v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
Total
Redeemable Convertible Preferred Stock
Redeemable Class A Common Stock
Issuance of Series B Redeemable Convertible Preferred Stock
Issuance of Series C Redeemable Convertible Preferred Stock
Common Stock
Treasury Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023   154,678,000 0              
Beginning balance at Dec. 31, 2023   $ 464,690,000 $ 0              
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Redeemable convertible preferred stock (in shares)       4,483,000            
Redeemable convertible preferred stock       $ 25,000,000            
Closing settlement of Series B tranche option   $ 69,598,000                
Ending balance (in shares) at Mar. 31, 2024   159,161,000 0              
Ending balance at Mar. 31, 2024   $ 559,288,000 $ 0              
Beginning balance (in shares) at Dec. 31, 2023           203,520,000        
Beginning balance at Dec. 31, 2023 $ (596,591,000)         $ 1,000 $ (32,054,000) $ 48,397,000 $ (148,000) $ (612,787,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exercise of stock options (in shares)           215,000        
Exercise of stock options 45,000             45,000    
Stock-based compensation expense 10,181,000             10,181,000    
Other comprehensive income (loss) 58,000               58,000  
Net loss (129,248,000)                 (129,248,000)
Ending balance (in shares) at Mar. 31, 2024           203,735,000        
Ending balance at Mar. 31, 2024 (715,555,000)         $ 1,000 (32,054,000) 58,623,000 (90,000) (742,035,000)
Beginning balance (in shares) at Dec. 31, 2023   154,678,000 0              
Beginning balance at Dec. 31, 2023   $ 464,690,000 $ 0              
Ending balance (in shares) at Jun. 30, 2024   188,684,000 0              
Ending balance at Jun. 30, 2024   $ 1,722,360,000 $ 0              
Beginning balance (in shares) at Dec. 31, 2023           203,520,000        
Beginning balance at Dec. 31, 2023 (596,591,000)         $ 1,000 (32,054,000) 48,397,000 (148,000) (612,787,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (452,269,000)                  
Ending balance (in shares) at Jun. 30, 2024           202,041,000        
Ending balance at Jun. 30, 2024 (1,043,940,000)         $ 1,000 (32,054,000) 53,232,000 (63,000) (1,065,056,000)
Beginning balance (in shares) at Mar. 31, 2024   159,161,000 0              
Beginning balance at Mar. 31, 2024   $ 559,288,000 $ 0              
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Redeemable convertible preferred stock (in shares)         29,523,000          
Redeemable convertible preferred stock         $ 1,147,476,000          
Series C redeemable convertible preferred stock accretion to redemption value   $ 14,000                
Paid-in-kind dividend on Series C redeemable convertible preferred stock 15,582,000                  
Ending balance (in shares) at Jun. 30, 2024   188,684,000 0              
Ending balance at Jun. 30, 2024   $ 1,722,360,000 $ 0              
Beginning balance (in shares) at Mar. 31, 2024           203,735,000        
Beginning balance at Mar. 31, 2024 (715,555,000)         $ 1,000 (32,054,000) 58,623,000 (90,000) (742,035,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Series C redeemable convertible preferred stock accretion to redemption value (14,000)                  
Paid-in-kind dividend on Series C redeemable convertible preferred stock (15,582,000)                  
Exercise of stock options (in shares)           411,000        
Exercise of stock options 597,000             597,000    
Repurchase of common stock for business combination (in shares)           (2,105,000)        
Stock-based compensation expense 9,608,000             9,608,000    
Other comprehensive income (loss) 27,000               27,000  
Net loss (323,021,000)                 (323,021,000)
Ending balance (in shares) at Jun. 30, 2024           202,041,000        
Ending balance at Jun. 30, 2024 $ (1,043,940,000)         $ 1,000 (32,054,000) 53,232,000 (63,000) (1,065,056,000)
Beginning balance (in shares) at Dec. 31, 2024 184,635,000 184,635,000 0              
Beginning balance at Dec. 31, 2024 $ 1,722,111,000 $ 1,722,111,000 [1] $ 0 [1]              
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Series C redeemable convertible preferred stock accretion to redemption value   $ 29,000                
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)   (184,635,000) 29,874,000              
Conversion of redeemable convertible preferred stock in connection with initial public offering   $ (1,722,140,000) $ 1,163,159,000              
Ending balance (in shares) at Mar. 31, 2025   0 29,874,000              
Ending balance at Mar. 31, 2025   $ 0 $ 1,163,159,000              
Beginning balance (in shares) at Dec. 31, 2024           232,887,000        
Beginning balance at Dec. 31, 2024 (413,598,000)         $ 1,000 (33,524,000) 1,096,160,000 0 (1,476,235,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Series C redeemable convertible preferred stock accretion to redemption value (29,000)             (29,000)    
Cash dividend on Series C redeemable convertible preferred stock (28,693,000)             (28,693,000)    
Reclassification of warrants from liability to equity classified 172,808,000             172,808,000    
Issuance of common stock (in shares)           36,590,000        
Issuance of common stock 1,391,515,000             1,391,515,000    
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)           155,112,000        
Conversion of redeemable convertible preferred stock in connection with initial public offering 558,982,000         $ 1,000   558,981,000    
Issuance of common stock for contract incentive (in shares)           8,750,000        
Issuance of common stock for contract incentive 350,000,000             350,000,000    
Issuance of common stock upon settlement of restricted stock units (in shares)           911,000        
Tax withholdings on settlement of restricted stock units (in shares)           (392,000)        
Tax withholdings on settlement of restricted stock units (15,685,000)             (15,685,000)    
Exercise of stock options (in shares)           1,675,000        
Exercise of stock options 2,794,000             2,794,000    
Stock-based compensation expense 202,670,000             202,670,000    
Net loss (314,641,000)                 (314,641,000)
Ending balance (in shares) at Mar. 31, 2025           435,533,000        
Ending balance at Mar. 31, 2025 $ 1,906,123,000         $ 2,000 (33,524,000) 3,730,521,000 0 (1,790,876,000)
Beginning balance (in shares) at Dec. 31, 2024 184,635,000 184,635,000 0              
Beginning balance at Dec. 31, 2024 $ 1,722,111,000 $ 1,722,111,000 [1] $ 0 [1]              
Ending balance (in shares) at Jun. 30, 2025 0 0 29,874,066              
Ending balance at Jun. 30, 2025 [1]   $ 0 $ 1,163,159,000              
Beginning balance (in shares) at Dec. 31, 2024           232,887,000        
Beginning balance at Dec. 31, 2024 $ (413,598,000)         $ 1,000 (33,524,000) 1,096,160,000 0 (1,476,235,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exercise of stock options (in shares) 2,950,000                  
Net loss $ (605,150,000)                  
Ending balance (in shares) at Jun. 30, 2025           458,177,000        
Ending balance at Jun. 30, 2025 $ 2,657,647,000         $ 2,000 (33,524,000) 4,772,825,000 (271,000) (2,081,385,000)
Beginning balance (in shares) at Mar. 31, 2025   0 29,874,000              
Beginning balance at Mar. 31, 2025   $ 0 $ 1,163,159,000              
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Series C redeemable convertible preferred stock accretion to redemption value     $ 0              
Ending balance (in shares) at Jun. 30, 2025 0 0 29,874,066              
Ending balance at Jun. 30, 2025 [1]   $ 0 $ 1,163,159,000              
Beginning balance (in shares) at Mar. 31, 2025           435,533,000        
Beginning balance at Mar. 31, 2025 $ 1,906,123,000         $ 2,000 (33,524,000) 3,730,521,000 0 (1,790,876,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Issuance of common stock (in shares)           1,760,000        
Issuance of common stock 67,669,000             67,669,000    
Issuance of common stock upon settlement of restricted stock units (in shares)           1,811,000        
Tax withholdings on settlement of restricted stock units (in shares)           (904,000)        
Tax withholdings on settlement of restricted stock units (92,541,000)             (92,541,000)    
Issuance of common stock and restricted stock awards for business combination (in shares)           19,174,000        
Issuance of common stock and restricted stock awards for business combination 928,900,000             928,900,000    
Issuance of replacement restricted stock units for business combination 3,861,000             3,861,000    
Tax withholdings on issuance of common stock and restricted stock awards for business combination (in shares)           (472,000)        
Tax withholdings on issuance of common stock and restricted stock awards for business combination (24,332,000)             (24,332,000)    
Exercise of stock options (in shares)           1,275,000        
Exercise of stock options 1,744,000             1,744,000    
Stock-based compensation expense 157,003,000             157,003,000    
Other comprehensive income (loss) (271,000)               (271,000)  
Net loss (290,509,000)                 (290,509,000)
Ending balance (in shares) at Jun. 30, 2025           458,177,000        
Ending balance at Jun. 30, 2025 $ 2,657,647,000         $ 2,000 $ (33,524,000) $ 4,772,825,000 $ (271,000) $ (2,081,385,000)
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.