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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND CONVERTIBLE PREFERRED STOCK - USD ($)
$ in Thousands
Total
Convertible Preferred Stock (Series A, B, C and C-1)
Common Stock Including Class A, Class B and Treasury Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Series C
Series C
Convertible Preferred Stock (Series A, B, C and C-1)
Series C
Common Stock Including Class A, Class B and Treasury Stock
Series C
Additional Paid-in Capital
Series C-1
Series C-1
Convertible Preferred Stock (Series A, B, C and C-1)
Series C-1
Common Stock Including Class A, Class B and Treasury Stock
Series C-1
Additional Paid-in Capital
Series A
Convertible Preferred Stock (Series A, B, C and C-1)
Series A
Common Stock Including Class A, Class B and Treasury Stock
Series A
Additional Paid-in Capital
Series B
Series B
Convertible Preferred Stock (Series A, B, C and C-1)
Series B
Common Stock Including Class A, Class B and Treasury Stock
Series B
Additional Paid-in Capital
Class A common stock
Class A common stock
Common Stock Including Class A, Class B and Treasury Stock
Class A common stock
Additional Paid-in Capital
Beginning balance (in shares) at Dec. 31, 2022 [1]   81,504,797 44,682,579                                          
Beginning balance at Dec. 31, 2022 $ 551,280 $ 1,041,127 $ (5,357) $ 10,716 $ (495,156) $ (50)                                    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Issuance of common stock (in shares) [1]     359,502                                          
Issuance of stock 723     723                                        
Convertible preferred stock paid-in-kind dividend (26,368) $ 26,368   (20,400) (5,968)                                      
Stock-based compensation 8,961     8,961                                        
Foreign currency translation adjustments 37         37                                    
Net loss (175,563)       (175,563)                                      
Ending balance (in shares) at Dec. 31, 2023 [1]   81,504,797 45,042,081                                          
Ending 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) 612,592   612,592 [1]       18,060,773 [1] 18,060,773 [1]       25,412,440 [1]                        
Issuance of stock $ 1,652     1,652     $ 313,117 $ 313,117     $ 781,900 $ 781,900                        
Convertible preferred stock paid-in-kind dividend (30,701) $ 30,701   (13,757) (16,944)                                      
Repurchase of common stock (in shares) [1]     (112,551)                                          
Repurchase of common stock (530)   $ (530)                                          
Stock-based compensation 12,105     12,105                                        
Foreign currency translation adjustments (194)         (194)                                    
Net loss (275,645)       (275,645)                                      
Ending balance (in shares) at Dec. 31, 2024   99,565,570 [1] 45,542,122 [1]                                     0    
Ending 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) 1,548,168   1,548,168 [1]       8,384,459 8,384,459 [1]     25,412,440                       34,330,882 [1]  
Issuance of stock $ 5,942     5,942     $ 206,241 $ 206,241                           $ 1,092,647 $ 3 $ 1,092,644
Convertible preferred stock paid-in-kind dividend (217,353) $ 217,353   (24,935) (192,418)   $ (63,039)       $ (99,139)             $ (55,175)            
Conversion of convertible preferred stock to Class A common stock (in shares) [1],[2]               (26,445,232) 29,791,614     (25,412,440) 28,628,152   (56,088,617) 56,088,617     (25,416,180) 33,298,476        
Conversion of convertible preferred stock to Class A common stock [2]               $ (585,969) $ 4 $ 585,965   $ (881,041) $ 4 $ 881,037 $ (624,733) $ 7 $ 624,726   $ (525,064) $ 4 $ 525,060      
Cancellation of treasury stock     $ 5,888   (5,888)                                      
Stock-based compensation 34,761     34,761                                        
Warrant expense 6,073     6,073                                        
Foreign currency translation adjustments 197         197                                    
Net loss (745,868)       (745,868)                                      
Ending balance (in shares) at Dec. 31, 2025   0 [1] 229,228,031 [1]                                     220,726,547    
Ending balance at Dec. 31, 2025 $ 1,817,836 $ 0 $ 23 $ 3,731,273 $ (1,913,450) $ (10)                                    
[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).
[2] the Company’s convertible preferred stock converted into Class A common stock (see Note 8). Prior to the closing of the Company's IPO, the Company's Series A, Series A-1, Series A-2, Series A-3, Series B, Series C and Series C-1 convertible preferred stock had carrying values of $367,886, $34,989, $115,375, $121,755, $410,925, $474,394 and $455,867, respectively.