Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Calculation for Basic and Diluted Net Loss Per Share

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


		Three Months Ended March 31,
		2026				2025
Numerator:
Net loss, basic		$	(125,919	)		$	(68,037	)
Plus: Gain due to a change in fair value for holdback liability			(1,167	)			—
Net loss, diluted		$	(127,086	)		$	(68,037	)
Denominator:
Weighted-average common shares outstanding, basic			178,880				170,506
Plus: Dilutive effect of holdback liability			84				—
Weighted-average common shares outstanding, diluted			178,964				170,506
Net loss per share, basic		$	(0.70	)		$	(0.40	)
Net loss per share, diluted		$	(0.71	)		$	(0.40	)

Schedule of Antidilutive Securities Excluded From the Computation of Earnings Per Share

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive.


		As of March 31,
		2026				2025
Deep 6 holdback liability			—				17,372
Unvested RSUs			5,435,199				5,761,861
Unvested RSAs			14,115				26,059
Unvested PSUs			2,714,600				—
Shares issuable upon conversion of Notes(1)			8,908,350				—
Total potentially dilutive shares			17,072,264				5,805,292

(1) As disclosed in Note 12, the Company entered into the Capped Call in connection with the pricing of the Notes. The Capped Call is generally expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the Notes. As such, the impact of the Capped Calls was excluded from the calculation as the effect of the Capped Calls if issued upon conversion of the Notes, would have been anti-dilutive.