v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (816) $ (748) $ (796)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 30 21 21
Reduction in the carrying amount of right-of-use assets 28 28 27
Stock-based compensation 188 144 160
Change in fair value of derivative liabilities (29) 24 20
Accretion of discount on investments (11) (28) (28)
Other operating activities 0 (1) 0
Changes in operating assets and liabilities:      
Other current and non-current assets (9) (22) 1
Operating lease liabilities (29) (26) (25)
Other current and non-current liabilities 67 (3) 22
Net cash used in operating activities (581) (611) (598)
Cash flows from investing activities      
Purchases of property and equipment (31) (34) (15)
Purchases of investments (1,452) (1,030) (1,297)
Maturities and sales of investments 1,238 892 1,320
Net cash (used in) provided by investing activities (245) (172) 8
Cash flows from financing activities      
Proceeds from issuance of common stock 916 497 840
Payments for taxes on net settlement of equity incentive awards (79) (2) (7)
Other financing activities (3) (3) (2)
Net cash provided by financing activities 834 492 831
Net increase (decrease) in cash, cash equivalents, and restricted cash 8 (291) 241
Cash, cash equivalents, and restricted cash at beginning of the period 227 518 277
Cash, cash equivalents, and restricted cash at end of the period $ 235 $ 227 $ 518