Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to common stockholders	$	(211,830)	$	(401,226)	$	(567,223)	$	(808,306)
Denominator:
Weighted-average shares outstanding	978,533,969		844,551,006		964,109,268		803,188,296
Net loss per share attributable to common stockholders, basic and diluted	$	(0.22)	$	(0.48)	$	(0.59)	$	(1.01)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	September 30, 2026	September 30, 2025
Common stock warrants	—	14,367,942
Unvested restricted stock awards	334,803	780,799
Unvested restricted stock units	54,635,770	40,295,737
Options to purchase common stock	4,899,866	6,900,057
Unvested early exercised common stock options	445,552	796,458
If-converted common stock from 2032 Notes (1)	48,634,374	—
Total	108,950,365	63,140,993

(1) On February 2, 2026, the Company issued $690.0 million in aggregate principal amount of the 2032 Notes (Note 6). The Company applies the if-converted method in computing the effect of the 2032 Notes on diluted net loss per share attributable to common stockholders. The 2032 Notes were not included for purposes of calculating the number of diluted shares outstanding as their effect would have been anti-dilutive. In connection with the issuance of the 2032 Notes, the Company entered into the Capped Call Transactions (Note 9), which were not included for purposes of calculating the number of diluted shares outstanding as their effect would have been anti-dilutive.