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Net Loss per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Loss per Share Net Loss per Share
Net Loss Per Share Attributable to Common Stockholders
Basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares issued and shares to be issued under the commitment to issue shares, as these shares are issuable for no consideration.
Diluted net loss per share attributable to common stockholders adjusts the basic net loss per share attributable to common stockholders and the weighted-average number of shares issued and shares to be issued under the commitment to issue shares for potentially dilutive instruments.
The following data shows the amounts used in computing net loss per share and the effect on net loss and the weighted-average number of shares as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share amounts)2025202420252024
Net loss$(222,187)$(77,686)$(357,141)$(234,588)
Less: Deemed Dividend— (4,153)— (4,153)
Net loss available to common stockholders$(222,187)$(81,839)$(357,141)$(238,741)
Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic143,159,121 15,379,402 107,784,739 8,707,165 
Diluted143,159,121 15,379,402 107,784,739 8,707,165 
Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic$(1.55)$(5.32)$(3.31)$(27.42)
Diluted$(1.55)$(5.32)$(3.31)$(27.42)
The net loss per common share was the same for the Class A Common Stock and Class B Common Stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.
Potentially Dilutive Shares
The Company reported net losses for all periods presented, resulting in all potentially dilutive Common Stock equivalents being considered antidilutive and excluded from the calculation of net loss per share.
The table below presents the potentially dilutive shares that were excluded from the computation of diluted net loss per share of Common Stock attributable to Common Stock stockholders due to their antidilutive effect:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Shares issuable upon conversion of SPA Portfolio Notes79,219,893 25,995,784 79,219,893 25,995,784 
Shares issuable upon conversion of Unsecured Convertible Notes— 666,624 — 666,624 
Shares issuable upon exercise of equity classified SPA Portfolio Note warrants15,628 15,143 15,628 15,143 
Shares issuable upon exercise of liability classified SPA Portfolio Note warrants58,721,309 5,931,638 58,721,309 5,931,638 
Other warrants5,776,657 1,278,802 5,776,657 1,278,802 
Stock-based compensation awards – Options2,289 2,879 2,289 2,879 
Stock-based compensation awards – RSUs6,101 1,529,966 6,101 1,529,966 
Public warrants2,453 2,453 2,453 2,453 
Private warrants12 12 12 12 
143,744,342 35,423,301 143,744,342 35,423,301