Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2025

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock

The following table summarizes the redeemable convertible preferred stock outstanding immediately prior to their conversion into common stock (excluding the 2018 and 2020 warrants that, prior to our IPO, were exercisable for Series C convertible preferred stock), and the rights and preferences of the Company’s respective series preceding the Company’s IPO in June 2025:

	As of June 20, 2025
(amounts in thousands, except share and per share amounts)	Shares Authorized	Shares Issued and Outstanding	Original Issue Price Per Share		Aggregate Liquidation Preference		Net Carrying Value
Series A Preferred Stock	490,000,000	485,795,293	$	0.61	$	296,335	$	709,261
Series B Preferred Stock	30,000,000	29,629,630	$	0.54	16,000		42,963
Series C Preferred Stock	142,000,000	116,200,835	$	2.76	415,616		415,616
Series D Preferred Stock	102,600,000	102,516,283	$	8.10	1,078,273		1,078,273
Series E Preferred Stock	12,345,678	12,345,674	$	8.10	101,786		145,412
Series F Preferred Stock	10,493,827	4,657,401	$	8.10	38,399		54,857
Total redeemable convertible preferred stock	787,439,505	751,145,116			$	1,946,409	$	2,446,382

As of December 31, 2024, redeemable convertible preferred stock consisted of the following:

	As of December 31, 2024
(amounts in thousands, except share and per share amounts)	Shares Authorized	Shares Issued and Outstanding	Original Issue Price Per Share		Aggregate Liquidation Preference		Net Carrying Value
Series A Preferred Stock	490,000,000	485,795,293	$	0.61	$	296,335	$	709,261
Series B Preferred Stock	30,000,000	29,629,630	$	0.54	16,000		42,963
Series C Preferred Stock	142,000,000	116,200,835	$	2.76	408,715		408,715
Series D Preferred Stock	102,600,000	102,516,283	$	8.10	1,060,712		1,060,712
Total redeemable convertible preferred stock	764,600,000	734,142,041			$	1,781,762	$	2,221,651