v3.26.1
Mezzanine and Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Mezzanine and Stockholders’ Equity Mezzanine and Stockholders' Equity
The following table presents the number of shares of Common Stock and Preferred Stock authorized and outstanding as of the dates indicated.
Shares Outstanding
Class of StockAuthorizedPar ValueJune 30,
2026		December 31,
2025
(In thousands, except par value)
Common stock750,000 $0.0001244,671 148,055 
Preferred stock
12% Series A Cumulative Convertible Preferred Stock (1)
15,000 $0.00011,224 1,224 
Undesignated preferred stock
35,000 $0.0001— — 
Total preferred stock50,000 $0.00011,224 1,224 
Total authorized800,000 
(1)The liquidation value was $10.3 million and $8.9 million on June 30, 2026 and December 31, 2025, respectively.
$1.50 Billion Private Investment In Public Equity (“PIPE”)

On January 27, 2026, the Company closed a $1.50 billion private placement in the form of a PIPE (the “$1.50B PIPE”) with multiple investors. The Company issued 69.8 million shares of common stock on January 28, 2026 for gross proceeds of $1.50 billion and received net proceeds of $1.45 billion after deducting financing costs. The net proceeds are included in Cash and cash equivalents, and the 69.8 million shares issued are reflected in Common stock and Additional paid-in capital.
U.S. Department of Commerce CHIPS Act Agreements

On June 3, 2026, in connection with the Company's CHIPS Act agreements with the U.S. Department of Commerce (the “Dept. of Commerce”), the Company issued 16,132,790 shares of common stock and warrants to purchase 17,600,584 shares of common stock. See Note 13, “Government Grants – U.S. Department of Commerce CHIPS Act Awards,” for additional information regarding these instruments and the related accounting.