Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 629,861 $ 240,810
Short-term investments 1,633,965 1,167,106
Total cash, cash equivalents and short-term investments 2,263,826 1,407,916
Restricted cash 1,304 220
Accounts and other receivables 12,449 7,139
Prepaid expenses and other current assets 38,679 30,479
Total current assets 2,316,258 1,445,754
Property and equipment, net 229,828 146,571
Operating lease right-of-use assets 30,920 31,837
Restricted cash 4,903 693
Intangible assets 18,155 18,859
Goodwill 89,390 89,422
Other non-current assets 62,723 61,933
Total assets 2,752,177 1,795,069
Current liabilities:    
Accounts payable 8,273 3,604
Operating lease liabilities, current portion 9,027 8,404
Accrued expenses and other current liabilities 111,558 48,018
Total current liabilities 128,858 60,026
Operating lease liabilities, net of current portion 24,531 26,167
Long-term debt 701,874 0
Warrant liability 21,505 104,878
Earnout shares liability 95,565 156,692
Other non-current liabilities 13,121 37,593
Total liabilities 985,454 385,356
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; 986,521,249 and 915,076,698 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively. 99 91
Additional paid-in capital 4,913,728 4,193,684
Accumulated deficit (3,140,972) (2,785,579)
Accumulated other comprehensive income (loss) (6,132) 1,517
Total stockholders’ equity 1,766,723 1,409,713
Total liabilities and stockholders’ equity $ 2,752,177 $ 1,795,069