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NET LOSS PER SHARE | 6 Months Ended
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Jun. 30, 2026
Earnings Per Share [Abstract] |
NET LOSS PER SHARE | NET LOSS PER SHARE Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Net loss | $ | (1,034,851) |  |  | $ | (539,432) |  |  | $ | (2,063,195) |  |  | $ | (905,603) |
Accretion of redeemable convertible preferred stock (related party) | (224,425) |  |  | (199,823) |  |  | (330,387) |  |  | (564,748) |
Net loss attributable to common stockholders, basic | $ | (1,259,276) |  |  | $ | (739,255) |  |  | $ | (2,393,582) |  |  | $ | (1,470,351) |
Interest expense on 2026 Notes | — |  |  | 309 |  |  | — |  |  | 4,283 |
Gain on extinguishment of debt | — |  |  | (116,360) |  |  | — |  |  | (116,360) |
Net loss attributable to common stockholders, diluted | $ | (1,259,276) |  |  | $ | (855,306) |  |  | $ | (2,393,582) |  |  | $ | (1,582,428) |
Weighted-average shares outstanding, basic | 382,098,609 |  |  | 305,640,483 |  |  | 355,340,787 |  |  | 304,641,184 |
Dilutive effect of 2026 Notes, using if-converted method | — |  |  | 147,789 |  |  | — |  |  | 1,029,624 |
Weighted-average shares outstanding, diluted | 382,098,609 |  |  | 305,788,272 |  |  | 355,340,787 |  |  | 305,670,808 |
Net loss per share: |  |  |  |  |  |  |
Basic | $ | (3.30) |  |  | $ | (2.42) |  |  | $ | (6.74) |  |  | $ | (4.83) |
Diluted | $ | (3.30) |  |  | $ | (2.80) |  |  | $ | (6.74) |  |  | $ | (5.18) |
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:
| June 30,
Excluded Securities | 2026 |  | 2025
Private Placement Warrants to purchase common stock | 4,435,000 |  |  | 4,435,000 |
Options outstanding to purchase common stock | 1,617,550 |  |  | 2,207,319 |
RSUs outstanding | 15,486,506 |  |  | 8,640,651 |
Employee stock purchase plan | 5,407,704 |  |  | 2,296,613 |
If-converted common shares from 2026 Notes | 372,950 |  |  | 1,752,521 |
If-converted common shares from 2030 Notes | 36,666,630 |  |  | 36,666,663 |
If-converted common shares from 2031 Notes | 46,846,313 |  |  | — |
If-converted common shares from Series A redeemable convertible preferred stock | 34,006,758 |  |  | 31,110,856 |
If-converted common shares from Series B redeemable convertible preferred stock | 20,239,798 |  |  | 18,516,244 |
If-converted common shares from Series C redeemable convertible preferred stock | 51,651,489 |  |  | — |
Total | 216,730,698 |  |  | 105,625,867 |
The Capped Call Transactions were also excluded from the computation of diluted net loss per share as they would be anti-dilutive. As of June 30, 2026, 1,000,000 shares of common stock equivalents related to stock options were excluded from the anti-dilutive table above. In addition, 951,429 and 828,090 shares of common stock equivalents related to RSUs were excluded from the anti-dilutive table above as of June 30, 2026 and 2025, respectively. The underlying shares associated with these stock options and RSUs remain contingently issuable because the applicable market or corporate performance vesting conditions had not been satisfied as of June 30, 2026 and 2025.

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