v3.26.3
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity - USD ($)
$ in Millions
Total
Share Repurchases from Current and Former xAI Employees
Share Repurchases from Existing Shareholders
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Conversion of redeemable convertible preferred stock to common stock
IPO
Issuances Excluding IPO
Common Stock
Common Stock
Share Repurchases from Current and Former xAI Employees
Common Stock
Share Repurchases from Existing Shareholders
Common Stock
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Common Stock
Conversion of redeemable convertible preferred stock to common stock
Common Stock
IPO
Common Stock
Issuances Excluding IPO
Additional Paid-in Capital
Additional Paid-in Capital
Share Repurchases from Current and Former xAI Employees
Additional Paid-in Capital
Share Repurchases from Existing Shareholders
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock to common stock
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Issuances Excluding IPO
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2024 1,748,000,000                                            
Beginning balance at Dec. 31, 2024 $ 20,941                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 145,000,000                                            
Issuance of redeemable convertible preferred stock $ 4,388                                            
Conversion of redeemable convertible preferred stock (in shares) 0                                            
Conversion of redeemable convertible preferred stock $ (1)                                            
Ending balance (in shares) at Sep. 30, 2025 1,893,000,000                                            
Ending balance at Sep. 30, 2025 $ 25,328                                            
Balances, beginning of period (in shares) at Dec. 31, 2024               3,023,000,000                              
Balance, beginning of period at Dec. 31, 2024 4,863             $ 3             $ 35,865             $ (32,098) $ 1,093
Shareholders’ Equity                                              
Share-based compensation 1,150                           1,150                
Common stock issued, net (in shares)               62,000,000                              
Common stock issued, net 923             $ 1             922                
Conversion of stock (in shares)               2,000,000                              
Conversion of stock $ 1             $ 0             1                
Repurchase of common stock (in shares) (47,000,000)             (47,000,000)                              
Repurchase of common stock $ (523)             $ 0             (523)                
Transfer of equity in business combinations (in shares)               1,000,000                              
Transfer of equity in business combinations 39             $ 0             39                
Net income (loss) (2,590)                                         (2,590)  
Other comprehensive income (loss) 792                                           792
Balances, end of period (in shares) at Sep. 30, 2025               3,041,000,000                              
Balance, end of period at Sep. 30, 2025 $ 4,655             $ 4             37,454             (34,688) 1,885
Beginning balance (in shares) at Jun. 30, 2025 1,893,000,000                                            
Beginning balance at Jun. 30, 2025 $ 25,086                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 0                                            
Issuance of redeemable convertible preferred stock $ 242                                            
Ending balance (in shares) at Sep. 30, 2025 1,893,000,000                                            
Ending balance at Sep. 30, 2025 $ 25,328                                            
Balances, beginning of period (in shares) at Jun. 30, 2025               3,048,000,000                              
Balance, beginning of period at Jun. 30, 2025 5,217             $ 4             36,959             (33,634) 1,888
Shareholders’ Equity                                              
Share-based compensation 382                           382                
Common stock issued, net (in shares)               11,000,000                              
Common stock issued, net $ 116             $ 0             116                
Repurchase of common stock (in shares) (18,000,000)             (18,000,000)                              
Repurchase of common stock $ (3)             $ 0             (3)                
Net income (loss) (1,054)                                         (1,054)  
Other comprehensive income (loss) (3)                                           (3)
Balances, end of period (in shares) at Sep. 30, 2025               3,041,000,000                              
Balance, end of period at Sep. 30, 2025 $ 4,655             $ 4             37,454             (34,688) 1,885
Beginning balance (in shares) at Dec. 31, 2025 2,046,000,000                                            
Beginning balance at Dec. 31, 2025 $ 38,752                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 78,000,000                                            
Issuance of redeemable convertible preferred stock $ 5,869                                            
Conversion of redeemable convertible preferred stock (in shares)       (1,987,000,000) (135,000,000)                                    
Conversion of redeemable convertible preferred stock       $ (37,476) $ (7,076)                                    
Repurchase of redeemable convertible preferred stock (in shares) (2,000,000)                                            
Repurchase of redeemable convertible preferred stock $ (69)                                            
Ending balance (in shares) at Sep. 30, 2026 0                                            
Ending balance at Sep. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Dec. 31, 2025               3,079,000,000                              
Balance, beginning of period at Dec. 31, 2025 2,573             $ 4             37,706             (37,035) 1,898
Shareholders’ Equity                                              
Share-based compensation 3,991                           3,991                
Common stock issued, net (in shares)                         639,000,000 1,381,000,000                  
Common stock issued, net           $ 85,675 $ 2,259           $ 1 $ 1           $ 85,674 $ 2,258    
Conversion of stock (in shares)                     1,424,000,000 6,728,000,000                      
Conversion of stock       $ 37,475 $ 7,076           $ 1 $ 6           $ 37,474 $ 7,070        
Repurchase of common stock (in shares)   (25,000,000) (41,000,000)           (25,000,000) (41,000,000)                          
Repurchase of common stock   $ (2,413) $ (1,944)           $ 0 $ 0           $ (2,413) $ (1,944)            
Transfer of equity in business combinations (in shares)               394,000,000                              
Transfer of equity in business combinations 42,723                           42,723                
Net income (loss) (413)                                         (413)  
Other comprehensive income (loss) (234)                                           (234)
Balances, end of period (in shares) at Sep. 30, 2026               13,579,000,000                              
Balance, end of period at Sep. 30, 2026 $ 176,768             $ 13             212,539             (37,448) 1,664
Beginning balance (in shares) at Jun. 30, 2026 0                                            
Beginning balance at Jun. 30, 2026 $ 0                                            
Redeemable Convertible Preferred Stock                                              
Repurchase of redeemable convertible preferred stock (in shares) 0                                            
Ending balance (in shares) at Sep. 30, 2026 0                                            
Ending balance at Sep. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Jun. 30, 2026               13,176,000,000                              
Balance, beginning of period at Jun. 30, 2026 127,224             $ 13             167,344             (41,852) 1,719
Shareholders’ Equity                                              
Share-based compensation 2,421                           2,421                
Common stock issued, net (in shares)               9,000,000                              
Common stock issued, net $ 51             $ 0             51                
Repurchase of common stock (in shares) 0                                            
Transfer of equity in business combinations (in shares)               394,000,000                              
Transfer of equity in business combinations $ 42,723             $ 0             42,723                
Net income (loss) 4,404                                         4,404  
Other comprehensive income (loss) (55)                                           (55)
Balances, end of period (in shares) at Sep. 30, 2026               13,579,000,000                              
Balance, end of period at Sep. 30, 2026 $ 176,768             $ 13             $ 212,539             $ (37,448) $ 1,664