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 loss $ (80,031) $ (91,031)
Adjustments to reconcile net loss to cash used in operating activities    
Equity-based compensation expense 11,003 1,282
Depreciation 1,579 135
Amortization of other intangible assets 2,713 0
Amortization of right of use assets 293 202
Foreign currency transactions (139) 0
Loss on fair market value of financial instruments 21,135 74,362
Other non-cash adjustments 14 2,099
Changes in operating assets and liabilities:    
Accounts receivable (2,506) 0
Inventories (26,428) 0
Prepaid and other assets (18,661) (1,035)
Accounts payable 7,465 (2,785)
Accrued and other liabilities 8,320 (1,364)
Deferred tax liability (1,050) 0
Contract liabilities 548 0
Lease liability 139 (103)
Deferred grants 282 0
Net cash used in operating activities (75,324) (18,238)
Cash flows from investing activities:    
Capital expenditures and equipment deposits (108,388) (6,297)
Net cash used in investing activities (108,388) (6,297)
Cash flows from financing activities:    
IPXX contribution of capital through merger 0 22,867
Prepayment of Forward Purchase Agreements 0 (20,789)
Proceeds from termination of Forward Purchase Agreements 0 20,789
Payment of securities issuance costs (51,003) (8,281)
Proceeds from issuance of common stock under PIPE financing 1,500,000 75,000
Payment of deferred government loan costs (27,745) 0
Proceeds from exercise of warrants 68 21,951
Repayment of revolving credit facility (1,849) 0
Payments on financed leases (140) 0
Net cash provided by financing activities 1,419,331 129,565
Effect of exchange rate differences on cash, cash equivalents and restricted cash (1,175) 0
Net change in cash, cash equivalents and restricted cash 1,234,444 105,030
Cash, cash equivalents and restricted cash, beginning of year 359,925 16,761
Cash, cash equivalents and restricted cash, end of period 1,594,369 121,791
Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of USARE LLC Preferred units 0 23,250
Payment of issuance cost 0 (400)
PIPE Financing    
Cash flows from financing activities:    
Payment of issuance cost $ 0 $ (4,822)