Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 521,527 $ 240,810
Short-term investments 1,676,339 1,167,106
Total cash, cash equivalents and short-term investments 2,197,866 1,407,916
Restricted cash 254 220
Accounts and other receivables 9,503 7,139
Prepaid expenses and other current assets 36,541 30,479
Total current assets 2,244,164 1,445,754
Property and equipment, net 241,535 146,571
Operating lease right-of-use assets 29,558 31,837
Restricted cash 1,193 693
Intangible assets 16,315 18,859
Goodwill 89,390 89,422
Other non-current assets 65,037 61,933
Total assets 2,687,192 1,795,069
Current liabilities:    
Accounts payable 5,030 3,604
Operating lease liabilities, current portion 8,839 8,404
Accrued expenses and other current liabilities 108,829 48,018
Total current liabilities 122,698 60,026
Operating lease liabilities, net of current portion 23,347 26,167
Long-term debt 702,571 0
Warrant liability 12,139 104,878
Earnout shares liability 56,138 156,692
Other non-current liabilities 23,483 37,593
Total liabilities 940,376 385,356
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; 1,013,047,718 and 915,076,698 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively. 101 91
Additional paid-in capital 5,110,524 4,193,684
Accumulated deficit (3,352,802) (2,785,579)
Accumulated other comprehensive income (loss) (11,007) 1,517
Total stockholders’ equity 1,746,816 1,409,713
Total liabilities and stockholders’ equity $ 2,687,192 $ 1,795,069