INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss before Provision for Income Taxes

The components of loss before provision for income taxes for the years ended December 31, 2024, 2023 and 2022, were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Loss subject to domestic income taxes	$	(2,699,739)	$	(2,825,820)	$	(1,306,245)
Loss subject to foreign income taxes	(13,004)		(1,574)		2,164
Loss before provision for income taxes	$	(2,712,743)	$	(2,827,394)	$	(1,304,081)

Schedule of Components of Income Tax Expense (Benefit)

The Company recorded provision for income taxes in connection with its domestic, state, and foreign subsidiaries for the years ended December 31, 2024, 2023 and 2022, respectively, as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current
Federal	$	—	$	—	$	—
State	—		24		14
Foreign	1,339		1,002		365
Total current tax expense	$	1,339	$	1,026	$	379
Deferred
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	(140)		—		—
Total deferred tax expense	$	(140)	$	—	$	—
Total provision for income taxes	$	1,199	$	1,026	$	379

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of taxes at the federal statutory rate to our provision for income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows:

	Year Ended December 31,
	2024	2023	2022
Statutory federal income tax rate	21.0%	21.0%	21.0%
Stock-based compensation	(1.6)	(1.5)	(0.6)
Change in fair value of warrant liability	1.5	0.6	20.2
Tax-exempt interest	—	—	0.4
Nondeductible expenses	0.6	(1.5)	0.4
Tax credits	1.2	0.7	1.4
Change in valuation allowance	(22.7)	(19.3)	(42.8)
Provision for income taxes	—%	—%	—%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred taxes as of December 31, 2024 and 2023, were as follows (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	1,605,236	$	1,240,197
Tax credit carryforwards	192,810		139,672
Stock-based compensation expense	7,347		12,322
Capitalization of research and development costs	443,311		333,958
Accruals and reserves	232,487		215,087
Lease liability	84,604		88,407
Inventory	461,127		271,784
Other	60,935		21,815
Total deferred tax assets	3,087,857		2,323,242
Valuation allowance	(2,904,865)		(2,137,851)
Total deferred tax assets, net of valuation allowance	182,992		185,391
Deferred tax liabilities:
Depreciation	(72,023)		(49,754)
Right-of-use assets	(70,890)		(74,565)
Tax accounting method change	(39,939)		(61,072)
Total deferred tax liabilities	(182,852)		(185,391)
Deferred tax assets (liabilities), net of valuation allowance	$	140	$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 (in thousands):

	December 31,
	2024		2023		2022
Unrecognized benefit—beginning of period	$	140,767	$	105,234	$	72,330
Gross increases—prior-period tax positions	—		539		—
Gross decreases—prior-period tax positions	(111,065)		(581)		—
Gross increases—current-period tax positions	8,904		35,575		32,916
Gross decrease—current-period tax positions	—		—		—
Statute lapse	(83)		—		(12)
Unrecognized benefit—end of period	$	38,523	$	140,767	$	105,234