Stockholders’ Equity |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Stockholders' Equity Preferred Stock The Company is authorized to issue 1,000 million shares of preferred stock with a par value of $0.00001 per share. There were no shares of preferred stock issued and outstanding at March 31, 2026 and December 31, 2025. Common Stock The Company is authorized to issue 51,000 million shares of common stock with a par value of $0.00001 per share; of which 50,000 million shares are designated Class A common stock and 1,000 million shares are designated Class B common stock. Class A common stockholders are entitled to one vote for each share and Class B common stockholders are entitled to ten votes for each share. Class A and Class B have identical liquidation and dividend rights. Class B shares are convertible into Class A upon election by the holder or upon transfer (except for certain permitted transfers). The Company had 1,648 million and 1,625 million shares of Class A common stock issued and outstanding at March 31, 2026 and December 31, 2025, respectively. The Company had 308 million and 318 million shares of Class B common stock issued and outstanding at March 31, 2026 and December 31, 2025, respectively. At-The-Market Offering On February 14, 2025, the Company entered into a sales agreement with Cantor Fitzgerald & Co., TD Securities (USA) LLC, and Allen & Company LLC (the “Sales Agents”) pursuant to which the Company may offer and sell, from time to time and at its sole discretion, up to an aggregate amount of $500 million of the Company’s Class A common stock through the Sales Agents in an “at-the-market” offering (the “ATM Program”). On July 30, 2025, the Company increased the aggregate dollar amount of the Company’s Class A common stock that it may sell under the ATM Program to $1,421 million, of which $1,000 million remained available to be sold as of the date thereof. As of March 31, 2026, the Company has offered and sold approximately 154 million shares of Class A common stock through the ATM Program at an average price of $5.93 per share, for net proceeds of $888 million after transaction costs. During the three months ended March 31, 2026, the Company offered and sold approximately 3 million shares of Class A common stock through the ATM Program at an average price of $4.81 per share, for net proceeds of $14 million after transaction costs.
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