INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss before Provision for Income Taxes

The components of loss before provision for (benefit from) income taxes for the years ended December 31, 2025, 2024, and 2023, were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Loss subject to domestic income taxes	$	(2,693,686)	$	(2,699,739)	$	(2,825,820)
Loss subject to foreign income taxes	(6,698)		(13,004)		(1,574)
Loss before provision for (benefit from) income taxes	$	(2,700,384)	$	(2,712,743)	$	(2,827,394)

Schedule of Components of Income Tax Expense (Benefit)

The Company recorded provision for (benefit from) income taxes in connection with its domestic, state, and foreign subsidiaries for the years ended December 31, 2025, 2024, and 2023, respectively, as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Current
Federal	$	—	$	—	$	—
State	328		—		24
Foreign	2,569		1,339		1,002
Total current tax expense	$	2,897	$	1,339	$	1,026
Deferred
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	(5,230)		(140)		—
Total deferred tax expense	$	(5,230)	$	(140)	$	—
Total provision for (benefit from) income taxes	$	(2,333)	$	1,199	$	1,026

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 was as follows (in thousands, except percent data):

	Year Ended December 31, 2025
	Amount		Percent
U.S. federal statutory tax rate	$	(567,080)	21.0%
State income taxes, net of federal income tax effect(1)	259		—
Foreign tax effects	(1,212)		—
Effect of cross-border tax laws	3,035		(0.1)
Tax credits	(45,625)		1.7
Changes in valuation allowances	717,016		(26.5)
Nontaxable or nondeductible items
Tax effects of stock-based compensation(2)	32,859		(1.2)
Derivative liability fair value adjustment	(130,926)		4.8
Other nontaxable or nondeductible items	(10,765)		0.4
Other	106		—
Effective tax rate	$	(2,333)	0.1%

(1) State income taxes in Florida and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

(2) U.S. stock-based compensation includes nondeductible costs, windfall and shortfall tax benefits, and executive compensation.

The reconciliation of taxes at the federal statutory rate to our provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:

	Year Ended December 31,
	2024	2023
U.S. federal statutory tax rate	21.0%	21.0%
Stock-based compensation	(1.6)	(1.5)
Change in fair value of warrant liability	1.5	0.6
Nondeductible expenses	0.6	(1.5)
Tax credits	1.2	0.7
Change in valuation allowance	(22.7)	(19.3)
Effective tax rate	—%	—%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred taxes as of December 31, 2025 and 2024, were as follows (in thousands):

	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	2,890,054	$	1,605,236
Tax credit carryforwards	310,041		192,810
Capitalization of research and development costs	33,154		443,311
Accruals and reserves	299,415		232,487
Inventory	401,809		461,127
Other	177,489		152,886
Total deferred tax assets	4,111,962		3,087,857
Valuation allowance	(3,877,614)		(2,904,865)
Total deferred tax assets, net of valuation allowance	234,348		182,992
Deferred tax liabilities:
Depreciation	(103,489)		(72,023)
Right-of-use assets	(105,616)		(70,890)
Tax accounting method change	(19,874)		(39,939)
Total deferred tax liabilities	(228,979)		(182,852)
Deferred tax assets (liabilities), net of valuation allowance	$	5,369	$	140

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023 (in thousands):

	December 31,
	2025		2024		2023
Unrecognized tax benefits—beginning of period	$	38,523	$	140,767	$	105,234
Gross increases—prior-period tax positions	5,166		—		539
Gross decreases—prior-period tax positions	(21)		(111,065)		(581)
Gross increases—current-period tax positions	11,731		8,904		35,575
Gross decrease—current-period tax positions	—		—		—
Statute lapse	(25)		(83)		—
Unrecognized tax benefits—end of period	$	55,374	$	38,523	$	140,767