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 income (loss) $ (464,534) $ 285,645
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:    
Stock-based compensation 386,601 22,435
Amortization of customer warrants 46,315 0
Depreciation and amortization 42,551 9,315
Non-cash lease expense 39,104 5,872
Non-cash interest expense 38,602 0
Provision for product warranties 8,430 9,000
Extinguishment of forward contract liability 0 (363,336)
Other (2,110) (835)
Changes in operating assets and liabilities:    
Accounts receivable (72,938) 125,508
Inventories 31,116 74,929
Prepaid expenses and other assets (182,311) (3,003)
Accounts payable 565 6,314
Deferred revenue 126,440 16,525
Customer deposits (111,788) (320,558)
Other liabilities 66,469 8,346
Net cash flows used in operating activities (47,488) (123,843)
Cash flows from investing activities:    
Purchases of property and equipment (548,873) (185,094)
Purchases of investments (1,275,515) (20,175)
Maturities and sales of investments 514,455 117,973
Net cash flows used in investing activities (1,309,933) (87,296)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriting discounts and commissions 6,232,511 0
Proceeds from sale of shares of Series H redeemable convertible preferred stock 1,014,249 0
Costs incurred in connection with the sale of shares of Series H redeemable convertible preferred stock (218) 0
Proceeds from Working Capital Loan 1,004,571 0
Proceeds from exercise of stock options 20,221 5,176
Proceeds from issuance of shares of Class N common stock 15,036 0
Fees paid for revolving credit facility (3,801) 0
Repurchases of early exercised stock options 0 (28)
Tax withholding from tender offer and initial public offering (416,660) 0
Payments of deferred offering costs and other financing activities (12,667) 0
Net cash flows provided by financing activities 7,853,242 5,148
Effect of exchange rate on cash 638 912
Increase (decrease) in cash, cash equivalents, and restricted cash 6,496,459 (205,079)
Cash, cash equivalents, and restricted cash beginning of period 930,378 581,965
Cash, cash equivalents, and restricted cash end of period 7,426,837 376,886
Supplemental disclosures of cash flow information:    
Income taxes paid 8,760 1,427
Non-cash investing and financing activities:    
Conversion of redeemable convertible preferred stock in connection with initial public offering 2,947,379 0
Right-of-use assets obtained in exchange for lease obligations 318,429 0
Billed amounts offsetting Working Capital Loan balance 86,327 0
Purchases of property and equipment included in accounts payable and accrued and other current liabilities 58,560 4,992
Transfer of property and equipment into inventories 8,443 16,772
Unpaid deferred offering costs included in accrued and other current liabilities 2,390 0
Vesting of early exercised options 1,436 2,410
Transfer to property and equipment out of inventories $ 0 $ 67,303