v3.26.1
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity - USD ($)
$ in Millions
Total
Share Repurchases from Current and Former xAI Employees
Share Repurchases from Existing Shareholders
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Conversion of redeemable convertible preferred stock to common stock
IPO
Issuances Excluding IPO
Common Stock
Common Stock
Share Repurchases from Current and Former xAI Employees
Common Stock
Share Repurchases from Existing Shareholders
Common Stock
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Common Stock
Conversion of redeemable convertible preferred stock to common stock
Common Stock
IPO
Common Stock
Issuances Excluding IPO
Additional Paid-in Capital
Additional Paid-in Capital
Share Repurchases from Current and Former xAI Employees
Additional Paid-in Capital
Share Repurchases from Existing Shareholders
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock to common stock
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Issuances Excluding IPO
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2024 1,748,000,000                                            
Beginning balance at Dec. 31, 2024 $ 20,941                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 145,000,000                                            
Issuance of redeemable convertible preferred stock $ 4,146                                            
Conversion of redeemable convertible preferred stock (in shares) 0                                            
Conversion of redeemable convertible preferred stock $ (1)                                            
Ending balance (in shares) at Jun. 30, 2025 1,893,000,000                                            
Ending balance at Jun. 30, 2025 $ 25,086                                            
Balances, beginning of period (in shares) at Dec. 31, 2024               3,023,000,000                              
Balance, beginning of period at Dec. 31, 2024 4,863             $ 3             $ 35,865             $ (32,098) $ 1,093
Shareholders’ Equity                                              
Share-based compensation 768                           768                
Common stock issued, net (in shares)               51,000,000                              
Common stock issued, net 807             $ 1             806                
Conversion of stock (in shares)               2,000,000                              
Conversion of stock $ 1             $ 0             1                
Repurchase of common stock (in shares) (28,200,000)             (29,000,000)                              
Repurchase of common stock $ (520)             $ 0             (520)                
Transfer of equity in business combination (in shares)               1,000,000                              
Transfer of equity in business combination 39             $ 0             39                
Net loss (1,536)                                         (1,536)  
Other comprehensive income (loss) 795                                           795
Balances, end of period (in shares) at Jun. 30, 2025               3,048,000,000                              
Balance, end of period at Jun. 30, 2025 $ 5,217             $ 4             36,959             (33,634) 1,888
Beginning balance (in shares) at Mar. 31, 2025 1,748,000,000                                            
Beginning balance at Mar. 31, 2025 $ 20,940                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 145,000,000                                            
Issuance of redeemable convertible preferred stock $ 4,146                                            
Ending balance (in shares) at Jun. 30, 2025 1,893,000,000                                            
Ending balance at Jun. 30, 2025 $ 25,086                                            
Balances, beginning of period (in shares) at Mar. 31, 2025               3,024,000,000                              
Balance, beginning of period at Mar. 31, 2025 5,319             $ 3             36,590             (32,626) 1,352
Shareholders’ Equity                                              
Share-based compensation 506                           506                
Common stock issued, net (in shares)               25,000,000                              
Common stock issued, net $ (124)             $ 1             (125)                
Repurchase of common stock (in shares) (300,000)             (1,000,000)                              
Repurchase of common stock $ (12)                           (12)                
Net loss (1,008)                                         (1,008)  
Other comprehensive income (loss) 536                                           536
Balances, end of period (in shares) at Jun. 30, 2025               3,048,000,000                              
Balance, end of period at Jun. 30, 2025 $ 5,217             $ 4             36,959             (33,634) 1,888
Beginning balance (in shares) at Dec. 31, 2025 2,046,000,000                                            
Beginning balance at Dec. 31, 2025 $ 38,752                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 78,000,000                                            
Issuance of redeemable convertible preferred stock $ 5,869                                            
Conversion of redeemable convertible preferred stock (in shares)       (1,987,000,000) (135,000,000)                                    
Conversion of redeemable convertible preferred stock       $ (37,476) $ (7,076)                                    
Repurchase of redeemable convertible preferred stock (in shares) (2,100,000)                                            
Repurchase of redeemable convertible preferred stock $ (69)                                            
Ending balance (in shares) at Jun. 30, 2026 0                                            
Ending balance at Jun. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Dec. 31, 2025               3,079,000,000                              
Balance, beginning of period at Dec. 31, 2025 2,573             $ 4             37,706             (37,035) 1,898
Shareholders’ Equity                                              
Share-based compensation 1,570                           1,570                
Common stock issued, net (in shares)                         639,000,000 1,372,000,000                  
Common stock issued, net           $ 85,675 $ 2,208           $ 1 $ 1           $ 85,674 $ 2,207    
Conversion of stock (in shares)                     1,424,000,000 6,728,000,000                      
Conversion of stock       $ 37,475 $ 7,076           $ 1 $ 6           $ 37,474 $ 7,070        
Repurchase of common stock (in shares)   (25,000,000.0) (41,000,000.0)           (25,000,000) (41,000,000)                          
Repurchase of common stock   $ (2,413) $ (1,944)                         $ (2,413) $ (1,944)            
Net loss (4,817)                                         (4,817)  
Other comprehensive income (loss) (179)                                           (179)
Balances, end of period (in shares) at Jun. 30, 2026               13,176,000,000                              
Balance, end of period at Jun. 30, 2026 $ 127,224             $ 13             167,344             (41,852) 1,719
Beginning balance (in shares) at Mar. 31, 2026 135,000,000                                            
Beginning balance at Mar. 31, 2026 $ 7,049                                            
Redeemable Convertible Preferred Stock                                              
Conversion of redeemable convertible preferred stock (in shares) (135,000,000)                                            
Conversion of redeemable convertible preferred stock $ (7,049)                                            
Repurchase of redeemable convertible preferred stock (in shares) 0                                            
Ending balance (in shares) at Jun. 30, 2026 0                                            
Ending balance at Jun. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Mar. 31, 2026               5,798,000,000                              
Balance, beginning of period at Mar. 31, 2026 34,533             $ 6             74,083             (41,311) 1,755
Shareholders’ Equity                                              
Share-based compensation 877                           877                
Common stock issued, net (in shares)                         639,000,000 26,000,000                  
Common stock issued, net           $ 85,675 $ (253)           $ 1             $ 85,674 $ (253)    
Conversion of stock (in shares)               6,723,000,000                              
Conversion of stock $ 7,049             $ 6             7,043                
Repurchase of common stock (in shares) (10,500,000)             (10,000,000)                              
Repurchase of common stock $ (80)                           (80)                
Net loss (541)                                         (541)  
Other comprehensive income (loss) (36)                                           (36)
Balances, end of period (in shares) at Jun. 30, 2026               13,176,000,000                              
Balance, end of period at Jun. 30, 2026 $ 127,224             $ 13             $ 167,344             $ (41,852) $ 1,719