Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Provision for Income Taxes

The Company's income/(loss) before provision for income taxes was subject to taxes in the following jurisdictions for the following periods (in thousands):

	For the years ended December 31,
	2023		2022		2021
United States	$	(943,801)	$	(549,514)	$	(470,603)
International	5,153		2,203		(723)
Total	$	(938,648)	$	(547,311)	$	(471,326)

Schedule of Components of Income Tax Expense (Benefit)

The Company has increasing foreign operations and pre-tax income from its foreign operations has no material impact on Income tax. Income tax expense attributable to income/(loss) from continuing operations consists of the following (in thousands):

	For the years ended December 31,
	2023		2022		2021
Current
Federal	$	—	$	—	$	—
State	—		—		—
International	1,271		221		15
Total current tax provision	$	1,271	$	221	$	15
Deferred
Federal	$	—	$	—	$	—
State	—		—		—
International	28		(36)		—
Total deferred tax provision	$	28	$	(36)	$	—
Provision for income taxes	$	1,299	$	185	$	15

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate of the Company’s (provision) benefit for income taxes differs from the federal statutory rate as follows:

	Year Ended December 31,
	2023		2022		2021
Expected federal income tax benefit	21.0	%	21.0	%	21.0	%
State taxes net of federal benefit	2.9	%	4.2	%	3.7	%
Tax credits	(1.3)	%	0.9	%	0.8	%
Valuation allowance	(14.5)	%	(25.3)	%	(20.0)	%
Fair value of derivatives	(7.3)	%	0.0%		(6.2)	%
Other	(0.9)	%	(0.8)	%	0.7	%
Provision for income taxes	(0.1)	%	0.0%		0.0%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands):

	As of December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	255,442	$	147,789
Tax credits	507		11,461
Lease liability	14,033		6,793
Capitalized research and development costs	111,985		82,084
Other	18,274		7,042
Total deferred tax assets	400,241		255,169
Deferred tax liabilities:
ROU asset	(16,196)		(6,902)
Other	—		—
Total deferred tax liabilities	(16,196)		(6,902)
Valuation allowance	(384,037)		(248,230)
Net deferred tax asset	$	8	$	37

Schedule of Valuation Allowance

The changes in the valuation allowance related to current year operating activity was an increase in the amount of $$135.8 million during the year ended December 31, 2023 (in thousands):

	Year Ended December 31,
(in thousands)	2023		2022		2021
Beginning of the year	$	248,230	$	108,794	14,562
Increase—income tax benefit	135,807		139,436		94,232
End of the year	$	384,037	$	248,230	$	108,794

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Beginning of the year	$	2,975	$	968	$	229
Increase related to current year tax positions	—		2,007		871
Increase related to prior year tax positions	—		—		—
Decrease for tax positions of prior years	(2,875)		—		(129)
Decrease due to expiration of statute of limitations	—		—		(3)
End of the year	$	100	$	2,975	$	968