v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,644,704 $ 788,445
Restricted cash 8,400 0
Marketable debt securities 820,454 439,526
Accounts receivable, net 1,979 0
Prepaid expenses and other current assets 45,372 25,798
Total current assets 2,520,909 1,253,769
Restricted cash, noncurrent portion 8,500 0
Marketable debt securities, net of current portion 541,131 184,568
Property, plant and equipment, net 176,195 42,312
Operating lease right-of-use assets 3,160 1,384
Intangible assets, net 44,203 27,500
Goodwill 16,535 6,621
Other assets 47,249 12,303
Total assets 3,357,882 1,528,457
Current liabilities:    
Accounts payable 10,470 4,145
Accrued expenses and other 38,023 20,497
Operating lease liabilities 1,025 904
Other current liabilities 2,499 0
Total current liabilities 52,017 25,546
Operating lease liabilities, net of current portion 2,234 546
Long-term debt, net of current portion 700 0
Right of first refusal liability 25,000 25,000
Deferred tax liabilities 1,157 1,155
Other liabilities 3,217 0
Total liabilities 84,325 52,247
Commitments and contingencies
Stockholders' equity:    
Class A common stock, $0.0001 par value – 500,000,000 shares authorized; 185,090,155 and 160,514,103 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 18 16
Additional paid-in capital 3,599,945 1,715,787
Accumulated deficit (322,373) (240,772)
Accumulated other comprehensive (loss) income (4,033) 1,179
Total stockholders’ equity 3,273,557 1,476,210
Total liabilities and stockholders’ equity $ 3,357,882 $ 1,528,457