Condensed Consolidated Balance Sheets Components (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheets Components

7. Condensed Consolidated Balance Sheets Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

			June 30, 2025			December 31, 2024
Prepaid expenses			$114,367			$67,393
Strategic agreement contra-revenue asset			41,136			—
Other current assets			143,726			33,853
Total prepaid expenses and other current assets			$299,229			$101,246

Other Non-current Assets

Other non-current assets consisted of the following (in thousands):

			June 30, 2025			December 31, 2024
Strategic agreement contra-revenue asset			$308,864			$—
Prepaid expenses			207,771			145,424
Strategic investments			117,220			102,220
Equity method investment			56,947			—

			June 30, 2025			December 31, 2024
Notes receivable			$  56,862			$107,597
Escrow funds			—			336,055
Other non-current assets			176,613			29,616
Other non-current assets			$924,277			$720,912

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

			June 30, 2025			December 31, 2024
Accrued purchases			$905,707			$105,733
Accrued interest			219,114			157,310
Other accrued liabilities			286,416			92,778
Total accrued liabilities			$1,411,237			$355,821

7. Consolidated Balance Sheets Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

			December 31, 2023			December 31, 2024
Prepaid expenses			$54,338			$67,393
Tax receivables			17,647			9,145
Available-for-sale marketable securities			2,368			—
Other current assets			2,173			24,708
Total prepaid expenses and other current assets			$76,526			$101,246

Other Non-current Assets

Other non-current assets consisted of the following (in thousands):

			December 31, 2023			December 31, 2024
Escrow funds			$—			$336,055
Prepaid expenses			51,193			145,424
Notes receivable			—			107,597
Strategic investments			42,087			102,220
Other non-current assets			17,478			29,616
Total other non-current assets			$110,758			$720,912