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Convertible Redeemable Preferred Shares (Tables)
6 Months Ended
Jun. 30, 2025
Convertible Redeemable Preferred Shares [Abstract]  
Schedule of Authorized and Outstanding Shares of Convertible Redeemable Preferred Shares

The table below presents our various series convertible redeemable preferred shares that were authorized and outstanding as of December 31, 2024.

 

December 31, 2024
Series   Authorized     Issued
and Outstanding
 
A-1     16,518,502       15,181,000  
A-2     14,244,000       14,244,000  
A-3     3,536,099       2,828,899  
B-1     13,111,999       13,111,999  
B-2     9,090,900       9,090,900  
B-3     2,100,000       2,100,000  
C-1     13,684,800       13,684,800  
D     15,000,000       12,963,577  
      87,286,300       83,205,175  
Schedule of Convertible Redeemable Preferred Shares

The following table presents the activity of our various series of convertible redeemable preferred shares for the three and six months ended June 30, 2025.

 

   Series A-1
Preferred Shares
   Series A-2
Preferred Shares
   Series A-3
Preferred Shares
   Series B-1
Preferred Shares
 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount 
                                 
Beginning balances as of December 31, 2024   15,181,000   $485,488,380    14,244,000   $456,377,760    2,828,899   $90,666,213    13,111,999   $423,255,328 
Preferred Shares redemption value accretion       5,920,590        5,127,840        1,018,404        3,146,879 
Ending balances as of March 31, 2025   15,181,000    491,408,970    14,244,000    461,505,600    2,828,899    91,684,617    13,111,999    426,402,207 
Repurchase of preferred shares       
        
        
        
 
Conversion of preferred shares to ordinary shares   (15,181,000)   (491,408,970)   (14,244,000)   (461,505,600)   (2,828,899)   (91,684,617)   (13,111,999)   (426,402,207)
Ending balances as of June 30, 2025      $
       $
       $
       $
 

 

   Series B-2
Preferred Shares
   Series B-3
Preferred Shares
   Series C
Preferred Shares
   Series D
Preferred Shares
   Total
Preferred Shares
 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount 
                                         
Beginning balances as of December 31, 2024   9,090,900   $295,908,795    2,100,000   $68,775,000    13,684,800   $458,577,648    12,963,577   $582,699,609    83,205,175   $2,861,748,733 
Preferred Shares redemption value accretion       909,090        
        (5,063,376)       10,643,310        21,702,737 
Ending balances as of March 31, 2025   9,090,900    296,817,885    2,100,000    68,775,000    13,684,800    453,514,272    12,963,577    593,342,919    83,205,175    2,883,451,470 
Repurchase of preferred shares       
        
        
    (3,017,119)   (138,093,537)   (3,017,119)   (138,093,537)
Conversion of preferred shares to ordinary shares   (9,090,900)   (296,817,885)   (2,100,000)   (68,775,000)   (13,684,800)   (453,514,272)   (9,946,458)   (455,249,382)   (80,188,056)   (2,745,357,933)
Ending balances as of June 30, 2025      $
       $
       $
       $
       $
 

The following table presents the activity of our various series of convertible redeemable preferred shares for the three and six months ended June 30, 2024.

 

   Series A-1
Preferred Shares
   Series A-2
Preferred Shares
   Series A-3
Preferred Shares
   Series B-1
Preferred Shares
 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount 
                                 
Beginning balances as of December 31, 2023   15,181,000   $352,502,820    14,244,000   $334,164,240    2,828,899   $66,479,127    13,111,999   $318,883,816 
Issuance of Preferred Shares       
        
        
        
 
Preferred Shares redemption value accretion       228,170,430        212,805,360        42,207,173        191,566,305 
Ending balances as of March 31, 2024   15,181,000    580,673,250    14,244,000    546,969,600    2,828,899    108,686,300    13,111,999    510,450,121 
Preferred Shares redemption value accretion       910,860        712,200        169,734        786,720 
Ending balances as of June 30, 2024   15,181,000   $581,584,110    14,244,000   $547,681,800    2,828,899   $108,856,034    13,111,999   $511,236,841 

 

   Series B-2
Preferred Shares
   Series B-3
Preferred Shares
   Series C
Preferred Shares
   Series D
Preferred Shares
   Total
Preferred Shares
 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount 
                                         
Beginning balances as of December 31, 2023   9,090,900   $230,272,497    2,100,000   $55,965,000    13,684,800   $395,627,568    11,747,760   $572,468,345    81,989,358   $2,326,363,413 
Issuance of Preferred Shares       
        
        
    1,215,817    40,297,282    1,215,817    40,297,282 
Preferred Shares redemption value accretion       129,272,598        28,959,000        176,533,920        78,193,027        1,087,707,813 
Ending balances as of March 31, 2024   9,090,900    359,545,095    2,100,000    84,924,000    13,684,800    572,161,488    12,963,577    690,958,654    83,205,175    3,454,368,508 
Preferred Shares redemption value accretion       4,545,450        147,000        1,231,632        2,592,716        11,096,312 
Ending balances as of June 30, 2024   9,090,900   $364,090,545    2,100,000   $85,071,000    13,684,800   $573,393,120    12,963,577   $693,551,370    83,205,175   $3,465,464,820 
Schedule of Aggregate Preferred Shares Series

The following presents the aggregate and per share redemption value of each preferred share series as of December 31, 2024:

 

As of December 31, 2024
Series   Total     Per Share  
A-1   $ 485,488,380     $ 31.98  
A-2     456,377,760     $ 32.04  
A-3     90,666,213     $ 32.05  
B-1     423,255,328     $ 32.28  
B-2     295,908,795     $ 32.55  
B-3     68,775,000     $ 32.75  
C-1     458,577,648     $ 33.51  
D     582,699,609     $ 44.95  
    $ 2,861,748,733          
Schedule of Liquidation Preferences of Preferred Shares

The following presents the liquidation preferences of our preferred shares by series as of December 31, 2024:

 

As of December 31, 2024
Series 

Outstanding

Shares

  

Original

Issue Price

  

Liquidation

Multiplier

   Liquidation Preference 
A-1   15,181,000   $0.45    1.2   $8,197,740 
A-2   14,244,000   $0.91    1.0    12,962,040 
A-3   2,828,899   $0.97    1.0    2,744,032 
B-1   13,111,999   $2.29    1.0    30,026,478 
B-2   9,090,900   $3.85    1.0    34,999,965 
B-3   2,100,000   $5.00    1.0    10,500,000 
C   13,684,800   $8.41    1.0    115,089,168 
D   12,963,577   $33.14    1.0    429,612,942 
Aggregate liquidation preference                 $644,132,365