Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Net Loss Per Share, Basic and Diluted

The calculations of net loss per share were as follows (in thousands, except share and per-share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(122,309)	$	(78,278)
Convertible preferred stock PIK dividend	—		12,164
Net loss attributable to common stockholders	$	(122,309)	$	(90,442)
Denominator:
Weighted-average common shares outstanding, basic and diluted	229,644,583		45,634,214
Net loss per share, basic and diluted	$	(0.53)	$	(1.98)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	March 31, 2026	March 31, 2025
Series A convertible preferred stock	—	56,088,617
Series B convertible preferred stock	—	25,416,180
Series C convertible preferred stock	—	18,105,365
Warrants to purchase Class A common stock	2,552,467	—
Unvested restricted stock	4,232,979	—
Options to purchase Class A common stock	19,118,288	19,877,128
	25,903,734	119,487,290