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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (905,603) $ (1,324,249)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 209,047 135,021
Amortization of insurance premium 17,485 17,314
Non-cash operating lease cost 19,758 15,136
Stock-based compensation 83,834 120,709
Inventory and firm purchase commitments write-downs 327,806 277,541
Change in fair value of common stock warrant liability (18,183) (34,593)
Change in fair value of equity securities of a related party 9,505 29,323
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) (393,175) (103,000)
Net accretion of investment discounts/premiums (19,062) (44,308)
Gain on extinguishment of debt (116,360) 0
Other non-cash items 9,300 4,944
Changes in operating assets and liabilities:    
Accounts receivable (including $(5,599) and $(42,282) from a related party for the six months ended June 30, 2025 and 2024, respectively) (13,260) (49,612)
Inventory (586,043) (83,410)
Prepaid expenses (27,677) (19,269)
Other current assets 12,425 (22,310)
Other noncurrent assets (68,249) (23,392)
Accounts payable 58,513 3,181
Other current liabilities 117,921 5,520
Other long-term liabilities 23,164 71,722
Net cash used in operating activities (1,258,854) (1,023,732)
Cash flows from investing activities:    
Purchases of property, plant and equipment (including $(67,668) and $(34,068) from a related party for the six months ended June 30, 2025 and 2024, respectively) (343,904) (432,512)
Purchases of investments (including $(30,000) and nil from a related party for the six months ended June 30, 2025 and 2024, respectively) (309,557) (1,854,127)
Proceeds from maturities of investments 1,961,485 2,287,894
Proceeds from sale of investments 0 5,000
Net cash provided by investing activities 1,308,024 6,255
Cash flows from financing activities:    
Payment for finance lease liabilities (1,376) (1,929)
Proceeds from convertible debt 1,100,000 0
Purchase of capped call options (118,250) 0
Repurchase of 2026 Notes (931,433) 0
Proceeds from borrowings from a related party 106,645 0
Repayment of borrowings to a related party 0 (4,266)
Proceeds from exercise of stock options 1,274 2,311
Proceeds from employee stock purchase plan 12,696 11,104
Tax withholding payments for net settlement of employee awards (9,449) (5,312)
Net cash provided by financing activities 141,676 999,565
Net increase (decrease) in cash, cash equivalents, and restricted cash 190,846 (17,912)
Beginning cash, cash equivalents, and restricted cash 1,607,052 1,371,507
Ending cash, cash equivalents, and restricted cash 1,797,898 1,353,595
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 16,387 11,587
Cash paid for taxes 3,405 42
Supplemental disclosure of non-cash investing and financing activity:    
Increases (decreases) in purchases of property, plant and equipment included in accounts payable and other current liabilities 12,399 (14,310)
Government grant (related party) reflected in property, plant and equipment 0 (32,640)
Property, plant and equipment and right-of-use assets obtained through leases 143,403 7,392
Nonrelated Party    
Cash flows from financing activities:    
Payments of transaction costs and credit facility issuance costs to a related party (17,924) 0
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable (including $(5,599) and $(42,282) from a related party for the six months ended June 30, 2025 and 2024, respectively) (5,599) (42,282)
Cash flows from investing activities:    
Purchases of property, plant and equipment (including $(67,668) and $(34,068) from a related party for the six months ended June 30, 2025 and 2024, respectively) (67,668) (34,068)
Purchases of investments (including $(30,000) and nil from a related party for the six months ended June 30, 2025 and 2024, respectively) (30,000) 0
Cash flows from financing activities:    
Payments of transaction costs and credit facility issuance costs to a related party (507) 0
Series A Derivative Liability    
Cash flows from financing activities:    
Proceeds from issuance of Series A redeemable convertible preferred stock to a related party 0 1,000,000
Payments of issuance costs for Series A redeemable convertible preferred stock 0 (2,343)
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 $ (18,183) $ (34,593)