v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (1,063,990) $ (209,782)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 89,216 17,177
Stock-based compensation 270,362 132,421
(Gain) loss on change in fair value of warrant liabilities 591,487 1,083
Deferred income taxes (12,879) (15,300)
(Gain) loss on change in fair value of strategic investments (63,991) 0
Other, net 1,098 (2,038)
Changes in operating assets and liabilities:    
Accounts receivable (28,525) (3,595)
Prepaid expenses and other current assets (66,685) (25,142)
Accounts payable 14,641 1,094
Accrued expenses and other current liabilities (13,894) 20,741
Unearned revenue 31,895 (4)
Other assets and liabilities (3,516) (2,254)
Net cash provided by (used in) operating activities (254,781) (85,599)
Cash flows from investing activities:    
Purchases of property and equipment (18,583) (3,501)
Purchases of available-for-sale securities (588,328) (435,130)
Maturities of available-for-sale securities 845,900 211,180
Sales of available-for-sale securities 317,972 0
Purchases of strategic investments (80,500) 0
Businesses acquired, net of cash paid and acquired (31,789) 28,667
Other investing, net (2,552) (2,193)
Net cash provided by (used in) investing activities 442,120 (200,977)
Cash flows from financing activities:    
Proceeds from common stock and warrant issuance, net of issuance costs 0 358,254
Proceeds from stock options exercised 11,535 7,564
Proceeds from public warrants exercised 3,005 5,592
Tax withholding receipts (payments) related to equity awards, net 7,836 1,447
Other financing, net (3,459) 0
Net cash provided by (used in) financing activities 18,917 372,857
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (714) 391
Net change in cash, cash equivalents and restricted cash 205,542 86,672
Cash, cash equivalents and restricted cash at the beginning of the period 1,037,748 56,840
Cash, cash equivalents and restricted cash at the end of the period 1,243,290 143,512
Supplemental disclosures of non-cash investing and financing transactions    
Property and equipment purchases in accounts payable and accrued expenses 3,414 465
Operating lease right-of-use assets subject to lease liability 19,122 0
Noncash reclassification of warrant liabilities to equity upon exercise 10,666 13,728
Bonus settled in restricted stock units 27,982 6,969
Conversion of investment in convertible debt securities to investment in equity securities 37,110 0
Equity issued for acquisitions 238,617 461,831
Equity issued for intangible assets 14,760 0
Equity issued for research and development arrangement $ 73,046 $ 0