SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Revenue By Geographic Area Based On Sales Location

The disaggregation of the Company’s revenue by geographic area based on the sales location where the sales originated was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
North America(1)	$	1,166,729	$	598,022	$	521,991
Middle East(2)	163,556		194,052		58,993
Other international	23,505		15,758		14,287
Total revenue	$	1,353,790	$	807,832	$	595,271

(1) United States revenue was $1,142.4 million, $587.3 million, and $511.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(2) Kingdom of Saudi Arabia revenue was $161.8 million and $191.1 million for the years ended December 31, 2025 and 2024. Middle East represented revenue from Kingdom of Saudi Arabia for the year ended December 31, 2023.

Schedule of Segment Revenue, Segment Profit or Loss, and Significant Segment Expenses

The following table included information about reported segment revenue, segment profit or loss, and significant segment expenses (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	1,353,790	$	807,832	$	595,271
Less:
Cost of revenue - excluding LCNRV and provision for warranty	(1,723,522)		(993,154)		(935,118)
Cost of revenue - LCNRV	(815,666)		(617,446)		(926,898)
Cost of revenue - provision for warranty	(70,988)		(120,343)		(74,050)
Research and development expenses	(1,211,397)		(1,176,453)		(937,012)
Selling, general, and administrative expenses	(1,033,970)		(900,952)		(797,235)
Restructuring charges	—		(20,304)		(24,546)
Change in fair value of common stock warrant liability	19,514		34,150		86,926
Change in fair value of equity securities	(15,785)		(43,057)		5,999
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)	623,225		155,350		—
Gain on extinguishment of debt	121,765		—		—
Interest income	156,443		213,026		204,274
Interest expense	(95,101)		(32,923)		(24,915)
Other expense, net	(8,692)		(18,469)		(90)
Benefit from (provision for) income taxes	2,333		(1,199)		(1,026)
Segment net loss	(2,698,051)		(2,713,942)		(2,828,420)
Consolidated net loss	$	(2,698,051)	$	(2,713,942)	$	(2,828,420)

Schedule of Long-Lived Assets by Geographic Areas

The long-lived assets by geographic area were as follows (in thousands):


	December 31, 2025		December 31, 2024
United States	$	3,487,142	$	3,314,720
Foreign(1)	732,964		159,778
Total long-lived assets	$	4,220,106	$	3,474,498

(1) Kingdom of Saudi Arabia long-lived assets balance was $658.6 million as of December 31, 2025. No individual foreign country had more than 10% of the total long-lived assets balance as of December 31, 2024.