Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 874,524 $ 240,810
Short-term investments 1,591,665 1,167,106
Total cash, cash equivalents and short-term investments 2,466,189 1,407,916
Restricted cash 166 220
Accounts and other receivables 11,498 7,139
Prepaid expenses and other current assets 33,736 30,479
Total current assets 2,511,589 1,445,754
Property and equipment, net 211,087 146,571
Operating lease right-of-use assets 31,826 31,837
Restricted cash 693 693
Intangible assets 20,360 18,859
Goodwill 89,383 89,422
Other non-current assets 62,716 61,933
Total assets 2,927,654 1,795,069
Current liabilities:    
Accounts payable 7,889 3,604
Operating lease liabilities, current portion 9,034 8,404
Accrued expenses and other current liabilities 96,956 48,018
Total current liabilities 113,879 60,026
Operating lease liabilities, net of current portion 25,463 26,167
Long-term debt 701,056 0
Warrant liability 29,461 104,878
Earnout shares liability 86,942 156,692
Other non-current liabilities 13,142 37,593
Total liabilities 969,943 385,356
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Preferred stock: $0.0001 par value - 100,000,000 shares authorized. No shares issued and outstanding. 0 0
Common stock: $0.0001 par value - 2,800,000,000 shares authorized; 980,638,400 and 915,076,698 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. 98 91
Additional paid-in capital 4,856,330 4,193,684
Accumulated deficit (2,895,529) (2,785,579)
Accumulated other comprehensive income (loss) (3,188) 1,517
Total stockholders’ equity 1,957,711 1,409,713
Total liabilities and stockholders’ equity $ 2,927,654 $ 1,795,069