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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,795,719 $ 1,606,865
Short-term investments (including $35,000 and $15,000 associated with a related party as of June 30, 2025 and December 31, 2024, respectively) 1,030,140 2,424,103
Accounts receivable, net (including $63,508 and $57,909 from a related party as of June 30, 2025 and December 31, 2024, respectively) 125,265 112,025
Inventory 713,269 407,774
Prepaid expenses 63,336 52,951
Other current assets (including nil and $34,503 associated with a related party as of June 30, 2025 and December 31, 2024, respectively) 223,391 270,218
Total current assets 3,951,120 4,873,936
Property, plant and equipment, net 3,568,248 3,262,612
Right-of-use assets 235,821 211,886
Long-term investments (including $30,000 and $20,000 associated with a related party as of June 30, 2025 and December 31, 2024, respectively) 776,677 1,012,223
Other noncurrent assets 306,095 249,443
Investments in equity securities of a related party 31,117 37,831
TOTAL ASSETS 8,869,078 9,647,931
Current liabilities:    
Accounts payable (including $18,010 and nil associated with a related party as of June 30, 2025 and December 31, 2024, respectively) 213,656 133,832
Finance lease liabilities, current portion 8,141 6,788
Other current liabilities (including $233,308 and $126,417 associated with related parties as of June 30, 2025 and December 31, 2024, respectively) 1,312,157 1,024,671
Total current liabilities 1,533,954 1,165,291
Finance lease liabilities, net of current portion 176,113 76,096
Common stock warrant liability 1,331 19,514
Long-term debt 2,038,928 2,002,151
Other long-term liabilities (including $122,889 and $121,136 associated with related parties as of June 30, 2025 and December 31, 2024, respectively) 600,321 572,800
Derivative liabilities associated with redeemable convertible preferred stock (related party) 246,250 639,425
Total liabilities 4,596,897 4,475,277
Commitments and contingencies (Note 12)
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) 1,864,590 1,299,842
STOCKHOLDERS’ EQUITY    
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 3,073,203,419 and 3,032,219,724 shares issued and 3,072,345,594 and 3,031,361,899 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 307 303
Additional paid-in capital 16,231,681 16,808,018
Treasury stock, at cost, 857,825 shares at June 30, 2025 and December 31, 2024 (20,716) (20,716)
Accumulated other comprehensive income (loss) 14,616 (2,099)
Accumulated deficit (13,818,297) (12,912,694)
Total stockholders’ equity 2,407,591 3,872,812
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY 8,869,078 9,647,931
Series A Derivative Liability    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) 1,084,589 730,025
Series B Derivative Liability    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
Redeemable convertible preferred stock, (related party) $ 780,001 $ 569,817