Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Net loss	$	(1,028,344)	$	(366,171)
Accretion of redeemable convertible preferred stock (related party)	(105,962)		(364,925)
Net loss attributable to common stockholders, basic and diluted	$	(1,134,306)	$	(731,096)

Weighted-average shares outstanding, basic and diluted	328,285,861		303,631,731

Net loss per share attributable to common stockholders, basic and diluted	$	(3.46)	$	(2.41)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	March 31,
Excluded Securities	2026	2025
Private Placement Warrants to purchase common stock	4,435,000	4,435,000
Options outstanding to purchase common stock	1,640,548	2,644,818
RSUs outstanding	16,548,056	8,652,524
Employee stock purchase plan	4,886,841	2,414,344
If-converted common shares from 2026 Notes	372,950	3,673,819
If-converted common shares from 2030 Notes	36,666,630	—
If-converted common shares from 2031 Notes	46,846,313	—
If-converted common shares from Series A redeemable convertible preferred stock	33,258,443	30,426,265
If-converted common shares from Series B redeemable convertible preferred stock	19,794,423	18,108,797
Total	164,449,204	70,355,567

The Capped Call Transactions were also excluded from the computation of diluted net loss per share as they would be anti-dilutive. The 1,148,698 and 848,105 shares of common stock equivalents subject to RSUs were excluded from the anti-dilutive table above as the underlying shares remain contingently issuable since the market or corporate and individual performance conditions have not been satisfied as of March 31, 2026 and 2025, respectively.