v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net cash used in operating activities $ (150,905) $ (468,361)
Investing activities:    
Payments for purchases of property, equipment and software and intangible assets (52,493) (49,510)
Proceeds from disposal of property, equipment and software 11,814 7,387
Payments for purchases of short-term investments   (48,150)
Proceeds from sales of short-term investments   48,257
Receipts of government grants related to assets   28,063
Payments for investments in equity investees   (281)
Disposal of a subsidiary, net of cash disposed (371)  
Payments for purchases of securities pledged to an investor   (500,000)
Proceeds from sales of securities pledged to an investor   189,630
Proceeds from interest arising from securities pledged to an investor 4,469 4,469
Loans to a related party   (222,865)
Proceed from settlement of related party loans   140
Proceed from settlement of derivative instruments 740  
Net cash used in investing activities (35,841) (542,860)
Financing activities:    
Repayments of refundable deposits in connection with the PIPE investments   (10,264)
Proceeds from issuance of exchangeable notes 27,842  
Repayments of exchangeable notes   (365,994)
Proceeds from issuance of ordinary shares to exchangeable notes holders   361,262
Proceeds from issuance of convertible notes 189,263 119,284
Repayments of convertible notes (119,263)  
Proceeds from exercise of public warrants   5,700
Proceeds from short-term borrowings 809,735 439,922
Repayments of short-term borrowings (601,425) (151,118)
Payments of cash collateral to Meritz (74,469)  
Net cash provided by financing activities 231,706 1,248,800
Effect of exchange rate changes on cash and restricted cash (38,349) (20,899)
Net increase in cash and restricted cash 6,611 216,680
Cash and restricted cash at beginning of the period 484,937 427,135
Cash and restricted cash at end of the period 491,548 643,815
Reconciliation of cash and restricted cash:    
Cash 67,849 268,781
Restricted cash, current 420,971 373,887
Restricted cash, non-current 2,728 1,147
Total cash and restricted cash 491,548 643,815
Supplemental information    
Interest paid 16,614 6,915
Income taxes paid 1,455 573
Income taxes refund (349) (13)
Non-cash investing and financing activities:    
Purchase of property, equipment and software and intangible assets included in accrued expenses and other current liabilities 37,921 63,354
Issuance costs payable 6,556 32,406
Receivable from a disposal of an equity investment under common control 58,671  
Receivable from issuance of ordinary shares to Westwood 82  
Accretion of redeemable convertible preferred shares   2,979
Issuance of ordinary shares through conversion of convertible notes   30,114
Issuance of ordinary shares through conversion of redeemable convertible preferred shares   386,509
PIPE investors and LCAA    
Financing activities:    
Proceeds from issuance of ordinary shares to PIPE investors and LCAA, net of transaction costs   850,008
Westwood    
Financing activities:    
Proceeds from issuance of ordinary shares to Westwood $ 23  
Related party    
Investing activities:    
Proceed from settlement of related party loans   $ 140