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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Provision For (Benefit From) Income Taxes | Loss before income taxes for the years ended December 31, 2025, 2024, and 2023 consisted of the following (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
United States | $ | (2,655) |  |  | $ | (3,697) |  |  | $ | (4,056) |
Foreign | (113) |  |  | 90 |  |  | 114 |
Loss before income taxes | $ | (2,768) |  |  | $ | (3,607) |  |  | $ | (3,942) |
Schedule of Provision For (Benefit From) Income Taxes | The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 consisted of the following components (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | 11 |  |  | $ | (57) |  |  | $ | (225) |
State | 4 |  |  | (1) |  |  | 72 |
Foreign | 29 |  |  | 13 |  |  | 24 |
Total current | $ | 44 |  |  | $ | (45) |  |  | $ | (129) |
Deferred: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | 888 |
State | — |  |  | — |  |  | 8 |
Foreign | 10 |  |  | (1) |  |  | 5 |
Total deferred | 10 |  |  | (1) |  |  | 901 |
Total provision for (benefit from) income taxes | $ | 54 |  |  | $ | (46) |  |  | $ | 772 |
Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Effective Tax Rate | The reconciliation of the federal statutory income tax amount and rate to our effective tax rate for the year ended December 31, 2025 was as follows (in millions, except percentages):
| Year Ended December 31,
| 2025
Federal statutory tax rate | $ | (581) |  |  | 21.0 | %
State and local income tax, net of federal income tax effect | 3 |  |  | (0.2) | %
Foreign tax effects | 62 |  |  | (2.1) | %
Tax credits | (11) |  |  | 0.4 | %
Changes in valuation allowances | 509 |  |  | (18.4) | %
Nontaxable or nondeductible items | 2 |  |  | (0.1) | %
Stock-based compensation windfall/shortfall | 43 |  |  | (1.6) | %
Changes in unrecognized tax benefits | 10 |  |  | (0.4) | %
Other | 17 |  |  | (0.6) | %
Effective tax rate | $ | 54 |  |  | (2.0) | %
The reconciliation of the federal statutory income tax rate to our effective tax rate for the years ended December 31, 2024 and 2023 was as follows:
|  |  | Years Ended December 31,
|  |  | 2024 |  | 2023
Federal statutory tax rate |  |  | 21.0 | % |  | 21.0 | %
Change in valuation allowance |  |  | (23.5) | % |  | (52.6) | %
Foreign-derived intangible income |  |  | — | % |  | 0.2 | %
Stock-based compensation windfall/shortfall |  |  | 0.2 | % |  | 2.4 | %
Federal research and development credits |  |  | 5.5 | % |  | 4.6 | %
State taxes, net of federal benefits |  |  | (0.7) | % |  | 5.7 | %
Non-deductible items |  |  | (0.4) | % |  | (0.4) | %
Other |  |  | (0.8) | % |  | (0.5) | %
Effective tax rate |  |  | 1.3 | % |  | (19.6) | %
Schedule of Significant Components of Deferred Tax Assets and Tax Liabilities | Significant components of our deferred tax assets and tax liabilities as of December 31, 2025 and 2024 were as follows (in millions):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 1,156 |  |  | $ | 424 |
Stock-based compensation | 129 |  |  | 131 |
Capitalized licenses, research and development and start-up costs | 1,693 |  |  | 1,794 |
Tax credit carryforwards | 308 |  |  | 251 |
Operating lease liabilities | 134 |  |  | 138 |
Other comprehensive income | 3 |  |  | 4 |
Inventory reserve and capitalization | 152 |  |  | 205 |
Wholesaler chargebacks, discounts and fees | 26 |  |  | 43 |
Returns and other fees | 116 |  |  | 86 |
Outside basis difference | 84 |  |  | 125 |
Other | 213 |  |  | 160 |
Total deferred tax assets | 4,014 |  |  | 3,361 |
Less: valuation allowance | (3,738) |  |  | (3,084) |
Net deferred tax assets | $ | 276 |  |  | $ | 277 |
Deferred tax liabilities: |  |  |
Right-of-use assets, operating | $ | (135) |  |  | $ | (139) |
Property, plant and equipment | (58) |  |  | (55) |
Other | (23) |  |  | (16) |
Total deferred tax liabilities | (216) |  |  | (210) |
Net deferred tax assets | $ | 60 |  |  | $ | 67 |
Schedule of Summary of Valuation Allowance | The table below summarizes changes in the valuation allowance for deferred tax assets for the periods presented (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Valuation allowance at beginning of the period | $ | 3,084 |  |  | $ | 2,224 |  |  | $ | 155 |
Increases to valuation allowance | 654 |  |  | 860 |  |  | 2,069 |
Valuation allowance at December 31 | $ | 3,738 |  |  | $ | 3,084 |  |  | $ | 2,224 |
Schedule of Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of unrecognized tax benefits during the years ended December 31, 2025, 2024, and 2023 were as follows (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Unrecognized tax benefits at beginning of the period | $ | 240 |  |  | $ | 231 |  |  | $ | 128 |
Decrease due to prior positions: |  |  |  |  |
Tax positions for prior years | (3) |  |  | (10) |  |  | — |
Settlements with tax authorities | — |  |  | — |  |  | (27) |
Increase due to current year tax positions: |  |  |  |  |
Additions based on tax positions for current year | 4 |  |  | 19 |  |  | 44 |
Additions based on tax positions for prior years | — |  |  | — |  |  | 86 |
Unrecognized tax benefits at end of the period | $ | 241 |  |  | $ | 240 |  |  | $ | 231 |

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