CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 687,627	$ 301,396
Accounts receivable	[1]	7,683	2,152
Prepaid expenses and other current assets	[1]	17,196	23,791
Total current assets		712,506	327,339
Property and equipment, net		331,706	319,588
Operating lease right-of-use assets		16,582	16,411
Prepaid expenses and other non-current assets		8,543	3,034
Total assets		1,069,337	666,372
Current liabilities:
Accounts payable		13,166	16,232
Deferred revenue, current(2)	[2]	3,616	6,401
Operating lease liabilities, current		1,540	1,741
Notes payable, current		5,670	2,835
Accrued expenses and other current liabilities		44,320	29,345
Total current liabilities		68,312	56,554
Deferred revenue, non-current	[2]	12,430	6,360
Operating lease liabilities, non-current		16,995	16,683
Notes payable, non-current		179,103	149,231
Other liabilities		2,608	1,601
Total liabilities		279,448	230,429
Commitments and contingencies (see Note 7)
Convertible preferred stock and stockholders’ equity:
Treasury stock		(5,888)	(5,888)
Additional paid-in capital		0	0
Accumulated deficit		(1,585,099)	(969,276)
Foreign currency translation adjustments		(93)	(207)
Total convertible preferred stock and stockholders’ equity		789,889	435,943
Total liabilities, convertible preferred stock and stockholders’ equity		1,069,337	666,372
Convertible Series A preferred stock
Convertible preferred stock and stockholders’ equity:
Convertible preferred stock	[3]	624,733	624,733
Series B Preferred Stock
Convertible preferred stock and stockholders’ equity:
Convertible preferred stock	[3]	491,961	469,889
Series C Preferred Stock
Convertible preferred stock and stockholders’ equity:
Convertible preferred stock	[3]	539,527	316,691
Series C-1 Preferred Stock
Convertible preferred stock and stockholders’ equity:
Convertible preferred stock	[3]	724,747	0
Common stock, super voting
Convertible preferred stock and stockholders’ equity:
Common stock	[3]	0	0
Common stock, excluding super voting
Convertible preferred stock and stockholders’ equity:
Common stock	[3]	$ 1	$ 1

[1] Includes related party amounts of $2,226 and $1,473 (accounts receivable) and $0 and $9,897 (prepaid expenses and other current assets) as of September 30, 2025, and December 31, 2024, respectively (see Note 14).

[2] Includes related party amounts of $1,011 and $400 (deferred revenue, current) and $8,545 and $3,497 (deferred revenue, non-current) as of September 30, 2025, and December 31, 2024, respectively (see Note 14).

[3] Share amounts have been adjusted to reflect the 6.3811681-for-1 forward stock split that became effective on November 3, 2025 in connection with the initial public offering (see Note 1).