v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 6,742,157 $ 701,706
Restricted cash 684,680 228,672
Investments 1,179,390 406,531
Accounts receivable, net 123,361 50,423
Inventories 32,666 63,626
Customer warrants 167,762 60,906
Prepaid expenses and other current assets 191,698 31,782
Total current assets 9,121,714 1,543,646
Property and equipment, net 986,808 437,396
Customer warrants, net of current portion 960,635 91,447
Operating lease right-of-use assets 528,275 248,950
Other non-current assets 30,440 4,598
Total assets 11,627,872 2,326,037
Current liabilities:    
Accounts payable 88,313 48,630
Deferred revenue 173,735 131,049
Operating lease liability 88,422 45,865
Customer deposits 242,672 354,460
Working capital loan 736,036 0
Accrued and other current liabilities 236,910 139,536
Total current liabilities 1,566,088 719,540
Deferred revenue, net of current portion 244,529 35,847
Operating lease liability, net of current portion 480,405 215,957
Working capital loan, net of current portion 182,208 0
Total liabilities 2,473,230 971,344
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock, $0.00001 par value per share: 100,000,000 shares and 113,258,719 shares authorized, at June 30, 2026 and December 31, 2025, respectively; nil and 113,258,716 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 0 1,933,348
Stockholders’ equity (deficit)    
Treasury stock, at cost, 889,890 shares as of June 30, 2026 and December 31, 2025 (21,456) (21,456)
Additional paid-in capital 10,540,193 346,829
Accumulated other comprehensive income 5,767 1,301
Accumulated deficit (1,369,864) (905,330)
Total stockholders’ equity (deficit) 9,154,642 (578,655)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) 11,627,872 2,326,037
Common Class A    
Stockholders’ equity (deficit)    
Common stock, value 1 1
Common Class B    
Stockholders’ equity (deficit)    
Common stock, value 1 0
Common Class N    
Stockholders’ equity (deficit)    
Common stock, value $ 0 $ 0