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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (2,713,942) $ (2,828,420) $ (1,304,460)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 295,337 233,531 186,583
Amortization of insurance premium 33,330 39,507 35,620
Non-cash operating lease cost 30,765 26,201 19,711
Stock-based compensation 285,872 257,283 423,500
Inventory and firm purchase commitments write-downs 590,198 906,069 569,479
Change in fair value of common stock warrant liability (34,150) (86,926) (1,254,218)
Change in fair value of equity securities of a related party 43,057 (5,999) 0
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) (155,350) 0 0
Net accretion of investment discounts/premiums (76,739) (105,432) (20,695)
Other non-cash items 5,983 34,205 10,353
Changes in operating assets and liabilities:      
Accounts receivable (including $(22,383), $(35,526), and nil from a related party for the years ended December 31, 2024, 2023, and 2022, respectively) (61,279) (32,509) (16,498)
Inventory (334,242) (658,010) (1,256,349)
Prepaid expenses (16,675) (45,641) (28,822)
Other current assets (141,110) 4,758 (43,591)
Other noncurrent assets (62,759) (121,790) (43,230)
Accounts payable 34,756 (139,519) 180,469
Other current liabilities 131,627 (42,508) 284,862
Other long-term liabilities (including $4,900, $107,763, and nil associated with a related party for the years ended December 31, 2024, 2023, and 2022, respectively) 125,647 75,447 31,028
Net cash used in operating activities (2,019,674) (2,489,753) (2,226,258)
Cash flows from investing activities:      
Purchases of property, plant and equipment (including $(164,683), $(80,511), and $(18,834) from a related party for the years ended December 31, 2024, 2023, and 2022, respectively) (883,841) (910,644) (1,074,852)
Purchases of investments (including $(35,000), nil, and nil from a related party for the years ended December 31, 2024, 2023, and 2022, respectively) (4,622,890) (3,998,282) (3,854,129)
Proceeds from maturities of investments 4,112,084 3,720,890 1,149,714
Proceeds from sale of investments 100,193 148,388 0
Proceeds from government grant 0 97,500 97,267
Other investing activities 0 (4,827) 323
Net cash used in investing activities (1,294,454) (946,975) (3,681,677)
Cash flows from financing activities:      
Payment for issuance costs (6,244) 0 (6,631)
Payment for short-term insurance financing note 0 0 (15,330)
Payment for finance lease liabilities (3,166) (5,425) (4,977)
Proceeds from borrowings from a related party 79,844 62,911 29,818
Repayment of borrowings to a related party (25,856) 0 (20,223)
Proceeds from failed sale-leaseback transaction 0 0 31,700
Proceeds from exercise of stock options 4,883 10,343 17,788
Proceeds from employee stock purchase plan 19,208 23,836 24,562
Tax withholding payments for net settlement of employee awards (10,021) (17,615) (218,789)
Net cash provided by financing activities 3,549,673 3,070,915 1,347,235
Net increase (decrease) in cash, cash equivalents, and restricted cash 235,545 (365,813) (4,560,700)
Beginning cash, cash equivalents, and restricted cash 1,371,507 1,737,320 6,298,020
Ending cash, cash equivalents, and restricted cash 1,607,052 1,371,507 1,737,320
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 25,526 18,182 23,199
Cash paid for taxes 88 37 480
Supplemental disclosure of non-cash investing and financing activity:      
Increases (decrease) in accounts payable and accrued liabilities related to property, plant and equipment (including $(19,725), $8,530 and $11,196 associated with a related party for the years ended December 31, 2024, 2023 and 2022, respectively) (68,930) 35,849 42,728
Government grant (related party) reflected in property, plant and equipment (62,471) (99,025) (33,297)
Property, plant and equipment and right-of-use assets obtained through leases 24,173 32,477 157,894
Equity securities obtained through Strategic Technology Arrangement 0 73,193 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 0
Payments of issuance costs for redeemable convertible preferred stock (2,351) 0 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 0
Payments of issuance costs for redeemable convertible preferred stock (641) 0 0
2024 Underwriting Agreement      
Cash flows from financing activities:      
Proceeds from issuance of common stock 718,357 0 0
2024 Subscription Agreement      
Cash flows from financing activities:      
Proceeds from issuance of common stock 1,025,660 0 0
2023 Underwriting Agreement      
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 1,184,224 0
2023 Subscription Agreement      
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 1,812,641 0
At-the-Market Offering      
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 0 594,317
2022 Subscription Agreement      
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 0 915,000
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 $ (34,150) $ (86,926) $ (1,254,218)