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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Revenues $ 35,616 $ 15,092 $ 15,357
Cost of revenues:      
Cost of revenues 9,901 4,519 2,025
Gross margin:      
Gross margin 25,715 10,573 13,332
Operating expenses:      
Research and development [1] 259,892 206,910 138,273
General and administrative [1] 138,491 75,883 61,629
Total operating expenses 398,383 282,793 199,902
Loss from operations (372,668) (272,220) (186,570)
Other expense (income):      
Interest expense [2] 12,972 11,427 352
Interest income (20,147) (8,516) (12,389)
Loss on issuance of convertible preferred stock 379,619 0 0
Total other expense (income) 372,444 2,911 (12,037)
Loss before income taxes (745,112) (275,131) (174,533)
Income tax expense 756 514 1,030
Net loss (745,868) (275,645) (175,563)
Preferred Stock PIK dividend 217,353 30,701 26,368
Net loss attributable to common stockholders, basic (963,221) (306,346) (201,931)
Net loss attributable to common stockholders, diluted $ (963,221) $ (306,346) $ (201,931)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (12.85) $ (6.77) $ (4.50)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (12.85) $ (6.77) $ (4.50)
Comprehensive loss:      
Net loss $ (745,868) $ (275,645) $ (175,563)
Foreign currency translation adjustments 197 (194) 37
Comprehensive loss (745,671) (275,839) (175,526)
Product      
Revenues:      
Revenues [3] 12,429 1,857 206
Cost of revenues:      
Cost of revenues 4,003 1,521 214
Gross margin:      
Gross margin 8,426 336 (8)
Service      
Revenues:      
Revenues [3] 23,187 13,235 15,151
Cost of revenues:      
Cost of revenues 5,898 2,998 1,811
Gross margin:      
Gross margin $ 17,289 $ 10,237 $ 13,340
[1] Includes related party amounts of $6,073, $0 and $0 (research and development) and $1,084, $(2,899) and $(1,441) (general and administrative) as of December 31, 2025, 2024 and 2023, respectively (see Note 14)
[2] Includes related party amounts of $1,403, $0 and $0 as of December 31, 2025, 2024 and 2023, respectively (see Note 14).
[3] Includes related party amounts of $0, $1,075 and $167 (product revenue) and $8,000, $5,477 and $4,536 (service revenue) as of December 31, 2025, 2024 and 2023, respectively (see Note 14).