NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2026

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.