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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income (loss) $ 186,775 $ (27,347)
Adjustment to reconcile net income (loss) to net cash used in operating activities    
Depreciation 84 38
Share-based compensation expense 4,439 1,559
Loss on common stock warrant liabilities 1,516 367
Derivative gain (258,872) 0
Derivative settlements 4,905 0
Amortization of right-of-use assets 1,324 258
Loss on extinguishment of debt 7,440 0
Amortization of debt issuance costs 16,388 0
Other 98 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,104) (421)
Accounts payable 3,466 815
Operating lease liabilities (668) (290)
Accrued expenses and other liabilities 5,384 1,836
Net cash used in operating activities (28,825) (23,185)
Investing activities:    
Acquisition of property, plant and equipment (790,332) (21,528)
Acquisition of other non-current assets (6,033) (1,875)
Net cash used in investing activities (796,365) (23,403)
Financing activities:    
Proceeds from debt issuance 768,881 0
Receipt of equity commitments 194,627 0
Repayment of debt (176,000) 0
Costs associated with repayment of debt (995) 0
Proceeds from sale of common stock 0 35,000
Debt and equity issuance costs (4,309) 0
Preferred stock dividends 0 (13)
Shares repurchased related to share-based compensation (94) (47)
Net cash provided by financing activities 782,110 34,940
Net decrease in cash, cash equivalents and restricted cash (43,080) (11,648)
Cash, cash equivalents and restricted cash – beginning of period 294,478 62,789
Cash, cash equivalents and restricted cash – end of period 251,398 51,141
Balance per Consolidated Balance Sheets:    
Cash and cash equivalents 45,753  
Restricted cash 205,645  
Total cash, cash equivalents and restricted cash $ 251,398 $ 51,141