v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net loss $ (48,974) $ (95,300)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 103,647 64,658
Accretion of discount on short-term investments (20,876) (17,598)
Stock-based compensation expense 35,663 20,591
Amortization of debt discount and debt issuance costs 5,430 3,572
Lower of cost or net realizable value reserve 6,443 6,352
Deferred income taxes (19,035) (29,489)
Other 12,293 (4,100)
Decrease (increase) in operating assets:    
Trade accounts receivable (including related party) (49,432) 5,806
Other receivables 51,909 (20,704)
Inventories (39,282) (84,068)
Prepaid expenses, other current and non-current assets (11,845) (4,690)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued liabilities 9,850 7,057
Deferred revenue (41,059) 44,736
Deferred government grant 7,013 3,923
Other current and non-current liabilities (9,502) (9,647)
Net cash used in operating activities (7,757) (108,901)
Investing activities:    
Purchases of property, plant and equipment (420,250) (109,969)
Purchases of short-term investments (1,812,681) (1,391,257)
Proceeds from sales of short-term investments 15,840 88,658
Proceeds from maturities of short-term investments 1,402,997 1,095,557
Proceeds from return of investment in equity method investee 0 9,673
Proceeds from sale of property, plant and equipment 0 4,063
Proceeds from government awards used for construction 6,500 24,200
Net cash used in investing activities (807,594) (279,075)
Financing activities:    
Proceeds from issuance of long-term debt 0 61,540
Proceeds from issuance of common stock 0 747,500
Proceeds from issuance of Series A preferred stock 0 299,402
Proceeds from issuance of warrant 0 189,058
Payments of debt issuance costs 0 3,004
Payments to retire long-term debt (67,499) 0
Payments of equity issuance costs 0 31,104
Principal payments on debt obligations (3,560) (5,003)
Payments related to tax withholding on stock-based awards (20,086) (5,524)
Net cash provided by (used in) financing activities (91,145) 1,252,865
Net change in cash, cash equivalents and restricted cash (906,496) 864,889
Cash, cash equivalents and restricted cash beginning balance 1,167,359 283,603
Cash, cash equivalents and restricted cash ending balance 260,863 1,148,492
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 260,336 1,147,155
Restricted cash, current 527 799
Restricted cash, non-current 0 538
Total cash, cash equivalents and restricted cash $ 260,863 $ 1,148,492