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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of components of loss before income taxes | The components of the Company’s loss before income taxes are as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Foreign |  | $ | (326,729) |  |  | $ | (199,040) |  |  | $ | (499,810) |
United States |  | (752,857) |  |  | (22,275) |  |  | (115,118) |
Loss before income taxes |  | $ | (1,079,586) |  |  | $ | (221,315) |  |  | $ | (614,928) |
Schedule of major components of deferred tax assets and liabilities | The major components of deferred tax assets and liabilities are as follows:
| Year Ended December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating loss carryforward | $ | 73,583 |  |  | $ | 59,413 |
Research and development credit carryforward | 16,092 |  |  | 7,869 |
Stock-based compensation | 32,158 |  |  | 14,001 |
Section 174 Research and Development Capitalization | 11,034 |  |  | 14,167 |
Other | 711 |  |  | 475 |
Total deferred tax assets | 133,578 |  |  | 95,925 |
Deferred tax liabilities: |  |  |
Other | (417) |  |  | (337)
Total deferred tax liabilities | (417) |  |  | (337)
Net deferred tax assets before valuation allowance | 133,161 |  | 95,588
Valuation allowance | (133,161) |  | (95,588)
Deferred tax, net | $ | — |  |  | $ | — |
Schedule of change in valuation allowance | The change in the valuation allowance was as follows:
| Year Ended December 31, |  |
| 2025 |  | 2024 |  | 2023 |  |
Valuation allowance as of beginning of year | $ | (95,588) |  |  | $ | (84,751) |  |  | $ | (64,016) |  |  |
Net increases recorded to income tax provision | (37,573) |  |  | (10,837) |  |  | (20,735) |  |  |
Valuation allowance as of end of year | $ | (133,161) |  |  | $ | (95,588) |  |  | $ | (84,751) |  |  |
Schedule of reconciliation of the effective income tax rate to the statutory rate | A reconciliation of the Company’s effective tax rate to the U.S. federal statutory rate is as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Tax at federal statutory rate |  | (226,702) | 21.0 | % |  | (46,476) | 21.0 | % |  | (129,048) | 21.0 | %
State income tax, net of federal tax benefit |  | — | — | % |  | (17) | — | % |  | — | — | %
Research and development credits |  | (6,828) | 0.6 | % |  | (4,782) | 2.2 | % |  | (2,275) | 0.4 | %
Nontaxable or nondeductible Items |  |  |  |  |  |  |  |  |
Stock-based compensation |  | 134,033 | (12.4) | % |  | (130) | 0.1 | % |  | 2,978 | (0.5) | %
Other |  | 299 | — | % |  | 77 | — | % |  | 521 | (0.1) | %
Foreign Tax Effects |  |  |  |  |  |  |  |  |
Cayman Islands Statutory income tax rate differential |  | 67,969 | (6.3) | % |  | 41,570 | (18.8) | % |  | 104,282 | (17.0) | %
Other foreign jurisdictions |  | 644 | (0.1) | % |  | 229 | (0.1) | % |  | 678 | (0.1) | %
Changes in unrecognized tax benefits |  | 1,357 | (0.1) | % |  | 956 | (0.4) | % |  | 800 | (0.1) | %
Change in valuation allowance |  | 29,228 | (2.7) | % |  | 8,573 | (4.0) | % |  | 22,064 | (3.6) | %
Total |  | $ | — |  | — | % |  | $ | — |  | — | % |  | $ | — |  | — | %
Schedule of reconciliation of unrecognized tax benefits | A reconciliation of unrecognized tax benefits from continuing operations is as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Unrecognized tax benefits, beginning of year |  | $ | 2,122 |  |  | $ | 1,064 |  |  | $ | — |
Increases related to prior year tax positions |  | 592 |  |  | 122 |  |  | 610 |
Increases related to current year tax positions |  | 1,189 |  |  | 936 |  |  | 454 |
Unrecognized tax benefits, end of year |  | $ | 3,903 |  |  | $ | 2,122 |  |  | $ | 1,064 |

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