NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

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,
	2025		2024		2023
Net loss	$	(2,698,051)	$	(2,713,942)	$	(2,828,420)
Accretion of redeemable convertible preferred stock (related party)	(983,648)		(347,610)		—
Net loss attributable to common stockholders, basic	(3,681,699)		(3,061,552)		(2,828,420)
Interest expense on 2026 Notes	14,309		—		—
Gain on extinguishment of debt	(121,765)		—		—
Net loss attributable to common stockholders, diluted	$	(3,789,155)	$	(3,061,552)	$	(2,828,420)

Weighted-average shares outstanding, basic	311,680,046		244,517,654		208,177,262
Dilutive effect of 2026 Notes, using if-converted method	1,720,090		—		—
Weighted-average shares outstanding, diluted	313,400,136		244,517,654		208,177,262

Net loss per share:
Basic	$	(11.81)	$	(12.52)	$	(13.59)
Diluted	$	(12.09)	$	(12.52)	$	(13.59)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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	2025	2024	2023
Private Placement Warrants to purchase common stock	4,435,000	4,435,000	4,435,000
Options outstanding to purchase common stock	2,030,874	2,689,410	3,291,114
RSUs outstanding	18,245,165	9,698,594	5,712,466
Employee stock purchase plan	5,580,286	2,542,538	1,411,193
If-converted common shares from 2026 Notes	372,950	3,673,819	3,673,819
If-converted common shares from 2030 Notes	36,666,630	—	—
If-converted common shares from 2031 Notes	46,846,313	—	—
If-converted common shares from Series A redeemable convertible preferred stock	32,526,595	29,756,739	—
If-converted common shares from Series B redeemable convertible preferred stock	19,358,849	17,710,314	—
Total	166,062,662	70,506,414	18,523,592