v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (188,995,000) $ (123,871,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 29,888,000 7,916,000
Stock-based compensation 29,539,000 1,191,000
Change in fair value of warrant liability 4,309,000 5,107,000
Gain on settlement of contingent liabilities (1,307,000) 0
Non-cash interest expense 821,000 3,586,000
Non-cash interest income (2,361,000) 0
Changes in operating assets and liabilities:    
Accounts receivable (11,838,000) (4,634,000)
Advanced payments (8,373,000) 38,778,000
Contract assets (16,440,000) 0
Other assets (3,145,000) (4,238,000)
Accounts payable 20,849,000 (3,344,000)
Accrued expenses 9,610,000 2,245,000
Accounts payable and accrued expenses - related parties 1,116,000 355,000
Other liabilities (11,344,000) (11,190,000)
Right-of-use assets 1,846,000 986,000
Lease liabilities 876,000 (2,063,000)
Deferred revenue 839,000 4,557,000
Net cash used in operating activities (144,110,000) (84,619,000)
Cash Flows from investing activities:    
Purchases of property and equipment and internal-use software (41,089,000) (11,837,000)
Purchases of short-term investments (125,000,000) 0
Payments for acquisitions of businesses, net of acquired cash (3,699,000) 0
Proceeds from sale of short-term investments 50,008,000 0
Net cash used in investing activities (119,780,000) (11,837,000)
Cash Flows from financing activities    
Proceeds from issuance of common stock 184,111,000 0
Payments of offering costs (1,502,000) 0
Proceeds from issuance of Preferred Stock 0 184,116,000
Principal payments on finance leases (532,000) (883,000)
Payments on Notes Payable (3,945,000) (3,195,000)
Payments of debt issuance costs (1,188,000) (575,000)
Proceeds from repayment of employee note 25,000 383,000
Proceeds from issuance of notes payable 1,730,000 0
Repayment of Revolving Credit Facility (260,000,000) 0
Proceeds from exercise of stock options, net of shares withheld for taxes 12,042,000 595,000
Net cash (used in) provided by financing activities (69,259,000) 180,441,000
Net (decrease) increase in cash and cash equivalents and restricted cash (333,149,000) 83,985,000
Balance, beginning of period 792,966,000 137,558,000
Balance, end of period 459,817,000 221,543,000
Cash and cash equivalents 459,817,000 205,286,000
Restricted cash, current 0 829,000
Restricted cash, non-current 0 15,428,000
Total cash and cash equivalents and restricted cash at the end of the period 459,817,000 221,543,000
Supplemental disclosures of cash flow information    
Cash paid for interest 5,546,000 11,101,000
Non-cash investing and financing activities    
Increase in accounts payable for property and equipment 1,112,000 1,413,000
Property and equipment acquired through loans 642,000 0
Capitalized interest (paid-in-kind) 0 573,000
Equity issued for business combination 10,144,000 0
Deferred offering costs payable 1,055,000 0
Debt issuance costs incurred but unpaid 117,000 0
Issuance of debt in exchange of software licenses and obligations 0 664,000
Acquisition of internal-use software licenses and obligations 3,541,000 0
Right-of-use asset acquired in exchange for operating lease liabilities 5,066,000 0
Right-of-use asset acquired in exchange for finance lease liabilities 0 1,625,000
Non-cash purchase consideration for acquisition of businesses $ 5,438,000 $ 0