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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (745,868) $ (275,645) $ (175,563)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 22,026 16,464 8,618
Loss on disposal of property and equipment 3,410 365 1,657
Loss on issuance of convertible preferred stock 379,619 0 0
Stock-based compensation 34,761 12,105 8,961
Warrant expense 6,073 0 0
Non-cash interest expense 2,204 2,161 239
Other 565 308 158
Changes in operating assets and liabilities:      
Accounts receivable (3,595) 34 (968)
Prepaid expenses and other current assets (662) 6,398 (7,531)
Other assets and liabilities (10) 10 1,035
Accounts payable, accrued expenses and current liabilities 30,209 6,157 5,718
Operating lease liabilities (24) 429 (257)
Deferred revenue 3,494 8,553 (82)
Net cash used in operating activities (267,798) (222,661) (158,015)
Cash flows from investing activities      
Purchases of property and equipment (45,447) (73,509) (153,240)
Proceeds from sale of property and equipment 1,371 4,703 907
Net cash used in investing activities (44,076) (68,806) (152,333)
Cash flows from financing activities      
Proceeds from sale-leaseback transaction 32,658 0 0
Proceeds from initial public offering, net of underwriters discounts and commissions 1,103,327 0 0
Payment of other initial public offering issuance costs (10,232) 0 0
Proceeds from issuance of promissory note 0 15,501 135,749
Payment of debt issuance costs 0 (191) (1,165)
Repayment of borrowings (3,757) (913) (973)
Exercise of stock options 5,226 1,652 722
Principal payments on finance lease obligations (62) (51) (4)
Repurchase of common stock 0 (530) 0
Net cash provided by financing activities 1,725,086 339,331 134,329
Effect of currency translation on cash, cash equivalents and restricted cash 28 25 (141)
Increase (decrease) in cash, cash equivalents and restricted cash 1,413,240 47,889 (176,160)
Cash, cash equivalents and restricted cash at beginning of period 302,025 254,136 430,296
Cash, cash equivalents and restricted cash at end of period 1,715,265 302,025 254,136
Supplemental cash flow information      
Cash paid for interest 10,873 9,185 112
Cash paid for taxes 168 30 196
Non-cash investing and financing activities:      
Right-of-use assets recognized for new leases 1,529 817 736
Right-of-use assets modified for amendments 6 (930) 342
Property and equipment recorded in accounts payable 7,550 8,309 13,011
Stock issuance costs recorded in accounts payable and accrued liabilities 591 10,748 0
Assets received in lieu of cash 0 1,022 0
Asset transferred to held for sale 0 888 425
Series C      
Cash flows from financing activities      
Proceeds from convertible preferred stock 150,406 [1] 323,987 [1] 0
Payments of convertible preferred stock (6,951) (124) 0
Series C-1      
Cash flows from financing activities      
Proceeds from convertible preferred stock 455,867 [1] 0 0
Payments of convertible preferred stock $ (1,396) $ 0 $ 0
[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).