v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Related Party
Series C Derivative Liability
Series C Derivative Liability
Related Party
2026 Underwriting Agreement
2026 Subscription Agreement
Related Party
Common Stock
Common Stock
2026 Underwriting Agreement
Common Stock
2026 Subscription Agreement
Related Party
Additional Paid-In Capital
Additional Paid-In Capital
Related Party
Additional Paid-In Capital
2026 Underwriting Agreement
Additional Paid-In Capital
2026 Subscription Agreement
Related Party
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024 175,000                              
Beginning balance at Dec. 31, 2024 $ 1,299,842                              
Increase (Decrease) in Temporary Equity [Roll Forward]                                
Accretion of redeemable convertible preferred stock (related party)   $ 564,748                            
Ending balance (in shares) at Jun. 30, 2025 175,000                              
Ending balance at Jun. 30, 2025 $ 1,864,590                              
Beginning balance (in shares) at Dec. 31, 2024 [1]             303,136,190                  
Beginning balance at Dec. 31, 2024 3,872,812           $ 30 [1]     $ 16,808,291       $ (20,716) $ (2,099) $ (12,912,694)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Net loss (905,603)                             (905,603)
Other comprehensive income (loss) 16,715                           16,715  
Tax withholding payments for net settlement of employee awards (9,449)                 (9,449)            
Issuance of common stock upon vesting of employee RSUs (in shares) [1]             3,173,276                  
Issuance of common stock upon vesting of employee RSUs 0           $ 1 [1]     (1)            
Issuance of common stock under employee stock purchase plan (in shares) [1]             685,401                  
Issuance of common stock under employee stock purchase plan 12,696                 12,696            
Issuance of common stock upon exercise of stock options (in shares) [1]             239,692                  
Issuance of common stock upon exercise of stock options 1,274                 1,274            
Purchase of capped call options (118,250)                 (118,250)            
Accretion of redeemable convertible preferred stock (related party) (564,748) (564,748)                 $ (564,748)          
Stock-based compensation 102,144                 102,144            
Ending balance (in shares) at Jun. 30, 2025 [1],[2]             307,234,559                  
Ending balance at Jun. 30, 2025 $ 2,407,591           $ 31 [1],[2]     16,231,957       (20,716) 14,616 (13,818,297)
Beginning balance (in shares) at Mar. 31, 2025 175,000                              
Beginning balance at Mar. 31, 2025 $ 1,664,767                              
Increase (Decrease) in Temporary Equity [Roll Forward]                                
Accretion of redeemable convertible preferred stock (related party)   199,823                            
Ending balance (in shares) at Jun. 30, 2025 175,000                              
Ending balance at Jun. 30, 2025 $ 1,864,590                              
Beginning balance (in shares) at Mar. 31, 2025 [2]             304,880,073                  
Beginning balance at Mar. 31, 2025 3,183,675           $ 31 [2]     16,477,875       (20,716) 5,350 (13,278,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Net loss (539,432)                             (539,432)
Other comprehensive income (loss) 9,266                           9,266  
Tax withholding payments for net settlement of employee awards (6,172)                 (6,172)            
Issuance of common stock upon vesting of employee RSUs (in shares) [2]             1,464,206                  
Issuance of common stock under employee stock purchase plan (in shares) [2]             685,401                  
Issuance of common stock under employee stock purchase plan 12,696                 12,696            
Issuance of common stock upon exercise of stock options (in shares) [2]             204,879                  
Issuance of common stock upon exercise of stock options 861                 861            
Purchase of capped call options (118,250)                 (118,250)            
Accretion of redeemable convertible preferred stock (related party) (199,823) (199,823)                 (199,823)          
Stock-based compensation 64,770                 64,770            
Ending balance (in shares) at Jun. 30, 2025 [1],[2]             307,234,559                  
Ending balance at Jun. 30, 2025 $ 2,407,591           $ 31 [1],[2]     16,231,957       (20,716) 14,616 (13,818,297)
Beginning balance (in shares) at Dec. 31, 2025 175,000   0                          
Beginning balance at Dec. 31, 2025 $ 2,283,490   $ 0                          
Increase (Decrease) in Temporary Equity [Roll Forward]                                
Issuance of Series C redeemable convertible preferred stock, net of derivative liability and issuance costs (related party) (in shares)       55,000                        
Issuance of Series C redeemable convertible preferred stock, net of derivative liability (related party)       $ 292,380                        
Accretion of redeemable convertible preferred stock (related party)   330,387                            
Ending balance (in shares) at Jun. 30, 2026 230,000   55,000                          
Ending balance at Jun. 30, 2026 $ 2,906,257   $ 404,279                          
Beginning balance (in shares) at Dec. 31, 2025 327,366,062           327,366,062                  
Beginning balance at Dec. 31, 2025 $ 717,287           $ 33     16,337,023       (20,716) 11,692 (15,610,745)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Net loss (2,063,195)                             (2,063,195)
Other comprehensive income (loss) (11,077)                           (11,077)  
Tax withholding payments for net settlement of employee awards (1,311)                 (1,311)            
Issuance of common stock upon vesting of employee RSUs (in shares)             4,528,062                  
Issuance of common stock under employee stock purchase plan (in shares)             1,768,507                  
Issuance of common stock under employee stock purchase plan $ 9,833                 9,833            
Issuance of common stock upon exercise of stock options (in shares) 311,391           311,391                  
Issuance of common stock upon exercise of stock options $ 2,785                 2,785            
Issuance of common stock under 2026 Underwriting Agreement and 2026 Subscription Agreement, net of issuance costs (in shares)               36,057,692 24,038,462              
Issuance of common stock under 2026 Underwriting Agreement and 2026 Subscription Agreement, net of issuance costs         $ 291,534 $ 199,844   $ 4 $ 2     $ 291,530 $ 199,842      
Accretion of redeemable convertible preferred stock (related party) (330,387) $ (330,387)                 $ (330,387)          
Stock-based compensation $ 126,724                 126,724            
Ending balance (in shares) at Jun. 30, 2026 394,070,176           394,070,176                  
Ending balance at Jun. 30, 2026 $ (1,057,963)           $ 39     16,636,039       (20,716) 615 (17,673,940)
Beginning balance (in shares) at Mar. 31, 2026 175,000                              
Beginning balance at Mar. 31, 2026 $ 2,389,452                              
Increase (Decrease) in Temporary Equity [Roll Forward]                                
Issuance of Series C redeemable convertible preferred stock, net of derivative liability and issuance costs (related party) (in shares)       55,000                        
Issuance of Series C redeemable convertible preferred stock, net of derivative liability (related party)       $ 292,380                        
Accretion of redeemable convertible preferred stock (related party) $ 224,425                              
Ending balance (in shares) at Jun. 30, 2026 230,000   55,000                          
Ending balance at Jun. 30, 2026 $ 2,906,257   $ 404,279                          
Beginning balance (in shares) at Mar. 31, 2026             330,144,583                  
Beginning balance at Mar. 31, 2026 (351,366)           $ 33     16,304,893       (20,716) 3,513 (16,639,089)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Net loss (1,034,851)                             (1,034,851)
Other comprehensive income (loss) (2,898)                           (2,898)  
Tax withholding payments for net settlement of employee awards (206)                 (206)            
Issuance of common stock upon vesting of employee RSUs (in shares)             2,058,113                  
Issuance of common stock under employee stock purchase plan (in shares)             1,768,507                  
Issuance of common stock under employee stock purchase plan 9,833                 9,833            
Issuance of common stock upon exercise of stock options (in shares)             2,819                  
Issuance of common stock upon exercise of stock options 17                 17            
Issuance of common stock under 2026 Underwriting Agreement and 2026 Subscription Agreement, net of issuance costs (in shares)               36,057,692 24,038,462              
Issuance of common stock under 2026 Underwriting Agreement and 2026 Subscription Agreement, net of issuance costs         $ 291,534 $ 199,844   $ 4 $ 2     $ 291,530 $ 199,842      
Accretion of redeemable convertible preferred stock (related party) (224,425)                 (224,425)            
Stock-based compensation $ 54,555                 54,555            
Ending balance (in shares) at Jun. 30, 2026 394,070,176           394,070,176                  
Ending balance at Jun. 30, 2026 $ (1,057,963)           $ 39     $ 16,636,039       $ (20,716) $ 615 $ (17,673,940)
[1]
(1) The number of shares of common stock has been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025. See Note 2 “Summary of Significant Accounting Policies” for more information.
[2] The number of shares of common stock has been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025. See Note 2 “Summary of Significant Accounting Policies” for more information.