v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Cash and Cash Equivalents, and Restricted Cash Reconciliation
Level
June 30,
2026
December 31,
2025
(In thousands)
Money market fundsLevel 1$— $353,841 
U.S. Government money market fundsLevel 1755,518 — 
Prime money market fundsLevel 1728,455 — 
Total money market funds (included in Cash and cash equivalents)$1,483,973 $353,841 
The following table presents a reconciliation of cash and cash equivalents, and restricted cash reported for each period within the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows that sum to the total of such amounts.
June 30,
2026		June 30,
2025		December 31,
2025
(In thousands)
Cash and cash equivalents$1,530,147 $121,791 $359,925 
Restricted cash (included in Other assets, current)64,222 — — 
Cash, cash equivalents and restricted cash$1,594,369 $121,791 $359,925 
Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis
The following table presents the Company’s Level 3 financial liabilities measured at fair value on a recurring basis. The Company has no Level 3 financial assets measured at fair value on a recurring basis.
June 30,
2026		December 31,
2025
(In thousands)
Liabilities
Earnout liability$— $108,671 
Warrant liabilities
Series A Warrant40,690 19,534 
Government Grant Warrant323,499 — 
Total Warrant liabilities364,189 19,534 
Total$364,189 $128,205 
Schedule of Fair Value of Measurement Inputs The following table summarizes the significant inputs used to value the earnout liability as of the dates indicated. In the second quarter of 2026, all contingent conditions required for the conversion of earnout shares were satisfied, and the shares were subsequently distributed to their holders at a fair value of $215.8 million on the date of conversion.
June 30,
2026		December 31,
2025
Share price(1)$11.90
Expected volatility(1)70.1%
Risk-free interest rate(1)3.70%
Remaining term (in years)(1)5.2
(1)As of June 30, 2026, all earnout shares had been distributed and there were no shares outstanding.
The following table summarizes the significant inputs used to value the Series A Warrant liability as of the dates indicated.
June 30,
2026		December 31,
2025
Share price$21.58$11.90
Exercise price
$7.00$7.00
Expected volatility68.1%67.3%
Risk-free rate4.1%3.6%
Dividend yield—%—%
Put term (in years)3.74.2
The following table summarizes the significant inputs used to value the Government Grant Warrant liability as of the dates indicated. See Note 13, “Government Grants – U.S. Department of Commerce CHIPS Act Awards,” for additional information related to the Government Grant Warrant liability.
June 30,
2026		June 3,
2026
Share price$21.58$27.98
Exercise price$17.17$17.17
Expected volatility79.4%79.7%
Risk-free rate4.4%4.4%
Dividend yield—%—%
Put term (in years)9.910.0
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the reconciliation of the earnout liability measured at fair value on a recurring basis for the dates indicated.
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
(In thousands)
Balance, beginning of period$145,080 $46,232 $108,671 $— 
Establishment of liability at March 13, 2025— — — 99,639 
Unrealized loss in estimated fair value (1)
70,747 53,775 107,156 368 
Conversion of earnout shares (2)
(215,827)— (215,827)— 
Balance, end of period$— $100,007 $— $100,007 
(1)The “Unrealized loss in estimated fair value” is recognized in (Loss) gain on fair market value of financial instruments, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
(2)In the second quarter of 2026, all contingent conditions required for the conversion of earnout shares were satisfied, and the shares were subsequently distributed to their holders. The amount represents the fair value of the earnout liability on the date of conversion.
The following table presents the reconciliation of the Series A Warrant liability measured at fair value on a recurring basis for the dates indicated.
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
(In thousands)
Balance, beginning of period$26,491 $34,475 $19,534 $— 
Establishment of liability at March 13, 2025— — — 40,652 
Unrealized loss in estimated fair value (1)
14,199 35,758 21,343 29,581 
Warrant exercises
— (16,518)(187)(16,518)
Balance, end of period$40,690 $53,715 $40,690 $53,715 
(1)The “Unrealized loss in estimated fair value” is recognized in (Loss) gain on fair market value of financial instruments, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
The following table presents the reconciliation of the Government Grant Warrant liability measured at fair value on a recurring basis for the dates indicated.
Three and Six Months Ended June 30, 2026
(In thousands)
Balance, beginning of period$— 
Establishment of liability at June 3, 2026430,862 
Unrealized gain in estimated fair value (1)
(107,363)
Balance, end of period$323,499 
(1)The “Unrealized gain in estimated fair value” is recognized in (Loss) gain on fair market value of financial instruments, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss.