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BUSINESS COMBINATION (Tables) | 6 Months Ended
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Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Consideration Transferred | The following table summarizes the consideration transferred (in thousands):
| Amounts
Cash consideration | $ | 256,030 |
Equity consideration | 282,039 |
Pre-acquisition portion of replacement equity awards | 439 |
Acquisition Consideration | $ | 538,508 |
Schedule of Identifiable Assets Acquired And Liabilities Assumed | As of the acquisition date, the Company recognized the identifiable assets acquired and liabilities assumed based on their estimated fair values as follows (in thousands):
| Amounts
Assets: |
Cash and cash equivalents | $ | 3,209 |
Prepaid expenses and other current assets | 849 |
Property and equipment, net | 5,272 |
Operating lease right-of-use assets | 92 |
Intangible assets | 217,150 |
Goodwill | 342,588 |
Total assets | $ | 569,160 |
Liabilities: |
Accounts payable | $ | (1,579) |
Current portion of right-of-use liability | (77) |
Accrued and other current liabilities | (631) |
Deferred Tax Liability | (28,365) |
Total liabilities | $ | (30,652) |
Total purchase price | $ | 538,508 |
Schedule of Acquired Intangible Assets | The following table summarizes the acquired intangible assets (in thousands):
| Amounts | Useful life
Developed technology | $ | 216,700 |  | 15 years
Trademarks | 450 | 2 years
Total intangible assets | $ | 217,150 |  |
Schedule of Pro Forma Financial Information | The following unaudited pro forma financial information presents the combined results of operations of the Company and Quantum Circuits as if the acquisition had occurred on January 1, 2025. The unaudited pro forma information includes adjustments for items directly attributable to the acquisition, including incremental amortization expense related to acquired intangible assets of $0.7 million and $7.3 million for the six months ended June 30, 2026 and 2025, respectively, and non-recurring acquisition-related costs of $9.3 million assumed to have been incurred during the six months ended June 30, 2025. The unaudited pro forma results do not reflect any operating efficiency or potential cost savings which may result from the integration of Quantum Circuits. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred as of January 1, 2025.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands, except share and per share data) | 2026 |  | 2025 |  | 2026 |  | 2025
Revenue | $ | 3,076 |  |  | $ | 3,195 |  |  | $ | 5,934 |  |  | $ | 18,296 |
Loss from operations | (53,278) |  |  | (35,730) |  |  | (101,920) |  |  | (65,660) |
Net loss | $ | (47,844) |  |  | $ | (176,586) |  |  | $ | (60,125) |  |  | $ | (200,682) |
Net loss per share, basic and diluted | $ | (0.13) |  |  | $ | (0.56) |  |  | $ | (0.16) |  |  | $ | (0.66) |
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted | 370,840,115 |  | 312,719,237 |  | 370,318,503 |  | 304,828,863
The following table represents Quantum Circuits' revenue and losses included in the Company's condensed consolidated statements of operations and comprehensive loss subsequent to the Quantum Circuits acquisition date (in thousands):
| Period from January 20, 2026 through June 30, 2026
Revenue | $ | 250 |
Net loss | $ | (15,986) |

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