Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(148,753)	$	(80,416)	$	(271,062)	$	(158,694)
Convertible preferred stock PIK dividend	—		12,376		—		24,540
Net loss attributable to common stockholders	$	(148,753)	$	(92,792)	$	(271,062)	$	(183,234)
Denominator:
Weighted-average common shares outstanding, basic and diluted	231,977,950		45,834,973		230,815,748		45,734,278
Net loss per share, basic and diluted	$	(0.64)	$	(2.02)	$	(1.17)	$	(4.01)

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:


	June 30, 2026	June 30, 2025
Series A convertible preferred stock	—	56,088,617
Series B convertible preferred stock	—	25,416,180
Series C convertible preferred stock	—	18,230,780
Unvested warrants	2,552,467	—
Shares issuable under stock-based compensation plans	20,613,487	20,345,231
	23,165,954	120,080,808