v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 700,356 $ 997,827
Short-term investments (including nil and $50,000 associated with a related party as of March 31, 2026 and December 31, 2025, respectively) 0 631,093
Accounts receivable, net (including $95,278 and $120,540 from a related party as of March 31, 2026 and December 31, 2025, respectively) 131,244 177,162
Inventory 1,468,853 1,109,529
Prepaid expenses 63,880 59,606
Other current assets 392,336 324,434
Total current assets 2,756,669 3,299,651
Property, plant and equipment, net 4,028,772 3,978,132
Right-of-use assets 258,414 241,974
Long-term investments (including $13,615 and $24,259 associated with a related party as of March 31, 2026 and December 31, 2025, respectively) 13,615 512,241
Other noncurrent assets 425,698 354,983
TOTAL ASSETS 7,483,168 8,386,981
Current liabilities:    
Accounts payable (including $20,127 and nil associated with a related party as of March 31, 2026 and December 31, 2025, respectively) 484,853 487,521
Finance lease liabilities, current portion 5,029 84,222
Current portion of debt ($503,530 and $467,963 associated with related party as of March 31, 2026 and December 31, 2025, respectively) 707,449 671,746
Other current liabilities (including $69,859 and $81,580 associated with related parties as of March 31, 2026 and December 31, 2025, respectively) 1,496,972 1,392,641
Total current liabilities 2,694,303 2,636,130
Finance lease liabilities, net of current portion 103,833 104,559
Debt, net of current portion 2,047,844 2,046,576
Other long-term liabilities (including $123,350 and $123,198 associated with related parties as of March 31, 2026 and December 31, 2025, respectively) 590,277 582,739
Derivative liabilities associated with redeemable convertible preferred stock (related party) 8,825 16,200
Total liabilities 5,445,082 5,386,204
Commitments and contingencies (Note 11)
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) 2,389,452 2,283,490
STOCKHOLDERS’ EQUITY (DEFICIT)    
Common stock, par value $0.0001; 1,500,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 330,230,365 and 327,451,844 shares issued and 330,144,583 and 327,366,062 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 33 33
Additional paid-in capital 16,304,893 16,337,023
Treasury stock, at cost, 85,782 shares at March 31, 2026 and December 31, 2025 (20,716) (20,716)
Accumulated other comprehensive income 3,513 11,692
Accumulated deficit (16,639,089) (15,610,745)
Total stockholders’ equity (deficit) (351,366) 717,287
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) 7,483,168 8,386,981
Series A Derivative Liability    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) 1,402,103 1,339,641
Series B Derivative Liability    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) $ 987,349 $ 943,849