v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (567,223) $ (808,306)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization expense 34,945 29,095
Stock-based compensation expense 150,681 86,447
(Gain) loss from change in the fair value of warrants, earnout shares and contingent consideration, net (152,432) 284,424
Non-cash interest expense, and amortization of debt discount and issuance costs 3,046 0
Loss on common stock issuance in private placement 0 40,258
Net accretion and amortization of investments in marketable debt securities (2,116) (7,292)
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts and other receivables and prepaid expenses and other current assets (1,464) 8,938
Other non-current assets 785 (213)
Accounts payable and accrued expenses and other current liabilities 68,307 9,018
Non-current liabilities (20,748) 905
Net cash used in operating activities (486,219) (356,726)
Cash flows from investing activities    
Purchases of marketable securities (1,052,307) (594,231)
Proceeds from sales and maturities of marketable securities 532,035 565,555
Purchases of property and equipment and other long-lived assets (131,299) (40,109)
Acquisitions, net of cash 39 1,883
Net cash used in investing activities (651,532) (66,902)
Cash flows from financing activities    
Gross proceeds from issuance of convertible notes 690,000 0
Convertible notes underwriting discounts and commissions and issuance costs (20,311) 0
Proceeds from mortgage loan 30,750 0
Payment for capped call transactions (63,273) 0
Proceeds from issuance of common stock in private placement, net 0 249,905
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 8,191 5,022
Proceeds from the exercise of stock options and warrants 71,012 35,042
Repayments of obligations under finance lease and tenant improvement loan (1,907) (1,195)
Net cash provided by financing activities 1,419,002 432,646
Net change in cash, cash equivalents and restricted cash 281,251 9,018
Cash, cash equivalents and restricted cash, at the beginning of the period 241,723 200,389
Cash, cash equivalents and restricted cash, at the end of the period 522,974 209,407
Reconciliation of cash, cash equivalents and restricted cash in balance sheets    
Cash and cash equivalents 521,527 208,367
Restricted cash 1,447 1,040
Cash, cash equivalents and restricted cash in balance sheets 522,974 209,407
Non-cash investing and financing activities    
Common stock issued as acquisition consideration 7,631 74,496
Unpaid property and equipment purchases 1,293 4,788
Property and equipment purchased through finance leases 5,856 3,665
Right-of-use assets acquired through operating leases 4,463 3,853
Underwritten Public Offering    
Cash flows from financing activities    
Proceeds from issuance of common stock 600,000 0
Underwritten public offering and At-the-market public offering commission and offering expenses (23,664) 0
At-The-Market Public Offering    
Cash flows from financing activities    
Proceeds from issuance of common stock 130,000 148,711
Underwritten public offering and At-the-market public offering commission and offering expenses $ (1,796) $ (4,839)