CONSOLIDATED BALANCE SHEETS - USD ($)		Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 1,710,227,000	$ 301,396,000
Accounts receivable	[1]	5,747,000	2,152,000
Prepaid expenses and other current assets	[1]	23,494,000	23,791,000
Total current assets		1,739,468,000	327,339,000
Property and equipment, net		348,540,000	319,588,000
Operating lease right-of-use assets		16,417,000	16,411,000
Other non-current assets		1,840,000	3,034,000
Total assets		2,106,265,000	666,372,000
Current liabilities:
Accounts payable		24,503,000	16,232,000
Accrued expenses		35,109,000	24,517,000
Deferred revenue	[2]	3,704,000	6,401,000
Operating lease liabilities		1,551,000	1,741,000
Notes payable		5,711,000	2,835,000
Other current liabilities		5,817,000	4,828,000
Total current liabilities		76,395,000	56,554,000
Deferred revenue, non-current	[2]	12,550,000	6,360,000
Operating lease liabilities, non-current		16,838,000	16,683,000
Notes payable, non-current	[3]	179,799,000	149,231,000
Other liabilities		2,847,000	1,601,000
Total liabilities		288,429,000	230,429,000
Commitments and contingencies (see Note 7)
Stockholders’ equity and convertible preferred stock:
Treasury stock		0	(5,888,000)
Additional paid-in capital		3,731,273,000	0
Accumulated deficit		(1,913,450,000)	(969,276,000)
Accumulated other comprehensive loss		(10,000)	(207,000)
Total stockholders’ equity and convertible preferred stock		1,817,836,000	435,943,000
Total liabilities, stockholders’ equity and convertible preferred stock		2,106,265,000	666,372,000
Convertible Preferred Stock (Series A, B, C and C-1)
Stockholders’ equity and convertible preferred stock:
Convertible preferred stock		0	0
Series A
Stockholders’ equity and convertible preferred stock:
Convertible preferred stock	[4]	0	624,733,000
Series B
Stockholders’ equity and convertible preferred stock:
Convertible preferred stock	[4]	0	469,889,000
Series C
Stockholders’ equity and convertible preferred stock:
Convertible preferred stock	[4]	0	316,691,000
Series C-1
Stockholders’ equity and convertible preferred stock:
Convertible preferred stock	[4]	0	0
Common stock, excluding super voting
Stockholders’ equity and convertible preferred stock:
Common stock	[4]	0	1,000
Common stock, super voting
Stockholders’ equity and convertible preferred stock:
Common stock	[4]	0	0
Class A common stock
Stockholders’ equity and convertible preferred stock:
Common stock		22,000	0
Class B common stock
Stockholders’ equity and convertible preferred stock:
Common stock	[4]	$ 1,000	$ 0

[1] Includes related party amounts of $2,202 and $1,473 (accounts receivable) and $2,802 and $9,897 (prepaid expenses and other current assets) as of December 31, 2025 and 2024, respectively (see Note 14).

[2] Includes related party amounts of $1,011 and $400 (deferred revenue) and $8,290 and $3,497 (deferred revenue, non-current) as of December 31, 2025 and 2024, respectively (see Note 14).

[3] Includes related party amounts of $32,626 and $0 as of December 31, 2025 and 2024, respectively (see Note 14).

[4] 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