v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 732,601 $ 997,827
Short-term investments (including nil and $50,000 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) 28,712 631,093
Accounts receivable, net (including $186,581 and $120,540 from a related party as of June 30, 2026 and December 31, 2025, respectively) 223,050 177,162
Inventory 1,378,653 1,109,529
Prepaid expenses 72,458 59,606
Other current assets 341,067 324,434
Total current assets 2,776,541 3,299,651
Property, plant and equipment, net 4,222,841 3,978,132
Right-of-use assets 249,019 241,974
Long-term investments (including $14,191 and $24,259 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) 14,191 512,241
Other noncurrent assets 436,234 354,983
TOTAL ASSETS 7,698,826 8,386,981
Current liabilities:    
Accounts payable 366,907 487,521
Finance lease liabilities, current portion 5,045 84,222
Current portion of debt ($503,088 and $467,963 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) 707,142 671,746
Other current liabilities (including $73,134 and $81,580 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) 1,359,101 1,392,641
Total current liabilities 2,438,195 2,636,130
Finance lease liabilities, net of current portion 102,685 104,559
Debt, net of current portion (including $497,426 and nil associated with a related party as of June 30, 2026 and December 31, 2025, respectively) 2,546,556 2,046,576
Other long-term liabilities (including $123,504 and $123,198 associated with related parties as of June 30, 2026 and December 31, 2025, respectively) 599,441 582,739
Derivative liabilities associated with redeemable convertible preferred stock (related party) 163,655 16,200
Total liabilities 5,850,532 5,386,204
Commitments and contingencies (Note 11)
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) 2,906,257 2,283,490
STOCKHOLDERS’ EQUITY (DEFICIT)    
Common stock, par value $0.0001; 1,500,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 394,155,958 and 327,451,844 shares issued and 394,070,176 and 327,366,062 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 39 33
Additional paid-in capital 16,636,039 16,337,023
Treasury stock, at cost, 85,782 shares at June 30, 2026 and December 31, 2025 (20,716) (20,716)
Accumulated other comprehensive income 615 11,692
Accumulated deficit (17,673,940) (15,610,745)
Total stockholders’ equity (deficit) (1,057,963) 717,287
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) 7,698,826 8,386,981
Series A Derivative Liability    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) 1,469,464 1,339,641
Series B Derivative Liability    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) $ 1,032,514 $ 943,849