Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2026

Net Loss Per Share Attributable to Common Stockholders

The Company computes net loss per share utilizing the two-class method required for participating securities. The two-class method determines net loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed income. The rights, including the liquidation and dividend rights, of the holders of the Company's Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the basic and diluted net loss per share of Class A common stock and Class B common stock are the same and therefore presented on a combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in millions, except per share data):


	Three Months Ended June 30,					Six Months Ended June 30,
		2026		2025		2026		2025

Numerator:
Net loss		$	(626)	$	(290)	$	(1,366)	$	(605)
Dividends and accretion on Series C redeemable convertible preferred stock		—		—		—		(29)
Net loss attributable to common stockholders, basic		$	(626)	$	(290)	$	(1,366)	$	(634)
Change in fair value of common stock warrants		—		—		—		(27)
Net loss attributable to common stockholders, diluted		$	(626)	$	(290)	$	(1,366)	$	(661)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic		551		487		539		367
Effect of dilutive securities:
Common stock warrants		—		—		—		2
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted		551		487		539		369
Net loss per share attributable to common stockholders, basic		$	(1.14)	$	(0.60)	$	(2.53)	$	(1.73)
Net loss per share attributable to common stockholders, diluted		$	(1.14)	$	(0.60)	$	(2.53)	$	(1.79)

The number of securities that were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows (in millions):


	As of June 30,
	2026	2025

Outstanding convertible notes	57	—
Outstanding stock options	24	44
Outstanding RSUs and RSAs	31	27
Outstanding warrants to purchase common stock	4	4
Total	116	75