The Company follows the two-class method when computing net income (loss) per share of common stock for multiple classes of common stock and participating securities. The two-class method determines net income (loss) per share of common stock for each class of common stock and participating securities according to dividends declared or accumulated participation rights in undistributed earnings. During the periods presented, the Company’s participating securities included all series of its redeemable convertible preferred stock prior to their conversion into Class B common stock immediately prior to the completion of the IPO and common stock warrants, as the holders of these securities are contractually entitled to participate in dividends and other distributions but not contractually required to participate in losses. As such, net loss for the periods presented was not allocated to the Company’s participating securities for the portions of the periods during which such securities were outstanding as participating securities. Prior to the IPO, the Company had legacy Class A common stock and Class N common stock outstanding. Following the IPO, the Company has Class A common stock, Class B common stock, and Class N common stock outstanding. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common stock, Class B common stock, and Class N common stock are identical, except with respect to voting and conversion rights. As a result, the basic and diluted net income (loss) per share for each class of common stock are the same and therefore presented on a combined basis.

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding, adjusted for outstanding shares that are subject to repurchase. The shares of Class B common stock issued upon conversion of the Company’s redeemable convertible preferred stock and the Class A shares issued at the time of the IPO are included in the weighted average number of common shares outstanding from the date of IPO. Shares issuable upon exercise of certain vested warrants for Class N common stock are considered in-substance outstanding for basic net income (loss) per share because the exercise price is nominal and the issuance of shares is considered probable; accordingly, such shares are included in the weighted-average shares outstanding for purposes of basic net income (loss) per share. Diluted net income (loss) per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of the Company’s redeemable convertible preferred stock, for the portions of the periods prior to their actual conversion upon IPO, stock options, common stock warrants and RSUs for periods ending after May 13, 2026, when the liquidity condition for RSUs was met, to the extent these are dilutive.

Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The Company’s potentially dilutive securities include shares of redeemable convertible preferred stock for the portion of the periods prior to their conversion, common stock warrants, and stock-based awards. Shares of redeemable convertible preferred stock were assumed to be converted into common stock using the if-converted method from the beginning of the period, or from the date of issuance if later, through the date of actual conversion. Under the if-converted method, any dividends on redeemable convertible preferred stock, whether declared or accumulated, were added back to net income attributable to common stockholders in the calculation of diluted net income per share. Stock options and RSUs for periods ending after May 13, 2026, were included in the calculation of diluted net income per share using the treasury stock method. For periods in which the Company reports a net loss, all potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive.

As of June 30, 2025, no potential common shares were excluded from diluted net income per share as their effect would have been anti-dilutive. As of June 30, 2026, the following potential common shares were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Numerator:
Net income (loss)	$	(450,528)	$	309,512	$	(464,534)	$	285,645
Less: Net income attributable to participating securities	—		189,194		—		175,065
Net income (loss) attributable to common stockholders	$	(450,528)	$	120,318	$	(464,534)	$	110,580
Denominator:
Basic weighted-average common shares net of shares subject to repurchase	150,968		52,720		107,132		52,363
Dilutive impact of outstanding redeemable convertible preferred stock (as-if converted basis)	—		82,899		—		82,899
Dilutive impact of outstanding stock options	—		26,203		—		27,014
Dilutive weighted-average common shares	150,968		161,822		107,132		162,276
Net income (loss) per share:
Basic	$	(2.98)	$	2.28	$	(4.34)	$	2.11
Diluted	$	(2.98)	$	1.91	$	(4.34)	$	1.76