v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (480.9) $ (299.4)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 17.9 8.9
Stock-based compensation expense 156.0 81.9
Change in fair value of warrant liabilities (26.9) (1.7)
Non-cash lease expense 3.7 1.8
Research and development warrant expense 0.0 1.6
General and administrative warrant expense 1.1 0.0
Loss on disposal of property and equipment, net 0.6 0.0
Amortization of short-term investments purchased at a premium 3.0 0.0
Others 0.6 0.0
Changes in operating assets and liabilities:    
Prepaid expenses 3.3 0.5
Other current assets (7.6) 0.9
Other long-term assets (7.9) (1.3)
Accounts payable 0.9 5.4
Accrued expenses and other current liabilities 39.1 4.0
Operating lease right-of-use assets and lease liabilities, net (2.8) (2.2)
Other long-term liabilities (5.6) 1.6
Net cash used in operating activities (305.5) (198.0)
Cash flows from investing activities    
Purchase of property and equipment (69.7) (28.9)
Proceeds from maturities of short-term investments 230.0 0.0
Acquisition of intangible assets 0.0 (5.2)
Business acquisition, net of cash acquired (28.7) 0.0
Net cash provided by (used in) investing activities 131.6 (34.1)
Cash flows from financing activities    
Repayment of long-term debt (0.2) 0.0
Proceeds from PIPE financing 0.0 10.0
Proceeds from issuance of common stock 0.0 1,151.8
Proceeds from exercise of stock options 0.1 0.0
Proceeds from shares issued under employee stock purchase plan 5.2 3.8
Payment of offering costs in connection with financing activities 0.0 (44.3)
Net cash provided by financing activities 5.1 1,121.3
Net change in cash, cash equivalents, and restricted cash (168.8) 889.2
Cash, cash equivalents, and restricted cash, beginning of period 1,028.8 841.3
Cash, cash equivalents, and restricted cash, end of period 860.0 1,730.5
Non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses 23.0 5.6
Purchases of property and equipment in common stock 15.1 0.0
Purchase of business acquisition in common stock 2.9 0.0
Payment of offering costs in connection with financing activities in common stock 0.0 1.7
Fair value of option to acquire FBO business included in purchase consideration $ 44.8 $ 0.0