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 income (loss) $ (500,876) $ (1,265,394)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 216,858 41,359
Stock-based compensation 417,268 205,366
(Gain) loss on change in fair value of warrant liabilities (304,669) 882,930
Deferred income taxes (154,797) (19,885)
(Gain) loss on change in fair value of contingent consideration (23,277) 288
(Gain) loss on change in fair value of strategic investments (5,597) (136)
Other, net 10,783 (447)
Changes in operating assets and liabilities:    
Accounts receivable (18,469) (15,849)
Contract assets (32,018) 0
Prepaid expenses and other current assets (141,537) (42,572)
Accounts payable 6,114 (17,413)
Accrued expenses and other current liabilities (47,398) 27,777
Contract liabilities 15,098 268
Other assets and liabilities (7,801) (4,969)
Net cash provided by (used in) operating activities (570,318) (208,677)
Cash flows from investing activities:    
Purchases of property and equipment (34,924) (7,628)
Purchases of available-for-sale securities (588,328) (1,252,367)
Maturities of available-for-sale securities 1,099,900 407,730
Sales of available-for-sale securities 326,974 0
Purchases of strategic investments (150,500) 0
Businesses acquired, net of cash paid and acquired (926,230) (13,100)
Other investing, net (3,962) (8,267)
Net cash provided by (used in) investing activities (277,070) (873,632)
Cash flows from financing activities:    
Proceeds from common stock and warrant issuance, net of issuance costs 0 1,358,254
Proceeds from stock options exercised 17,645 11,468
Proceeds from warrants exercised 8,707 6,708
Principal payments on long-term debt (1,704)  
Other financing, net 3,693 986
Net cash provided by (used in) financing activities 28,341 1,377,416
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (1,693) 375
Net change in cash, cash equivalents and restricted cash (820,740) 295,482
Cash, cash equivalents and restricted cash at the beginning of the period 1,037,748 56,840
Cash, cash equivalents and restricted cash at the end of the period 217,008 352,322
Supplemental disclosures of non-cash investing and financing transactions    
Property and equipment purchases in accounts payable and accrued expenses 6,388 3,195
Operating lease right-of-use assets subject to lease liability 25,563 0
Noncash reclassification of warrant liabilities to equity upon exercise 42,684 185,384
Bonus settled in restricted stock units 27,982 6,969
Conversion of investment in convertible debt securities to investment in equity securities 37,110 0
Equity issued for acquisitions 1,158,999 2,405,998
Equity issued for intangible assets 14,760 0
Equity issued for research and development arrangement 73,046 0
Settlement of pre-existing relationships with acquired entities $ 41,401 $ 0