v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
Private Placement
IPO
Redeemable Convertible Preferred Stock
Redeemable Class A Common Stock
Common Stock
Common Stock
Private Placement
Common Stock
IPO
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
Private Placement
Additional Paid-in Capital
IPO
Accumulated Other Comprehensive Income
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024       185,000,000 0                  
Beginning balance at Dec. 31, 2024       $ 1,722 $ 0                  
Temporary Equity                            
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)       (185,000,000) 30,000,000                  
Conversion of redeemable convertible preferred stock in connection with initial public offering       $ (1,722) $ 1,163                  
Ending balance (in shares) at Mar. 31, 2025 0     0 30,000,000                  
Ending balance at Mar. 31, 2025       $ 0 $ 1,163                  
Beginning balance (in shares) at Dec. 31, 2024           233,000,000                
Beginning balance at Dec. 31, 2024 $ (414)         $ 0     $ (34) $ 1,096       $ (1,476)
Total Stockholders' Equity                            
Cash dividend on Series C redeemable convertible preferred stock (29)                 (29)        
Reclassification of warrant liabilities to equity 173                 173        
Issuance of common stock, net of issuance costs (in shares)               36,000,000            
Issuance of common stock, net of issuance costs     $ 1,392                 $ 1,392    
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)           155,000,000                
Conversion of redeemable convertible preferred stock in connection with initial public offering 559                 559        
Issuance of common stock for contract incentive (in shares)           9,000,000                
Issuance of common stock for contract incentive 350                 350        
Tax withholdings on settlement of restricted stock units (16)                 (16)        
Exercise of stock options (in shares)           2,000,000                
Exercise of stock options 3                 3        
Stock-based compensation expense 203                 203        
Net loss (315)                         (315)
Ending balance (in shares) at Mar. 31, 2025           435,000,000                
Ending balance at Mar. 31, 2025 1,906         $ 0     (34) 3,731       (1,791)
Beginning balance (in shares) at Dec. 31, 2024       185,000,000 0                  
Beginning balance at Dec. 31, 2024       $ 1,722 $ 0                  
Ending balance (in shares) at Jun. 30, 2025       0 30,000,000                  
Ending balance at Jun. 30, 2025       $ 0 $ 1,163                  
Beginning balance (in shares) at Dec. 31, 2024           233,000,000                
Beginning balance at Dec. 31, 2024 (414)         $ 0     (34) 1,096       (1,476)
Total Stockholders' Equity                            
Other comprehensive income (loss) 0                          
Net loss (605)                          
Ending balance (in shares) at Jun. 30, 2025           458,000,000                
Ending balance at Jun. 30, 2025 $ 2,658         $ 0     (34) 4,773       (2,081)
Beginning balance (in shares) at Mar. 31, 2025 0     0 30,000,000                  
Beginning balance at Mar. 31, 2025       $ 0 $ 1,163                  
Ending balance (in shares) at Jun. 30, 2025       0 30,000,000                  
Ending balance at Jun. 30, 2025       $ 0 $ 1,163                  
Beginning balance (in shares) at Mar. 31, 2025           435,000,000                
Beginning balance at Mar. 31, 2025 $ 1,906         $ 0     (34) 3,731       (1,791)
Total Stockholders' Equity                            
Issuance of common stock, net of issuance costs (in shares)           2,000,000                
Issuance of common stock, net of issuance costs 68                 68        
Issuance of common stock and restricted stock awards for business combination (in shares)           19,000,000                
Issuance of common stock and restricted stock awards for business combination 929                 929        
Issuance of replacement restricted stock units for business combination 4                 4        
Tax withholdings on issuance of common stock and restricted stock awards for business combination (24)                 (24)        
Issuance of common stock upon vesting of restricted stock units (in shares)           2,000,000                
Tax withholdings on settlement of restricted stock units (in shares)           (1,000,000)                
Tax withholdings on settlement of restricted stock units (93)                 (93)        
Exercise of stock options (in shares)           1,000,000                
Exercise of stock options 1                 1        
Stock-based compensation expense 157                 157        
Other comprehensive income (loss) 0                          
Net loss (290)                         (290)
Ending balance (in shares) at Jun. 30, 2025           458,000,000                
Ending balance at Jun. 30, 2025 2,658         $ 0     (34) 4,773       (2,081)
Beginning balance (in shares) at Dec. 31, 2025           502,000,000                
Beginning balance at Dec. 31, 2025 3,335         $ 0     (34) 6,012     $ 0 (2,643)
Total Stockholders' Equity                            
Issuance of common stock, net of issuance costs (in shares)             23,000,000              
Issuance of common stock, net of issuance costs   $ 1,985                 $ 1,985      
Issuance of common stock upon vesting of restricted stock units (in shares)           2,000,000                
Exercise of stock options (in shares)           5,000,000                
Exercise of stock options 8                 8        
Stock-based compensation expense 166                 166        
Other comprehensive income (loss) 5                       5  
Net loss (740)                         (740)
Ending balance (in shares) at Mar. 31, 2026           532,000,000                
Ending balance at Mar. 31, 2026 4,759         $ 0     (34) 8,171     5 (3,383)
Beginning balance (in shares) at Dec. 31, 2025           502,000,000                
Beginning balance at Dec. 31, 2025 $ 3,335         $ 0     (34) 6,012     0 (2,643)
Total Stockholders' Equity                            
Exercise of stock options (in shares) 9,000,000                          
Other comprehensive income (loss) $ (18)                          
Net loss (1,366)                          
Ending balance (in shares) at Jun. 30, 2026           551,000,000                
Ending balance at Jun. 30, 2026 5,024         $ 0     (34) 9,085     (18) (4,009)
Beginning balance (in shares) at Mar. 31, 2026           532,000,000                
Beginning balance at Mar. 31, 2026 4,759         $ 0     (34) 8,171     5 (3,383)
Total Stockholders' Equity                            
Issuance of common stock, net of issuance costs (in shares)             9,000,000              
Issuance of common stock, net of issuance costs   $ 997                 $ 997      
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)           2,000,000                
Conversion of redeemable convertible preferred stock in connection with initial public offering 195                 195        
Issuance of common stock upon vesting of restricted stock units (in shares)           3,000,000                
Issuance of common stock under ESPP 8                 8        
Purchase of capped calls related to convertible senior notes (492)                 (492)        
Exercise of non-employee option and warrants (in shares)           1,000,000                
Exercise of non-employee option and warrants 15                 15        
Exercise of stock options (in shares)           4,000,000                
Exercise of stock options 6                 6        
Stock-based compensation expense 185                 185        
Other comprehensive income (loss) (23)                       (23)  
Net loss (626)                         (626)
Ending balance (in shares) at Jun. 30, 2026           551,000,000                
Ending balance at Jun. 30, 2026 $ 5,024         $ 0     $ (34) $ 9,085     $ (18) $ (4,009)