NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share, Basic and Diluted

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)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

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