v3.26.1
Condensed Consolidated Statements of Stockholders' Equity
shares in Millions, XUA in Millions, $ in Millions
USD ($)
shares
Common Stock
USD ($)
shares
Additional Paid-in Capital
USD ($)
Retained Earnings (Accumulated Deficit)
USD ($)
Accumulated Other Comprehensive Income (Loss)
USD ($)
Series C Preferred Stock
USD ($)
shares
Series C Preferred Stock
Additional Paid-in Capital
USD ($)
Series C Preferred Stock
Additional Paid-in Capital
XUA
Series C Preferred Stock
Retained Earnings (Accumulated Deficit)
USD ($)
Mandatory Convertible Preferred Stock
USD ($)
shares
Mandatory Convertible Preferred Stock
Preferred Stock
USD ($)
shares
Mandatory Convertible Preferred Stock
Retained Earnings (Accumulated Deficit)
USD ($)
Convertible Preferred Stock
USD ($)
shares
Convertible Preferred Stock
Preferred Stock
USD ($)
shares
Convertible Preferred Stock
Retained Earnings (Accumulated Deficit)
USD ($)
Mezzanine equity, beginning balance (in shares) at Dec. 31, 2024 | shares           0.0                  
Mezzanine equity, beginning balance at Dec. 31, 2024           $ 0                  
Mezzanine equity, ending balance (in shares) at Jun. 30, 2025 | shares           0.0                  
Mezzanine equity, ending balance at Jun. 30, 2025           $ 0                  
Preferred Stock, beginning balance (in shares) at Dec. 31, 2024 | shares                     0.0     1.0  
Common Stock, beginning balance (in shares) at Dec. 31, 2024 | shares   409.4                          
Beginning balance at Dec. 31, 2024 $ 5,053 $ 0 $ 4,561 $ (7) $ 0           $ 0     $ 499  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs (in shares) | shares                     0.6        
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs                   $ 558 $ 558        
Issuance of common stock, net of issuance costs (in shares) | shares   254.9                          
Issuance of common stock, net of issuance costs 4,218   4,218                        
Convertible Preferred Stock dividend                   (3)   $ (3) $ (45)   $ (45)
Proceeds from stock option exercises (in shares) | shares   2.9                          
Proceeds from stock option exercises 14   14                        
Common stock issued as partial consideration for Kodiak Acquisition 88   88                        
Vesting of stock-based compensation awards (in shares) | shares   4.4                          
Vesting of stock-based compensation awards 0                            
Stock-based compensation 85   85                        
Other comprehensive income (loss) (3)       (3)                    
Net loss (50)     (50)                      
Preferred Stock, ending balance (in shares) at Jun. 30, 2025 | shares                     0.6     1.0  
Common Stock, ending balance (in shares) at Jun. 30, 2025 | shares   671.6                          
Ending balance at Jun. 30, 2025 9,915 $ 0 8,966 (105) (3)           $ 558     $ 499  
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2025 | shares           0.0                  
Mezzanine equity, beginning balance at Mar. 31, 2025           $ 0                  
Mezzanine equity, ending balance (in shares) at Jun. 30, 2025 | shares           0.0                  
Mezzanine equity, ending balance at Jun. 30, 2025           $ 0                  
Preferred Stock, beginning balance (in shares) at Mar. 31, 2025 | shares                     0.0     1.0  
Common Stock, beginning balance (in shares) at Mar. 31, 2025 | shares   409.4                          
Beginning balance at Mar. 31, 2025 5,060 $ 0 4,581 (20) 0           $ 0     $ 499  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs (in shares) | shares                     0.6        
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs                   558 $ 558        
Issuance of common stock, net of issuance costs (in shares) | shares   254.9                          
Issuance of common stock, net of issuance costs 4,218   4,218                        
Convertible Preferred Stock dividend                   $ (3)   (3) $ (23)   (23)
Proceeds from stock option exercises (in shares) | shares   2.9                          
Proceeds from stock option exercises 14   14                        
Common stock issued as partial consideration for Kodiak Acquisition 88   88                        
Vesting of stock-based compensation awards (in shares) | shares   4.4                          
Vesting of stock-based compensation awards 0                            
Stock-based compensation 65   65                        
Other comprehensive income (loss) (3)       (3)                    
Net loss (59)     (59)                      
Preferred Stock, ending balance (in shares) at Jun. 30, 2025 | shares                     0.6     1.0  
Common Stock, ending balance (in shares) at Jun. 30, 2025 | shares   671.6                          
Ending balance at Jun. 30, 2025 $ 9,915 $ 0 8,966 (105) (3)           $ 558     $ 499  
Mezzanine equity, beginning balance (in shares) at Dec. 31, 2025 | shares           0.0                  
Mezzanine equity, beginning balance at Dec. 31, 2025           $ 0                  
Mezzanine equity, ending balance (in shares) at Mar. 31, 2026 | shares           0.0                  
Mezzanine equity, ending balance at Mar. 31, 2026           $ 0                  
Preferred Stock, beginning balance (in shares) at Dec. 31, 2025 | shares                   0.6 0.6   1.0 1.0  
Common Stock, beginning balance (in shares) at Dec. 31, 2025 | shares 674.5 674.5                          
Beginning balance at Dec. 31, 2025 $ 9,707 $ 0 9,047 (395) (2)           $ 558     $ 499  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Series C Preferred Stock commitment           $ (47) $ (47) XUA (47)              
Preferred Stock, ending balance (in shares) at Mar. 31, 2026 | shares                     0.6     1.0  
Common Stock, ending balance (in shares) at Mar. 31, 2026 | shares   710.8                          
Ending balance at Mar. 31, 2026 $ 10,165 $ 0 9,760 (652) 0           $ 558     $ 499  
Mezzanine equity, beginning balance (in shares) at Dec. 31, 2025 | shares           0.0                  
Mezzanine equity, beginning balance at Dec. 31, 2025           $ 0                  
Increase (Decrease) in Temporary Equity [Roll Forward]                              
Issuance of Series C Preferred Stock, net of issuance costs (in shares) | shares           0.2                  
Issuance of Series C Preferred Stock, net of issuance costs           $ 1,993                  
Reclassification of Series C Preferred Stock commitment costs to mezzanine equity upon issuance           $ (32)                  
Mezzanine equity, ending balance (in shares) at Jun. 30, 2026 | shares           0.2                  
Mezzanine equity, ending balance at Jun. 30, 2026           $ 1,961                  
Preferred Stock, beginning balance (in shares) at Dec. 31, 2025 | shares                   0.6 0.6   1.0 1.0  
Common Stock, beginning balance (in shares) at Dec. 31, 2025 | shares 674.5 674.5                          
Beginning balance at Dec. 31, 2025 $ 9,707 $ 0 9,047 (395) (2)           $ 558     $ 499  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock, net of issuance costs (in shares) | shares   31.6                          
Issuance of common stock, net of issuance costs $ 748   748     0                  
Reclassification of Series C Preferred Stock commitment costs to mezzanine equity upon issuance           32 32                
Convertible Preferred Stock dividend           $ (23)     $ (23) $ (16)   (16) $ (45)   (45)
Proceeds from stock option exercises (in shares) | shares 0.4 0.4                          
Proceeds from stock option exercises $ 2   2                        
Common stock issued as partial consideration for Kodiak Acquisition (in shares) | shares   13.3                          
Common stock issued as partial consideration for Kodiak Acquisition 257   257                        
Vesting of stock-based compensation awards (in shares) | shares   5.6                          
Vesting of stock-based compensation awards 0                            
Tax withholdings for stock-based compensation awards (28)   (28)                        
Stock-based compensation 68   68                        
Other comprehensive income (loss) 5       5                    
Net loss $ (282)                           (282)
Preferred Stock, ending balance (in shares) at Jun. 30, 2026 | shares                   0.6 0.6   1.0 1.0  
Common Stock, ending balance (in shares) at Jun. 30, 2026 | shares 725.4 725.4                          
Ending balance at Jun. 30, 2026 $ 10,378 $ 0 10,079 (761) 3           $ 558     $ 499  
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2026 | shares           0.0                  
Mezzanine equity, beginning balance at Mar. 31, 2026           $ 0                  
Increase (Decrease) in Temporary Equity [Roll Forward]                              
Issuance of Series C Preferred Stock, net of issuance costs (in shares) | shares           0.2                  
Issuance of Series C Preferred Stock, net of issuance costs           $ 1,993                  
Reclassification of Series C Preferred Stock commitment costs to mezzanine equity upon issuance           $ (32)                  
Mezzanine equity, ending balance (in shares) at Jun. 30, 2026 | shares           0.2                  
Mezzanine equity, ending balance at Jun. 30, 2026           $ 1,961                  
Preferred Stock, beginning balance (in shares) at Mar. 31, 2026 | shares                     0.6     1.0  
Common Stock, beginning balance (in shares) at Mar. 31, 2026 | shares   710.8                          
Beginning balance at Mar. 31, 2026 10,165 $ 0 9,760 (652) 0           $ 558     $ 499  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Reclassification of Series C Preferred Stock commitment costs to mezzanine equity upon issuance           32 $ 32                
Convertible Preferred Stock dividend           $ (23)     $ (23) $ (8)   $ (8) $ (23)   $ (23)
Proceeds from stock option exercises (in shares) | shares   0.2                          
Proceeds from stock option exercises 1   1                        
Common stock issued as partial consideration for Kodiak Acquisition (in shares) | shares   13.3                          
Common stock issued as partial consideration for Kodiak Acquisition 257   257                        
Vesting of stock-based compensation awards (in shares) | shares   1.1                          
Vesting of stock-based compensation awards 0                            
Stock-based compensation 29   29                        
Other comprehensive income (loss) 3       3                    
Net loss $ (55)     (55)                      
Preferred Stock, ending balance (in shares) at Jun. 30, 2026 | shares                   0.6 0.6   1.0 1.0  
Common Stock, ending balance (in shares) at Jun. 30, 2026 | shares 725.4 725.4                          
Ending balance at Jun. 30, 2026 $ 10,378 $ 0 $ 10,079 $ (761) $ 3           $ 558     $ 499