0001628280-26-044981 | 10-Q | XBRL Viewer

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Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 10,032	$ 15,939
Work in progress	9,039	10,968
Finished goods	69,969	36,719
Total inventories	$ 89,040	$ 63,626

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, but do not include all the information and notes required by GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2025 thereto contained in the Company’s final prospectus filed with the SEC on May 14, 2026 (the “Prospectus”), pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The significant accounting policies used in preparation of the unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and 2025, are consistent with those discussed in Note 4 – Significant Accounting Policies to the audited consolidated financial statements in the Prospectus. There have been no significant changes in the Company’s significant accounting policies or critical accounting estimates since December 31, 2025 that have had a material impact on the Company’s unaudited condensed consolidated financial statements and related notes. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows, and the changes in equity for the periods presented. The results of operations for the three months ended March 31, 2026 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period. Certain prior period amounts reported in the Company’s condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation. Initial Public Offering On May 15, 2026, the Company completed its initial public offering (the “IPO”), in which it issued and sold 34,500,000 shares of its Class A common stock at $185.00 per share, which includes the exercise in full by the underwriters of their option to purchase from the Company an additional 4,500,000 shares of Class A common stock. The Company received net proceeds of approximately $6.2 billion from the IPO, after deducting underwriting discounts and commissions and estimated offering expenses. Immediately prior to the completion of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock converted into 124,652,775 shares of Class B common stock on a one-for-one basis, and 60,457,570 shares of the Company’s then-outstanding Class A common stock, including shares of Class A common stock issued upon vesting and settlement of certain restricted stock units (“RSUs”) that vested upon completion of the IPO, were reclassified into an aggregate of 185,110,345 shares of Class B common stock on a one-for-one basis. Additionally, certain shares and equity awards were converted into, or amended to provide for issuance or settlement in, shares of Class A common stock instead of shares of Class B common stock. The shares and proceeds from the IPO, the underwriters’ exercise of their option to purchase additional shares, the conversion of the Company’s redeemable convertible preferred stock, and the reclassification of the Company’s common stock are not reflected in the condensed consolidated financial statements as of and for the three months ended March 31, 2026. Refer to Note 17 – Subsequent Events for further discussion. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Areas of significant estimates include, but are not limited to, revenue recognition, including the determination of the standalone selling price (“SSP”) of performance obligations, significant financing components, useful life of property, plant and equipment, product warranty accruals, impairment of long-lived assets, the market value of and demand for inventory, valuation allowance on deferred income tax assets, the fair value of common stock and other assumptions used to measure stock-based compensation. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Actual results could significantly differ from those estimates. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts, and experience. Changes in estimates are recorded prospectively in the period in which they become known. Supplier Concentration Certain materials used by the Company in the manufacturing of its products are available from a limited number of suppliers. Shortages could occur in these materials due to an interruption of supply or increased demand in the industry. Three suppliers accounted for 16%, 12%, and 11% of total purchases for the three months ended March 31, 2026. Two suppliers accounted for 11% and 11% of total purchases for the three months ended March 31, 2025.

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Cerebras Systems Inc. (the “Company” or “Cerebras”) was incorporated in Delaware in April 2016. Cerebras is an artificial intelligence (“AI”) infrastructure company that designs and manufactures an AI compute platform comprised of proprietary systems and software that is delivered in standard racks for deployment in our, and our customers’, data centers up to supercomputer scale. The Company’s pioneering Wafer-Scale Engine (“WSE”), a chip encompassing an entire silicon wafer, was specifically designed to enable higher performance and speeds than GPUs for the computational demands of inference, Generative AI (“GenAI”), and other AI applications. Since its inception, Cerebras has dedicated resources to research and development activities that support its current projects and future development efforts. The Company is headquartered in Sunnyvale, California.

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (remaining 9 months)	$ 69,538
2027	98,975
2028	89,281
2029	90,951
2030	86,204
Thereafter	25,387
Total future lease payments	460,336
Less: Imputed interest	(81,644)
Present value of operating lease liabilities	$ 378,692

Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provision for excess and obsolete inventory	$ 8.4		$ 0.9
Write-offs and provision for excess and obsolete inventories	$ 2.3	$ 0.9

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). As of March 31, 2026 and December 31, 2025, the Company did not hold any securities classified within Level 3 of the fair value hierarchy. The three levels of the fair value hierarchy are described below:

•Level 1 inputs are quoted prices in active markets for identical assets and liabilities;

•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

•Level 3 inputs are unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


			Fair Value Measurements
Balance Sheet Captions	March 31, 2026		Level 1		Level 2		Total Gains(1)
Cash and cash equivalents
Money market funds	$	1,716,016	$	1,716,016	$	—	$	—


Restricted cash
Money market funds	1,029,098		1,029,098		—		—

Investments
U.S. Treasury securities	515,569		—		515,569		3,989
Time deposits	36		—		36		—
Total Investments	$	515,605	$	—	$	515,605	$	3,989

_______________

(1)Unrealized gains from remeasurement of U.S. Treasury securities have been recognized in AOCI.


			Fair Value Measurements
Balance Sheet Captions	December 31, 2025		Level 1		Level 2		Total Gains(1)
Cash and cash equivalents
Money market funds	$	598,544	$	598,544	$	—	$	—
U.S. Treasury securities	101,845		—		101,845		632

Restricted cash
Money market funds	224,006		224,006		—		—

Investments
U.S. Treasury securities	406,495		—		406,495		2,374
Time deposits	36		—		36		—
Total Investments	$	406,531	$	—	$	406,531	$	2,374

_____________

(1)Unrealized gains from remeasurement of U.S. Treasury securities have been recognized in AOCI. Realized gains have been recognized in Other income (expense).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following tables summarize the Company’s investments (in thousands):


	March 31, 2026
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	511,580	$	3,989	$	—	$	—	$	515,569
Time deposits	Level 2	36		—		—		—		36
Total		$	511,616	$	3,989	$	—	$	—	$	515,605


	December 31, 2025
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	404,321	$	2,174	$	—	$	—	$	406,495
Time deposits	Level 2	36		—		—		—		36
Total		$	404,357	$	2,174	$	—	$	—	$	406,531

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Segment and Geographical Information - Schedule of Property and Equipment by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total property and equipment, net	$ 572,439	$ 437,396
United States
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total property and equipment, net	514,324	376,021
Other
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total property and equipment, net	$ 58,115	$ 61,375

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation expense for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	950	$	326
Research and development	5,699		5,712
Sales and marketing	1,792		1,949
General and administrative	1,152		1,167
Total stock-based compensation expense	$	9,593	$	9,154

Revenue - Significant Customers (Details) - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer Benchmark \| Customer A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	63.00%	24.00%
Revenue from Contract with Customer Benchmark \| Customer B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11.00%	64.00%
Accounts Receivable \| Customer A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	41.00%	78.00%
Accounts Receivable \| Customer B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	13.00%
Accounts Receivable \| Customer C
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	32.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions		3 Months Ended
	May 15, 2026 USD ($) $ / shares shares	Mar. 31, 2026	Mar. 31, 2025
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Supplier One
Product Information [Line Items]
Concentration risk, percentage		16.00%	11.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Supplier Two
Product Information [Line Items]
Concentration risk, percentage		12.00%	11.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Supplier Three
Product Information [Line Items]
Concentration risk, percentage		11.00%
Subsequent Event \| IPO
Product Information [Line Items]
Proceeds from issuance initial public offering \| $	$ 416.0
Common Class A \| Subsequent Event
Product Information [Line Items]
Common stock, conversion ratio	1
Common Class A \| Subsequent Event \| IPO
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	34,500,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 185.00
Proceeds from issuance initial public offering \| $	$ 6,200.0
Customer warrants exercise (in shares)	124,652,775
Common stock shares reclassified (in shares)	60,457,570
Common Class A \| Subsequent Event \| Over-Allotment Option
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	4,500,000
Redeemable convertible preferred stock \| Subsequent Event
Product Information [Line Items]
Temporary equity, conversion ratio	1
Common Class B \| Subsequent Event
Product Information [Line Items]
Customer warrants exercise (in shares)	124,652,775
Common stock, conversion ratio	1
Common Class B \| Subsequent Event \| IPO
Product Information [Line Items]
Common stock shares reclassified (in shares)	185,110,345

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Lease, Cost

Lease costs included in measurement of lease obligations and other information related to non-cancelable operating leases were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	23,650	$	3,926
Short-term lease costs(1)	17,015		8,258
Variable lease costs	2,646		—
Total lease costs	$	43,311	$	12,184

_______________

(1)Short-term lease costs on leases with terms of over one month and less than one year.

The weighted-average remaining lease terms and discount rates were as follows:


Other information	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	4.8		4.7
Weighted-average discount rate	8.5	%	8.6	%

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	11,151	$	4,163
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	120,128	$	—

Lessee, Operating Lease, Liability, to be Paid, Maturity

As of March 31, 2026, future minimum lease payments of the Company’s operating lease liabilities were due as follows (in thousands):


March 31, 2026	Operating Leases
2026 (remaining 9 months)	$	69,538
2027	98,975
2028	89,281
2029	90,951
2030	86,204
Thereafter	25,387
Total future lease payments	460,336
Less: Imputed interest	(81,644)
Present value of operating lease liabilities	$	378,692

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The Company recognizes revenue classified in hardware at a point in time, and revenue classified in cloud and other services either at a point in time or over time. Revenue by point in time and over time was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Hardware revenue recognized point in time	$	110,593	$	69,674
Cloud and other services revenue recognized point in time	547		614
Cloud and other services revenue recognized over time	82,266		29,224
Total revenue	$	193,406	$	99,512

Revenue recognized during the three months ended March 31, 2026 that was included in deferred revenue as of December 31, 2025 was $32.3 million. Revenue recognized during the three months ended March 31, 2025 that was included in deferred revenue as of December 31, 2024 was $16.6 million.

During the three months ended March 31, 2026 the Company recognized a $2.1 million reduction in revenue related to the amortization of the customer warrant assets in the condensed consolidated statements of operations, in proportion to the amount of related revenues recognized. Refer to Note 12 – Common Stock for further discussion. The remaining balance of the customer warrant assets as of March 31, 2026 will be recorded as a reduction in revenue in the consolidated statement of operations through October 2031.

Significant Customers

Customers that each accounted for 10% or more of our total revenues were as follows:


	Percentage of Total Revenues
	Three Months Ended March 31,
	2026		2025
Customer A(1)	63	%	24	%
Customer B(1)	11	%	64	%

_____________

(1)Customer A and Customer B are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures.

Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented are as follows:


	March 31, 2026		December 31, 2025
Customer A(1)	41	%	78	%
Customer B(1)	13	%	*
Customer C	32	%	*

______________

(1)Customer A and Customer B are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures.

*Percentage was less than 10%

OpenAI Collaboration

In December 2025, the Company entered into a Master Relationship Agreement (the “MRA”) with OpenAI OpCo, LLC (“OpenAI”) to provide 750MW of AI inference compute capacity that OpenAI is contractually committed to purchase (the “Committed Capacity”) and related services over a multi-year term. The MRA includes (i) a services arrangement pursuant to which the Company will provide the Committed Capacity and related services over a term of three or four years that is extendable by OpenAI to a maximum of five years in total, (ii) a secured promissory note of approximately $1.0 billion (the “Working Capital Loan”) funded by OpenAI in January 2026 to support the build-out of infrastructure and related capabilities required to deliver such services, and (iii) a warrant to purchase shares of the Company’s Class N common stock. Refer to Note 10 – Working Capital Loan and Note 12 – Common Stock for further discussion. The Company recognized revenue of $16.9 million, net of amortization of the customer warrant asset of $0.8 million for this arrangement for the three months ended March 31, 2026. In addition to the Committed Capacity, OpenAI has the option to purchase an additional 1.25GW of AI inference compute capacity (the “Additional Capacity”) for deployment in tranches by the end of 2030 for up to a total of 2.0GW.

Remaining Performance Obligation

Revenue allocated to remaining performance obligations that is unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that are expected to be invoiced and recognized as revenue in future periods, was $25.0 billion as of March 31, 2026. A significant amount of the balance was attributable to the Company’s obligations pursuant to the MRA with OpenAI.

The Company expects to recognize approximately 16% of this revenue over the initial 24 months ending March 31, 2028, 45% between months 25 and 48, and the remaining balance recognized thereafter. However, time periods for revenue recognition may vary from the foregoing due to changes in timing of delivery at the customer’s request or otherwise.

The arrangement with OpenAI includes variable consideration related to pass-through costs that are included in the transaction price. These pass-through costs primarily relate to data centers consisting of fixed monthly data center rental costs, leasehold improvements, security and other variable monthly lease costs such as power and other utilities in connection to the delivery of the Committed Capacity. Amounts related to these pass-through costs are included in the transaction price and the remaining performance obligations for the initial 250MW of Committed Capacity. Pass-through costs associated with Committed Capacity in excess of the initial 250MW are excluded from remaining performance obligations because the related consideration is subject to factors outside the Company’s control which involves significant amounts that will be determined over the remaining years of the MRA. Revenue related to pass-through costs will be recognized as the underlying Committed Capacity is delivered and is reported on a gross basis.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory, Current

Inventories consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	10,032	$	15,939
Work in progress	9,039		10,968
Finished goods	69,969		36,719
Total inventories	$	89,040	$	63,626

Schedule of Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Prepaid expenses	$	37,441	$	8,196
Unbilled receivables	28,060		16,244
Taxes receivable	6,148		4,795
Other receivables and current assets	6,221		2,547
Total prepaid expenses and other current assets	$	77,870	$	31,782

Schedule of Property, Plant, and Equipment

Property and equipment, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Data center and computer equipment	$	292,101	$	277,421
Machinery and equipment	30,016		25,370
Leasehold improvements	22,701		22,348
Construction in progress	294,664		163,451
Property and equipment	639,482		488,590
Less: accumulated depreciation	(67,043)		(51,194)
Total property and equipment, net	$	572,439	$	437,396

Depreciation expense included in the consolidated statements of operations was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	9,871	$	1,600
Research and development	6,660		1,141
Sales and marketing	1,529		1,155
General and administrative	115		14
Total depreciation expense	$	18,175	$	3,911

Schedule of Accrued Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued purchases and expenses	$	103,929	$	59,458

Accrued compensation	19,057		16,611
Sales tax payable	11,731		35,577
Product warranty liability	10,934		9,368
Liability related to early exercised options	4,515		5,187
Other	20,876		13,335
Total accrued and other current liabilities	$	171,042	$	139,536

Schedule of Product Warranty Liability

The following table shows the changes in provision for product warranty during the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of year	$	9,368	$	17,043
Additions during the period	4,590		4,500
Utilization during the period	(3,024)		(12,830)
Balance at end of the period	$	10,934	$	8,713

Segment and Geographical Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 1,029,098	$ 228,672
Investments	515,605	406,531
Total Gains for investments	3,989	2,374
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	515,605	406,531
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	515,569	406,495
Total Gains for investments	3,989	2,374
U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	515,569	406,495
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	36	36
Total Gains for investments	0	0
Time deposits \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Time deposits \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	36	36
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,716,016	598,544
Restricted cash	1,029,098	224,006
Total Gains for cash and cash equivalents	0	0
Total Gains for restricted cash	0	0
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,716,016	598,544
Restricted cash	1,029,098	224,006
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	$ 0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		101,845
Total Gains for cash and cash equivalents		632
U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		$ 101,845

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Diluted Net Loss Per Share

For the three months ended March 31, 2026 and 2025, the following potential common shares were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive (in thousands):


	Three Months Ended March 31,
	2026		2025
Redeemable convertible preferred stock	$	124,653	$	82,899
Warrants	28,986		—
Early exercised shares subject to repurchase	675		1,064
Options to purchase common stock	27,220		34,595
Total potential common stock excluded from net loss per share	$	181,534	$	118,558

Leases - Other information (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 9 months 18 days	4 years 8 months 12 days
Weighted-average discount rate	8.50%	8.60%

Commitment and Contingencies (Details) - Capital Addition Purchase Commitments $ in Millions	Mar. 31, 2026 USD ($)
Long-Term Purchase Commitment [Line Items]
Unrecorded unconditional purchase obligation, to be paid, remainder of fiscal year	$ 5.4
Unrecorded unconditional purchase obligation, including lease not yet commenced, to be paid, year one	6.2
Unrecorded unconditional purchase obligation, including lease not yet commenced, to be paid, year two	$ 0.5

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all transactions through June 23, 2026, the date these unaudited condensed consolidated financial statements were available to be issued, and has determined that there are no other events that would require disclosure in or adjustment to these financial statements except as discussed below. Revolving Credit Agreement On April 14, 2026, the Company entered into a revolving credit and guaranty agreement (the “Revolving Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and the lenders and letter of credit issuers party thereto. The agreement provides for an initial revolving credit facility of up to $250.0 million, available solely for standby letters of credit to data center landlords and developers. Following the completion of the IPO and satisfaction of pro forma covenant compliance and other customary closing conditions on June 17, 2026 (such date, the “Phase Two Effective Date”), the facility increased to up to $850.0 million and may be used for general corporate purposes. Borrowings bear interest at variable rates based on a base rate or term rate plus applicable margins, and undrawn commitments are subject to commitment fees. The facility matures on April 14, 2031. The agreement includes a $150.0 million minimum liquidity covenant, customary covenants and events of default, and collateral terms that were updated upon the Phase Two Effective Date. Additional information regarding the Revolving Credit Agreement can be found in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Initial Public Offering and Changes in Capital Structure On May 15, 2026, the Company completed the IPO and sold an aggregate of 34,500,000 shares of Class A common stock at a price to the public of $185.00 per share, which includes the exercise in full by the underwriters of their option to purchase from the Company an additional 4,500,000 shares of Class A common stock. The net proceeds to the Company from the initial public offering were $6.2 billion, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company used $416.0 million of the proceeds from the IPO to satisfy tax withholding and remittance obligations related to the RSUs that vested in connection with our IPO. Following the effectiveness of the IPO registration statement, the Company filed an amended and restated certificate of incorporation, which became effective immediately prior to the closing of the IPO (the “Restated Certificate”). The Restated Certificate authorizes a total of 3,500,000,000 shares of Class A common stock, 240,000,000 shares of Class B common stock, 100,000,000 shares of Class N common stock, and 100,000,000 shares of preferred stock. Upon the filing and effectiveness of the Restated Certificate, and immediately prior to the closing of the IPO, each outstanding share of the Company’s Series A, Series B, Series C, Series D, Series E, Series F, Series F-1, Series G, and Series H redeemable convertible preferred stock and Class A common stock converted, on a one-for-one basis, into 185,110,345 shares of the Company’s Class B common stock (the conversion, the “Reclassification”). Following the completion of the IPO, the Company has three classes of outstanding common stock: Class A common stock, Class B common stock and Class N common stock. No shares of the Company’s preferred stock were issued and outstanding following the completion of the IPO. Certain rights of the holders of all classes of stock pursuant to the Restated Certificate are as follows: Common Stock The rights of the holders of Class A common stock, Class B common stock, and Class N common stock (referred to together as the “common stock”) are identical, except with respect to voting and conversion. Voting Rights Each holder of the Company’s Class A common stock is entitled to one vote per share, each holder of the Company’s Class B common stock is entitled to 20 votes per share, and each holder of the Company’s Class N common stock is entitled to no votes per share. The holders of the Company’s Class A common stock and Class B common stock will generally vote as a single class on all matters submitted to a vote of its stockholders, unless otherwise required by Delaware law or the Restated Certificate. Delaware law could require holders of the Company’s Class A common stock or Class B common stock, or Class N common stock to vote separately as a single class in the following circumstances: •if the Company were to seek to amend its Restated Certificate to increase or decrease the par value of a class of its capital stock, then that class would be required to vote separately to approve the proposed amendment; and •if the Company were to seek to amend our Restated Certificate in a manner that alters or changes the powers, preferences, or special rights of a class of its capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment. The Restated Certificate does not provide for cumulative voting for the election of directors. As a result, the holders of a majority of shares of the Company’s Class A common stock and Class B common stock can elect all of the directors then standing for election. The Restated Certificate established a classified board of directors, to be divided into three classes with staggered three-year terms. Only one class of directors will be elected at each annual meeting of the Company’s stockholders, with the other classes continuing for the remainder of their respective three-year terms. Conversion Rights Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Following the completion of the IPO and prior to the Final Conversion Date (as defined below), each share of Class B common stock will convert automatically into one share of Class A common stock upon sale or transfer, except for certain permitted transfers, as set forth in the Restated Certificate, including estate planning or other transfers among the Founders (as defined below) and their permitted entities and permitted transferees. In addition, each share of Class B common stock held by a Founder will convert automatically into one share of the Company’s Class A common stock on the earlier of (i) the death or incapacity of such Founder or (ii) the date that is six months following the date on which such Founder is no longer an employee or director of the Company (unless such Founder has rejoined the Company during such six-month period). In addition, all outstanding shares of Class B common stock will convert automatically into one share of Class A common stock on the date that is six months following the date on which no Founder is an employee or director of the Company (unless a Founder has rejoined the Company during such six-month period). We refer to the date on which such final conversion of all outstanding shares of Class B common stock pursuant to the terms of the Restated Certificate occurs as the “Final Conversion Date,” and we refer to each of Andrew D. Feldman, Sean Lie, Jean-Philippe Fricker, and Michael James as the “Founders.” Once converted into Class A common stock, the Class B common stock will not be reissued. Each share of Class N common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain permitted transfers, as set forth in the Restated Certificate. Permitted transferees include entities under common control with or controlled by such holder of Class N common stock or if the holder provides prior written notice to us electing for the transfer to not result in a conversion. Once converted into Class A common stock, the Class N common stock will not be reissued. Dividend Rights Subject to preferences that may apply to any outstanding preferred stock, holders of the Company’s common stock are entitled to receive dividends out of legally available funds if, when, and in the amounts declared by the Company’s board of directors. However, if a dividend is paid in the form of common stock, rights to acquire common stock, or securities convertible into or exchangeable for common stock, holders of Class A, Class B, and Class N common stock will generally receive securities of their respective class, unless different treatment is approved by a majority of the outstanding shares of each class voting separately. Preferred Stock The Restated Certificate also authorizes the issuance of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors. 2026 Incentive Award Plan In connection with the IPO, the Company’s board of directors adopted, and its stockholders approved, the 2026 Incentive Award Plan (the “2026 Plan”), which became effective on May 12, 2026. The 2026 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance awards, and other stock-based awards to employees, directors, and consultants. An aggregate of 42,650,268 shares of the Company's Class A common stock were initially reserved for issuance under the 2026 Plan. The number of shares available for issuance under the 2026 Plan is subject to adjustment pursuant to the terms of the plan, including annual automatic increases beginning January 1, 2027. Upon effectiveness of the 2026 Plan, no further awards may be granted under the Company’s 2016 Equity Incentive Plan (as amended, the “2016 Plan”), although awards previously granted under the 2016 Plan remain outstanding and continue to be governed by their existing terms. 2026 G42 Warrants In April 2026, the Company issued a warrant to G42 to purchase an aggregate of up to 1,655,975 shares of Class N common stock at an exercise price of $0.01 per share (the “2026 G42 Warrant”). The warrant was fully vested and immediately exercisable upon issuance, and expired on April 15, 2026. The warrant is classified as an equity instrument, and the grant-date fair value was $90.23 per share. The 2026 G42 Warrant was exercised in full in April 2026. The Company recorded a customer warrant asset of $149.4 million in the second quarter of 2026, all of which will be recognized as a reduction in revenue in the consolidated statement of operations in proportion to the amount of related revenues, which could occur until October 2031. ESPP In connection with the IPO, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2026 Employee Stock Purchase Plan (the “ESPP”), which became effective on May 12, 2026. The option purchase price will be the lower of 85% of the closing trading price per share of the Company’s Class A common stock as of the first date of an offering period in which a participant is enrolled or 85% of the closing trading price per share as of the purchase date, which will occur on the last day of each purchase period within an offering period. The maximum number of shares of the Company’s Class A common stock that will be authorized for sale under the ESPP is equal to the sum of (i) 3,554,189 shares of Class A common stock and (ii) an annual increase on the first day of each fiscal year beginning in 2027 and ending in 2036, equal to the lesser of (A) 1% of the sum of (1) all shares of all classes of the Company’s common stock, and (2) the number of shares issuable upon the exercise of warrants to purchase shares of the Company’s common stock with an exercise price per share of $0.01 or less, in each case, outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of Class A common stock as determined by the Company’s board of directors; provided, however, that no more than 48,870,099 shares of the Company’s Class A common stock may be issued under the ESPP. The shares reserved for issuance under the ESPP may be authorized but unissued shares, treasury shares, or reacquired shares. Leases In the second quarter of 2026, the Company executed non-cancelable lease agreements for additional data center capacity with lease commencement dates in 2026. The Company will recognize operating lease right-of-use assets and corresponding lease liabilities at the commencement date based on the present value of lease payments over the respective lease terms. Aggregate undiscounted future minimum lease payments under these agreements total approximately $1.6 billion over the lease term. 2026 AWS Warrant In June 2026, the Company issued a warrant to AWS Warrantholder (as defined below) to acquire up to 2,696,678 shares of Class N common stock (the “AWS Warrant Shares”) at an exercise price of $100.00 per AWS Warrant Share. Of these AWS Warrant Shares, 269,668 AWS Warrant Shares vested immediately upon issuance of the AWS Warrant (as defined below), and the remaining 2,427,010 AWS Warrant Shares vest in tranches upon the attainment of specified payment thresholds prior to the fifth anniversary of issuance, based on aggregate payments by Amazon (as defined below) to us pursuant to certain commercial arrangements between the parties. The AWS Warrant expires on June 19, 2033. The Company is in the process of determining the grant-date fair value of these awards. The Company will record a customer warrant asset in the second quarter of 2026. The amortization of the customer warrant asset will be recognized as a reduction in revenue in the consolidated statements of operations in proportion to the amount of related revenues.

Revenue - Narrative (Details) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) megawatt	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) megawatt GW
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	$ 32,300	$ 16,600
Customer warrant asset, amortization, reduction of revenue	2,100
Total revenue	193,406	$ 99,512
Revenue, remaining performance obligation, amount	$ 25,000,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	16.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	45.00%
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	25 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	48 months
Open AI
Disaggregation of Revenue [Line Items]
Customer warrant asset, amortization, reduction of revenue	$ 800
Committed compute capacity under master relationship agreement \| megawatt			750
Revenue contract maximum extended term			5 years
Total revenue	$ 16,900
Option to purchase additional compute capacity \| GW			1.25
Maximum total compute capacity under master relationship agreement \| GW			2.0
Committed compute capacity included In remaining performance obligations \| megawatt	250
Open AI \| Minimum
Disaggregation of Revenue [Line Items]
Revenue contract initial term			3 years
Open AI \| Maximum
Disaggregation of Revenue [Line Items]
Revenue contract initial term			4 years
Open AI \| Secured Debt \| Working Capital Loan
Disaggregation of Revenue [Line Items]
Debt instrument, face amount			$ 1,000,000

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 11,151	$ 4,163
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 120,128	$ 0

Balance Sheet Details - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment	$ 639,482	$ 488,590
Less: accumulated depreciation	(67,043)	(51,194)
Total property and equipment, net	572,439	437,396
Data center and computer equipment
Property, Plant, and Equipment [Line Items]
Property and equipment	292,101	277,421
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Property and equipment	30,016	25,370
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment	22,701	22,348
Construction in progress
Property, Plant, and Equipment [Line Items]
Property and equipment	$ 294,664	$ 163,451

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Working Capital Loan

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Working Capital Loan

In January 2026, in connection with the MRA with OpenAI described in Note 3 – Revenue, the Company received cash proceeds of approximately $1.0 billion pursuant to the Working Capital Loan with OpenAI. Upon receipt, the proceeds were recorded as restricted cash. Amounts held as restricted cash are subject to contractual use restrictions and are available to fund permitted uses related to the build-out of infrastructure and related capabilities required to deliver services under the MRA.

The Company accounts for the Working Capital Loan as debt under ASC 470. The Working Capital Loan, which is a secured promissory note, bears stated interest at 6% per annum, unless waived or deemed paid in accordance with the secured promissory note and the MRA, and matures no later than December 31, 2032, unless earlier repaid or accelerated. The Working Capital Loan is secured by a first-priority security interest in the lockbox account and the related amounts held therein.

The Working Capital Loan may be repaid in cash or, subject to the terms of the MRA and the secured promissory note, through service fees, compute capacity, hardware, other services, pass-through monthly recurring charges, applicable asset transfers, or other permitted noncash credits under the MRA. As of March 31, 2026, no cash payments had been made and $21.7 million of non-cash billings were credited as an offset to the outstanding loan balance.

The Working Capital Loan includes customary covenants, events of default and remedies. Upon the occurrence of certain events, including termination of the MRA for reasons other than OpenAI’s material uncured breach, outstanding principal and accrued unpaid interest may become immediately due and payable, and OpenAI may exercise remedies with respect to the collateral. As of March 31, 2026, the Company was in compliance with the terms of the secured promissory note, and no event of default had occurred.

The MRA and Working Capital Loan are evaluated together in accounting for the overall OpenAI customer arrangement. The timing of OpenAI’s funding and the expected repayment of the Working Capital Loan through service fees and other permitted noncash credits under the MRA result in a significant financing component in the MRA services arrangement. The Company recognizes interest expense for the significant financing component and records a corresponding increase to deferred revenue. The related deferred revenue, including amounts attributable to the significant financing component, is recognized as revenue as the Company satisfies its performance obligations under the MRA.

During the three months ended March 31, 2026, the Company recognized approximately $18.9 million of interest expense related to the significant financing component of the OpenAI arrangement that is included in other income, net line item in the unaudited condensed consolidated statement of operations and recorded a corresponding increase to deferred revenue in the unaudited condensed consolidated balance sheet.

The following table summarizes the outstanding principal balance of the Working Capital Loan as of March 31, 2026 (in thousands):


	March 31, 2026
Principal amount received in January 2026	$	1,004,571
Less: non-cash repayments through services and other permitted credits	(21,648)
Principal balance outstanding as of March 31, 2026	982,923
Less: current portion of Working Capital Loan	(621,306)
Long-term portion of Working Capital Loan	$	361,617

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Details) - shares	3 Months Ended
Net Loss Per Share (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	181,534,000	118,558,000
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	124,653,000	82,899,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	28,986,000	0
Early exercised shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	675,000	1,064,000
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	27,220,000	34,595,000

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) tranche $ / shares shares	Mar. 31, 2025 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 9,593	$ 9,154
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 101,600
Number of tranches \| tranche	3
Secondary Market Transactions
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,900	$ 1,600
Restricted Stock Units (RSUs) \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	48 months
Restricted Stock Units (RSUs) \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	60 months
Restricted Stock Units (RSUs) \| Chief Executive Officer
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period (in shares) \| shares	743,902
Restricted Stock Units (RSUs) \| Chief Technology Officer
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period (in shares) \| shares	495,426
Performance Shares
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 0
Performance Shares \| Common Class B
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 531,200
Vesting commencement period after IPO	90 days
Grants in period total fair value	$ 531,200
Performance Shares \| Common Class B \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 45.89
Award requisite service period	3 years 4 months 24 days
Performance Shares \| Common Class B \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 72.69
Award requisite service period	5 years 10 months 24 days
Performance Shares \| Common Class B \| Share-Based Payment Arrangement, Tranche One
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting condition market capitalization threshold	$ 75,000,000
Performance Shares \| Common Class B \| Share-Based Payment Arrangement, Tranche Two
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting condition market capitalization threshold	150,000,000
Performance Shares \| Common Class B \| Share-Based Payment Arrangement, Tranche Three
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting condition market capitalization threshold	$ 250,000,000
Performance Shares \| Chief Executive Officer \| Common Class B
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period (in shares) \| shares	5,700,000
Performance Shares \| Chief Technology Officer \| Common Class B
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period (in shares) \| shares	3,300,000

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
Other Income, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Interest and dividend income	$ 22,732	$ 6,496
Non-cash interest expense	(18,949)	0
Other expense	(1,255)	(210)
Total other income, net	2,528	$ 6,286
Open AI \| Working Capital Loan
Disaggregation of Revenue [Line Items]
Non-cash interest expense	$ (18,900)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Customer warrant asset, amortization, reduction of revenue		$ 2.1
Open AI
Class of Stock [Line Items]
Customer warrant asset, amortization, reduction of revenue		$ 0.8
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	287,000,000	287,000,000	271,800,000
Common stock, par or stated value per share (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common Class N
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	40,000,000	40,000,000	37,100,000
Common stock, par or stated value per share (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common Class N \| G42 \| G42 Warrant
Class of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			1,857,516
Class of warrant or right, exercise price of warrants or rights (in dollars per share)			$ 0.01
Class of warrant or right, grant date fair value per share (in dollars per share)			$ 82.02
Customer warrant asset	$ 516.1	$ 516.1	$ 152.4
Common Class N \| Open AI \| Open AI Warrant
Class of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			33,445,026
Class of warrant or right, exercise price of warrants or rights (in dollars per share)			$ 0.00001
Class of warrant or right, grant date fair value per share (in dollars per share)	$ 82.02	$ 82.02
Class of warrant or right vested and exercisable (in shares)	4,459,337	4,459,337
Common Class C \| Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	168,509
Sale of stock, price per share (in dollars per share)	$ 89.02	$ 89.02
Sale of stock, consideration received on transaction	$ 15.0

Balance Sheet Details - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued purchases and expenses	$ 103,929	$ 59,458
Accrued compensation	19,057	16,611
Sales tax payable	11,731	35,577
Product warranty liability	10,934	9,368
Liability related to early exercised options	4,515	5,187
Other	20,876	13,335
Total accrued and other current liabilities	$ 171,042	$ 139,536

Other Income, Net

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Other Income, Net

Other income, net consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025

Interest and dividend income	$	22,732	$	6,496
Non-cash interest expense(1)	(18,949)		—
Other expense	(1,255)		(210)
Total other income, net	$	2,528	$	6,286

_____________

(1)During the three months ended March 31, 2026, the Company recognized approximately $18.9 million of non-cash interest expense related to the significant financing component of the OpenAI arrangement. Refer to Note 10 - Working Capital Loan for further discussion.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Jun. 17, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-43284
Registrant Name	Cerebras Systems Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2256092
Entity Address, Address Line One	1237 E. Arques Avenue
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94085
City Area Code	650
Local Phone Number	933-4980
Title of 12(b) Security	Class A common stock, $0.00001 par value per share
Trading Symbol	CBRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Central Index Key	0002021728
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		92,130,188
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		130,720,379
Common Class N
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,682,000

Balance Sheet Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 37,441	$ 8,196
Unbilled receivables	28,060	16,244
Taxes receivable	6,148	4,795
Other receivables and current assets	6,221	2,547
Total prepaid expenses and other current assets	$ 77,870	$ 31,782

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2026
Equity [Abstract]
Common Stock	Common Stock Prior to the completion of the IPO and as of March 31, 2026, the Company had two classes of authorized common stock: Class A common stock and Class N common stock. The rights of holders of Class A common stock and Class N common stock were identical, except with respect to voting and conversion rights. Each holder of Class A common stock was entitled to one vote per share, and each holder of Class N common stock was entitled to no votes per share. Each share of Class N common stock automatically converted to one fully paid and nonassessable share of Class A common stock upon the occurrence of a common transfer, meaning any direct or indirect sale, exchange, redemption, assignment, distribution, gift, retirement, transfer, conveyance, or other disposition. Permitted transferees included entities under common control with or controlled by such holder of the Class N common stock or if the holder provided prior written notice to the Company electing for the transfer to not result in a conversion. Once converted into Class A common stock, the Class N common stock would not be reissued. In March 2026, the Company amended its certificate of incorporation to increase the number of authorized shares of Class A common stock from 271,800,000 shares to 287,000,000 shares and Class N common stock from 37,100,000 shares to 40,000,000 shares, each with a par value of $0.00001 per share. In March 2026, the Company entered into a data center lease agreement in Canada that is expected to commence in the second quarter of 2026. Concurrent with the lease, the Company entered into a stock purchase agreement with the lessor pursuant to which the lessor purchased 168,509 shares of the Company’s Class N common stock at a purchase price of $89.02 per share, for an aggregate purchase price of $15.0 million. For additional information regarding changes to the Company’s capital structure in connection with the completion of the IPO, refer to Note 17 – Subsequent Events for further discussion. Common Stock Warrants In December 2025, the Company issued a warrant to G42 (as defined below) to purchase an aggregate of up to 1,857,516 shares of Class N common stock at an exercise price of $0.01 per share (the “G42 Warrant”). The warrant was fully vested and immediately exercisable upon issuance. The warrant is classified as an equity instrument, and the grant-date fair value was $82.02 per share. The G42 Warrant was exercised in full in January 2026. Refer to Note 17 - Subsequent Events, for additional information on certain warrants issued to G42 subsequent to March 31, 2026. Concurrent with the MRA, as discussed in Note 3 – Revenue, the Company issued to OpenAI a warrant to purchase an aggregate of up to 33,445,026 shares of the Company’s Class N common stock at an exercise price of $0.00001 per share (the “OpenAI Warrant”). The OpenAI Warrant vests in multiple tranches upon achievement of specified milestones associated with the MRA, including funding of the Working Capital Loan, delivery of the Committed Capacity and Additional Capacity in tranches, and certain market capitalization or customer payment thresholds. As of December 31, 2025, the Company concluded that vesting of the tranches related to the Working Capital Loan, the Committed Capacity, and the tranche that vests upon the earlier of achieving specified market capitalization or customer payment thresholds under the MRA were probable of vesting, while the remaining tranches associated with the Additional Capacity were not considered probable of vesting. Subject to certain terms and conditions, the OpenAI Warrant expires on the earlier of December 24, 2035 and five business days following the first date during which there are no binding capacity purchase commitments or contractually obligated current or future payments under the MRA. The OpenAI Warrant is classified as an equity instrument, and the grant-date fair value was $82.02 per share. In January 2026, the vesting condition associated with 4,459,337 shares of Class N common stock was satisfied under the OpenAI Warrant. As of March 31, 2026, none of the vested OpenAI Warrant had been exercised. The Company has recorded customer warrant assets that total $516.1 million and $152.4 million as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, the Company recognized $2.1 million as a reduction in revenue in the condensed consolidated statements of operations in proportion to the amount of related revenues. The remaining balance of the customer warrant assets as of March 31, 2026 will be recorded as a reduction in revenue in the consolidated statement of operations through October 2031.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Details - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant, and Equipment [Line Items]
Total depreciation expense	$ 18,175	$ 3,911
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Property, Plant, and Equipment [Line Items]
Total depreciation expense	9,871	1,600
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Property, Plant, and Equipment [Line Items]
Total depreciation expense	115	14
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Property, Plant, and Equipment [Line Items]
Total depreciation expense	6,660	1,141
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Property, Plant, and Equipment [Line Items]
Total depreciation expense	$ 1,529	$ 1,155

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has entered into certain contracts to receive consulting and other services that represent unconditional purchase obligations to purchase goods or services that are enforceable and legally binding. Purchase commitments exclude agreements that are cancellable without penalty and unconditional purchase commitments with a remaining term of one year or less. As of March 31, 2026, future payments related to non-cancelable commitments under these contracts are due as follows: $5.4 million (remaining nine months of 2026), $6.2 million (2027), and $0.5 million (2028). In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. Although the Company cannot predict with assurance the outcome of any litigation, it does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on the Company’s financial condition, results of operations, or cash flows.

Segment and Geographical Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	$ 193,406	$ 99,512
United States
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	70,097	74,926
Europe, Middle East, and Africa
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	123,166	24,567
Other
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	$ 143	$ 19

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 511,616	$ 404,357
Gross Unrealized Gains	3,989	2,174
Gross Unrealized Losses	0	0
Accrued Interest	0	0
Fair Value	515,605	406,531
U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	515,569	406,495
Time deposits
Debt Securities, Available-for-Sale [Line Items]
Fair Value	36	36
Level 2
Debt Securities, Available-for-Sale [Line Items]
Fair Value	515,605	406,531
Level 2 \| U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	511,580	404,321
Gross Unrealized Gains	3,989	2,174
Gross Unrealized Losses	0	0
Accrued Interest	0	0
Fair Value	515,569	406,495
Level 2 \| Time deposits
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	36	36
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Accrued Interest	0	0
Fair Value	$ 36	$ 36

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Total stock-based compensation expense for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	950	$	326
Research and development	5,699		5,712
Sales and marketing	1,792		1,949
General and administrative	1,152		1,167
Total stock-based compensation expense	$	9,593	$	9,154

Approximately $3.9 million and $1.6 million of the compensation expense recognized for the three months ended March 31, 2026 and 2025, respectively, was attributed to sales of shares of common stock by certain current and former employees of the Company to certain existing equity holders in the Company, through secondary market transactions, where the excess price paid above fair value for shares was recorded as stock-based compensation expense.

Executive Grants

In the first quarter of 2026, the Company’s board of directors approved equity awards to its co-founder executives, the Chief Executive Officer (“CEO”) and the Chief Technology Officer (“CTO”), consisting of RSUs and PRSUs.

The Company granted 743,902 RSUs to the CEO and 495,426 RSUs to the CTO. These RSUs vest subject to both service-based and liquidity-based vesting conditions. The service-based condition is satisfied ratably on a monthly basis beginning January 5, 2026 over periods of 48 to 60 months, subject to continued qualifying service. The liquidity-based vesting condition was satisfied on May 13, 2026 in connection with the IPO. The Company will recognize the aggregate grant date fair value of $101.6 million as stock-based compensation expense for these awards using the accelerated attribution method over the requisite service period from the date of completion of the IPO.

The Company also granted 5,700,000 PRSUs to the CEO and 3,300,000 PRSUs to the CTO. Each PRSU represents the right to receive one share of Class B common stock upon vesting. These PRSUs have service-based, market-based, and performance-based vesting conditions. The PRSUs vest in three equal tranches based on the achievement of market capitalization thresholds of $75.0 billion, $150.0 billion, and $250.0 billion, respectively. Vesting may occur beginning six months following the completion of the IPO, subject to continued qualifying service through the applicable vesting date. Market capitalization is determined based on the 90-trading-day trailing average of the Company’s Class A common stock price multiplied by the number of outstanding shares of Class A common stock. Unvested PRSUs are forfeited upon termination of qualifying service, and any PRSUs that remain unvested as of the ninth anniversary of the completion of the IPO will be forfeited. In the event of a change in control, achievement of the market capitalization thresholds is determined based on the transaction price, with linear interpolation applied, as applicable. The performance-based vesting condition for the PRSUs was satisfied in connection with the IPO on May 13, 2026.

The Company calculated the grant date fair value of the PRSUs based on multiple stock price paths developed through the use of a Monte Carlo simulation. A Monte Carlo simulation also calculates a derived service period for each of the three vesting tranches, which is the measure of the expected time to achieve each market capitalization threshold. A Monte Carlo simulation requires the use of various assumptions, including the underlying stock price, volatility, and the risk-free interest rate as of the valuation date, corresponding to the length of time remaining in the performance period, and expected dividend yield. The grant date fair value of each tranche ranged from $45.89 to $72.69 per share, with an aggregate grant date fair value of $531.2 million. The derived service period of each tranche of the PRSUs ranged from 3.4 years to 5.9 years. The Company will recognize the aggregate stock-based compensation expense of $531.2 million over the derived service period of each tranche using the accelerated attribution method as long as the executives satisfy their service-based vesting conditions. If the market capitalization thresholds are met sooner than the derived service period, the Company will adjust its stock-based compensation to reflect the cumulative expense associated with the vested awards. The Company will recognize expense if the requisite service is provided, regardless of whether the market conditions are achieved. For the three months ended March 31, 2026, no stock-based compensation expense was recognized related to the PRSUs due to the performance-based vesting condition not being deemed probable as of March 31, 2026.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


			Fair Value Measurements
Balance Sheet Captions	March 31, 2026		Level 1		Level 2		Total Gains(1)
Cash and cash equivalents
Money market funds	$	1,716,016	$	1,716,016	$	—	$	—


Restricted cash
Money market funds	1,029,098		1,029,098		—		—

Investments
U.S. Treasury securities	515,569		—		515,569		3,989
Time deposits	36		—		36		—
Total Investments	$	515,605	$	—	$	515,605	$	3,989

_______________

(1)Unrealized gains from remeasurement of U.S. Treasury securities have been recognized in AOCI.


			Fair Value Measurements
Balance Sheet Captions	December 31, 2025		Level 1		Level 2		Total Gains(1)
Cash and cash equivalents
Money market funds	$	598,544	$	598,544	$	—	$	—
U.S. Treasury securities	101,845		—		101,845		632

Restricted cash
Money market funds	224,006		224,006		—		—

Investments
U.S. Treasury securities	406,495		—		406,495		2,374
Time deposits	36		—		36		—
Total Investments	$	406,531	$	—	$	406,531	$	2,374

_____________

(1)Unrealized gains from remeasurement of U.S. Treasury securities have been recognized in AOCI. Realized gains have been recognized in Other income (expense).

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

The Company follows the two-class method when computing net loss per ordinary share when shares are issued that meet the definition of participating securities. The two-class method determines net loss per ordinary share for each class of ordinary shares and participating securities according to dividends declared or accumulated participation rights in undistributed earnings. The Company’s participating securities include all series of its redeemable convertible preferred stock and common stock warrants as the holders of these securities are contractually entitled to participate in dividends and other distributions but not contractually required to participate in losses. As such, net loss for the periods presented was not allocated to the Company’s participating securities. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common stock and Class N common stock are identical, except with respect to voting. As a result, the basic and diluted net loss per share for all shares of Class A common stock and Class N common stock are the same and therefore presented on a combined basis.

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding, adjusted for outstanding shares that are subject to repurchase. Shares issuable upon exercise of certain vested warrants for Class N common stock are considered in-substance outstanding for basic net loss per share because the exercise price is nominal and the issuance of shares is considered probable; accordingly, such shares are included in the weighted-average shares outstanding for purposes of basic net loss per share. Diluted net loss per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of the Company’s redeemable convertible preferred stock, stock options, and common stock warrants to the extent these are dilutive. As of March 31, 2026, dilutive securities in the Company’s diluted net loss per share calculation do not include unvested RSUs. Vesting of these RSUs is dependent upon the satisfaction of both a service condition and a liquidity condition. The liquidity condition is satisfied upon the occurrence of a qualifying event, such as the completion of an initial public offering. As of March 31, 2026, such a qualifying event had not occurred and until it occurs, the holders of these RSUs have no rights in the Company’s undistributed earnings.


	Three Months Ended March 31,
	2026		2025
Redeemable convertible preferred stock	$	124,653	$	82,899
Warrants	28,986		—
Early exercised shares subject to repurchase	675		1,064
Options to purchase common stock	27,220		34,595
Total potential common stock excluded from net loss per share	$	181,534	$	118,558

Leases - Narrative (Details) $ in Billions	Mar. 31, 2026 USD ($)
Operating Lease, Lease Not yet Commenced
Lessee, Lease, Description [Line Items]
Unrecorded unconditional purchase obligation	$ 2.3

Balance Sheet Details - Changes in Provision for Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of year	$ 9,368	$ 17,043
Additions during the period	4,590	4,500
Utilization during the period	(3,024)	(12,830)
Balance at end of the period	$ 10,934	$ 8,713

Subsequent Events (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	May 15, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) vote $ / shares shares	Jun. 17, 2026 USD ($)	Apr. 30, 2026 $ / shares shares	Apr. 14, 2026 USD ($)	Dec. 31, 2025 shares
Operating Lease, Lease Not yet Commenced
Subsequent Event [Line Items]
Unrecorded unconditional purchase obligation \| $				$ 2,300.0
Common Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)				287,000,000				271,800,000
Common stock, number of votes \| vote				1
Common stock, voting rights term				3 years
Purchase price of common stock, percent				85.00%
Employee shares purchase program, shares authorized (in shares)				3,554,189
Employee shares purchase program, authorized percentage \| $ / shares				$ 0.01
Shares issued, price per share (in dollars per share) \| $ / shares				$ 0.01
Employee shares purchase program, shares issued (in shares)				48,870,099
Common Class A \| Incentive Award Plan 2026
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)				42,650,268
Common Class B
Subsequent Event [Line Items]
Common stock, number of votes \| vote				20
Common Class N
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)				40,000,000				37,100,000
Common stock, number of votes \| vote				0
Subsequent Event
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares)	100,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Subsequent Event \| Operating Lease, Lease Not yet Commenced
Subsequent Event [Line Items]
Unrecorded unconditional purchase obligation \| $		$ 1,600.0	$ 1,600.0
Subsequent Event \| 2026 G42 Warrants
Subsequent Event [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)						1,655,975
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares						$ 0.01
Class of warrant or right, grant date fair value exercise price (in dollars per share) \| $ / shares						$ 90.23
Class of warrant or right, warrant asset \| $			$ 149.4
Subsequent Event \| IPO
Subsequent Event [Line Items]
Proceeds from issuance initial public offering \| $	$ 416.0
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	3,500,000,000
Common stock, conversion ratio	1
Subsequent Event \| Common Class A \| IPO
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	34,500,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 185.00
Proceeds from issuance initial public offering \| $	$ 6,200.0
Subsequent Event \| Common Class A \| Over-Allotment Option
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	4,500,000
Subsequent Event \| Common Class B
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	240,000,000
Common stock, conversion ratio	1
Subsequent Event \| Common Class N
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	100,000,000
Subsequent Event \| Common Class N \| AWS Warrant
Subsequent Event [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)		2,696,678	2,696,678
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 100.00	$ 100.00
Warrant shares vested (in shares)		269,668
Warrant shares, nonvested (in shares)		2,427,010	2,427,010
Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity \| $					$ 850.0		$ 250.0
Line of credit facility, minimum liquidity covenant amount \| $					$ 150.0

Working Capital Loan - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
Working Capital Loan - Narrative (Details) - USD ($)	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Proceeds from Working Capital Loan		$ 1,004,571,000	$ 0
Billed amounts offsetting Working Capital Loan balance		21,648,000	0
Non-cash interest expense		18,949,000	$ 0
Working Capital Loan \| Open AI
Debt Instrument [Line Items]
Proceeds from Working Capital Loan	$ 1,000,000,000.0	$ 1,004,571,000
Debt instrument, interest rate, stated percentage		6.00%
Repayments of long-term debt		$ 0
Billed amounts offsetting Working Capital Loan balance		21,700,000
Non-cash interest expense		$ 18,900,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
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-Section S45
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Working Capital Loan - Schedule of Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Principal amount received in January 2026		$ 1,004,571	$ 0
Long-term portion of Working Capital Loan		361,617		$ 0
Working Capital Loan \| Open AI
Debt Instrument [Line Items]
Principal amount received in January 2026	$ 1,000,000	1,004,571
Less: non-cash repayments through services and other permitted credits		(21,648)
Principal balance outstanding as of March 31, 2026		982,923
Less: current portion of Working Capital Loan		(621,306)
Long-term portion of Working Capital Loan		$ 361,617

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,716,016	$ 701,706
Restricted cash	1,029,098	228,672
Investments	515,605	406,531
Accounts receivable, net	62,631	50,423
Inventories	89,040	63,626
Customer warrants	90,701	60,906
Prepaid expenses and other current assets	77,870	31,782
Total current assets	3,580,961	1,543,646
Property and equipment, net	572,439	437,396
Customer warrants, net of current portion	425,355	91,447
Operating lease right-of-use assets	353,303	248,950
Other non-current assets	16,320	4,598
Total assets	4,948,378	2,326,037
Current liabilities:
Accounts payable	50,336	48,630
Deferred revenue	149,918	131,049
Operating lease liability	66,218	45,865
Customer deposits	368,426	354,460
Working capital loan	621,306	0
Accrued and other current liabilities	171,042	139,536
Total current liabilities	1,427,246	719,540
Deferred revenue, net of current portion	94,344	35,847
Operating lease liability, net of current portion	312,474	215,957
Working capital loan, net of current portion	361,617	0
Total liabilities	2,195,681	971,344
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock, $0.00001 par value per share: 124,652,775 shares and 113,258,719 shares authorized, at March 31, 2026 and December 31, 2025, respectively; 124,652,775 and 113,258,716 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	2,947,379	1,933,348
Stockholders’ deficit
Treasury stock, at cost, 889,890 shares as of March 31, 2026 and December 31, 2025	(21,456)	(21,456)
Additional paid-in capital	742,713	346,829
Accumulated other comprehensive income	3,396	1,301
Accumulated deficit	(919,336)	(905,330)
Total stockholders’ deficit	(194,682)	(578,655)
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit	4,948,378	2,326,037
Common Class A
Stockholders’ deficit
Common stock, value	1	1
Common Class N
Stockholders’ deficit
Common stock, value	$ 0	$ 0

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 9,593	$ 9,154
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	950	326
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,152	1,167
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,699	5,712
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,792	$ 1,949

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Total revenue	$ 193,406	$ 99,512
Cost of revenue
Total cost of revenue	107,230	57,908
Gross profit	86,176	41,604
Operating expenses
Research and development	75,495	52,751
Sales and marketing	14,701	10,326
General and administrative	11,017	6,997
Total operating expenses	101,213	70,074
Loss from operations	(15,037)	(28,470)
Other income, net	2,528	6,286
Loss before income taxes	(12,509)	(22,184)
Income tax expense	1,497	1,683
Net loss	$ (14,006)	$ (23,867)
Net loss per share, basic (in dollars per share)	$ (0.22)	$ (0.46)
Net loss per share, diluted (in dollars per share)	$ (0.22)	$ (0.46)
Weighted average shares outstanding, basic (in shares)	62,806	52,003
Weighted average shares outstanding, diluted (in shares)	62,806	52,003
Hardware
Revenue
Total revenue	$ 110,593	$ 69,674
Cost of revenue
Total cost of revenue	64,931	48,410
Cloud and other services
Revenue
Total revenue	82,813	29,838
Cost of revenue
Total cost of revenue	$ 42,299	$ 9,498

Balance Sheet Details

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

Inventories consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	10,032	$	15,939
Work in progress	9,039		10,968
Finished goods	69,969		36,719
Total inventories	$	89,040	$	63,626

As of March 31, 2026 and December 31, 2025, the Company’s inventory reserves were $8.4 million and $0.9 million, respectively.

During the three months ended March 31, 2026 and 2025, the Company recorded a charge of approximately $2.3 million and $0.9 million, respectively, to cost of revenue related to provision for excess, obsolete, and scrapped inventory, primarily related to the transition to the next generation of the Company’s product offering.

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Prepaid expenses	$	37,441	$	8,196
Unbilled receivables	28,060		16,244
Taxes receivable	6,148		4,795
Other receivables and current assets	6,221		2,547
Total prepaid expenses and other current assets	$	77,870	$	31,782

Property and equipment, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Data center and computer equipment	$	292,101	$	277,421
Machinery and equipment	30,016		25,370
Leasehold improvements	22,701		22,348
Construction in progress	294,664		163,451
Property and equipment	639,482		488,590
Less: accumulated depreciation	(67,043)		(51,194)
Total property and equipment, net	$	572,439	$	437,396

Depreciation expense included in the consolidated statements of operations was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	9,871	$	1,600
Research and development	6,660		1,141
Sales and marketing	1,529		1,155
General and administrative	115		14
Total depreciation expense	$	18,175	$	3,911

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued purchases and expenses	$	103,929	$	59,458

Accrued compensation	19,057		16,611
Sales tax payable	11,731		35,577
Product warranty liability	10,934		9,368
Liability related to early exercised options	4,515		5,187
Other	20,876		13,335
Total accrued and other current liabilities	$	171,042	$	139,536

The following table shows the changes in provision for product warranty during the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of year	$	9,368	$	17,043
Additions during the period	4,590		4,500
Utilization during the period	(3,024)		(12,830)
Balance at end of the period	$	10,934	$	8,713

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

The Company classifies its U.S. Treasury securities, which are accounted for as available-for-sale, and time deposits within Level 2 in the fair value hierarchy because it uses quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value.

The following tables summarize the Company’s investments (in thousands):


	March 31, 2026
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	511,580	$	3,989	$	—	$	—	$	515,569
Time deposits	Level 2	36		—		—		—		36
Total		$	511,616	$	3,989	$	—	$	—	$	515,605


	December 31, 2025
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	404,321	$	2,174	$	—	$	—	$	406,495
Time deposits	Level 2	36		—		—		—		36
Total		$	404,357	$	2,174	$	—	$	—	$	406,531

All of the Company’s investments have a stated contractual maturity date of less than one year.

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Our lease obligations primarily consist of operating leases for our headquarters’ campus and domestic and international offices and data centers, with lease periods expiring between fiscal years 2027 and 2031.

Lease costs included in measurement of lease obligations and other information related to non-cancelable operating leases were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	23,650	$	3,926
Short-term lease costs(1)	17,015		8,258
Variable lease costs	2,646		—
Total lease costs	$	43,311	$	12,184

_______________

(1)Short-term lease costs on leases with terms of over one month and less than one year.

The weighted-average remaining lease terms and discount rates were as follows:


Other information	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	4.8		4.7
Weighted-average discount rate	8.5	%	8.6	%

As of March 31, 2026, future minimum lease payments of the Company’s operating lease liabilities were due as follows (in thousands):


March 31, 2026	Operating Leases
2026 (remaining 9 months)	$	69,538
2027	98,975
2028	89,281
2029	90,951
2030	86,204
Thereafter	25,387
Total future lease payments	460,336
Less: Imputed interest	(81,644)
Present value of operating lease liabilities	$	378,692

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	11,151	$	4,163
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	120,128	$	—

Leases Not Yet Commenced

In the three months ended March 31, 2026, the Company executed non-cancelable lease agreements for additional data center capacity with lease commencement dates in 2026. As of March 31, 2026, the leases had not commenced and therefore are not reflected in the consolidated balance sheets. The Company will recognize operating lease right-of-use assets and corresponding lease liabilities at the commencement date based on the present value of lease payments over the respective lease terms. Aggregate undiscounted future minimum lease payments under these agreements total approximately $2.3 billion over the lease term. Refer to Note 17 - Subsequent Events, for additional information on lease agreements executed subsequent to March 31, 2026.

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease cost	$ 23,650	$ 3,926
Short-term lease costs	17,015	8,258
Variable lease costs	2,646	0
Total lease costs	$ 43,311	$ 12,184

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 193,406	$ 99,512
Hardware
Disaggregation of Revenue [Line Items]
Total revenue	110,593	69,674
Hardware \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	110,593	69,674
Cloud and other services
Disaggregation of Revenue [Line Items]
Total revenue	82,813	29,838
Cloud and other services \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	547	614
Cloud and other services \| Transferred over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 82,266	$ 29,224

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Working Capital Loan (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the outstanding principal balance of the Working Capital Loan as of March 31, 2026 (in thousands):


	March 31, 2026
Principal amount received in January 2026	$	1,004,571
Less: non-cash repayments through services and other permitted credits	(21,648)
Principal balance outstanding as of March 31, 2026	982,923
Less: current portion of Working Capital Loan	(621,306)
Long-term portion of Working Capital Loan	$	361,617

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(12.00%)	(7.60%)

Segment and Geographical Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment and Geographical Information

The Company operates as one reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. Net income (loss) is the Company’s primary measure of profit or loss, and all costs and expenses categories on the Company’s consolidated statements of operations, as well as stock-based compensation, depreciation and amortization expenses, are significant. The Company’s CODM reviews net income or loss on a quarterly basis to assess overall operating performance, evaluate profitability and determine resource allocation, including capital spending and operating expense priorities. Refer to Note 8 – Balance Sheet Details and Note 13 – Stock-Based Compensation for further discussion. The measure of segment assets is reported on the consolidated balance sheet as total assets.

Revenue by geographic area is designated based upon the billing location of the customer. Revenue by geographic area was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
United States	$	70,097	$	74,926
Europe, Middle East, and Africa	123,166		24,567
Other	143		19
Total revenue	$	193,406	$	99,512

Property and equipment, net by geographic areas was as follows (in thousands):


	March 31, 2026		December 31, 2025
United States	$	514,324	$	376,021
Other	58,115		61,375
Total property and equipment, net	$	572,439	$	437,396

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (14,006)	$ (23,867)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	18,175	3,911
Non-cash interest expense	18,949	0
Non-cash lease expense	15,775	2,912
Stock-based compensation	9,593	9,154
Provision for product warranties	4,590	4,500
Amortization of customer warrants	2,053	0
Other	(959)	(254)
Changes in operating assets and liabilities:
Accounts receivable	(12,208)	56,787
Inventories	(21,684)	53,752
Prepaid expenses and other assets	(57,603)	3,688
Accounts payable	(10,070)	(5,650)
Deferred revenue	36,769	15,055
Customer deposits	13,966	(159,599)
Other liabilities	8,995	(15,326)
Net cash flows provided by (used in) operating activities	12,335	(54,937)
Cash flows from investing activities:
Purchases of property and equipment	(131,970)	(98,244)
Purchases of investments	(308,801)	(20,175)
Maturities and sales of investments	204,155	61,673
Net cash flows used in investing activities	(236,616)	(56,746)
Cash flows from financing activities:
Proceeds from sale of shares of Series H redeemable convertible preferred stock	1,014,249	0
Costs incurred in connection with the sale of shares of Series H redeemable convertible preferred stock	(218)	0
Proceeds from Working Capital Loan	1,004,571	0
Proceeds from issuance of shares of Class N common stock	15,019	0
Proceeds from exercise of stock options	5,315	1,552
Tax withholding from tender offer	(623)	0
Payments of deferred offering costs	(207)	0
Net cash flows provided by financing activities	2,038,106	1,552
Effect of exchange rate on cash	911	180
Increase in cash, cash equivalents, and restricted cash	1,814,736	(109,951)
Cash, cash equivalents, and restricted cash beginning of period	930,378	581,965
Cash, cash equivalents, and restricted cash end of period	2,745,114	472,014
Supplemental disclosures of cash flow information:
Income taxes paid (refunded)	(574)	63
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations	120,128	0
Billed amounts offsetting Working Capital Loan balance	21,648	0
Purchases of property and equipment included in accounts payable and accrued and other current liabilities	36,718	1,120
Transfer of property and equipment into inventories	8,443	0
Transfer to property and equipment out of inventories	0	40,458
Unpaid deferred offering costs included in accrued and other current liabilities	2,653	0
Vesting of early exercised options	$ 809	$ 1,715

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024	82,899,000
Beginning balance at Dec. 31, 2024	$ 850,066
Ending balance (In shares) at Mar. 31, 2025	82,899,000
Ending balance at Mar. 31, 2025	$ 850,066
Common stock, beginning balance (in shares) at Dec. 31, 2024		53,373,000
Beginning balance at Dec. 31, 2024	(966,791)	$ 1	$ 176,233	$ (88)	$ 220	$ (1,143,157)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024				(300,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A common shares issued upon exercise of stock options (in shares)		374,000
Class A common shares issued upon exercise of stock options	1,549		1,549
Vesting of early exercised stock options	1,715		1,715
Stock-based compensation expense	8,927		8,927
Conversion of stock-based liability classified awards to stock-based equity classified awards	150		150
Foreign currency translation adjustments, net of tax	180				180
Change in net unrealized gain (loss) on debt securities, net of tax	(72)				(72)
Net loss	(23,867)					(23,867)
Common stock, ending balance (in shares) at Mar. 31, 2025		53,747,000
Ending balance at Mar. 31, 2025	$ (978,209)	$ 1	188,574	$ (88)	328	(1,167,024)
Treasury stock, ending balance (in shares) at Mar. 31, 2025				(300,000)
Beginning balance (in shares) at Dec. 31, 2025	113,258,716
Beginning balance at Dec. 31, 2025	$ 1,933,348
Redeemable Convertible Preferred Stock
Issuance of shares of Series H redeemable convertible preferred stock, net of issuance costs (in shares)	11,394,000
Issuance of shares of Series H redeemable convertible preferred stock, net of issuance costs	$ 1,014,031
Ending balance (In shares) at Mar. 31, 2026	124,652,775
Ending balance at Mar. 31, 2026	$ 2,947,379
Common stock, beginning balance (in shares) at Dec. 31, 2025		57,907,000
Beginning balance at Dec. 31, 2025	$ (578,655)	$ 1	346,829	$ (21,456)	1,301	(905,330)
Treasury stock, beginning balance (in shares) at Dec. 31, 2025	889,890			(890,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Customer warrants issued	$ 365,755		365,755
Issuance of shares of Class N common stock (in shares)		2,026,000
Issuance of shares of Class N common stock	15,019		15,019
Class A common shares issued upon exercise of stock options (in shares)		1,085,000
Class A common shares issued upon exercise of stock options	5,177		5,177
Tax withholding from tender offer	(623)		(623)
Vesting of early exercised stock options	809		809
Stock-based compensation expense	9,418		9,418
Conversion of stock-based liability classified awards to stock-based equity classified awards	329		329
Foreign currency translation adjustments, net of tax	911				911
Change in net unrealized gain (loss) on debt securities, net of tax	1,184				1,184
Net loss	(14,006)					(14,006)
Common stock, ending balance (in shares) at Mar. 31, 2026		61,018,000
Ending balance at Mar. 31, 2026	$ (194,682)	$ 1	$ 742,713	$ (21,456)	$ 3,396	$ (919,336)
Treasury stock, ending balance (in shares) at Mar. 31, 2026	889,890			(890,000)

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement [Line Items]
Temporary equity, par or stated value per share (in dollars per share)	$ 0.00001	$ 0.00001
Temporary equity, shares authorized (in shares)	124,652,775	113,258,719
Temporary equity, shares issued (in shares)	124,652,775	113,258,716
Temporary equity, shares outstanding (in shares)	124,652,775	113,258,716
Treasury stock, common, shares (in shares)	889,890	889,890
Common Class A
Statement [Line Items]
Common stock, par or stated value per share (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	287,000,000	271,800,000
Common stock, shares, issued (in shares)	58,991,587	57,907,093
Common stock, shares, outstanding (in shares)	58,991,587	57,907,093
Common Class N
Statement [Line Items]
Common stock, par or stated value per share (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	40,000,000	37,100,000
Common stock, shares, issued (in shares)	2,026,025	0
Common stock, shares, outstanding (in shares)	2,026,025	0

Segment and Geographical Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Area is Designated

Revenue by geographic area is designated based upon the billing location of the customer. Revenue by geographic area was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
United States	$	70,097	$	74,926
Europe, Middle East, and Africa	123,166		24,567
Other	143		19
Total revenue	$	193,406	$	99,512

Property and equipment, net by geographic areas was as follows (in thousands):


	March 31, 2026		December 31, 2025
United States	$	514,324	$	376,021
Other	58,115		61,375
Total property and equipment, net	$	572,439	$	437,396

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, but do not include all the information and notes required by GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2025 thereto contained in the Company’s final prospectus filed with the SEC on May 14, 2026 (the “Prospectus”), pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The significant accounting policies used in preparation of the unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and 2025, are consistent with those discussed in Note 4 – Significant Accounting Policies to the audited consolidated financial statements in the Prospectus. There have been no significant changes in the Company’s significant accounting policies or critical accounting estimates since December 31, 2025 that have had a material impact on the Company’s unaudited condensed consolidated financial statements and related notes. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows, and the changes in equity for the periods presented. The results of operations for the three months ended March 31, 2026 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period. Certain prior period amounts reported in the Company’s condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Areas of significant estimates include, but are not limited to, revenue recognition, including the determination of the standalone selling price (“SSP”) of performance obligations, significant financing components, useful life of property, plant and equipment, product warranty accruals, impairment of long-lived assets, the market value of and demand for inventory, valuation allowance on deferred income tax assets, the fair value of common stock and other assumptions used to measure stock-based compensation. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Actual results could significantly differ from those estimates. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts, and experience. Changes in estimates are recorded prospectively in the period in which they become known.
Fair Value Measurements	The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). As of March 31, 2026 and December 31, 2025, the Company did not hold any securities classified within Level 3 of the fair value hierarchy. The three levels of the fair value hierarchy are described below: •Level 1 inputs are quoted prices in active markets for identical assets and liabilities; •Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and •Level 3 inputs are unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Redeemable Convertible Preferred Stock	3 Months Ended
Redeemable Convertible Preferred Stock	Mar. 31, 2026
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock In January 2026, the Company entered into a Series H redeemable convertible preferred stock purchase agreement with various investors to issue up to 11,394,059 shares of the Company’s Series H redeemable convertible preferred stock. The Company raised $1.0 billion, net of issuance costs, through issuance of 11,394,059 shares of Series H redeemable convertible preferred stock at a price of $89.02 per share. As of March 31, 2026, the Company had an aggregate of 124,652,775 shares of the Company’s Series A, Series B, Series C, Series D, Series E, Series F, Series F-1, Series G, and Series H, redeemable convertible preferred stock outstanding. On May 15, 2026, immediately prior to the completion of the IPO, all outstanding shares of redeemable convertible preferred stock were converted into 124,652,775 shares of Class B common stock. Refer to Note 17 – Subsequent Events for further discussion.

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended March 31,
	2026		2025
Hardware revenue recognized point in time	$	110,593	$	69,674
Cloud and other services revenue recognized point in time	547		614
Cloud and other services revenue recognized over time	82,266		29,224
Total revenue	$	193,406	$	99,512

Customers that each accounted for 10% or more of our total revenues were as follows:


	Percentage of Total Revenues
	Three Months Ended March 31,
	2026		2025
Customer A(1)	63	%	24	%
Customer B(1)	11	%	64	%

_____________

(1)Customer A and Customer B are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures.

Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented are as follows:


	March 31, 2026		December 31, 2025
Customer A(1)	41	%	78	%
Customer B(1)	13	%	*
Customer C	32	%	*

______________

(1)Customer A and Customer B are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures.

*Percentage was less than 10%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,006)	$ (23,867)
Change in foreign currency translation adjustments, net of tax	911	180
Available-for-sale investments:
Change in net unrealized gain (loss) on debt securities, net of tax	1,184	(72)
Comprehensive loss	$ (11,911)	$ (23,759)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Other Income, Net (Tables)

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income, net consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025

Interest and dividend income	$	22,732	$	6,496
Non-cash interest expense(1)	(18,949)		—
Other expense	(1,255)		(210)
Total other income, net	$	2,528	$	6,286

_____________

Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	May 15, 2026	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)			124,652,775		113,258,719
Proceeds from sale of shares of Series H redeemable convertible preferred stock			$ 1,014,249	$ 0
Temporary equity, shares outstanding (in shares)			124,652,775	82,899,000	113,258,716	82,899,000
Series H Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)		11,394,059
Proceeds from sale of shares of Series H redeemable convertible preferred stock		$ 1,000,000
Shares issued, price per share (in dollars per share)		$ 89.02
Redeemable convertible preferred stock
Temporary Equity [Line Items]
Temporary equity, shares outstanding (in shares)			124,652,775
Common Class B \| Subsequent Event
Temporary Equity [Line Items]
Customer warrants exercise (in shares)	124,652,775

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was (12.0)% and (7.6)% for the three months ended March 31, 2026 and 2025, respectively. The Company computed its provision for income taxes for the three months ended March 31, 2026 and 2025 based on a year-to-date actual effective tax rate because the forecasted annual effective tax rate was highly sensitive to fluctuations in pre-tax income and a reliable estimate of the annual effective tax rate could not be made. Despite experiencing pre-tax losses and maintaining a full valuation allowance on its U.S. deferred tax assets, the Company recorded income tax expense in all periods presented primarily due to the impact of foreign taxes in its international subsidiaries and current state taxes in certain U.S. jurisdictions. The Company intends to continue maintaining a full valuation allowance on all its U.S. deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances which the Company does not anticipate in the foreseeable future. A release of valuation allowance would result in the recognition of certain deferred tax assets and a possible decrease to income tax expense in the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to the accumulation of positive evidence, for example levels of profitability, that the Company is able to achieve.

- Definition

The entire disclosure for income tax.

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+ Details