v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,589,398 $ 1,710,227
Accounts receivable [1] 6,430 5,747
Prepaid expenses and other current assets [1] 24,993 23,494
Total current assets 1,620,821 1,739,468
Property and equipment, net 370,971 348,540
Operating lease right-of-use assets 17,836 16,417
Other non-current assets 3,474 1,840
Total assets 2,013,102 2,106,265
Current liabilities:    
Accounts payable 22,411 24,503
Accrued expenses 29,000 35,109
Employee-related Liabilities, Current 8,817 3,334
Deferred revenue [2] 3,911 3,704
Operating lease liabilities 1,626 1,551
Notes payable 7,129 5,711
Other current liabilities 2,968 2,483
Total current liabilities 75,862 76,395
Deferred revenue, non-current [2] 13,230 12,550
Operating lease liabilities, non-current 18,184 16,838
Notes payable, non-current [3] 177,596 179,799
Other liabilities 2,975 2,847
Total liabilities 287,847 288,429
Commitments and contingencies (see Note 6)
Stockholders’ equity:    
Preferred stock, $0.0001 par value Authorized - 50,000,000 shares Issued and outstanding - 0 shares in 2025 and 2024 0 0
Additional paid-in capital 3,761,078 3,731,273
Accumulated deficit (2,035,759) (1,913,450)
Accumulated other comprehensive loss (87) (10)
Total stockholders’ equity 1,725,255 1,817,836
Total liabilities and stockholders’ equity 2,013,102 2,106,265
Class A common stock    
Stockholders’ equity:    
Common stock 22 22
Class B common stock    
Stockholders’ equity:    
Common stock $ 1 $ 1
[1] Includes related party amounts of $4,593 and $2,202 (accounts receivable) and $0 and $2,802 (prepaid expenses and other current assets) as of March 31, 2026, and December 31, 2025, respectively (see Note 11).
[2] Includes related party amounts of $1,162 and $1,011 (deferred revenue) and $8,970 and $8,290 (deferred revenue, non-current) as of March 31, 2026, and December 31, 2025, respectively (see Note 11).
[3] Includes related party amounts of $32,751 and $32,626 as of March 31, 2026, and December 31, 2025, respectively (see Note 11).