The Company computes net income (loss) per share utilizing the two-class method required for participating securities. The two-class method determines net income per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed income. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the basic and diluted net income per share for all shares of Class A common stock and Class B common stock are the same and therefore presented on a combined basis.

The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income (loss) per share (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	43,690	$	(575,651)	$	78,818	$	(558,512)
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment (1)	—		—		—		104,174
Income allocated to participating securities	(588)		—		(1,784)		—
Net income (loss) attributable to common stockholders	$	43,102	$	(575,651)	$	77,034	$	(454,338)
Denominator:
Weighted-average number of shares used in computing net income (loss) per share attributable to common stockholders:
Basic	78,969		43,931		78,795		30,190
Diluted	83,424		43,931		82,344		30,190
Net income (loss) per share attributable to common stockholders:
Basic	$	0.55	$	(13.10)	$	0.98	$	(15.05)
Diluted	$	0.52	$	(13.10)	$	0.94	$	(15.05)

(1)As discussed in Note 2, Summary of Significant Accounting Policies- Redeemable Convertible Preferred Stock, the Company has concluded that transactions contemplated by the Stock Repurchase Agreement with Coatue resulted in a modification which should be accounted for as an extinguishment transaction. This extinguishment was treated as a deemed contribution for the purpose of calculating net income attributable to common stockholders.

Certain potentially issuable shares have been excluded from the calculation of diluted net loss per share during the three and six months ended June 30, 2025 because their inclusion would have been anti-dilutive (in thousands):


	Three Months Ended June 30, 2025	Six Months Ended June 30, 2025
Preferred Stock	2,582	2,582
Stock options	2,698	2,698
Restricted stock units	5,900	5,900
Performance restricted stock units	5,691	5,691
Total	16,871	16,871