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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (2,316,724) $ (2,174,654)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 204,494 166,033
Amortization of insurance premium 25,959 30,242
Non-cash operating lease cost 22,997 18,871
Stock-based compensation 208,803 193,432
Inventory and firm purchase commitments write-downs 416,098 734,495
Change in fair value of common stock warrant liability (20,845) (61,647)
Change in fair value of equity securities of a related party 38,159 0
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) 137,250 0
Net accretion of investment discounts/premiums (59,580) (74,928)
Other non-cash items 4,766 27,938
Changes in operating assets and liabilities:    
Accounts receivable (including $(35,320) and $(5,533) from a related party for the nine months ended September 30, 2024 and 2023, respectively) (46,601) (3,778)
Inventory (221,392) (575,933)
Prepaid expenses (18,487) (43,062)
Other current assets (27,481) 13,680
Other noncurrent assets (14,895) (113,790)
Accounts payable 42,564 (114,810)
Accrued compensation 46,388 (1,781)
Other current liabilities (9,297) (61,505)
Other long-term liabilities 101,297 25,993
Net cash used in operating activities (1,486,527) (2,015,204)
Cash flows from investing activities:    
Purchases of property, plant and equipment (including $(56,679) and $(66,877) from a related party for the nine months ended September 30, 2024 and 2023, respectively) (592,206) (638,002)
Purchases of investments (including $(15,000) and nil from a related party for the nine months ended September 30, 2024 and 2023, respectively) (2,374,220) (3,585,254)
Proceeds from maturities of investments 3,251,400 2,480,570
Proceeds from sale of investments 5,000 148,388
Other investing activities 0 (4,827)
Net cash provided by (used in) investing activities 289,974 (1,599,125)
Cash flows from financing activities:    
Payment for credit facility issuance costs (including $(5,625) and nil to a related party for the nine months ended September 30, 2024 and 2023, respectively) (6,058) 0
Payment for finance lease liabilities (2,632) (4,534)
Proceeds from borrowings from a related party 0 42,920
Repayment of borrowings from a related party (25,856) 0
Proceeds from exercise of stock options 3,246 7,321
Proceeds from employee stock purchase plan 11,104 15,089
Tax withholding payments for net settlement of employee awards (8,502) (14,705)
Net cash provided by financing activities 1,718,709 3,042,956
Net increase (decrease) in cash, cash equivalents, and restricted cash 522,156 (571,373)
Beginning cash, cash equivalents, and restricted cash 1,371,507 1,737,320
Ending cash, cash equivalents, and restricted cash 1,893,663 1,165,947
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 12,843 7,933
Cash paid for taxes 42 37
Supplemental disclosure of non-cash investing and financing activity:    
Increases in purchases of property, plant and equipment included in accounts payable and other current liabilities 57,627 77,844
Government grant (related party) reflected in property, plant and equipment (62,471) (63,995)
Property, plant and equipment and right-of-use assets obtained through leases 22,846 26,572
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable (including $(35,320) and $(5,533) from a related party for the nine months ended September 30, 2024 and 2023, respectively) (35,320) (5,533)
Cash flows from investing activities:    
Purchases of property, plant and equipment (including $(56,679) and $(66,877) from a related party for the nine months ended September 30, 2024 and 2023, respectively) (56,679) (66,877)
Purchases of investments (including $(15,000) and nil from a related party for the nine months ended September 30, 2024 and 2023, respectively) (15,000) 0
Cash flows from financing activities:    
Payment for credit facility issuance costs (including $(5,625) and nil to a related party for the nine months ended September 30, 2024 and 2023, respectively) (5,625) 0
Series A Redeemable Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of redeemable convertible preferred stock to a related party 1,000,000 0
Payments of issuance costs for redeemable convertible preferred stock (2,343) 0
Series B Redeemable Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of redeemable convertible preferred stock to a related party 750,000 0
Payments of issuance costs for redeemable convertible preferred stock (250) 0
Underwriting Agreement    
Cash flows from financing activities:    
Proceeds from issuance of common stock 0 1,184,224
2023 Subscription Agreement    
Cash flows from financing activities:    
Proceeds from issuance of common stock 0 1,812,641
Change in fair value of common stock warrant liability    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of common stock warrant liability $ (20,845) $ (61,647)