorded amortization expense related to intangible assets of $0.2 million for both of the three months ended September 30, 2026 and 2025, and $0.7 million and $0.4 million for the nine months ended September 30, 2026 and 2025, respectively. The Company expects to record amortization expense as follows over the next five subsequent years:


			(in thousands)
Remainder of Year Ending December 31, 2026			229
Year Ending December 31, 2027			917
Year Ending December 31, 2028			826
Year Ending December 31, 2029			615
Year Ending December 31, 2030			445

SHARE-BASED COMPENSATION - Additional Information (Details)					1 Months Ended	9 Months Ended	12 Months Ended
	Feb. 25, 2026 milestone $ / shares shares	Jan. 01, 2026 shares	Feb. 26, 2025 $ / shares shares	Dec. 31, 2021 shares	Jun. 30, 2026 USD ($)	Sep. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares
Service-based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized compensation expense \| $						$ 41,200,000
Unrecognized compensation expense, weighted-average vesting period						8 months 12 days
Granted (in shares)						3,779,115
Granted (in dollars per share) \| $ / shares						$ 17.01
Vested (in shares)						4,902,606
Performance Based Restricted Stock Units, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized compensation expense \| $						$ 0
Granted (in shares)							4,257,710
Granted (in dollars per share) \| $ / shares							$ 7.76
Performance Based Restricted Stock Units, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized compensation expense \| $						$ 1,400,000
Unrecognized compensation expense, weighted-average vesting period						3 months 7 days
Granted (in shares)			2,490,943			5,604,621
Granted (in dollars per share) \| $ / shares			$ 5.01
Percentage earned based on milestone achievement						225.00%
Performance Based Restricted Stock Units, 2025 \| Tranche One
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting percentage						33.00%
Performance Based Restricted Stock Units, 2025 \| Tranche Two
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period						2 years
Vesting percentage						67.00%
Executive Officer, Performance Based Restricted Stock Units, 2026
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized compensation expense \| $						$ 31,000,000.0
Unrecognized compensation expense, weighted-average vesting period						11 months 23 days
Granted (in shares)	2,179,406
Granted (in dollars per share) \| $ / shares	$ 26.80
Vested (in shares)						0
Executive Officer, Performance Based Restricted Stock Units, 2026 \| Tranche One
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting percentage						33.00%
Executive Officer, Performance Based Restricted Stock Units, 2026 \| Tranche Two
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period						2 years
Vesting percentage						67.00%
Senior Employees, Performance Based Restricted Stock Units, 2026
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized compensation expense \| $						$ 3,200,000
Unrecognized compensation expense, weighted-average vesting period						11 months 23 days
Granted (in shares)	132,660
Number of milestones certified by committee to trigger vesting \| milestone	1
Senior Employees, Performance Based Restricted Stock Units, 2026 \| Tranche One
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Granted (in shares)	94,757
Vesting percentage						33.00%
Senior Employees, Performance Based Restricted Stock Units, 2026 \| Tranche Two
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period						2 years
Granted (in shares)	37,903
Vesting percentage						67.00%
Maximum \| Service-based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period						4 years
Maximum \| Executive Officer, Performance Based Restricted Stock Units, 2026
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Percentage earned based on milestone achievement						225.00%
Maximum \| Senior Employees, Performance Based Restricted Stock Units, 2026
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Percentage earned based on milestone achievement						200.00%
Minimum \| Service-based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period						3 years
Minimum \| Executive Officer, Performance Based Restricted Stock Units, 2026
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Percentage earned based on milestone achievement						0.00%
Minimum \| Senior Employees, Performance Based Restricted Stock Units, 2026
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Percentage earned based on milestone achievement						0.00%
Equity Incentive Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Maximum percentage of annual increase in shares available for incentive plan to outstanding common stock				3.00%
Equity Incentive Plan \| Common Stock \| Maximum
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Shares available for issuance of awards (in shares)				19,869,312			19,869,312
Incentive Award Plan \| Performance Based Restricted Stock Units, 2021 \| CEO
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation award vest upon achievement of market capitalization \| $					$ 10,000,000,000
Incentive Award Plan \| Common Stock
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Shares available for issuance of awards (in shares)						26,765,571
Additional shares authorized (in shares)		12,148,892

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Not Subject to Fair Value Measurement on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Liabilities included in:
Liabilities, fair value	$ 504,880	$ 525,160
Level 1
Liabilities included in:
Liabilities, fair value	0	0
Level 2
Liabilities included in:
Liabilities, fair value	0	0
Level 3
Liabilities included in:
Liabilities, fair value	504,880	525,160
Nonrecurring \| Reported Value Measurement
Liabilities included in:
Liabilities, fair value	5,559,066	2,749,441
Nonrecurring \| Estimate of Fair Value Measurement
Liabilities included in:
Liabilities, fair value	6,751,960	3,914,815
Nonrecurring \| 2030 Convertible Notes \| Convertible Debt \| Reported Value Measurement
Liabilities included in:
Convertible Notes	168,435	167,643
Nonrecurring \| 2030 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	620,388	597,768
Nonrecurring \| 2031 Convertible Notes \| Convertible Debt \| Reported Value Measurement
Liabilities included in:
Convertible Notes	917,426	870,842
Nonrecurring \| 2031 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	1,658,306	1,547,533
Nonrecurring \| Cipher Compute 2030 Senior Secured Notes \| Senior Notes \| Reported Value Measurement
Liabilities included in:
Senior Secured Notes	1,710,252	1,710,956
Nonrecurring \| Cipher Compute 2030 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	1,741,665	1,769,514
Nonrecurring \| Black Pearl 2031 Senior Secured Notes \| Senior Notes \| Reported Value Measurement
Liabilities included in:
Senior Secured Notes	1,967,945
Nonrecurring \| Black Pearl 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	1,957,500
Nonrecurring \| Stingray 2031 Senior Secured Notes \| Senior Notes \| Reported Value Measurement
Liabilities included in:
Senior Secured Notes	795,008
Nonrecurring \| Stingray 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	774,101
Nonrecurring \| Level 1 \| Estimate of Fair Value Measurement
Liabilities included in:
Liabilities, fair value	0	0
Nonrecurring \| Level 1 \| 2030 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	0	0
Nonrecurring \| Level 1 \| 2031 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	0	0
Nonrecurring \| Level 1 \| Cipher Compute 2030 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	0	0
Nonrecurring \| Level 1 \| Black Pearl 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	0
Nonrecurring \| Level 1 \| Stingray 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	0
Nonrecurring \| Level 2 \| Estimate of Fair Value Measurement
Liabilities included in:
Liabilities, fair value	6,751,960	3,914,815
Nonrecurring \| Level 2 \| 2030 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	620,388	597,768
Nonrecurring \| Level 2 \| 2031 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	1,658,306	1,547,533
Nonrecurring \| Level 2 \| Cipher Compute 2030 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	1,741,665	1,769,514
Nonrecurring \| Level 2 \| Black Pearl 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	1,957,500
Nonrecurring \| Level 2 \| Stingray 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	774,101
Nonrecurring \| Level 3 \| Estimate of Fair Value Measurement
Liabilities included in:
Liabilities, fair value	0	0
Nonrecurring \| Level 3 \| 2030 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	0	0
Nonrecurring \| Level 3 \| 2031 Convertible Notes \| Convertible Debt \| Estimate of Fair Value Measurement
Liabilities included in:
Convertible Notes	0	0
Nonrecurring \| Level 3 \| Cipher Compute 2030 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	0	$ 0
Nonrecurring \| Level 3 \| Black Pearl 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	0
Nonrecurring \| Level 3 \| Stingray 2031 Senior Secured Notes \| Senior Notes \| Estimate of Fair Value Measurement
Liabilities included in:
Senior Secured Notes	$ 0

MINERS HELD FOR SALE	9 Months Ended
MINERS HELD FOR SALE	Sep. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]
MINERS HELD FOR SALE	MINERS HELD FOR SALE As of September 30, 2026, the Company has no equipment classified as held for sale. As of December 31, 2025, the Company presented separately from Property and equipment, net $94.9 million of mining rigs that the Company determined met the criteria to be classified as held for sale and were presented in Miners held for sale on the Company’s condensed consolidated balance sheets. The Company recognized a loss of $7.4 million on the fair value of the miners during the nine months ended September 30, 2026. The loss is recorded in Other operating income (losses) on the Company’s condensed consolidated statements of operations.

STOCKHOLDERS’ EQUITY	9 Months Ended
STOCKHOLDERS’ EQUITY	Sep. 30, 2026
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY As of September 30, 2026, 1,010,000,000 shares with a par value of $0.001 per share are authorized, of which 1,000,000,000 shares are designated as Common Stock and 10,000,000 shares are designated as preferred stock (“Preferred Stock”). Common Stock Holders of each share of Common Stock are entitled to dividends when, as and if declared by the Board. As of the issuance of these condensed consolidated financial statements, the Company had not declared any dividends. The holder of each share of Common Stock is entitled to one vote. The voting, dividend, liquidation and other rights and powers of the Common Stock are subject to and qualified by the rights, powers and preferences of any outstanding series of Preferred Stock, for which there currently are none outstanding. During the nine months ended September 30, 2026, the Company issued 4,902,606 shares of Common Stock to officers, employees and consultants in settlement of an equal number of fully vested RSUs awarded to these individuals, 2,709,999 shares of Common Stock upon the vesting and settlement of performance-based stock awards, and 53,656 shares of Common Stock to directors, pursuant to grants made under the Cipher Mining Inc. 2021 Incentive Award Plan (the “Incentive Award Plan”). The Company immediately repurchased 3,033,490 shares of Common Stock from officers and employees, with a fair value of approximately $68.7 million, to cover taxes related to the settlement of vested RSUs and PSUs, as permitted by the Incentive Award Plan. The Company placed the repurchased shares in treasury stock. At-the-Market Sales Agreement On September 21, 2022, the Company filed with the SEC a shelf registration statement on Form S-3, which was declared effective on October 6, 2022 (the “Registration Statement”). On August 3, 2023, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co., Canaccord Genuity LLC, Needham & Company, LLC and Compass Point Research & Trading, LLC (each, an “Original Agent” and, together, the “Original Agents”), pursuant to which the Company may offer and sell, from time to time through or to the Agents, shares of its Common Stock, for aggregate gross proceeds of up to $250.0 million. The offering and sale of up to $250.0 million of the shares has been registered under the Registration Statement, the base prospectus contained within the Registration Statement, and a prospectus supplement that was filed with the SEC on August 4, 2023 (the “Prospectus Supplement”). On March 6, 2024, the Company entered into an amendment (the “Amendment”) to the Sales Agreement (as amended, the “Amended Sales Agreement”) by and among the Original Agents, Stifel, Nicolaus & Company, Incorporated (“Stifel”) and Virtu Americas LLC (“Virtu”). The Amendment modifies the Sales Agreement to include Stifel and Virtu as additional agents under the Amended Sales Agreement. On March 6, 2024, the Company also filed an amendment to the Prospectus Supplement (i) increasing the dollar amount of shares available to be sold pursuant to the Amended Sales Agreement, to $296,560,661, which consists of $96,560,661 remaining as originally authorized under the Prospectus Supplement and an additional $200,000,000, and (ii) including Stifel and Virtu as additional agents. On September 3, 2024, the Company amended and restated the Amended Sales Agreement (as amended and restated, the “Amended and Restated Sales Agreement”) with the Original Agents, Keefe, Bruyette & Woods, Inc. (“KBW”), Virtu and BTIG, LLC (“BTIG”) (each, an “Agent” and, together, the “Agents”). The Amended and Restated Sales Agreement modified the Amended Sales Agreement to, among other things, include BTIG as an additional Agent under the Amended and Restated Sales Agreement and to replace Stifel with KBW as an Agent under the Amended and Restated Sales Agreement. Pursuant to the Amended and Restated Sales Agreement, the Company may offer and sell, from time to time through or to the Agents, shares of the Company’s Common Stock, for aggregate gross proceeds of up to $725.7 million (the “Shares”), which consists of up to $600.0 million of Shares, which can be issued and sold pursuant to the Company’s shelf registration statement on Form S-3ASR, filed with the SEC on September 3, 2024, which became immediately effective upon filing, and a prospectus supplement dated September 3, 2024, filed by the Company with the SEC. Pursuant to the Amended and Restated Sales Agreement, the Agent selected by the Company (such Agent, the “Designated Agent”) may sell the Shares in sales deemed to be “at-the-market offerings” as defined in Rule 415(a)(4) promulgated under the Securities Act. The Company has no obligation to sell any of the Shares under the Amended and Restated Sales Agreement and may at any time suspend or terminate the offering of the Shares pursuant to the Amended and Restated Sales Agreement upon notice and subject to other conditions. The Agents will act as sales agents and will use commercially reasonable efforts to sell on the Company’s behalf all of the Shares requested to be sold by it, on mutually agreed terms between the Agents and the Company. Under the terms of the Amended and Restated Sales Agreement, the Company agreed to pay the Designated Agent a commission up to 3.0% of the aggregate gross proceeds from any Shares sold through such Designated Agent pursuant to the Amended and Restated Sales Agreement. In addition, the Company agreed to reimburse certain expenses incurred by the Agents in connection with the Amended and Restated Sales Agreement. During the nine months ended September 30, 2026, the Company received proceeds of $129.2 million, net of issuance costs, from the sale of 5,496,993 shares of common stock, with an average net selling price of $23.50 per share.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - Additional Information (Details)	1 Months Ended				3 Months Ended		9 Months Ended
LEASES - Additional Information (Details)	Aug. 31, 2026 USD ($)	Oct. 31, 2025 renewalOption MW	Sep. 30, 2025 renewalOption	Oct. 31, 2024 a renewalOption	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Jul. 31, 2026 amendment	Sep. 30, 2025 USD ($)	Mar. 31, 2026	Dec. 31, 2025 USD ($)	Nov. 22, 2022
Lessee, Lease, Description [Line Items]
Accrued rent receivables					$ 1,400,000		$ 1,400,000				$ 0
Deferred rent liabilities					46,200,000		46,200,000				$ 0
Finance lease initial term												5 years
Finance lease, liability					22,319,000		22,319,000
Variable lease costs					$ 0	$ 0	$ 0		$ 0
Land \| Reveille Lease Agreement
Lessee, Lease, Description [Line Items]
Area of lease plot land (in acres) \| a				52
Operating lease initial term				10 years
Number of renewal options for lease \| renewalOption				2
Lessee, operating lease, renewal term				10 years
Fluidstack Lease With Binding Agreement With AI Lab
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract					20 years		20 years
Lessor, lease not yet commenced, costs in excess of budgeted, amount to be paid by lessor					$ 359,300,000		$ 359,300,000
Lessor, lease not yet commenced, cost reimbursement rate to be amount to be paid by lessee					50.00%		50.00%
Fluidstack Lease, Ten Year Term
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract			10 years			10 years			10 years
Lease not yet commenced, number of renewal options \| renewalOption			2
Lease not yet commenced, renewal term			5 years			5 years			5 years
Fluidstack Lease, Binding Agreement With AI Lab
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract					10 years		10 years
Black Pearl Facility Lease, Fifteen Year Term
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract		15 years
Lease not yet commenced, number of renewal options \| renewalOption		3
Lease not yet commenced, renewal term		5 years
Power generation capacity of turnkey data center (in megawatts) \| MW		300
Lessor, lease not yet commenced, number of amendments \| amendment								3
Data Center Lease With Investment Grade Hyperscaler Tenant, Fifteen Year Term
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract										15 years
Mikeska Ground Lease
Lessee, Lease, Description [Line Items]
Finance lease right-of-use asset	$ 18,200,000
Finance lease, liability	$ 18,000,000.0

LEASES (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Schedule of Lease Revenue for Commenced Operating Leases

The components of the Company’s HPC leasing revenue for its commenced operating leases were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Income relating to fixed payments	$	5,231	$	—	$	5,231	$	—
Income relating to variable payments	621		—		621		—
Total HPC leasing revenue	$	5,852	$	—	$	5,852	$	—

Schedule of Future Minimum Operating Lease Payments Expected to Received from Commenced Lease


Remainder of Year Ending December 31, 2026	$	7,909
Year Ending December 31, 2027	29,989
Year Ending December 31, 2028	26,965
Year Ending December 31, 2029	27,774
Year Ending December 31, 2030	28,607
Thereafter	363,920
Total undiscounted lease payments	$	485,164

Schedule of Components of Lease Expenses

Components of the Company’s lease expenses are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance leases:
Amortization of ROU assets (1)	$	503	$	761	$	1,508	$	2,283
Interest on lease liability	298		246		655		817
Total finance lease expense	801		1,007		2,163		3,100
Operating leases:
Operating lease expense	1,746		676		4,185		1,962
Total operating lease expense	1,746		676		4,185		1,962
Total lease expense	$	2,547	$	1,683	$	6,348	$	5,062
(1)Amortization of finance lease ROU asset is included within depreciation expense. The Mikeska ROU asset is not amortized as the underlying asset is land.

Schedule of Other Information Related to Leases

Other information related to the Company’s leases is shown below (dollar amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating cash flows - operating lease	$	237	$	570	$	1,866	$	1,648
Right-of-use asset obtained in exchange for finance lease liabilities	$	17,959	$	—	$	17,959	$	—
Right-of-use asset obtained in exchange for operating lease liabilities	$	—	$	491	$	29,021	$	491
Decrease in right-of-use asset and operating lease liability from lease modification	$	2,957	$	—	$	2,957	$	—


	September 30, 2026			December 31, 2025
Weighted-average remaining lease term – finance lease (in years)	1.2			1.7
Weighted-average remaining lease term – operating lease (in years)	10.5			7.3
Weighted-average discount rate – finance lease	7.0		%	11.0		%
Weighted-average discount rate – operating lease	7.8		%	8.0		%
Finance lease ROU assets(1)	$	20,052		$	5,073

Schedule of Finance Leases Maturity

As of September 30, 2026, future minimum lease payments are as follows (in thousands):


	Finance Lease		Operating Lease		Total
Remainder of Year Ending December 31, 2026	1,216		1,373		2,589
Year Ending December 31, 2027	3,253		3,546		6,799
Year Ending December 31, 2028	19,500		5,285		24,785
Year Ending December 31, 2029	—		5,179		5,179
Year Ending December 31, 2030	—		4,950		4,950
Thereafter	—		36,525		36,525
Total lease payments	23,969		56,858		80,827
Less present value discount	(1,650)		(19,830)		(21,480)
Total	$	22,319	$	37,028	$	59,347

Schedule of Operating Lease Maturity

As of September 30, 2026, future minimum lease payments are as follows (in thousands):


	Finance Lease		Operating Lease		Total
Remainder of Year Ending December 31, 2026	1,216		1,373		2,589
Year Ending December 31, 2027	3,253		3,546		6,799
Year Ending December 31, 2028	19,500		5,285		24,785
Year Ending December 31, 2029	—		5,179		5,179
Year Ending December 31, 2030	—		4,950		4,950
Thereafter	—		36,525		36,525
Total lease payments	23,969		56,858		80,827
Less present value discount	(1,650)		(19,830)		(21,480)
Total	$	22,319	$	37,028	$	59,347

INVESTMENTS IN JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Activity in Investment in Equity Investee

Activity in the Company’s investments in equity investees during the nine months ended September 30, 2026, and 2025, consisted of the following (in thousands):


	For the Nine Months Ended September 30,
	2026		2025
Opening balance	$	29,400	$	53,908
Capital contributions	4,374		17,568
Accretion of basis differences related to miner contributions	243		3,927
Bitcoin received from equity investees	(2,772)		(20,714)
Equity in net losses of equity investees	(1,845)		(12,400)
Proceeds from sale of equity investee interests	(29,400)		-
Ending Balance	$	-	$	42,289

SHARE-BASED COMPENSATION - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 26,634	$ 9,074	$ 84,208	$ 28,736
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	13,607	6,690	49,467	23,040
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 13,027	$ 2,384	$ 34,741	$ 5,696

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Equity Method Investee \| Reimbursable Expenses
Related Party Transaction [Line Items]
Accounts receivable	$ 0.0	$ 0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) - Level 3		9 Months Ended	12 Months Ended
	Jul. 01, 2022	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of discount rate utilized		5.52%	4.80%
Luminant Power Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative term of contract	5 years
Derivative remaining term after initial term	9 months 18 days

DERIVATIVE ASSETS	9 Months Ended
DERIVATIVE ASSETS	Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE ASSETS	DERIVATIVE ASSETS On June 23, 2021, the Company entered into a power purchase agreement with Luminant, which was subsequently amended on July 9, 2021, and further amended on February 28, 2022, August 26, 2022, and August 23, 2023 (as amended, the “Luminant Power Agreement”), for the supply of a fixed amount of electric power to the Odessa Facility at a fixed price for a term of five years, subject to certain early termination exemptions. The Luminant Power Agreement provides for subsequent automatic annual renewal unless either party provides written notice to the other party of its intent to terminate the agreement at least six months prior to the expiration of the then current term. The Company’s management determined that the Luminant Power Agreement meets the definition of a derivative under ASC 815, Derivatives and Hedging (“ASC 815”). Accordingly, the Luminant Power Agreement is recorded at its estimated fair value each reporting period with the change in the fair value recorded in change in fair value of power purchase agreement in the condensed consolidated statements of operations. See additional information regarding valuation of the Luminant Power Agreement derivative in Note 18. Fair Value Measurements. The Company may opportunistically sell electricity in the ERCOT market in exchange for cash payments, rather than utilizing the power to mine for bitcoin at the Odessa Facility to manage the Company’s operating costs. From power sales, the Company earned approximately $4.3 million and $2.3 million for the three months ended September 30, 2026, and 2025, respectively, and $8.7 million, and $4.7 million for the nine months ended September 30, 2026, and 2025, respectively, and recorded this amount within Costs and operating (expenses) income on the condensed consolidated statements of operations, with the corresponding cost of the power sold recorded in Cost of revenue - bitcoin mining.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 656,009	$ 628,263	$ 1,207,440
Restricted cash, current	1,719,403	1,761,292	13,779
Restricted cash, non-current	477,182	275,076	0
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 2,852,594	$ 2,664,631	$ 1,221,219	$ 19,977

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (350,249)	$ (88,039)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	57,200	147,102
Amortization of operating right-of-use asset	1,330	1,205
Share-based compensation	84,208	27,830
Equity in losses of equity investees	1,601	8,472
Write-down of assets held for sale	7,437	0
Loss on disposal of assets	10,403	666
Amortization of debt discount and issuance costs	184,888	0
Non-cash lease expense	0	817
Deferred income taxes	0	(399)
Non-cash consideration received for services	(80,524)	(164,131)
Change in fair value of derivative assets	48,040	9,921
Change in fair value of warrant liability	(20,280)	(31,860)
Change in fair value of investments at fair value	21,207	0
Change in fair value of bitcoin collateral	0	(5,731)
Change in fair value of bitcoin loan	0	782
Change in unrealized (gains) losses on fair value of bitcoin	(33,055)	2,927
Realized losses (gains) on sale of bitcoin	47,251	(16,092)
(Decrease) increase in operating assets	(55,259)	4,490
Decrease in operating liabilities	(207,392)	(51,466)
Net cash used in operating activities	(283,194)	(153,506)
Cash flows from investing activities
Proceeds from sale of bitcoin	168,941	150,226
Proceeds from disposal of assets	52,798	0
Purchases of property and equipment	(2,517,241)	(262,969)
Purchases and development of software	0	(1,143)
Distributions paid to non-controlling interest	(4,640)	0
Investment in equity investees	(4,374)	(17,568)
Purchases of strategic contracts	(48,394)	0
Net cash used in investing activities	(2,352,910)	(131,454)
Cash flows from financing activities
Proceeds from notes, net of issuance costs	2,766,437	1,437,395
Proceeds from the issuance of common stock, net of offering costs	129,193	117,397
Repurchase of common shares to pay employee withholding taxes	(68,742)	(7,285)
Principal payments of financing lease	(2,821)	(3,625)
Purchase of capped call options	0	(82,680)
Proceeds from treasury stock reissued for PIPE investment	0	50,000
Principal payments on loan	0	(25,000)
Net cash provided by financing activities	2,824,067	1,486,202
Net increase in cash, cash equivalents, and restricted cash	187,963	1,201,242
Cash, cash equivalents, and restricted cash, beginning of the period	2,664,631	19,977
Cash and cash equivalents, and restricted cash, end of the period	2,852,594	1,221,219
Supplemental information
Cash paid for interest	126,545	0
Cash paid for income taxes, net	0	0
Supplemental disclosure of non-cash investing and financing activities
Property and equipment purchases in accounts payable and accrued expenses	719,635	7,708
Interest capitalized on construction in progress	59,799	0
Investments acquired at fair value for sale of equity in investees interests	29,400	0
Right-of-use asset obtained in exchange for operating lease liability	29,021	491
Miners reclassified from held for sale to in service	25,816	0
Right-of-use asset obtained in exchange for finance lease liability	17,959	0
Derecognition of asset retirement obligation and asset retirement cost	11,433	0
Investments acquired at fair value for sale of miners	10,355	0
Sales tax accrual on machines placed in service	3,503	2,363
Decrease in Right-of-use asset and operating lease liability from lease modification	2,957	0
Bitcoin received from equity investees	2,772	20,714
Land asset adjustment on derecognition of lease liability and right-of-use asset	1,618	0
Issuance of warrant liability	0	544,450
Reclassification of deposits on equipment to property and equipment	0	31,453
Initial estimate of asset retirement obligation and related capitalized costs	0	10,743
Bitcoin transferred for rehypothecated collateral	0	31,720
Bitcoin loan payments	0	26,986
Bitcoin received as a loan	0	16,551
Treasury stock reissued for PIPE investment	$ 0	$ 10

STOCKHOLDERS’ EQUITY (Details)				9 Months Ended
STOCKHOLDERS’ EQUITY (Details)	Sep. 03, 2024 USD ($)	Mar. 06, 2024 USD ($)	Aug. 03, 2023 USD ($)	Sep. 30, 2026 USD ($) vote $ / shares shares	Dec. 31, 2025 shares
Class of Stock [Line Items]
Shares authorized (in shares)				1,010,000,000
Share par value (in dollars per share) \| $ / shares				$ 0.001
Common stock, shares authorized (in shares)				1,000,000,000	1,000,000,000
Preferred stock, shares authorized (in shares)				10,000,000	10,000,000
Common stock voting rights (in votes) \| vote				1
Preferred stock, shares outstanding (in shares)				0	0
Common stock, shares issued (in shares)				425,237,783	412,074,529
At the Market Offering Agreement
Class of Stock [Line Items]
Sale of stock, potential consideration on transaction \| $	$ 725,700,000
Consideration received on transaction \| $				$ 129,200,000
Aggregate of shares (in shares)				5,496,993
Average net selling price (in dollars per share) \| $ / shares				$ 23.50
At the Market Offering Agreement, Authorized Within Shelf Registration Statement
Class of Stock [Line Items]
Sale of stock, potential consideration on transaction \| $	$ 600,000,000.0
At the Market Offering Agreement
Class of Stock [Line Items]
Amended aggregate amount of offering price to be received \| $		$ 296,560,661
Originally authorized aggregate amount of offering price to be received \| $		96,560,661
Additional aggregate amount of offering price to be received \| $		$ 200,000,000
At the Market Offering Agreement \| Maximum
Class of Stock [Line Items]
Aggregate amount of gross proceeds \| $			$ 250,000,000.0
Aggregate amount of offering price to be received \| $			$ 250,000,000.0
Designated agent commission percentage	3.00%
Incentive Award Plan \| Performance Shares
Class of Stock [Line Items]
Share-based compensation (in shares)				2,709,999
Officers, Employees and Consultants \| Incentive Award Plan
Class of Stock [Line Items]
Shares issued (in shares)				4,902,606
Directors \| Incentive Award Plan
Class of Stock [Line Items]
Common stock, shares issued (in shares)				53,656
Officers, Employees \| Incentive Award Plan \| Restricted Stock Units And Performance Shares
Class of Stock [Line Items]
Repurchase of common stock related to tax withholding settlement (in shares)				3,033,490
Repurchase of common stock related to tax withholding settlement, fair value \| $				$ 68,700,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	425,237,783	412,074,529
Common stock, shares outstanding (in shares)	415,092,825	404,963,061
Treasury stock, shares (in shares)	10,144,958	7,111,468

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events for adjustment to or disclosure in its condensed consolidated financial statements through the date of this report. No subsequent events have been identified other than those disclosed in these condensed consolidated financial statements except for the following: On October 16, 2026, the Company exchanged approximately $165.9 million of principal amount of the 2030 Convertible Notes for approximately 40.7 million shares of common stock. Following this exchange, approximately $6.6 million aggregate principal amount of the 2030 Convertible Notes remains outstanding. On October 16, 2026, the Company issued $850.0 million aggregate principal of the 2032 Convertible Notes. The 2032 Convertible Notes are senior, unsecured obligations of the Company and will mature on November 1, 2032, unless earlier repurchased, redeemed or converted. The initial conversion rate is 65.3211 shares of the Company’s common stock per $1,000 principal amount of the 2032 Convertible Notes, which represents an initial conversion price of approximately $15.31 per share of the Company’s common stock. The Company granted the initial purchasers an option to purchase up to an additional $150.0 million aggregate principal amount of the 2032 Convertible Notes, which expired without being exercised. In connection with the pricing of the 2032 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”). The Capped Call Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially underlie the 2032 Convertible Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to the Company’s common stock upon any conversion of the 2032 Convertible Notes, and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2032 Convertible Notes, as the case may be with such reduction and/or offset subject to a cap. The cost of the Capped Call Transactions was approximately $89.7 million. With the net proceeds of the 2032 Convertible Notes, the Company funded capped call transactions, and the Company expects to use the remaining proceeds to fund the additional equity investment at Barber Lake, continue to develop its sites, and for general corporate purposes.

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

Prior to the third quarter of 2026, the Company had one operating and reportable segment, Bitcoin Mining. In connection with the commencement of the initial phase of the Black Pearl Facility Lease in August 2026, the CODM began regularly reviewing discrete financial information for the Company’s HPC leasing activities to assess performance and allocate resources. As a result, beginning in the third quarter of 2026, the Company has two operating segments, Bitcoin Mining, which through operations produces bitcoin to generate revenue, and HPC Leasing through which data centers are constructed and leased to tenants for HPC. The CODM for the Company consists of the CEO and CFO. The CODM reviews the performance of the Company’s operating segments primarily based on operating income when deciding on allocating resources. As a result, the Company retrospectively recast prior period results by segment to conform to the current period presentation. Asset information by reportable segment is not regularly provided to the CODM for resource allocations and, accordingly, segment asset information is not presented.


Three Months Ended September 30, 2026
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	20,849	$	5,852	$	26,701


Costs and operating (expenses) income
Cost of revenue	$	(14,638)	$	(726)	$	(15,364)
Depreciation and amortization	(16,415)		(2,406)		(18,821)
Change in fair value of power purchase agreement	(13,910)		—		(13,910)
Equity in losses of equity investees	—		—		—
Unrealized gains (losses) on fair value of bitcoin	12,394		—		12,394
Realized gains (losses) on sale of bitcoin	481		—		481
Direct operating expenses(1)	—		(2,009)		(2,009)
Other segment items(2)	4,257		(2,739)		1,518
Segment operating income (loss)	$	(6,982)	$	(2,028)	$	(9,010)
Other operating items(3)					(62,905)
Operating (loss) income					$	(71,915)
Interest income					$	32,684
Interest expense					(58,994)
Other non-operating items(4)					129,767
Income before taxes					31,542
Total income tax benefit					54
Net income					$	31,596


Three Months Ended September 30, 2025
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	71,707	$	—	$	71,707
Costs and operating (expenses) income
Cost of revenue	$	(26,733)	$	—	$	(26,733)
Depreciation and amortization	(59,549)		—		(59,549)
Change in fair value of power purchase agreement	(9,030)		—		(9,030)
Equity in losses of equity investees	(1,479)		—		(1,479)
Unrealized gains (losses) on fair value of bitcoin	108		—		108
Realized gains (losses) on sale of bitcoin	7,535		—		7,535
Direct operating expenses(1)	—		—		—
Other segment items(2)	2,443		(6)		2,437
Segment operating income (loss)	$	(14,998)	$	(6)	$	(15,004)
Other operating items(3)					(22,613)
Operating (loss) income					$	(37,617)
Interest income					$	457
Interest expense					(1,286)
Other non-operating items(4)					34,860
Loss before taxes					(3,586)
Total income tax benefit					303
Net loss					$	(3,283)

(1) Direct operating expenses consist of site-specific general and administrative expenses, primarily insurance, property taxes and site-level legal and professional fees, at operating HPC sites.
(2) Other segment items consist of power sales and other operating expenses, including non-capitalized project costs at HPC data center sites, loss on disposal of assets and fixed asset write-downs.
(3) Other operating items include compensation and benefits and general and administrative expenses not recorded at operating HPC sites (including those of HPC sites not yet commenced), which are not allocated to segments.
(4) Other non-operating items consist of the change in fair value of warrant liability and other income (expense), net.


Nine Months Ended September 30, 2026
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	80,524	$	5,852	$	86,376
Costs and operating (expenses) income
Cost of revenue	$	(46,487)	$	(1,629)	$	(48,116)
Depreciation and amortization	(52,678)		(4,522)		(57,200)
Change in fair value of power purchase agreement	(48,040)		—		(48,040)
Equity in losses of equity investees	(1,601)		—		(1,601)
Unrealized gains (losses) on fair value of bitcoin	33,055		—		33,055
Realized gains (losses) on sale of bitcoin	(47,251)		—		(47,251)
Direct operating expenses(1)	—		(2,017)		(2,017)
Other segment items(2)	(9,096)		(2,651)		(11,747)
Segment operating loss	$	(91,574)	$	(4,967)	$	(96,541)
Other operating items(3)					(168,479)
Operating loss					$	(265,020)
Interest income					$	100,135
Interest expense					(184,888)
Other non-operating items(4)					244
Loss before taxes					(349,529)
Total income tax expense					(720)
Net loss					$	(350,249)


Nine Months Ended September 30, 2025
	Bitcoin Mining		HPC Leasing		Consolidated
Revenue	$	164,231	$	—	$	164,231
Costs and operating (expenses) income
Cost of revenue	$	(56,957)	$	—	$	(56,957)
Depreciation and amortization	(147,102)		—		(147,102)
Change in fair value of power purchase agreement	(17,180)		—		(17,180)
Equity in losses of equity investees	(8,472)		—		(8,472)
Unrealized gains (losses) on fair value of bitcoin	(2,927)		—		(2,927)
Realized gains (losses) on sale of bitcoin	16,092		—		16,092
Direct operating expenses(1)	—		—		—
Other segment items(2)	4,290		(2,319)		1,971
Segment operating income (loss)	$	(48,025)	$	(2,319)	$	(50,344)
Other operating items(3)					(70,604)
Operating loss					$	(120,948)
Interest income					943
Interest expense					(3,200)

Other non-operating items(4)

35,924

Loss before taxes

(87,281)

Total income tax expense

(758)

Net loss

(88,039)

(1) Direct operating expenses consist of site-specific general and administrative expenses, primarily insurance, property taxes and site-level legal and professional fees, at operating HPC sites.

(2) Other segment items consist of power sales and other operating expenses, including non-capitalized project costs at HPC data center sites, loss on disposal of assets and fixed asset write-downs.

(4) Other non-operating items consist of the change in fair value of warrant liability and other income (expense), net.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Related party receivables The Company had no related party receivables as of September 30, 2026, and recorded related party receivables of approximately $0.3 million as of December 31, 2025, representing amounts owed to the Company from its equity method investees.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The determination of income tax expense in the unaudited condensed consolidated statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur. The Company recorded an income tax benefit of approximately 0.2% of income before taxes and 8.4% of loss before taxes for the three months ended September 30, 2026 and 2025, respectively, and income tax expense of approximately 0.2% and 0.9% of loss before taxes for the nine months ended September 30, 2026 and 2025, respectively. The Company’s income tax expense is primarily driven by state income taxes.

- Definition

The entire disclosure for income tax.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2024		361,432,449
Beginning balance (in shares) at Dec. 31, 2024					(10,648,632)
Beginning balance at Dec. 31, 2024	$ 681,953	$ 361	$ 863,015	$ (181,412)	$ (11)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net of offering costs - At-the-market offering (in shares)		29,334,701
Issuance of common shares, net of offering costs - At-the-market offering	117,396	$ 29	117,367
Treasury stock reissued for PIPE Investment	50,000		49,990		$ 10
Treasury stock reissued for PIPE Investment (in shares)					10,438,413
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement (in shares)		4,721,201			1,675,624
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement	(5,946)	$ 5	(5,950)		$ (1)
Warrants exercised (in shares)		45
Warrants exercised	1		1
Share-based compensation	27,830		27,830
Net income (loss)	(88,039)			(88,039)
Ending balance (in shares) at Sep. 30, 2025		395,488,396
Ending balance (in shares) at Sep. 30, 2025					(1,885,843)
Ending balance at Sep. 30, 2025	783,195	$ 395	1,052,253	(269,451)	$ (2)
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2024	0
Redeemable noncontrolling interest, ending balance at Sep. 30, 2025	0
Beginning balance (in shares) at Jun. 30, 2025		388,123,588
Beginning balance (in shares) at Jun. 30, 2025					(1,365,042)
Beginning balance at Jun. 30, 2025	748,904	$ 388	1,014,685	(266,168)	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net of offering costs - At-the-market offering (in shares)		6,000,000
Issuance of common shares, net of offering costs - At-the-market offering	31,731	$ 6	31,725
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement (in shares)		1,364,763			520,801
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement	(2,970)	$ 1	(2,970)		$ (1)
Warrants exercised (in shares)		45
Warrants exercised	1		1
Share-based compensation	8,812		8,812
Net income (loss)	(3,283)			(3,283)
Ending balance (in shares) at Sep. 30, 2025		395,488,396
Ending balance (in shares) at Sep. 30, 2025					(1,885,843)
Ending balance at Sep. 30, 2025	783,195	$ 395	1,052,253	(269,451)	$ (2)
Redeemable noncontrolling interest, beginning balance at Jun. 30, 2025	0
Redeemable noncontrolling interest, ending balance at Sep. 30, 2025	$ 0
Beginning balance (in shares) at Dec. 31, 2025	412,074,529	412,074,529
Beginning balance (in shares) at Dec. 31, 2025	(7,111,468)				(7,111,468)
Beginning balance at Dec. 31, 2025	$ 805,535	$ 412	1,808,786	(1,003,656)	$ (7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net of offering costs - At-the-market offering (in shares)		5,496,993
Issuance of common shares, net of offering costs - At-the-market offering	129,192	$ 5	129,187
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement (in shares)		7,666,261			3,033,490
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement	(67,370)	$ 8	(67,375)		$ (3)
Share-based compensation	83,138		83,138
Net income (loss)	$ (350,240)			(350,240)
Ending balance (in shares) at Sep. 30, 2026	425,237,783	425,237,783
Ending balance (in shares) at Sep. 30, 2026	(10,144,958)				(10,144,958)
Ending balance at Sep. 30, 2026	$ 600,255	$ 425	1,953,736	(1,353,896)	$ (10)
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2025	30,319
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)	(9)
Distributions to non-controlling interest	(4,640)
Redeemable noncontrolling interest, ending balance at Sep. 30, 2026	25,670
Beginning balance (in shares) at Jun. 30, 2026		423,575,369
Beginning balance (in shares) at Jun. 30, 2026					(9,321,805)
Beginning balance at Jun. 30, 2026	562,057	$ 424	1,947,143	(1,385,501)	$ (9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement (in shares)		1,662,414			823,153
Delivery of common stock underlying restricted stock units and performance stock units, net of shares settled for tax withholding settlement	(19,742)	$ 1	(19,742)		$ (1)
Share-based compensation	26,335		26,335
Net income (loss)	$ 31,605			31,605
Ending balance (in shares) at Sep. 30, 2026	425,237,783	425,237,783
Ending balance (in shares) at Sep. 30, 2026	(10,144,958)				(10,144,958)
Ending balance at Sep. 30, 2026	$ 600,255	$ 425	$ 1,953,736	$ (1,353,896)	$ (10)
Redeemable noncontrolling interest, beginning balance at Jun. 30, 2026	25,679
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)	(9)
Redeemable noncontrolling interest, ending balance at Sep. 30, 2026	$ 25,670

SHARE-BASED COMPENSATION - Schedule of Weighted Average Assumptions Used in Monte Carlo Valuation Model (Details)	9 Months Ended
	Sep. 30, 2026
2026 Executive Officer PSU Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.60%
Expected volatility	113.10%
2025 Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.14%
Expected volatility	111.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SEGMENT REPORTING - Additional Information (Details) - segment	3 Months Ended	6 Months Ended
	Sep. 30, 2026	Jun. 30, 2026
Segment Reporting [Abstract]
Number of operating segments	2	1
Number of reportable segments		1

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment, Including Leased Property and Equipment

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


	September 30, 2026		December 31, 2025
Miners and mining equipment	$	185,676	$	289,680
Leasehold improvements	120,029		134,122
Land	191,847		79,054
Buildings	89,033		66,594
Infrastructure	189,090		108,827
Other	2,742		1,873
Construction-in-progress	3,357,356		276,470
Deposits on equipment	17,666		10,962
Total cost of property and equipment	4,153,439		967,582
Less: accumulated depreciation	(253,559)		(334,165)
Property and equipment, net	$	3,899,880	$	633,417

DEBT - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Remainder of 2026	$ 40
2027	188,861
2028	295,095
2029	299,631
2030	1,606,517
Thereafter	3,626,168
Total principal of long-term borrowings	6,016,312	$ 3,205,500
2030 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
2030	172,500
Total principal of long-term borrowings	172,500	172,500
2031 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Thereafter	1,300,000
Total principal of long-term borrowings	$ 1,300,000	$ 1,300,000

INTANGIBLE ASSETS - Schedule of Expected Amortization Expenses (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
Remainder of Year Ending December 31, 2026	$ 229
Year Ending December 31, 2027	917
Year Ending December 31, 2028	826
Year Ending December 31, 2029	615
Year Ending December 31, 2030	$ 445

DEBT - Additional Information (Details) $ / shares in Units, shares in Millions							9 Months Ended
	Oct. 16, 2026 USD ($) shares	Mar. 23, 2026 USD ($) day d	Feb. 11, 2026 USD ($)	Nov. 24, 2025 USD ($)	Sep. 30, 2025 USD ($) day $ / shares	May 22, 2025 USD ($) day $ / shares	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($) $ / shares	Jun. 15, 2026 USD ($)	Dec. 31, 2025 USD ($)	Nov. 13, 2025 USD ($)
Short-Term Debt [Line Items]
Repayments of short-term debt							$ 0	$ 25,000,000
Outstanding principal amount							6,016,312,000			$ 3,205,500,000
Senior Notes
Short-Term Debt [Line Items]
Repayments of short-term debt							$ 112,700,000
2030 Convertible Notes \| Convertible Debt
Short-Term Debt [Line Items]
Debt instrument, face amount						$ 172,500,000
Stated interest percentage						1.75%	1.75%			1.75%
Conversion ratio						0.2249213
Conversion price (in dollars per share) \| $ / shares						$ 4.45
Number of trading days before maturity date for debt redemption \| day						30
Threshold percentage of stock price trigger for debt conversion						130.00%
Threshold trading days for debt conversion \| day						20
Threshold consecutive trading days for debt conversion \| day						30
Trigger for debt redemption, threshold of debt outstanding						$ 50,000,000.0
Debt instrument, interest rate, effective percentage							2.43%
Outstanding principal amount							$ 172,500,000			$ 172,500,000
2030 Convertible Notes \| Convertible Debt \| Subsequent Event
Short-Term Debt [Line Items]
Debt conversion, converted instrument, amount	$ 165,900,000
Debt conversion, converted instrument, shares issued (in shares) \| shares	40.7
Outstanding principal amount	$ 6,600,000
2031 Convertible Notes \| Convertible Debt
Short-Term Debt [Line Items]
Debt instrument, face amount					$ 1,300,000,000			$ 1,300,000,000
Stated interest percentage					0.00%		0.00%	0.00%		0.00%
Conversion ratio					0.0623733
Conversion price (in dollars per share) \| $ / shares					$ 16.03			$ 16.03
Number of trading days before maturity date for debt redemption \| day					30
Threshold percentage of stock price trigger for debt conversion					130.00%
Threshold trading days for debt conversion \| day					20
Threshold consecutive trading days for debt conversion \| day					30
Trigger for debt redemption, threshold of debt outstanding					$ 100,000,000.0			$ 100,000,000.0
Debt instrument, interest rate, effective percentage							6.89%
Outstanding principal amount							$ 1,300,000,000			$ 1,300,000,000
Cipher Compute 2030 Senior Secured Notes \| Senior Notes
Short-Term Debt [Line Items]
Debt instrument, face amount				$ 333,000,000.0							$ 1,400,000,000
Stated interest percentage							7.125%			7.125%	7.125%
Redemption price, percentage				100.00%
Outstanding principal amount							$ 1,733,000,000			$ 1,733,000,000
Potential redemption price, percentage				40.00%
Black Pearl 2031 Senior Secured Notes \| Senior Notes
Short-Term Debt [Line Items]
Debt instrument, face amount			$ 2,000,000,000.0
Stated interest percentage			6.125%				6.125%
Redemption price, percentage			100.00%
Outstanding principal amount							$ 2,000,000,000
Potential redemption price, percentage			40.00%
Stingray 2031 Senior Secured Notes \| Senior Notes
Short-Term Debt [Line Items]
Debt instrument, face amount									$ 810,000,000.0
Stated interest percentage							6.00%		6.00%
Outstanding principal amount							$ 810,000,000
Revolving Credit Facility \| Coinbase Master Loan Agreement \| Line of Credit
Short-Term Debt [Line Items]
Debt instrument, basis spread on variable rate							2.50%
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Facility, accordion feature, increase limit		$ 50,000,000.0
Number of days convertible debt outstanding prior to maturity date of facility \| day		91
Borrowing capacity, prior to first commencement of operations		$ 50,000,000.0
Maximum borrowing capacity		$ 200,000,000.0
Unused commitment fee percentage		0.50%
Number of days to cure liquidity shortfall \| d		15
Outstanding borrowings							$ 0
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit \| Data Facility Commencement, One
Short-Term Debt [Line Items]
Line of credit facility, covenant, minimum liquidity		$ 100,000,000.0
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit \| Data Facility Commencement, Two
Short-Term Debt [Line Items]
Line of credit facility, covenant, minimum liquidity		150,000,000.0
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit \| Data Facility Commencement, Three
Short-Term Debt [Line Items]
Line of credit facility, covenant, minimum liquidity		$ 200,000,000.0
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit \| Minimum
Short-Term Debt [Line Items]
Total debt to market capitalization ratio		0.01250
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit \| Maximum
Short-Term Debt [Line Items]
Total debt to market capitalization ratio		0.01750
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Short-Term Debt [Line Items]
Debt instrument, basis spread on variable rate		1.75%
Revolving Credit Facility \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit \| Base Rate
Short-Term Debt [Line Items]
Debt instrument, basis spread on variable rate		0.75%
Letter of Credit \| Morgan Stanley Senior Funding Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Maximum borrowing capacity		$ 50,000,000.0
Outstanding borrowings							$ 40,600,000

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.20%)	8.40%	0.20%	(0.90%)

DEBT

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

DEBT

Short-term borrowings

Coinbase Master Loan Agreement

The Company has the Coinbase Master Loan Agreement, under which the Company established the Coinbase Overnight Credit Facility with capacity to be determined, subject to credit review. The Company will not incur commitment fees for unused portions of the Coinbase Overnight Credit Facility. The borrowing rate on amounts drawn against the Coinbase Overnight Credit Facility is determined based on the Federal Funds Target Rate - Upper Bound, plus 2.5%, calculated daily based on a 365-day year and payable monthly for the duration of the loan, and market demand. Borrowings under the Coinbase Overnight Credit Facility are available on demand, open term, and collateralized by bitcoin transferred to the Lending Service Provider’s platform.

Current Portion of Long-term debt

As of September 30, 2026, the Company recorded $112.7 million in short-term borrowings on the Company’s condensed consolidated balance sheet as these scheduled principal payments are due within one year based on contractual terms.

Long-term borrowings

The following summarizes the Company’s long-term borrowings, net of debt issuance costs as of the period presented:


	September 30, 2026
	Maturity Date	Interest Rate		Outstanding Principal		Unamortized debt issuance costs and original issue discounts and premium, net		Current portion of Long-term Debt		Outstanding Borrowings, net
Long-term borrowings:
2030 Convertible Notes	May 2030	1.750%		$	172,500	$	(4,065)	$	—	$	168,435
2031 Convertible Notes	October 2031	0.000%		1,300,000		(382,574)		—		917,426
Cipher Compute 2030 Senior Secured Notes	November 2030	7.125%		1,733,000		(22,748)		(48,369)		1,661,883
Black Pearl 2031 Senior Secured Notes	February 2031	6.125%		2,000,000		(32,055)		(64,167)		1,903,778
Stingray 2031 Senior Secured Notes	June 2031	6.000%		810,000		(14,992)		—		795,008
Vehicle Loans	Various	10.300	%	812		—		(168)		644
Total Long-term borrowings				$	6,016,312	$	(456,434)	$	(112,704)	$	5,447,174


	December 31, 2025
	Maturity Date	Interest Rate	Outstanding Principal		Unamortized debt issuance costs and original issue discounts and premium, net		Current portion of Long-term Debt		Outstanding Borrowings, net
Long-term borrowings:
2030 Convertible Notes	May 2030	1.750%	$	172,500	$	(4,857)	$	—	$	167,643
2031 Convertible Notes	October 2031	0.000%	1,300,000		(429,158)		—		870,842
Cipher Compute 2030 Senior Secured Notes	November 2030	7.125%	1,733,000		(22,044)		(37,793)		1,673,163
Total Long-term borrowings			$	3,205,500	$	(456,059)	$	(37,793)	$	2,711,648

2030 Convertible Notes

On May 22, 2025, the Company issued $172.5 million of principal amount of the 2030 Convertible Notes with an interest rate of 1.75%. The 2030 Convertible Notes are senior, unsecured obligations with interest due semiannually on May 15 and November 15 each year beginning on November 15, 2025. The 2030 Convertible Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted.

Before February 15, 2030, noteholders will have the right to convert their 2030 Convertible Notes only upon the occurrence of certain events. On and after February 15, 2030, noteholders may convert their 2030 Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. As the Company has the option to settle in shares, these shares are considered potentially dilutive for the calculation of diluted earnings per share. The initial conversion rate is 224.9213 shares of the Company’s common stock per $1,000 principal amount of 2030 Convertible Notes, which represents an initial conversion price of approximately $4.45 per share of the Company’s common stock.

The 2030 Convertible Notes will be redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after May 22, 2028 and on or before the 30th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such redemption notice. However, the Company may not redeem less than all of the outstanding 2030 Convertible Notes unless at least $50.0 million aggregate principal amount of 2030 Convertible Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The 2030 Convertible Notes have an effective interest rate of 2.430%.

On October 16, 2026, the Company exchanged approximately $165.9 million of principal amount of the 2030 Convertible Notes for approximately 40.7 million shares of the Company’s common stock. Following this exchange, approximately $6.6 million aggregate principal amount of the 2030 Convertible Notes remains outstanding.

2031 Convertible Notes

On September 30, 2025, the Company issued $1.3 billion of principal amount of the 2031 Convertible Notes with an interest rate of 0.00%. The 2031 Convertible Notes are senior, unsecured obligations and will be equal in right of payment with the Company’s existing and future senior, unsecured indebtedness, including the 2030 Convertible Notes. The 2031 Convertible Notes will mature on October 1, 2031, unless earlier repurchased, redeemed or converted.

Before July 1, 2031, the 2031 Convertible Notes will be convertible only upon satisfaction of certain conditions and during a certain period. On or after July 1, 2031, the 2031 Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date (the “2031 Note Conversion

Option”). The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company’s election. The initial conversion rate is 62.3733 shares of the Company’s common stock per $1,000 principal amount of the 2031 Convertible Notes, which represents an initial conversion price of approximately $16.03 per share of the Company’s common stock.

The 2031 Convertible Notes will be redeemable, in whole or in part (subject to certain limitations described below), for cash at the Company’s option at any time, and from time to time, on or after October 5, 2028 and on or before the 30th scheduled trading day immediately before the maturity date, but only if (i) the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice and (2) the trading day immediately before the date the Company sends such redemption notice, and (ii) certain “liquidity conditions” (as defined in the indenture) having been satisfied. However, the Company may not redeem less than all of the outstanding 2031 Convertible Notes unless at least $100.0 million aggregate principal amount of 2031 Convertible Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The 2031 Convertible Notes have an effective interest rate of 6.890%.

The following table summarizes the components of interest expense recognized on the Company's convertible notes for three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
2030 Convertible Notes:
Contractual interest expense	$	755	$	755	$	2,264	$	1,073
Amortization of issuance costs and discount	267		261		797		371
Total interest expense	$	1,022	$	1,016	$	3,061	$	1,444

2031 Convertible Notes:
Contractual interest expense	$	—	$	—	$	—	$	—
Amortization of issuance costs and discount	15,970		—		46,584		—
Total interest expense	$	15,970	$	—	$	46,584	$	—

Cipher Compute 2030 Senior Secured Notes

On November 13, 2025, Cipher Compute LLC (“Cipher Compute”), a wholly owned indirect subsidiary of the Company, issued an aggregate principal amount of $1.4 billion of 7.125% Senior Secured Notes due 2030 (the “Cipher Compute 2030 Senior Secured Notes”). The Cipher Compute 2030 Senior Secured Notes are senior secured obligations of Cipher Compute and bear interest at a rate of 7.125% per year payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. The Cipher Compute 2030 Senior Secured Notes will mature on November 15, 2030, unless earlier redeemed or repurchased in accordance with their terms. On November 24, 2025, Cipher Compute issued an additional $333.0 million aggregate principal amount of the Cipher Compute 2030 Senior Secured Notes.

The principal amount of the Cipher Compute 2030 Senior Secured Notes will amortize on a semi-annual basis on May 15 and November 15 of each year in amounts based on schedules in the indenture. No amortization will be payable prior to the completion of the Barber Lake Facility. Required amortization shall be subject to adjustment in case of partial redemption or repurchase.

On or after November 15, 2027, Cipher Compute may redeem the Cipher Compute 2030 Senior Secured Notes at its option, in whole at any time or in part from time to time, at the redemption prices set forth in the indenture. Prior to November 15, 2027, Cipher Compute may redeem the Cipher Compute 2030 Senior Secured Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Cipher Compute 2030 Senior Secured Notes redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any. In addition, prior to November 15, 2027, Cipher Compute may redeem up to 40% of the aggregate principal amount of the Cipher Compute 2030 Senior Secured Notes in an amount not to exceed the amount of the proceeds of certain equity offerings, at the redemption price set forth in the indenture, plus accrued and unpaid interest.

Black Pearl 2031 Senior Secured Notes

On February 11, 2026, Black Pearl Compute LLC (“BP Compute”), a wholly owned indirect subsidiary of the Company, issued an aggregate principal of $2.0 billion of 6.125% Senior Secured Notes due 2031 (the “Black Pearl 2031 Senior Secured Notes”). The Black Pearl 2031 Senior Secured Notes are senior secured obligations of BP Compute and bear interest at a rate of 6.125% per year payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2026. The Black Pearl 2031 Senior Secured Notes will mature on February 15, 2031, unless earlier redeemed or repurchased in accordance with their terms.

The principal amount of the Black Pearl 2031 Senior Secured Notes will amortize on a semi-annual basis on February 15 and August 15 of each year in amounts based on schedules in the indenture. No amortization will be payable prior to the completion of the Black Pearl Facility. Required amortization shall be subject to adjustment in case of partial redemption or repurchase.

On or after February 15, 2028, BP Compute may redeem the Black Pearl 2031 Senior Secured Notes at its option, in whole at any time or in part from time to time, at the redemption prices set forth in the indenture. Prior to February 15, 2028, BP Compute may redeem the Black Pearl 2031 Senior Secured Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Black Pearl 2031 Senior Secured Notes redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any. In addition, prior to February 15, 2028, BP Compute may redeem up to 40% of the aggregate principal amount of the Black Pearl 2031 Senior Secured Notes in an amount not to exceed the amount of the net proceeds of certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest, if any.

Stingray 2031 Senior Secured Notes

On June 15, 2026, Stingray Compute LLC (“Stingray Compute”), a wholly owned indirect subsidiary of the Company, issued an aggregate principal of $810.0 million of 6.000% Senior Secured Notes due 2031 (the “Stingray 2031 Senior Secured Notes”). The Stingray 2031 Senior Secured Notes are senior secured obligations of Stingray Compute and bear interest at a rate of 6.000% per year payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026. The Stingray 2031 Senior Secured Notes will mature on June 15, 2031, unless earlier redeemed or repurchased in accordance with their terms.

The principal amount of the Stingray 2031 Senior Secured Notes will amortize on a semi-annual basis on June 15 and December 15 of each year based on the consolidated net operating income of Stingray Compute and its subsidiaries. No amortization will be payable prior to the completion of the Stingray Facility.

Revolving Credit Facility

On March 23, 2026, the Company entered into a $200.0 million revolving credit facility (the “Revolving Credit Facility”) with Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent, and a syndicate of lenders. The Revolving Credit Facility also provides for additional accordion option of up to $50.0 million. The Revolving Credit Facility matures on March 23, 2030 (the fourth anniversary of the closing date); provided, however, that if any of the 2030 Convertible Notes (or certain refinancing indebtedness in respect thereof) are outstanding on the date that is 91 days prior to the maturity date thereof, the maturity date of the Revolving Credit Facility will spring to such earlier date (the “Springing Maturity Date”).

During the period prior to the first to occur of the commencement of operations at the Barber Lake Facility and the Black Pearl Facility (the “Pre-Completion Availability Period”), aggregate borrowings under the Revolving Credit Facility are limited to $50.0 million (the “Pre-Completion Availability Cap”). The Revolving Credit Facility includes a letter of credit sublimit of $50.0 million, which is part of, and not in addition to, the total revolving commitment.

Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s election, either Adjusted Term SOFR plus an applicable margin or the Alternate Base Rate (“ABR”) plus an applicable margin. The applicable margin for Initial Revolving Loans is initially 1.750% per annum for Term SOFR borrowings and 0.750% per annum for ABR borrowings, in each case through the date the Company delivers its first compliance certificate following the fiscal quarter ending September 30, 2026. Thereafter, the applicable margin is subject to adjustment based on the Company’s Consolidated Total Debt to Market Capitalization Ratio, ranging from 1.250% to 1.750% per annum for Term SOFR borrowings. The Company is also required to pay a commitment fee of 0.500% per annum on the daily average unfunded revolving commitments, payable quarterly.

The Company’s obligations under the Revolving Credit Facility are secured on a first-priority basis by security interests in substantially all of the assets of the Borrower and each guarantor, including pledges of equity interests in the Borrower’s material subsidiaries.

The Revolving Credit Facility contains a financial maintenance covenant requiring the Company to maintain minimum Liquidity (as defined in the credit agreement) as of the last day of each fiscal quarter of: (i) $100.0 million prior to the commencement of all phases of the first of the Barber Lake Facility or the Black Pearl Facility; (ii) $150.0 million following commencement of all phases of the first such facility but prior to commencement of the second; and (iii) $200.0 million following commencement of all phases of both facilities. The Company has the right to cure a liquidity shortfall by issuing equity and designating the net proceeds thereof as cure proceeds within 15 business days following the date on which the related compliance certificate is required to be delivered. Each borrowing under the Revolving Credit Facility is also conditioned upon, among other things, the Company’s market capitalization meeting a specified minimum as of the trading day immediately preceding such borrowing. As of September 30, 2026, the Company was in compliance with all covenants under the Revolving Credit Facility.

Debt issuance costs associated with the Revolving Credit Facility are presented as a deferred asset within other noncurrent assets on the condensed consolidated balance sheets and are amortized to interest expense on a straight-line basis over the term of the Revolving Credit Facility.

As of September 30, 2026, there were $40.6 million of letters of credit outstanding under the Revolving Credit Facility and no revolving borrowings outstanding.

As of September 30, 2026, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)
Remainder of 2026	$	40
2027	188,861
2028	295,095
2029	299,631
2030(1)	1,606,517
Thereafter(2)	3,626,168
Total principal of long-term borrowings	$	6,016,312

(1) Included in 2030 is $172.5 million of principal related to the 2030 Convertible Notes which may be settled in cash, shares of common stock, or a combination thereof.
(2) Included in Thereafter is $1,300.0 million of principal related to the 2031 Convertible Notes which may be settled in cash, shares of common stock, or a combination thereof.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details