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CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Preferred Stock (Series A, B, C, and C-1)
Common Stock Including Super Voting Common Stock and Treasury Stock
Additional Paid-In Capital
Accumulated Deficit
Foreign Currency Translation Adjustments
Common Stock Including Super Voting Common Stock and Treasury Stock
Common Stock Including Super Voting Common Stock and Treasury Stock
Common Stock Including Super Voting Common Stock and Treasury Stock
Common Stock Including Super Voting Common Stock and Treasury Stock
Additional Paid-In Capital
Series C Preferred Stock
Series C Preferred Stock
Preferred Stock (Series A, B, C, and C-1)
Series C-1 Preferred Stock
Series C-1 Preferred Stock
Preferred Stock (Series A, B, C, and C-1)
Beginning balance (in shares) at Dec. 31, 2023 [1]   81,504,797 45,042,081                    
Beginning balance at Dec. 31, 2023 $ 385,438 $ 1,067,495 $ (5,357) $ 0 $ (676,687) $ (13)              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock (in shares) [1]     371,563                    
Issuance of stock 1,231     1,231                  
Convertible preferred stock PIK dividend (19,987) $ 19,987   (10,403) (9,584)                
Repurchase of common stock (in shares) [1]     (112,551)                    
Repurchase of common stock (530)   $ (530)                    
Stock based compensation 9,172     9,172                  
Foreign currency translation adjustments (47)         (47)              
Net loss (199,203)       (199,203)                
Ending balance (in shares) at Sep. 30, 2024 [1]   81,504,797 45,301,093                    
Ending balance at Sep. 30, 2024 196,061 $ 1,087,482 $ (5,887) 0 (885,474) (60)              
Beginning balance (in shares) at Jun. 30, 2024 [1]   81,504,797 45,245,488                    
Beginning balance at Jun. 30, 2024 266,274 $ 1,080,447 $ (5,887) 0 (808,203) (83)              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock (in shares) [1]     55,605                    
Issuance of stock 261     261                  
Convertible preferred stock PIK dividend (7,035) $ 7,035   (4,828) (2,207)                
Stock based compensation 4,567     4,567                  
Foreign currency translation adjustments 23         23              
Net loss (75,064)       (75,064)                
Ending balance (in shares) at Sep. 30, 2024 [1]   81,504,797 45,301,093                    
Ending balance at Sep. 30, 2024 $ 196,061 $ 1,087,482 $ (5,887) 0 (885,474) (60)              
Beginning balance (in shares) at Dec. 31, 2024 37,040,639 99,565,570 [1] 45,542,122 [1]                    
Beginning balance at Dec. 31, 2024 $ 435,943 $ 1,411,313 $ (5,887) 0 (969,276) (207)              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock (in shares) [1]               537,933     8,384,459   23,545,451
Issuance of stock             $ 2,095   $ 2,095 $ 206,241 $ 206,241 $ 724,278 $ 724,278
Convertible preferred stock PIK dividend (39,136) $ 39,136   (19,222) (19,914)         (16,597)   (468)  
Stock based compensation 16,819     16,819                  
Warrant expense 308     308                  
Foreign currency translation adjustments 114         114              
Net loss $ (595,909)       (595,909)                
Ending balance (in shares) at Sep. 30, 2025 37,578,571 131,495,480 [1] 46,080,055 [1]                    
Ending balance at Sep. 30, 2025 $ 789,889 $ 2,380,968 $ (5,887) 0 (1,585,099) (93)              
Beginning balance (in shares) at Jun. 30, 2025 [1]   99,735,577 45,895,052                    
Beginning balance at Jun. 30, 2025 293,212 $ 1,438,733 $ (5,887) 0 (1,139,651) 17              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock (in shares) [1]               185,003     8,214,452   23,545,451
Issuance of stock             $ 849   $ 849 203,361 $ 203,361 724,278 $ 724,278
Convertible preferred stock PIK dividend (14,596) $ 14,596   (6,362) (8,234)         $ (6,661)   $ (468)  
Stock based compensation 5,205     5,205                  
Warrant expense 308     308                  
Foreign currency translation adjustments (110)         (110)              
Net loss $ (437,214)       (437,214)                
Ending balance (in shares) at Sep. 30, 2025 37,578,571 131,495,480 [1] 46,080,055 [1]                    
Ending balance at Sep. 30, 2025 $ 789,889 $ 2,380,968 $ (5,887) $ 0 $ (1,585,099) $ (93)              
[1] 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).