NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2024

Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2024		2023		2022
Net loss	$	(2,713,942)	$	(2,828,420)	$	(1,304,460)
Accretion of redeemable convertible preferred stock (related party)	(347,610)		—		—
Net loss attributable to common stockholders, basic	(3,061,552)		(2,828,420)		(1,304,460)
Change in fair value of dilutive warrants	—		—		(1,254,218)
Net loss attributable to common stockholders, diluted	$	(3,061,552)	$	(2,828,420)	$	(2,558,678)

Weighted-average shares outstanding, basic	2,445,176,539		2,081,772,622		1,678,346,079
Private Placement Warrants using the treasury stock method	—		—		14,912,529
Weighted-average shares outstanding, diluted	2,445,176,539		2,081,772,622		1,693,258,608

Net loss per share:
Basic	$	(1.25)	$	(1.36)	$	(0.78)
Diluted	$	(1.25)	$	(1.36)	$	(1.51)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	December 31,
Excluded Securities	2024	2023	2022
Private Placement Warrants to purchase common stock	44,350,000	44,350,000	—
Options outstanding to purchase common stock	26,894,103	32,911,135	39,011,116
RSUs outstanding	96,985,937	57,124,659	38,570,298
Employee stock purchase plan	25,425,375	14,111,934	11,826,419
If-converted common shares from convertible note	36,737,785	36,737,785	36,737,785
If-converted common shares from Series A redeemable convertible preferred stock	297,567,387	—	—
If-converted common shares from Series B redeemable convertible preferred stock	177,103,144	—	—
Total	705,063,731	185,235,513	126,145,618

The 6,979,532, 6,880,905, and 2,090,140 shares of common stock equivalents subject to RSUs are excluded from the anti-dilutive table above as the underlying shares remain contingently issuable since the market or corporate and individual performance conditions have not been satisfied as of December 31, 2024, 2023 and 2022, respectively.