NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

Net Loss Per Share

The calculations of net loss per share were as follows (in thousands, except share and per-share amounts):


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss	$	(745,868)	$	(275,645)	$	(175,563)
Preferred Stock PIK dividend	217,353		30,701		26,368
Net loss attributable to common stockholders	$	(963,221)	$	(306,346)	$	(201,931)
Denominator:
Weighted-average common shares outstanding, basic and diluted	74,970,976		45,238,028		44,902,270
Net loss per share, basic and diluted	$	(12.85)	$	(6.77)	$	(4.50)

Prior to the Company’s IPO, the Company’s Series B, Series C and Series C-1 convertible preferred stockholders were entitled to cumulative dividends based on their stated value. As such, the Company calculates its net loss attributable to common stockholders by adjusting its net loss for the aggregate cumulative dividends that had accrued since the original issuance dates in the period in which the preferred stockholders became legally entitled to such dividends.

The Company’s potentially dilutive securities, which include convertible preferred stock, unvested warrants, stock options and restricted stock, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	As of December 31,
	2025	2024	2023
Series A Preferred Stock	—	56,088,617	56,088,617
Series B Preferred Stock	—	25,416,180	25,416,180
Series C Preferred Stock	—	18,060,773	—

Warrants to purchase Class A common stock	2,552,467	—	—
Unvested restricted stock	2,262,911	—	—
Options to purchase Class A common stock	19,505,022	17,473,789	16,225,294
	24,320,400	117,039,359	97,730,091