Net Loss Per Share

9 Months Ended

Sep. 30, 2025

The Company computes earnings per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Prior to the IPO, the outstanding convertible preferred stock were deemed to be participating securities. The Company’s participating securities do not have a legal obligation to share in the Company’s losses.

In connection with the IPO, the Company amended its certificate of incorporation and authorized the issuance of multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock, Class B common stock, and Class C common stock are the same, other than voting rights. Accordingly, the Class A common stock, Class B common stock, and Class C common stock share equally in the Company’s net losses, and as such have been combined for the purpose of calculating net loss per share.

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of total common stock outstanding.

Diluted net loss per share is the same as basic net loss per share as there was no net income attributable to common stockholders for any periods presented, and as a result the inclusion of all potential common shares outstanding would have been antidilutive.

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders during the periods presented.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic and diluted net loss per share:
Numerator:
Net loss attributable to common stockholders	$	(1,097,015)	$	(15,598)	$	(1,023,906)	$	(829,927)
Denominator:
Weighted-average shares outstanding used in computing net loss per share, basic and diluted	403,212		210,768		278,409		190,058
Net loss per share, basic and diluted	$	(2.72)	$	(0.07)	$	(3.68)	$	(4.37)

The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive, or the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods, was as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
RSUs(1)	55,986	37,737	19,556	51,295
Unvested RSAs	743	155	485	307
CEO Equity Awards(2)	32,576	19,469	10,978	20,928
Convertible preferred stock(3)	82,891	246,355	191,032	247,327
Stock options	22,555	19,180	23,450	18,421
Warrants	88	261	202	261
Total	194,839	323,157	245,703	338,539

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(1)During the three and nine months ended September 30, 2025, RSUs excluded in the diluted per share calculations under the two class method include RSUs subject to only a service condition because the impact would be anti-dilutive. For the three and nine months ended September 30, 2024, RSUs excluded in the dilutive per share calculation include only RSUs subject to both a service and performance condition which were excluded due to RSUs being contingently issuable as of September 30, 2024.

(2)In October 2021, the Board approved a grant to the Company’s CEO of RSUs with respect to 22.5 million shares of Class B common stock. In June 2025, the Board approved a grant to the Company’s CEO of RSUs with respect to 29.0 million shares of Class B common stock. See Note 10 “Stockholders’ Equity” for further details.

(3)For the three and nine months ended September 30, 2025 and 2024 convertible preferred stock was not included in the dilutive per share calculation under the two class method, as the convertible preferred stockholders were not legally obligated to share in the Company’s losses.