Geographic Information (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Risks and Uncertainties [Abstract]

Geographic Information

15. Geographic Information

Revenue by geography is based on the address of the customer as specified in the Company's customer contracts. The following table sets forth revenue by geographic area (in thousands):

			Three Months Ended June 30,						Six Months Ended June 30,
			2025			2024			2025			2024
United States			$1,147,655			$370,107			$2,077,079			$547,071
All other countries			65,133			25,264			117,341			36,984
Total revenue			$1,212,788			$395,371			$2,194,420			$584,055

The Company's long-lived assets are attributed to a country based on the physical location of the assets. It defines long-lived assets as property and equipment and operating lease right-of-use assets because many of these assets cannot be readily moved and are relatively illiquid, subjecting them to geographic risk.

As of June 30, 2025 and December 31, 2024, 87% and 90%, respectively, of the Company's long-lived assets were located in the United States, and no other single country accounted for more than 10% of these assets.

15. Geographic Information

Revenue by geography is based on the address of the customer as specified in the Company’s customer contracts. The following table sets forth revenue by geographic area (in thousands):

			Year ended December 31,
			2022			2023			2024
United States			$10,367			$200,469			$1,797,268
All other countries*			5,463			28,474			118,158
Total revenue			$15,830			$228,943			$1,915,426

*
The United Kingdom accounted for 18% of total revenue for the year ended December 31, 2022 and less than 10% of revenue for the years ended December 31, 2023 and 2024.

The Company’s long-lived assets are attributed to a country based on the physical location of the assets. It defines long-lived assets as property and equipment and operating lease right-of-use assets because many of these assets cannot be readily moved and are relatively illiquid, subjecting them to geographic risk.

As of December 31, 2023 substantially all of the Company’s long-lived assets were located in the United States. As of December 31, 2024, 90% of the Company’s long-lived assets were located in the United States and no other single country accounted for more than 10% of these assets.