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Income Tax (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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