v3.25.2
Condensed Consolidated Statements of Cash Flows
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Cash flows from operating activities      
Net loss $ (20,001,900) $ (51,728,500) $ (343,967,700)
Non-cash interest expense on debt   4,291,900 2,659,800
Change in fair value of derivative liability   0 225,916,000
Depreciation and amortization   3,612,700 9,300
Loss on extinguishment of debt 0 0 542,300
Stock based compensation 17,744,600 35,596,300 84,588,000
Net unrealized gains on investments   (3,506,900) 0
Operating lease amortization   447,800 89,000
Deferred taxes   310,300  
Prepaid expenses and other current assets   (1,490,500) (5,269,100)
Accounts receivable   (299,900) 63,400
Unearned revenue (246,700) (1,010,700) (1,488,500)
Operating lease liabilities   (436,700) (96,900)
Accounts payable and accrued expenses   6,779,500 6,200,100
Net cash used in operating activities   (7,434,700) (30,754,300)
Cash flows used in investing activities      
Purchases of property and equipment   (555,700) (2,141,900)
Purchases of short-term investments   (12,751,100) 0
Purchases of trading securities   (118,768,100)  
Sale of trading securities   18,300  
Net cash used in investing activities   (132,056,600) (2,141,900)
Cash flows provided by financing activities      
Proceeds of convertible notes   960,000,000 47,455,000
Proceeds from merger   0 233,017,500
Proceeds from PIPE   1,395,318,300 0
Payments of debt and equity offering costs   (34,399,300)  
Repurchase of common stock   (8,250,200) 0
Proceeds from the exercise of warrants, net   238,100 93,805,400
Contribution for non-controlling interest   250,000 0
Net cash provided by financing activities   2,313,156,900 374,277,900
Net change in cash, cash equivalents, and restricted cash   2,173,665,600 341,381,700
Cash, cash equivalents, and restricted cash, beginning of period   170,236,100 2,572,700
Cash, cash equivalents, and restricted cash, end of period 2,343,901,700 2,343,901,700 343,954,400
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets      
Cash and cash equivalents 1,343,901,700 [1],[2] 1,343,901,700 [1],[2] 343,954,400
Restricted cash 1,000,000,000 1,000,000,000 0
Total cash, cash equivalents, and restricted cash, end of period $ 2,343,901,700 2,343,901,700 343,954,400
Supplemental disclosure of cash flow information      
Cash paid for interest   0 0
Cash paid for taxes   895,700 1,897,700
Noncash investing and financing activities      
Shares issued for conversion of convertible notes   0 350,426,000
Operating lease assets obtained in exchange for operating lease obligations   0 542,300
Debt and equity offering costs   $ 41,328,400 $ 0
[1] As of June 30, 2025, the total assets include $2,303.8 related to the consolidated VIE of which $2,303.8 is included in cash and cash equivalents.  Total liabilities included related to the consolidated VIE were $0.0.  As of December 31, 2024, we did not have a variable interest in the VIE, as a result no assets and liabilities of the VIE are included in our condensed consolidated balance sheet. There is no recourse against us for the liabilities of the consolidated VIE.
[2] Under certain provisions of Accounting Standards Codification (“ASC”) 810, Consolidations, (“ASC 810”) we are required to separately disclose on our condensed consolidated balance sheets the assets of the consolidated variable interest entity (“VIE”) that are owned by the consolidated VIE and liabilities of the consolidated VIE as to which there is no recourse against us.