v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (unaudited) - USD ($)
$ in Thousands
Total
IPO
Common Stock
Common Stock
IPO
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024 82,899,000                
Beginning balance at Dec. 31, 2024 $ 850,066                
Ending balance (in shares) at Mar. 31, 2025 82,899,000                
Ending balance at Mar. 31, 2025 $ 850,066                
Common stock, beginning balance (in shares) at Dec. 31, 2024     53,373,000            
Beginning balance at Dec. 31, 2024 (966,791)   $ 1   $ 176,233   $ (88) $ 220 $ (1,143,157)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024             (300,000)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Class A common shares issued upon exercise of stock options (in shares)     374,000            
Class A common shares issued upon exercise of stock options 1,549       1,549        
Vesting of early exercised stock options 1,715       1,715        
Stock-based compensation expense 8,927       8,927        
Conversion of stock-based liability classified awards to stock-based equity classified awards 150       150        
Other comprehensive income (loss) 108             108  
Net income (loss) (23,867)               (23,867)
Common stock, ending balance (in shares) at Mar. 31, 2025     53,747,000            
Ending balance at Mar. 31, 2025 $ (978,209)   $ 1   188,574   $ (88) 328 (1,167,024)
Treasury stock, ending balance (in shares) at Mar. 31, 2025             (300,000)    
Beginning balance (in shares) at Dec. 31, 2024 82,899,000                
Beginning balance at Dec. 31, 2024 $ 850,066                
Ending balance (in shares) at Jun. 30, 2025 82,899,000                
Ending balance at Jun. 30, 2025 $ 850,066                
Common stock, beginning balance (in shares) at Dec. 31, 2024     53,373,000            
Beginning balance at Dec. 31, 2024 (966,791)   $ 1   176,233   $ (88) 220 (1,143,157)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024             (300,000)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 285,645                
Common stock, ending balance (in shares) at Jun. 30, 2025     54,598,000            
Ending balance at Jun. 30, 2025 $ (651,118)   $ 1   206,156   $ (88) 325 (857,512)
Treasury stock, ending balance (in shares) at Jun. 30, 2025             (300,000)    
Beginning balance (in shares) at Mar. 31, 2025 82,899,000                
Beginning balance at Mar. 31, 2025 $ 850,066                
Ending balance (in shares) at Jun. 30, 2025 82,899,000                
Ending balance at Jun. 30, 2025 $ 850,066                
Common stock, beginning balance (in shares) at Mar. 31, 2025     53,747,000            
Beginning balance at Mar. 31, 2025 (978,209)   $ 1   188,574   $ (88) 328 (1,167,024)
Treasury stock, beginning balance (in shares) at Mar. 31, 2025             (300,000)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Class A common shares issued upon exercise of stock options (in shares)     851,000            
Class A common shares issued upon exercise of stock options 3,576       3,576        
Vesting of early exercised stock options 695       695        
Stock-based compensation expense 13,043       13,043        
Conversion of stock-based liability classified awards to stock-based equity classified awards 268       268        
Other comprehensive income (loss) (3)             (3)  
Net income (loss) 309,512               309,512
Common stock, ending balance (in shares) at Jun. 30, 2025     54,598,000            
Ending balance at Jun. 30, 2025 $ (651,118)   $ 1   206,156   $ (88) 325 (857,512)
Treasury stock, ending balance (in shares) at Jun. 30, 2025             (300,000)    
Beginning balance (in shares) at Dec. 31, 2025 113,258,716                
Beginning balance at Dec. 31, 2025 $ 1,933,348                
Redeemable Convertible Preferred Stock                  
Issuance of shares of Series H redeemable convertible preferred stock, net of issuance costs (in shares) 11,394,000                
Issuance of shares of Series H redeemable convertible preferred stock, net of issuance costs $ 1,014,031                
Ending balance (in shares) at Mar. 31, 2026 124,653,000                
Ending balance at Mar. 31, 2026 $ 2,947,379                
Common stock, beginning balance (in shares) at Dec. 31, 2025     57,907,000            
Beginning balance at Dec. 31, 2025 $ (578,655)   $ 1   346,829   $ (21,456) 1,301 (905,330)
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 889,890           (890,000)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (in shares)     2,026,000            
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs $ 15,019       15,019        
Customer warrants issued 365,755       365,755        
Class A common shares issued upon exercise of stock options (in shares)     1,085,000            
Class A common shares issued upon exercise of stock options 5,177       5,177        
Tax withholdings (623)       (623)        
Vesting of early exercised stock options 809       809        
Stock-based compensation expense 9,418       9,418        
Conversion of stock-based liability classified awards to stock-based equity classified awards 329       329        
Other comprehensive income (loss) 2,095             2,095  
Net income (loss) (14,006)               (14,006)
Common stock, ending balance (in shares) at Mar. 31, 2026     61,018,000            
Ending balance at Mar. 31, 2026 $ (194,682)   $ 1   742,713   $ (21,456) 3,396 (919,336)
Treasury stock, ending balance (in shares) at Mar. 31, 2026             (890,000)    
Beginning balance (in shares) at Dec. 31, 2025 113,258,716                
Beginning balance at Dec. 31, 2025 $ 1,933,348                
Ending balance (in shares) at Jun. 30, 2026 0                
Ending balance at Jun. 30, 2026 $ 0                
Common stock, beginning balance (in shares) at Dec. 31, 2025     57,907,000            
Beginning balance at Dec. 31, 2025 $ (578,655)   $ 1   346,829   $ (21,456) 1,301 (905,330)
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 889,890           (890,000)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) $ (464,534)                
Common stock, ending balance (in shares) at Jun. 30, 2026     228,204,000            
Ending balance at Jun. 30, 2026 $ 9,154,642   $ 2   10,540,193   $ (21,456) 5,767 (1,369,864)
Treasury stock, ending balance (in shares) at Jun. 30, 2026 889,890           (890,000)    
Beginning balance (in shares) at Mar. 31, 2026 124,653,000                
Beginning balance at Mar. 31, 2026 $ 2,947,379                
Redeemable Convertible Preferred Stock                  
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares) (124,653,000)                
Conversion of redeemable convertible preferred stock in connection with initial public offering $ (2,947,379)                
Ending balance (in shares) at Jun. 30, 2026 0                
Ending balance at Jun. 30, 2026 $ 0                
Common stock, beginning balance (in shares) at Mar. 31, 2026     61,018,000            
Beginning balance at Mar. 31, 2026 (194,682)   $ 1   742,713   $ (21,456) 3,396 (919,336)
Treasury stock, beginning balance (in shares) at Mar. 31, 2026             (890,000)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (in shares)     1,656,000 34,500,000          
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 17 $ 6,217,099     17 $ 6,217,099      
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)     124,653,000            
Conversion of redeemable convertible preferred stock in connection with initial public offering 2,947,379   $ 1   2,947,378        
Customer warrants issued 656,604       656,604        
Issuance of common stock upon settlement of restricted stock units (in shares)     5,301,000            
Class A common shares issued upon exercise of stock options (in shares)     3,326,000            
Class A common shares issued upon exercise of stock options 14,958       14,958        
Tax withholdings on settlement of restricted stock units (in shares)     (2,250,000)            
Tax withholdings (416,037)       (416,037)        
Vesting of early exercised stock options 627       627        
Stock-based compensation expense 376,834       376,834        
Other comprehensive income (loss) 2,371             2,371  
Net income (loss) (450,528)               (450,528)
Common stock, ending balance (in shares) at Jun. 30, 2026     228,204,000            
Ending balance at Jun. 30, 2026 $ 9,154,642   $ 2   $ 10,540,193   $ (21,456) $ 5,767 $ (1,369,864)
Treasury stock, ending balance (in shares) at Jun. 30, 2026 889,890           (890,000)