CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (271,062)	$ (158,694)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12,473	10,520
Loss on disposal of property and equipment	5,742	1,541
Stock-based compensation	38,090	11,614
Acquired in-process research and development	10,797	0
Warrant expense	11,331	0
Non-cash interest expense	1,375	1,096
Other	320	458
Net changes in operating assets and liabilities	20,693	18,924
Net cash used in operating activities	(170,241)	(114,541)
Cash flows from investing activities
Purchases of property and equipment	(65,289)	(12,706)
Proceeds from sale of property and equipment	0	930
Net cash used in investing activities	(65,289)	(11,776)
Cash flows from financing activities
Proceeds from convertible Series C preferred stock	0	3,049
Payment of convertible Series C preferred stock issuance costs	(150)	(1,705)
Payment of other initial public offering issuance costs	(447)	0
Repayment of borrowings	(2,862)	(228)
Exercise of stock options	8,374	1,245
Principal payments on finance lease obligations	(32)	(30)
Net cash provided by financing activities	4,883	2,331
Effect of currency translation on cash, cash equivalents, and restricted cash	(106)	30
Decrease in cash, cash equivalents, and restricted cash	(230,753)	(123,956)
Cash, cash equivalents, and restricted cash at beginning of period	1,715,265	302,025
Cash, cash equivalents, and restricted cash at end of period	1,484,512	178,069
Supplemental cash flow information
Cash paid for interest	6,035	4,700
Cash paid for operating leases	2,029	1,786
Non-cash investing and financing activities
Right-of-use assets recognized for new and modified leases	5,425	1,249
Property and equipment included in accounts payable and accrued expenses	19,754	3,227
Deferred offering costs included in accounts payable and accrued expenses	$ 0	$ 1,877