The Company computes net loss per share utilizing the two-class method required for participating securities. The two-class method determines net loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed income. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the basic and diluted net loss per share for all shares of Class A common stock and Class B common stock are the same and therefore presented on a combined basis.

The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net loss per share (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(575,651	)	$	(12,926	)	$	(558,512	)	$	(39,390	)
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment (1)		—			—			104,174			—
Net loss attributable to common stockholders	$	(575,651	)	$	(12,926	)	$	(454,338	)	$	(39,390	)
Denominator:
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted		43,931			13,528			30,190			13,455
Net loss per share attributable to common stockholders, basic and diluted	$	(13.10	)	$	(0.96	)	$	(15.05	)	$	(2.93	)

(1)

As discussed in Note 7, Redeemable Convertible Preferred Stock, the Company has concluded that transactions contemplated by the Stock Repurchase Agreement resulted in a modification which should be accounted as an extinguishment transaction. This extinguishment was treated as a deemed contribution for the purpose of calculating net income attributable to common stockholders.

Certain potentially issuable shares have been excluded from the calculation of diluted net loss per share during the three and six months ended June 30, 2025 and June 30, 2024 because their inclusion would have been anti-dilutive (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Preferred Stock		2,582		48,150		2,582		48,150
Stock options		2,698		3,149		2,698		3,149
Restricted stock units		5,900		15,711		5,900		15,711
Performance restricted stock units		5,691		11,425		5,691		11,425
Restricted stock awards		—		2,597		—		2,597
Total		16,871		81,032		16,871		81,032