v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (1,028,344) $ (366,171)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 116,412 97,959
Amortization of insurance premium 9,296 8,914
Non-cash operating lease cost 15,162 8,551
Stock-based compensation 61,030 27,515
Inventory and firm purchase commitments write-downs 228,317 147,918
Change in fair value of common stock warrant liability 0 (12,861)
Change in fair value of equity securities of a related party 10,221 13,453
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) (7,375) (281,700)
Net accretion of investment discounts/premiums (941) (13,480)
Other non-cash items (2,805) 2,718
Changes in operating assets and liabilities:    
Accounts receivable (including $25,262 and $4,116 from a related party for the three months ended March 31, 2026 and 2025, respectively) 44,835 21,781
Inventory (576,397) (206,470)
Prepaid expenses (12,099) (7,423)
Other assets (127,445) (612)
Accounts payable (11,112) (377)
Other liabilities 95,586 131,672
Net cash used in operating activities (1,185,659) (428,613)
Cash flows from investing activities:    
Purchases of property, plant and equipment (including $(47,134) and $(41,993) from a related party for the three months ended March 31, 2026 and 2025, respectively) (253,167) (161,241)
Proceeds from maturities of investments (including $50,000 and nil from a related party for the three months ended March 31, 2026 and 2025, respectively) 177,228 1,062,291
Proceeds from sale of investments 951,125 0
Purchases of investments (including nil and $(30,000) from a related party for the three months ended March 31, 2026 and 2025, respectively) 0 (287,029)
Net cash provided by investing activities 875,186 614,021
Cash flows from financing activities:    
Proceeds from borrowings from a related party 35,994 66,656
Proceeds from exercise of stock options 2,768 413
Tax withholding payments for net settlement of employee awards (1,105) (3,277)
Payment for finance lease liabilities (1,212) (554)
Payment for credit facility issuance costs to a related party 0 (507)
Payments of transaction costs for the issuance of 2031 Notes (1,165) 0
Net cash provided by financing activities 35,280 62,731
Net increase (decrease) in cash, cash equivalents, and restricted cash (275,193) 248,139
Beginning cash, cash equivalents, and restricted cash 1,040,913 1,607,052
Ending cash, cash equivalents, and restricted cash 765,720 1,855,191
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 6,589 4,321
Cash paid for taxes 910 0
Supplemental disclosure of non-cash investing and financing activity:    
Decreases in purchases of property, plant and equipment included in accounts payable and other current liabilities (6,282) (32,911)
Property, plant and equipment and right-of-use assets obtained through leases 32,370 27,813
Decrease in property, plant, and equipment related to finance lease asset remeasurements (79,262) 0
Change in fair value of common stock warrant liability    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of common stock warrant liability $ 0 $ (12,861)