0001628280-26-056357 | 10-Q | XBRL Viewer

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2026

Material Terms of Trading Arrangement

During the three months ended June 30, 2026, the following directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, modified, or terminated a trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (each a “Rule 10b5-1 Trading Arrangement”):

Name

Title of
Director or Officer

Action

Date of Action

Total Shares of Common Stock to be Sold

Expiration Date(1)

Eric Vishria

Director

Adopted

May 18, 2026

650,153

Close of market on the 2nd full trading day following the release of earnings for the Company’s fiscal quarter ending December 31, 2026

Lior Susan(2)

Director

Adopted

May 19, 2026

417,363

January 8, 2027

Terminated

June 24, 2026

Andrew Feldman(3)

Chief Executive Officer, President, and Director

Adopted

May 20, 2026

1,500,000

August 20, 2027

Sean Lie(4)

Chief Technology Officer

Adopted

May 20, 2026

1,872,000

August 27, 2027

Yagnesh Patel(5)

Chief Accounting Officer

Adopted

June 29, 2026

34,375

August 31, 2027

Robert Komin

Chief Financial Officer

Adopted

June 30, 2026

128,000

August 31, 2027

Dhiraj Mallick(5)

Chief Operating Officer

Adopted

June 30, 2026

851,139

August 31, 2027

_______________

(1) Each Rule 10b5-1 Trading Arrangement only permits transactions upon expiration of the applicable mandatory cooling-off period under Rule 10b5-1(c) and permits transactions through and including, and is scheduled to terminate on, the earlier to occur of (a) the completion of sales or (b) the expiration date listed in the table.

(2) This Rule 10b5-1 Trading Arrangement was adopted on May 19, 2026 for sales through January 8, 2027 and was terminated on June 24, 2026. No shares were sold under this Rule 10b5-1 Trading Arrangement prior to termination.

(3) This Rule 10b5-1 Trading Arrangement includes a gift of 50,000 shares of Class A common stock to a donor-advised fund sponsored by a charitable organization under Section 501(c)(3) of the Internal Revenue Code.

(4) This Rule 10b5-1 Trading Arrangement includes a gift of 432,000 shares of Class A common stock to a donor-advised fund sponsored by a charitable organization under Section 501(c)(3) of the Internal Revenue Code.

(5) This Rule 10b5-1 Trading Arrangement covers the sale of shares of Class A common stock to be received following the vesting of certain stock-based awards and the satisfaction of tax obligations in connection with such vesting. The number of shares to be sold pursuant to this Rule 10b5-1 Trading Arrangement is dependent on the tax obligation incurred in connection with the vesting of the awards and, therefore, is indeterminable at this time.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Eric Vishria [Member]

Eric Vishria

Director

true

Adoption Date

May 18, 2026

Expiration Date

Close of market on the 2nd full trading day following the release of earnings for the Company’s fiscal quarter ending December 31, 2026

Aggregate Available

650,153

Lior Susan [Member]

Expiration Date

January 8, 2027

Arrangement Duration

234 days

Andrew Feldman [Member]

Andrew Feldman(3)

Chief Executive Officer, President, and Director

true

May 20, 2026

August 20, 2027

457 days

1,500,000

Sean Lie(4)

Chief Technology Officer

true

May 20, 2026

August 27, 2027

464 days

1,872,000

Yagnesh Patel [Member]

Yagnesh Patel(5)

Chief Accounting Officer

true

June 29, 2026

August 31, 2027

428 days

34,375

Robert Komin [Member]

Robert Komin

Chief Financial Officer

true

June 30, 2026

August 31, 2027

427 days

128,000

Dhiraj Mallick [Member]

Dhiraj Mallick(5)

Chief Operating Officer

Lior Susan May 2026 Plan [Member] | Lior Susan [Member]

true

June 30, 2026

August 31, 2027

427 days

851,139

Lior Susan(2)

Director

Lior Susan June 2026 Plan [Member] | Lior Susan [Member]

true

Adoption Date

May 19, 2026

Aggregate Available

417,363

Lior Susan(2)

Rule 10b5-1 Arrangement Terminated

Director

true

Termination Date

June 24, 2026

Aggregate Available

417,363

Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

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


	June 30, 2026
	Fair Value Hierarchy(1)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	1,173,730	$	5,624	$	—	$	—	$	1,179,354
Time deposits	Level 2	36		—		—		—		36
Total		$	1,173,766	$	5,624	$	—	$	—	$	1,179,390

______________

(1)Refer to Note 7 - Fair Value Measurements for a description of fair value hierarchy inputs.


	December 31, 2025
	Fair Value Hierarchy(1)	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

_______________

(1)Refer to Note 7 - Fair Value Measurements for a description of fair value hierarchy inputs.

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Segment and Geographical Information - Schedule of Property and Equipment by Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 986,808	$ 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	817,750	376,021
Canada
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	168,976	61,281
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	$ 82	$ 94

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.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	15,353	$	187	$	16,303	$	513
Research and development	222,147		9,301		227,846		15,013
Sales and marketing	71,055		1,533		72,847		3,482
General and administrative	68,453		2,260		69,605		3,427
Total stock-based compensation expense	$	377,008	$	13,281	$	386,601	$	22,435

The following table presents total stock-based compensation expense by security type included in the unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options	$	9,161	$	13,043	$	18,579	$	21,970
RSUs	332,920		—		332,920		—
PRSUs	34,223		—		34,223		—
Special bonus awards	174		238		349		465
ESPP	530		—		530		—
Total stock-based compensation expense	$	377,008	$	13,281	$	386,601	$	22,435

Revenue - Significant Customers (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Revenue from Contract with Customer Benchmark \| Customer A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	34.00%	70.00%	49.00%	47.00%
Revenue from Contract with Customer Benchmark \| Customer B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	32.00%		20.00%
Revenue from Contract with Customer Benchmark \| Customer C
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	10.00%
Revenue from Contract with Customer Benchmark \| Customer D
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		18.00%	10.00%	41.00%
Accounts Receivable \| Customer A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage					78.00%
Accounts Receivable \| Customer B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			57.00%
Accounts Receivable \| Customer D
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			19.00%

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.

+ References + Details

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.

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 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-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

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

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 15, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Product Information [Line Items]
Proceeds from initial public offering, net of underwriting discounts and commissions				$ 6,232,511	$ 0
Total stock-based compensation expense		$ 377,008	$ 13,281	$ 386,601	$ 22,435
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Supplier One
Product Information [Line Items]
Concentration risk, percentage				13.00%	16.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Supplier Two
Product Information [Line Items]
Concentration risk, percentage				12.00%	10.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Supplier Three
Product Information [Line Items]
Concentration risk, percentage				10.00%
Unvested RSUs
Product Information [Line Items]
Total stock-based compensation expense		332,920	$ 0	$ 332,920	$ 0
IPO \| Unvested RSUs
Product Information [Line Items]
Total stock-based compensation expense		$ 273,600		$ 273,600
Common Class A
Product Information [Line Items]
Common stock, conversion ratio	1
Common Class A \| IPO
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	34,500,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 185.00
Proceeds from initial public offering, net of underwriting discounts and commissions	$ 6,200,000
Customer warrants exercise (in shares) \| shares	124,652,775
Common Class A \| Over-Allotment Option
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	4,500,000
Redeemable Convertible Preferred Stock
Product Information [Line Items]
Temporary equity, conversion ratio	1
Common Class B
Product Information [Line Items]
Customer warrants exercise (in shares) \| shares	124,652,775

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Lease, Cost

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	31,991	$	3,930	$	55,641	$	7,856
Short-term lease costs(1)	37,572		22,007		54,586		30,266
Variable lease costs	2,135		—		4,781		—
Total lease costs	$	71,698	$	25,937	$	115,008	$	38,122

_______________

(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	June 30, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	5.5		4.7
Weighted-average discount rate	7.2	%	8.6	%

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


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	27,904	$	8,355
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	318,429	$	—

As of June 30, 2026, future minimum lease payments of the Company’s operating lease liabilities were due as follows (in thousands):


June 30, 2026	Operating Leases
2026 (remaining 6 months)	$	58,153
2027	132,394
2028	123,660
2029	126,323
2030	123,261
Thereafter	126,513
Total future lease payments	690,304
Less: Imputed interest	(121,477)
Present value of operating lease liabilities	$	568,827

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 3 - 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Hardware revenue recognized at a point in time	$	54,119	$	70,295	$	164,712	$	139,969
Cloud and other services revenue recognized at a point in time	359		237		987		851
Cloud and other services revenue recognized over time	125,632		32,790		207,817		62,014
Total revenue	$	180,110	$	103,322	373,516		202,834

Revenue recognized during the six months ended June 30, 2026 and 2025 that was included in deferred revenue as of December 31, 2025 and December 31, 2024 was $69.8 million and $27.3 million, respectively.

During the three and six months ended June 30, 2026, the Company recognized $44.3 million and $46.3 million, respectively, as a 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 June 30, 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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer A(1)	34	%	70	%	49	%	47	%
Customer B	32	%	*		20	%	*
Customer C	10	%	*		*		*
Customer D(1)	*		18	%	10	%	41	%

_____________

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

*Percentage was less than 10%

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


	June 30, 2026		December 31, 2025
Customer A(1)	*		78	%
Customer B	57	%	*
Customer C	*		*
Customer D(1)	19	%	*

______________

(1) Customer A and Customer D 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 - Debt and Note 12 - Common Stock for further discussion. For the three and six months ended June 30, 2026, the Company recognized revenue of $56.8 million and $74.4 million, respectively, under the arrangement, which is net of amortization of the customer warrant asset of $2.5 million and $3.3 million, respectively. 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 are unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that are expected to be invoiced and recognized as revenue in future periods, was $25.4 billion as of June 30, 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 22% of this revenue over the initial 24 months ending June 30, 2028, 43% between months 25 and 48, and to recognize the remaining balance 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 with the delivery of the Committed Capacity. Amounts related to these pass-through costs are included in the transaction price and remaining performance obligations for Committed Capacity associated with data center arrangements for which the related right-of-use assets and lease liabilities were recognized as of June 30, 2026. Pass-through costs associated with the remaining Committed Capacity are excluded from remaining performance obligations because the related consideration is subject to factors outside the Company’s control which involve 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.

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.

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

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheets Details (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Inventory, Current

Inventories consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Raw materials	$	6,090	$	15,939
Work in progress	753		10,968
Finished goods	25,823		36,719
Total inventories	$	32,666	$	63,626

Schedule of Other Current Assets

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


	June 30, 2026		December 31, 2025
Prepaid expenses	$	144,482	$	8,196
Taxes receivable	21,510		4,795
Unbilled receivables	14,438		16,244
Contract assets	4,795		—
Other receivables and current assets	6,473		2,547
Total prepaid expenses and other current assets	$	191,698	$	31,782

Schedule of Property, Plant, and Equipment

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


	June 30, 2026		December 31, 2025
Data center and computer equipment	$	403,579	$	277,421
Machinery and equipment	31,400		25,370
Leasehold improvements	38,790		22,348
Construction in progress	604,030		163,451
Property and equipment	1,077,800		488,590
Less: accumulated depreciation	(90,992)		(51,194)
Total property and equipment, net	$	986,808	$	437,396

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	18,482	$	1,601	$	28,353	$	3,201
Research and development	5,073		3,408		11,568		4,550
Sales and marketing	110		585		1,639		1,544
General and administrative	712		6		991		20
Total depreciation expense	$	24,377	$	5,600	$	42,551	$	9,315

Schedule of Accrued Liabilities

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


	June 30, 2026		December 31, 2025
Accrued purchases and expenses	$	150,866	$	59,458
Accrued compensation	48,615		16,611
Sales tax payable	19,494		35,577
Product warranty liability	12,047		9,368
Liability related to early exercised options	3,837		5,187
Other	2,051		13,335
Total accrued and other current liabilities	$	236,910	$	139,536

Schedule of Product Warranty Liability

The following table shows the changes in provision for product warranty during the six months ended June 30, 2026 and 2025 (in thousands):


	Six Months Ended June 30,
	2026		2025
Balance at beginning of year	$	9,368	$	17,043
Additions during the period	8,430		9,000
Utilization during the period	(5,751)		(12,903)
Balance at end of the period	$	12,047	$	13,140

Segment and Geographical Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 1,173,766	$ 404,357
Gross Unrealized Gains	5,624	2,174
Gross Unrealized Losses	0	0
Accrued Interest	0	0
Fair Value	1,179,390	406,531
U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	1,179,354	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	1,179,390	406,531
Level 2 \| U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,173,730	404,321
Gross Unrealized Gains	5,624	2,174
Gross Unrealized Losses	0	0
Accrued Interest	0	0
Fair Value	1,179,354	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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (fff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (ff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Schedule of Computation of Diluted Net Loss Per Share

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

As of June 30, 2026, 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):


			June 30, 2026
Contingently issuable warrants			26,108
Early exercised shares subject to repurchase			574
Options to purchase common stock			23,797
Unvested RSUs			16,532
Contingently issuable unvested performance-based restricted stock units (“PRSUs”)			9,000
Total potential common stock excluded from net loss per share			76,011

Schedule of Reconciliation of The Numerator And Denominator of Net Income Per Share

The following is a reconciliation of the numerator and denominator of the basic and diluted net income per share computations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Numerator:
Net income (loss)	$	(450,528)	$	309,512	$	(464,534)	$	285,645
Less: Net income attributable to participating securities	—		189,194		—		175,065
Net income (loss) attributable to common stockholders	$	(450,528)	$	120,318	$	(464,534)	$	110,580
Denominator:
Basic weighted-average common shares net of shares subject to repurchase	150,968		52,720		107,132		52,363
Dilutive impact of outstanding redeemable convertible preferred stock (as-if converted basis)	—		82,899		—		82,899
Dilutive impact of outstanding stock options	—		26,203		—		27,014
Dilutive weighted-average common shares	150,968		161,822		107,132		162,276
Net income (loss) per share:
Basic	$	(2.98)	$	2.28	$	(4.34)	$	2.11
Diluted	$	(2.98)	$	1.91	$	(4.34)	$	1.76

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(0.10%)	0.50%	(0.40%)	1.20%

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 27,904	$ 8,355
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 318,429	$ 0

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Note 17 - Subsequent Events The Company has evaluated all transactions through August 12, 2026, the date these unaudited condensed consolidated financial statements were 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. OpenAI Warrant Exercise 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. In July 2026, the OpenAI Warrant was partially exercised to purchase 10,033,508 shares of the Company’s Class N common stock. Leases In the third 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 $753.4 million over the lease term.

Revenue - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) megawatt GW
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized			$ 69,800	$ 27,300
Customer warrant asset, amortization, reduction of revenue	$ 44,300		46,300
Total revenue	180,110	$ 103,322	373,516	$ 202,834
Revenue, remaining performance obligation, amount	$ 25,400,000		$ 25,400,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	22.00%		22.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months		24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	43.00%		43.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01 \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	25 months		25 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01 \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	48 months		48 months
Open AI
Disaggregation of Revenue [Line Items]
Customer warrant asset, amortization, reduction of revenue	$ 2,500		$ 3,300
Committed compute capacity under master relationship agreement \| megawatt					750
Revenue contract maximum extended term					5 years
Total revenue	$ 56,800		$ 74,400
Option to purchase additional compute capacity \| GW					1.25
Maximum total compute capacity under master relationship agreement \| GW					2.0
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 - Other information (Details)	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 6 months	4 years 8 months 12 days
Weighted-average discount rate	7.20%	8.60%

Balance Sheets Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 144,482	$ 8,196
Taxes receivable	21,510	4,795
Unbilled receivables	14,438	16,244
Contract assets	4,795	0
Other receivables and current assets	6,473	2,547
Total prepaid expenses and other current assets	$ 191,698	$ 31,782

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Note 10 - Debt

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 non-cash credits under the MRA. As of June 30, 2026, no cash payments had been made and $86.3 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 June 30, 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 non-cash 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.

For the three and six months ended June 30, 2026, the Company recognized approximately $19.7 million and $38.6 million of interest expense, respectively, related to the significant financing component of the OpenAI arrangement that is included in the 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 June 30, 2026 (in thousands):


	June 30, 2026
Principal amount received in January 2026	$	1,004,571
Less: non-cash repayments through services and other permitted credits	(86,327)
Principal balance outstanding as of June 30, 2026	918,244
Less: current portion of Working Capital Loan	(736,036)
Long-term portion of Working Capital Loan	$	182,208

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 $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.

As of June 30, 2026, the Company had incurred debt issuance costs of $3.8 million related to the Revolving Credit Agreement. These costs are being amortized over the term of the agreement. For the three and six months ended June 30, 2026, the Company recorded amortization expense of $0.2 million. As of June 30, 2026, the Company had not borrowed under the Revolving Credit Agreement.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Net Income (Loss) Per Share - Schedule of Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	76,011,000	0
Contingently issuable warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	26,108,000
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)	574,000
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)	23,797,000
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	16,532,000
Contingently issuable unvested performance-based restricted stock units (“PRSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential common stock excluded from net loss per share (in shares)	9,000,000

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 377,008	$ 13,281	$ 386,601	$ 22,435
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	15,353	187	16,303	513
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	68,453	2,260	69,605	3,427
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	222,147	9,301	227,846	15,013
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 71,055	$ 1,533	$ 72,847	$ 3,482

Balance Sheets Details - Changes in Provision for Product Warranty (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of year	$ 9,368	$ 17,043
Additions during the period	8,430	9,000
Utilization during the period	(5,751)	(12,903)
Balance at end of the period	$ 12,047	$ 13,140

Redeemable Convertible Preferred Stock (Details)	May 15, 2026 shares
Common Class B
Temporary Equity [Line Items]
Customer warrants exercise (in shares)	124,652,775

Number of shares issued during the period as a result of the conversion of convertible securities.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

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.

Balance Sheets Details - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Line Items]
Total depreciation expense	$ 24,377	$ 5,600	$ 42,551	$ 9,315
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Property, Plant, and Equipment [Line Items]
Total depreciation expense	18,482	1,601	28,353	3,201
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Property, Plant, and Equipment [Line Items]
Total depreciation expense	712	6	991	20
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Property, Plant, and Equipment [Line Items]
Total depreciation expense	5,073	3,408	11,568	4,550
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Property, Plant, and Equipment [Line Items]
Total depreciation expense	$ 110	$ 585	$ 1,639	$ 1,544

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.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Other Income and Expenses [Abstract]

Other Income, Net

6 Months Ended

Jun. 30, 2026

Other Income, Net

Note 9 - Other Income, Net

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest and dividend income	$	48,839	$	5,337	$	71,571	$	11,833
Non-cash interest expense(1)	(19,653)		—		(38,602)		—
Extinguishment of forward contract liability	—		363,336		—		363,336
Other expense	(2,207)		(315)		(3,462)		(525)
Total other income, net	$	26,979	$	368,358	$	29,507	$	374,644

_____________

(1)During the three and six months ended June 30, 2026, the Company recognized approximately $19.7 million and $38.6 million, respectively, of non-cash interest expense related to the significant financing component of the OpenAI arrangement. Refer to Note 10 - Debt for further discussion.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 05, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Yes
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
Entity Central Index Key	0002021728
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		112,247,109
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		111,601,424
Common Class N
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,715,508

Balance Sheets Details - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provision for excess and obsolete inventory	$ 20.1		$ 20.1		$ 0.9
Inventory charge	$ 11.8	$ 0.5	$ 19.2	$ 1.4

Common Stock	6 Months Ended
Common Stock	Jun. 30, 2026
Equity [Abstract]
Common Stock	Note 12 - Common Stock Prior to the completion of the IPO on May 15, 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 a transferee 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 May 2026, in connection with the IPO, the Company filed an amended and restated certificate of incorporation (the “Restated Certificate”) to authorize 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. 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 rights. 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 its 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 affects 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 a transferee 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. Common Stock Warrants G42 In December 2025, the Company issued a warrant to G42 (as defined above) 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. 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. 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 three months ended June 30, 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 through October 2031. OpenAI 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. 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 was 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. In June 2026, the vesting condition associated with 5,574,171 shares of Class N common stock was satisfied under the OpenAI Warrant. The Company recorded customer warrant assets of $457.2 million and $822.9 million for the three and six months ended June 30, 2026. The customer warrant asset will be recognized as a reduction of revenue in proportion to the related revenue recognized. As of June 30, 2026, none of the vested portion of the OpenAI Warrant had been exercised. The Company has recorded customer warrant assets that total $1.1 billion and $152.4 million as of June 30, 2026 and December 31, 2025, respectively. During the three and six months ended June 30, 2026, the Company recognized $44.3 million and $46.3 million, respectively, 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 June 30, 2026 will be recorded as a reduction in revenue in the consolidated statement of operations through October 2031. AWS In June 2026, the Company issued to Amazon.com NV Investment Holdings LLC (the “AWS Warrantholder”) a warrant (the “AWS Warrant”) 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. The warrant is classified as an equity instrument, and the grant date fair value was determined using a Black-Scholes option-pricing model. The estimated grant date fair value is $185.38 per AWS Warrant Share. Of these AWS Warrant Shares, 269,668 AWS Warrant Shares vested immediately upon issuance of the AWS Warrant, 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 Web Services to us pursuant to certain commercial arrangements between the parties. The AWS Warrant expires on June 19, 2033. The Company recorded a customer warrant asset of $50.0 million in the three months ended June 30, 2026. 2016 Equity Incentive Plan and 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 was 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. Employee Stock Purchase Plan 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.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Balance Sheets Details - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment	$ 1,077,800	$ 488,590
Less: accumulated depreciation	(90,992)	(51,194)
Total property and equipment, net	986,808	437,396
Data center and computer equipment
Property, Plant, and Equipment [Line Items]
Property and equipment	403,579	277,421
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Property and equipment	31,400	25,370
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment	38,790	22,348
Construction in progress
Property, Plant, and Equipment [Line Items]
Property and equipment	$ 604,030	$ 163,451

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

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.

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16 - 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 June 30, 2026, future payments related to non-cancelable commitments under these contracts are due as follows: $3.6 million (remaining six months of 2026), $6.2 million (2027), and $0.5 million (2028). Litigation In October 2025, a putative class action was filed against the Company in the United States District Court for the Northern District of California. The plaintiffs subsequently filed an amended complaint alleging copyright infringement in connection with certain large language models and datasets. The amended complaint seeks statutory and other damages, declaratory and equitable relief, attorneys’ fees, and costs. The Company filed an answer denying the claims and intends to vigorously defend the action. The Company is unable to estimate any reasonably possible loss, or range of loss, with respect to this matter at this time. It is reasonably possible that the Company’s assessment could change in the near term as the matter develops. Legal defense costs are expensed as incurred. 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		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	$ 180,110	$ 103,322	$ 373,516	$ 202,834
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	83,977	30,212	154,071	105,096
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	95,749	73,033	218,921	97,643
Other
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	$ 384	$ 77	$ 524	$ 95

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.

Share-Based Payment Arrangement [Abstract]

Net Income (Loss) Per Share - Schedule of Reconciliation of the Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income (loss)	$ (450,528)	$ 309,512	$ (464,534)	$ 285,645
Less: Net income attributable to participating securities	0	189,194	0	175,065
Net income (loss) attributable to common stockholders	$ (450,528)	$ 120,318	$ (464,534)	$ 110,580
Denominator:
Basic weighted-average common shares net of shares subject to repurchase (in shares)	150,968	52,720	107,132	52,363
Dilutive impact of outstanding redeemable convertible preferred stock (as-if converted basis) (in shares)	0	82,899	0	82,899
Dilutive impact of outstanding stock options (in shares)	0	26,203	0	27,014
Dilutive weighted-average common shares (in shares)	150,968	161,822	107,132	162,276
Net income (loss) per share:
Basic (in dollars per share)	$ (2.98)	$ 2.28	$ (4.34)	$ 2.11
Diluted (in dollars per share)	$ (2.98)	$ 1.91	$ (4.34)	$ 1.76

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation

Note 13 - Stock-Based Compensation

Total stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	15,353	$	187	$	16,303	$	513
Research and development	222,147		9,301		227,846		15,013
Sales and marketing	71,055		1,533		72,847		3,482
General and administrative	68,453		2,260		69,605		3,427
Total stock-based compensation expense	$	377,008	$	13,281	$	386,601	$	22,435

The following table presents total stock-based compensation expense by security type included in the unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options	$	9,161	$	13,043	$	18,579	$	21,970
RSUs	332,920		—		332,920		—
PRSUs	34,223		—		34,223		—
Special bonus awards	174		238		349		465
ESPP	530		—		530		—
Total stock-based compensation expense	$	377,008	$	13,281	$	386,601	$	22,435

In connection with secondary market transactions in which certain current and former employees sold shares of common stock to certain existing equity holders in the Company, the Company recognized the excess of the prices paid over the fair value of the shares sold as stock-based compensation expense of approximately $2.0 million and $5.9 million for the three and six months ended June 30, 2026, respectively, and approximately $1.5 million and $3.0 million for the three and six months ended June 30, 2025, respectively.

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. In May 2026, upon completion of the IPO, achievement of the performance-based vesting condition was deemed probable. The Company recognized $34.2 million of stock-based compensation expense related to the PRSUs for the three and six months ended June 30, 2026.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2026		Level 1		Level 2		Total Gains(1)
Cash and cash equivalents
Money market funds	$	6,393,647	$	6,393,647	$	—	$	—
U.S. Treasury securities	348,509		—		348,509		1,010

Restricted cash
Money market funds	684,680		684,680		—		—

Investments
U.S. Treasury securities	1,179,354		—		1,179,354		5,624
Time deposits	36		—		36		—
Total investments	$	1,179,390	$	—	$	1,179,390	$	5,624

_______________


			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

_____________

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Note 5 - Net Income (Loss) Per Share

The Company follows the two-class method when computing net income (loss) per share of common stock for multiple classes of common stock and participating securities. The two-class method determines net income (loss) per share of common stock for each class of common stock and participating securities according to dividends declared or accumulated participation rights in undistributed earnings. During the periods presented, the Company’s participating securities included all series of its redeemable convertible preferred stock prior to their conversion into Class B common stock immediately prior to the completion of the IPO 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 for the portions of the periods during which such securities were outstanding as participating securities. Prior to the IPO, the Company had legacy Class A common stock and Class N common stock outstanding. Following the IPO, the Company has Class A common stock, Class B common stock, and Class N common stock outstanding. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common stock, Class B common stock, and Class N common stock are identical, except with respect to voting and conversion rights. As a result, the basic and diluted net income (loss) per share for each class of common stock are the same and therefore presented on a combined basis.

Basic net income (loss) per share is computed by dividing net income (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. The shares of Class B common stock issued upon conversion of the Company’s redeemable convertible preferred stock and the Class A shares issued at the time of the IPO are included in the weighted average number of common shares outstanding from the date of IPO. Shares issuable upon exercise of certain vested warrants for Class N common stock are considered in-substance outstanding for basic net income (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 income (loss) per share. Diluted net income (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, for the portions of the periods prior to their actual conversion upon IPO, stock options, common stock warrants and RSUs for periods ending after May 13, 2026, when the liquidity condition for RSUs was met, to the extent these are dilutive.

Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The Company’s potentially dilutive securities include shares of redeemable convertible preferred stock for the portion of the periods prior to their conversion, common stock warrants, and stock-based awards. Shares of redeemable convertible preferred stock were assumed to be converted into common stock using the if-converted method from the beginning of the period, or from the date of issuance if later, through the date of actual conversion. Under the if-converted method, any dividends on redeemable convertible preferred stock, whether declared or accumulated, were added back to net income attributable to common stockholders in the calculation of diluted net income per share. Stock options and RSUs for periods ending after May 13, 2026, were included in the calculation of diluted net income per share using the treasury stock method. For periods in which the Company reports a net loss, all potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive.

As of June 30, 2025, no potential common shares were excluded from diluted net income per share as their effect would have been anti-dilutive. As of June 30, 2026, 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):


			June 30, 2026
Contingently issuable warrants			26,108
Early exercised shares subject to repurchase			574
Options to purchase common stock			23,797
Unvested RSUs			16,532
Contingently issuable unvested performance-based restricted stock units (“PRSUs”)			9,000
Total potential common stock excluded from net loss per share			76,011

The following is a reconciliation of the numerator and denominator of the basic and diluted net income per share computations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Numerator:
Net income (loss)	$	(450,528)	$	309,512	$	(464,534)	$	285,645
Less: Net income attributable to participating securities	—		189,194		—		175,065
Net income (loss) attributable to common stockholders	$	(450,528)	$	120,318	$	(464,534)	$	110,580
Denominator:
Basic weighted-average common shares net of shares subject to repurchase	150,968		52,720		107,132		52,363
Dilutive impact of outstanding redeemable convertible preferred stock (as-if converted basis)	—		82,899		—		82,899
Dilutive impact of outstanding stock options	—		26,203		—		27,014
Dilutive weighted-average common shares	150,968		161,822		107,132		162,276
Net income (loss) per share:
Basic	$	(2.98)	$	2.28	$	(4.34)	$	2.11
Diluted	$	(2.98)	$	1.91	$	(4.34)	$	1.76

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2026 (remaining 6 months)	$ 58,153
2027	132,394
2028	123,660
2029	126,323
2030	123,261
Thereafter	126,513
Total future lease payments	690,304
Less: Imputed interest	(121,477)
Present value of operating lease liabilities	$ 568,827

Balance Sheets Details - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued purchases and expenses	$ 150,866	$ 59,458
Accrued compensation	48,615	16,611
Sales tax payable	19,494	35,577
Product warranty liability	12,047	9,368
Liability related to early exercised options	3,837	5,187
Other	2,051	13,335
Total accrued and other current liabilities	$ 236,910	$ 139,536

Leases - Narrative (Details) $ in Billions	Jun. 30, 2026 USD ($)
Operating Lease, Lease Not yet Commenced
Lessee, Lease, Description [Line Items]
Unrecorded unconditional purchase obligation	$ 1.5

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Other Income, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Interest and dividend income	$ 48,839	$ 5,337	$ 71,571	$ 11,833
Non-cash interest expense	(19,653)	0	(38,602)	0
Extinguishment of forward contract liability	0	363,336	0	363,336
Other expense	(2,207)	(315)	(3,462)	(525)
Total other income, net	26,979	$ 368,358	29,507	$ 374,644
Open AI \| Working Capital Loan
Disaggregation of Revenue [Line Items]
Non-cash interest expense	$ (19,700)		$ (38,600)

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.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Debt - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
Debt - Narrative (Details) - USD ($)	Jan. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 17, 2026	Apr. 14, 2026
Debt Instrument [Line Items]
Principal amount received in January 2026				$ 1,004,571,000	$ 0
Billed amounts offsetting Working Capital Loan balance				86,327,000	0
Non-cash interest expense		$ 19,653,000	$ 0	38,602,000	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 850,000,000.0	$ 250,000,000.0
Line of credit facility, minimum liquidity covenant amount						$ 150,000,000.0
Debt issuance costs incurred		3,800,000		3,800,000
Amortization expense		$ 200,000		200,000
Open AI \| Working Capital Loan
Debt Instrument [Line Items]
Principal amount received in January 2026	$ 1,000,000,000.0			$ 1,004,571,000
Debt instrument, interest rate, stated percentage		6.00%		6.00%
Repayments of long-term debt				$ 0
Billed amounts offsetting Working Capital Loan balance				(86,300,000)
Non-cash interest expense		$ 19,700,000		$ 38,600,000

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 6,742,157	$ 701,706
Restricted cash	684,680	228,672
Investments	1,179,390	406,531
Accounts receivable, net	123,361	50,423
Inventories	32,666	63,626
Customer warrants	167,762	60,906
Prepaid expenses and other current assets	191,698	31,782
Total current assets	9,121,714	1,543,646
Property and equipment, net	986,808	437,396
Customer warrants, net of current portion	960,635	91,447
Operating lease right-of-use assets	528,275	248,950
Other non-current assets	30,440	4,598
Total assets	11,627,872	2,326,037
Current liabilities:
Accounts payable	88,313	48,630
Deferred revenue	173,735	131,049
Operating lease liability	88,422	45,865
Customer deposits	242,672	354,460
Working capital loan	736,036	0
Accrued and other current liabilities	236,910	139,536
Total current liabilities	1,566,088	719,540
Deferred revenue, net of current portion	244,529	35,847
Operating lease liability, net of current portion	480,405	215,957
Working capital loan, net of current portion	182,208	0
Total liabilities	2,473,230	971,344
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock, $0.00001 par value per share: 100,000,000 shares and 113,258,719 shares authorized, at June 30, 2026 and December 31, 2025, respectively; nil and 113,258,716 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	1,933,348
Stockholders’ equity (deficit)
Treasury stock, at cost, 889,890 shares as of June 30, 2026 and December 31, 2025	(21,456)	(21,456)
Additional paid-in capital	10,540,193	346,829
Accumulated other comprehensive income	5,767	1,301
Accumulated deficit	(1,369,864)	(905,330)
Total stockholders’ equity (deficit)	9,154,642	(578,655)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	11,627,872	2,326,037
Common Class A
Stockholders’ equity (deficit)
Common stock, value	1	1
Common Class B
Stockholders’ equity (deficit)
Common stock, value	1	0
Common Class N
Stockholders’ equity (deficit)
Common stock, value	$ 0	$ 0

Common Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
Common Stock (Details) $ / shares in Units, $ in Millions	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2026 USD ($) vote $ / shares shares	May 15, 2026 shares	Apr. 30, 2026 $ / shares shares	Jan. 31, 2026 shares	Dec. 31, 2025 USD ($) $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				100,000,000
Customer warrant asset capitalized \| $		$ 457.2	$ 822.9
Customer warrant asset, amortization, reduction of revenue \| $		$ 44.3	$ 46.3
Incentive Award Plan 2026
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	42,650,268	42,650,268	42,650,268
2026 G42 Warrants
Class of Stock [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, grant date fair value exercise price (in dollars per share) \| $ / shares					$ 90.23
Class of warrant or right, warrant asset \| $		$ 149.4
Open AI
Class of Stock [Line Items]
Customer warrant asset, amortization, reduction of revenue \| $		$ 2.5	$ 3.3
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	3,500,000,000	3,500,000,000	3,500,000,000	3,500,000,000			271,800,000
Common stock, number of votes \| vote	1	1	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	$ 0.01	$ 0.01
Employee shares purchase program, shares issued (in shares)			48,870,099
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	240,000,000	240,000,000	240,000,000	240,000,000			0
Common stock, number of votes \| vote	20	20	20
Common Class N
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000	100,000,000			37,100,000
Common stock, number of votes \| vote	0	0	0
Common Class N \| AWS Warrant
Class of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	2,696,678	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	$ 100.00
Class of warrant or right, grant date fair value per share (in dollars per share) \| $ / shares	$ 185.38	$ 185.38	$ 185.38
Class of warrant or right, warrant asset \| $		$ 50.0
Warrant shares vested (in shares)	269,668
Warrant shares, nonvested (in shares)	2,427,010	2,427,010	2,427,010
Common Class N \| G42
Class of Stock [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares					$ 0.01
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) \| $ / shares							$ 0.01
Class of warrant or right, grant date fair value per share (in dollars per share) \| $ / shares							$ 82.02
Customer warrant asset \| $	$ 1,100.0	$ 1,100.0	$ 1,100.0				$ 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	33,445,026	33,445,026
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001				$ 0.00001
Class of warrant or right, grant date fair value per share (in dollars per share) \| $ / shares	$ 82.02	$ 82.02	$ 82.02
Class of warrant or right vested and exercisable (in shares)	5,574,171	5,574,171	5,574,171			4,459,337

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2026	Jul. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Operating Lease, Lease Not yet Commenced
Subsequent Event [Line Items]
Unrecorded unconditional purchase obligation			$ 1,500.0
Forecast \| Operating Lease, Lease Not yet Commenced
Subsequent Event [Line Items]
Unrecorded unconditional purchase obligation	$ 753.4
Open AI \| Open AI Warrant \| Common Class N
Subsequent Event [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	$ 0.00001
Open AI \| Open AI Warrant \| Common Class N \| Subsequent Event
Subsequent Event [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)		10,033,508

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 180,110	$ 103,322	$ 373,516	$ 202,834
Cost of revenue
Total cost of revenue	154,551	71,223	261,781	129,131
Gross profit	25,559	32,099	111,735	73,703
Operating expenses
Research and development	320,151	60,768	395,646	113,519
Sales and marketing	86,969	18,228	101,670	28,554
General and administrative	95,672	10,285	106,689	17,282
Total operating expenses	502,792	89,281	604,005	159,355
Loss from operations	(477,233)	(57,182)	(492,270)	(85,652)
Other income, net	26,979	368,358	29,507	374,644
Income (loss) before income taxes	(450,254)	311,176	(462,763)	288,992
Income tax expense	274	1,664	1,771	3,347
Net income (loss)	(450,528)	309,512	(464,534)	285,645
Net income (loss) attributable to common shareholders
Basic	(450,528)	120,318	(464,534)	110,580
Diluted	$ (450,528)	$ 309,512	$ (464,534)	$ 285,645
Net income (loss) per share attributable to common shareholders
Basic (in dollars per share)	$ (2.98)	$ 2.28	$ (4.34)	$ 2.11
Diluted (in dollars per share)	$ (2.98)	$ 1.91	$ (4.34)	$ 1.76
Weighted average shares outstanding
Basic (in shares)	150,968	52,720	107,132	52,363
Diluted (in shares)	150,968	161,822	107,132	162,276
Hardware
Revenue
Total revenue	$ 54,119	$ 70,295	$ 164,712	$ 139,969
Cost of revenue
Total cost of revenue	53,141	46,649	118,072	95,059
Cloud and other services
Revenue
Total revenue	125,991	33,027	208,804	62,865
Cost of revenue
Total cost of revenue	$ 101,410	$ 24,574	$ 143,709	$ 34,072

Balance Sheets Details

6 Months Ended

Jun. 30, 2026

Balance Sheets Details

Note 8 - Balance Sheets Details

Inventories consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Raw materials	$	6,090	$	15,939
Work in progress	753		10,968
Finished goods	25,823		36,719
Total inventories	$	32,666	$	63,626

As of June 30, 2026 and December 31, 2025, the Company’s inventory reserves were $20.1 million and $0.9 million, respectively.

During the three and six months ended June 30, 2026, the Company recorded a charge of approximately $11.8 million and $19.2 million, respectively, to cost of revenue related to provision for excess, obsolete, and scrapped inventory, compared with $0.5 million and $1.4 million, respectively, for the corresponding periods in 2025. These charges were 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):


	June 30, 2026		December 31, 2025
Prepaid expenses	$	144,482	$	8,196
Taxes receivable	21,510		4,795
Unbilled receivables	14,438		16,244
Contract assets	4,795		—
Other receivables and current assets	6,473		2,547
Total prepaid expenses and other current assets	$	191,698	$	31,782

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


	June 30, 2026		December 31, 2025
Data center and computer equipment	$	403,579	$	277,421
Machinery and equipment	31,400		25,370
Leasehold improvements	38,790		22,348
Construction in progress	604,030		163,451
Property and equipment	1,077,800		488,590
Less: accumulated depreciation	(90,992)		(51,194)
Total property and equipment, net	$	986,808	$	437,396

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	18,482	$	1,601	$	28,353	$	3,201
Research and development	5,073		3,408		11,568		4,550
Sales and marketing	110		585		1,639		1,544
General and administrative	712		6		991		20
Total depreciation expense	$	24,377	$	5,600	$	42,551	$	9,315

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


	June 30, 2026		December 31, 2025
Accrued purchases and expenses	$	150,866	$	59,458
Accrued compensation	48,615		16,611
Sales tax payable	19,494		35,577
Product warranty liability	12,047		9,368
Liability related to early exercised options	3,837		5,187
Other	2,051		13,335
Total accrued and other current liabilities	$	236,910	$	139,536

The following table shows the changes in provision for product warranty during the six months ended June 30, 2026 and 2025 (in thousands):


	Six Months Ended June 30,
	2026		2025
Balance at beginning of year	$	9,368	$	17,043
Additions during the period	8,430		9,000
Utilization during the period	(5,751)		(12,903)
Balance at end of the period	$	12,047	$	13,140

Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

Note 6 - 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):


	June 30, 2026
	Fair Value Hierarchy(1)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	1,173,730	$	5,624	$	—	$	—	$	1,179,354
Time deposits	Level 2	36		—		—		—		36
Total		$	1,173,766	$	5,624	$	—	$	—	$	1,179,390

______________

(1)Refer to Note 7 - Fair Value Measurements for a description of fair value hierarchy inputs.


	December 31, 2025
	Fair Value Hierarchy(1)	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

_______________

(1)Refer to Note 7 - Fair Value Measurements for a description of fair value hierarchy inputs.

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

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Note 15 - 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 2037.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	31,991	$	3,930	$	55,641	$	7,856
Short-term lease costs(1)	37,572		22,007		54,586		30,266
Variable lease costs	2,135		—		4,781		—
Total lease costs	$	71,698	$	25,937	$	115,008	$	38,122

_______________

(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	June 30, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	5.5		4.7
Weighted-average discount rate	7.2	%	8.6	%

As of June 30, 2026, future minimum lease payments of the Company’s operating lease liabilities were due as follows (in thousands):


June 30, 2026	Operating Leases
2026 (remaining 6 months)	$	58,153
2027	132,394
2028	123,660
2029	126,323
2030	123,261
Thereafter	126,513
Total future lease payments	690,304
Less: Imputed interest	(121,477)
Present value of operating lease liabilities	$	568,827

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


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	27,904	$	8,355
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	318,429	$	—

Leases Not Yet Commenced

In the three months ended June 30, 2026, the Company executed non-cancelable lease agreements for additional data center capacity with lease commencement dates in 2026. As of June 30, 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 $1.5 billion over the lease term.

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($) tranche $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 377,008		$ 13,281	$ 386,601	$ 22,435
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	2,000		1,500	5,900	3,000
Unvested RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	332,920		$ 0	332,920	$ 0
Unvested RSUs \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period		48 months
Unvested RSUs \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period		60 months
Unvested RSUs \| Chief Executive Officer
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period (in shares) \| shares		743,902
Unvested 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	$ 34,200			$ 34,200
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 \| 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 \| 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 \| 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

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 180,110	$ 103,322	$ 373,516	$ 202,834
Hardware
Disaggregation of Revenue [Line Items]
Total revenue	54,119	70,295	164,712	139,969
Hardware \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	54,119	70,295	164,712	139,969
Cloud and other services
Disaggregation of Revenue [Line Items]
Total revenue	125,991	33,027	208,804	62,865
Cloud and other services \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	359	237	987	851
Cloud and other services \| Transferred over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 125,632	$ 32,790	$ 207,817	$ 62,014

Segment and Geographical Information

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.

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the outstanding principal balance of the Working Capital Loan as of June 30, 2026 (in thousands):


	June 30, 2026
Principal amount received in January 2026	$	1,004,571
Less: non-cash repayments through services and other permitted credits	(86,327)
Principal balance outstanding as of June 30, 2026	918,244
Less: current portion of Working Capital Loan	(736,036)
Long-term portion of Working Capital Loan	$	182,208

Stock-Based Compensation - Stock-Based Compensation Expense by Security Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 377,008	$ 13,281	$ 386,601	$ 22,435
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	9,161	13,043	18,579	21,970
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	332,920	0	332,920	0
PRSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	34,223	0	34,223	0
Special bonus awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	174	238	349	465
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 530	$ 0	$ 530	$ 0

Segment and Geographical Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Note 4 - 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 expense 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 Sheets 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States	$	83,977	$	30,212	$	154,071	$	105,096
Europe, Middle East, and Africa	95,749		73,033		218,921		97,643
Other	384		77		524		95
Total revenue	$	180,110	$	103,322	$	373,516	$	202,834

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


	June 30, 2026		December 31, 2025
United States	$	817,750	$	376,021
Canada	168,976		61,281
Other	82		94
Total property and equipment, net	$	986,808	$	437,396

The entire disclosure for segment reporting.

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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Schedule of Revenue by Geographic Area is Designated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (464,534)	$ 285,645
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Stock-based compensation	386,601	22,435
Amortization of customer warrants	46,315	0
Depreciation and amortization	42,551	9,315
Non-cash lease expense	39,104	5,872
Non-cash interest expense	38,602	0
Provision for product warranties	8,430	9,000
Extinguishment of forward contract liability	0	(363,336)
Other	(2,110)	(835)
Changes in operating assets and liabilities:
Accounts receivable	(72,938)	125,508
Inventories	31,116	74,929
Prepaid expenses and other assets	(182,311)	(3,003)
Accounts payable	565	6,314
Deferred revenue	126,440	16,525
Customer deposits	(111,788)	(320,558)
Other liabilities	66,469	8,346
Net cash flows used in operating activities	(47,488)	(123,843)
Cash flows from investing activities:
Purchases of property and equipment	(548,873)	(185,094)
Purchases of investments	(1,275,515)	(20,175)
Maturities and sales of investments	514,455	117,973
Net cash flows used in investing activities	(1,309,933)	(87,296)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	6,232,511	0
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 exercise of stock options	20,221	5,176
Proceeds from issuance of shares of Class N common stock	15,036	0
Fees paid for revolving credit facility	(3,801)	0
Repurchases of early exercised stock options	0	(28)
Tax withholding from tender offer and initial public offering	(416,660)	0
Payments of deferred offering costs and other financing activities	(12,667)	0
Net cash flows provided by financing activities	7,853,242	5,148
Effect of exchange rate on cash	638	912
Increase (decrease) in cash, cash equivalents, and restricted cash	6,496,459	(205,079)
Cash, cash equivalents, and restricted cash beginning of period	930,378	581,965
Cash, cash equivalents, and restricted cash end of period	7,426,837	376,886
Supplemental disclosures of cash flow information:
Income taxes paid	8,760	1,427
Non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock in connection with initial public offering	2,947,379	0
Right-of-use assets obtained in exchange for lease obligations	318,429	0
Billed amounts offsetting Working Capital Loan balance	86,327	0
Purchases of property and equipment included in accounts payable and accrued and other current liabilities	58,560	4,992
Transfer of property and equipment into inventories	8,443	16,772
Unpaid deferred offering costs included in accrued and other current liabilities	2,390	0
Vesting of early exercised options	1,436	2,410
Transfer to property and equipment out of inventories	$ 0	$ 67,303

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (unaudited) - USD ($) $ in Thousands	Total	IPO	Common Stock	Common Stock IPO	Additional Paid-in Capital	Additional Paid-in Capital IPO	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
Other comprehensive income (loss)	108							108
Net income (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, 2024	82,899,000
Beginning balance at Dec. 31, 2024	$ 850,066
Ending balance (in shares) at Jun. 30, 2025	82,899,000
Ending balance at Jun. 30, 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]
Net income (loss)	285,645
Common stock, ending balance (in shares) at Jun. 30, 2025			54,598,000
Ending balance at Jun. 30, 2025	$ (651,118)		$ 1		206,156		$ (88)	325	(857,512)
Treasury stock, ending balance (in shares) at Jun. 30, 2025							(300,000)
Beginning balance (in shares) at Mar. 31, 2025	82,899,000
Beginning balance at Mar. 31, 2025	$ 850,066
Ending balance (in shares) at Jun. 30, 2025	82,899,000
Ending balance at Jun. 30, 2025	$ 850,066
Common stock, beginning balance (in shares) at Mar. 31, 2025			53,747,000
Beginning balance at Mar. 31, 2025	(978,209)		$ 1		188,574		$ (88)	328	(1,167,024)
Treasury stock, beginning balance (in shares) at Mar. 31, 2025							(300,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A common shares issued upon exercise of stock options (in shares)			851,000
Class A common shares issued upon exercise of stock options	3,576				3,576
Vesting of early exercised stock options	695				695
Stock-based compensation expense	13,043				13,043
Conversion of stock-based liability classified awards to stock-based equity classified awards	268				268
Other comprehensive income (loss)	(3)							(3)
Net income (loss)	309,512								309,512
Common stock, ending balance (in shares) at Jun. 30, 2025			54,598,000
Ending balance at Jun. 30, 2025	$ (651,118)		$ 1		206,156		$ (88)	325	(857,512)
Treasury stock, ending balance (in shares) at Jun. 30, 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	124,653,000
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]
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (in shares)			2,026,000
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs	$ 15,019				15,019
Customer warrants issued	365,755				365,755
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 withholdings	(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
Other comprehensive income (loss)	2,095							2,095
Net income (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							(890,000)
Beginning balance (in shares) at Dec. 31, 2025	113,258,716
Beginning balance at Dec. 31, 2025	$ 1,933,348
Ending balance (in shares) at Jun. 30, 2026	0
Ending balance at Jun. 30, 2026	$ 0
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]
Net income (loss)	$ (464,534)
Common stock, ending balance (in shares) at Jun. 30, 2026			228,204,000
Ending balance at Jun. 30, 2026	$ 9,154,642		$ 2		10,540,193		$ (21,456)	5,767	(1,369,864)
Treasury stock, ending balance (in shares) at Jun. 30, 2026	889,890						(890,000)
Beginning balance (in shares) at Mar. 31, 2026	124,653,000
Beginning balance at Mar. 31, 2026	$ 2,947,379
Redeemable Convertible Preferred Stock
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)	(124,653,000)
Conversion of redeemable convertible preferred stock in connection with initial public offering	$ (2,947,379)
Ending balance (in shares) at Jun. 30, 2026	0
Ending balance at Jun. 30, 2026	$ 0
Common stock, beginning balance (in shares) at Mar. 31, 2026			61,018,000
Beginning balance at Mar. 31, 2026	(194,682)		$ 1		742,713		$ (21,456)	3,396	(919,336)
Treasury stock, beginning balance (in shares) at Mar. 31, 2026							(890,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (in shares)			1,656,000	34,500,000
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs	17	$ 6,217,099			17	$ 6,217,099
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)			124,653,000
Conversion of redeemable convertible preferred stock in connection with initial public offering	2,947,379		$ 1		2,947,378
Customer warrants issued	656,604				656,604
Issuance of common stock upon settlement of restricted stock units (in shares)			5,301,000
Class A common shares issued upon exercise of stock options (in shares)			3,326,000
Class A common shares issued upon exercise of stock options	14,958				14,958
Tax withholdings on settlement of restricted stock units (in shares)			(2,250,000)
Tax withholdings	(416,037)				(416,037)
Vesting of early exercised stock options	627				627
Stock-based compensation expense	376,834				376,834
Other comprehensive income (loss)	2,371							2,371
Net income (loss)	(450,528)								(450,528)
Common stock, ending balance (in shares) at Jun. 30, 2026			228,204,000
Ending balance at Jun. 30, 2026	$ 9,154,642		$ 2		$ 10,540,193		$ (21,456)	$ 5,767	$ (1,369,864)
Treasury stock, ending balance (in shares) at Jun. 30, 2026	889,890						(890,000)

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 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)	100,000,000	113,258,719
Temporary equity, shares issued (in shares)	0	113,258,716
Temporary equity, shares outstanding (in shares)	0	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)	3,500,000,000	271,800,000
Common stock, shares, issued (in shares)	103,220,568	57,907,093
Common stock, shares, outstanding (in shares)	103,220,568	57,907,093
Common Class B
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)	240,000,000	0
Common stock, shares, issued (in shares)	121,301,359	0
Common stock, shares, outstanding (in shares)	121,301,359	0
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)	100,000,000	37,100,000
Common stock, shares, issued (in shares)	3,682,000	0
Common stock, shares, outstanding (in shares)	3,682,000	0

Segment and Geographical Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States	$	83,977	$	30,212	$	154,071	$	105,096
Europe, Middle East, and Africa	95,749		73,033		218,921		97,643
Other	384		77		524		95
Total revenue	$	180,110	$	103,322	$	373,516	$	202,834

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


	June 30, 2026		December 31, 2025
United States	$	817,750	$	376,021
Canada	168,976		61,281
Other	82		94
Total property and equipment, net	$	986,808	$	437,396

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 thereto for the year ended December 31, 2025 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. During the three and six months ended June 30, 2026, the significant accounting policies used in the preparation of the unaudited condensed consolidated financial statements 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 and six months ended June 30, 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 June 30, 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.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Revenue from Contract with Customer [Abstract]

Redeemable Convertible Preferred Stock	6 Months Ended
Redeemable Convertible Preferred Stock	Jun. 30, 2026
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	Note 11 - Redeemable Convertible Preferred Stock As of June 30, 2026, there were no shares of redeemable convertible preferred stock issued and outstanding. As discussed in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies, in connection with the IPO, all outstanding shares of redeemable convertible preferred stock were converted into 124,652,775 shares of Class B common stock.

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Hardware revenue recognized at a point in time	$	54,119	$	70,295	$	164,712	$	139,969
Cloud and other services revenue recognized at a point in time	359		237		987		851
Cloud and other services revenue recognized over time	125,632		32,790		207,817		62,014
Total revenue	$	180,110	$	103,322	373,516		202,834

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer A(1)	34	%	70	%	49	%	47	%
Customer B	32	%	*		20	%	*
Customer C	10	%	*		*		*
Customer D(1)	*		18	%	10	%	41	%

_____________

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

*Percentage was less than 10%

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


	June 30, 2026		December 31, 2025
Customer A(1)	*		78	%
Customer B	57	%	*
Customer C	*		*
Customer D(1)	19	%	*

______________

(1) Customer A and Customer D 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 INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (450,528)	$ 309,512	$ (464,534)	$ 285,645
Change in foreign currency translation adjustments, net of tax	(274)	732	638	912
Available-for-sale investments:
Change in net unrealized gain (loss) on debt securities, net of tax	2,645	(735)	3,828	(807)
Comprehensive income (loss)	$ (448,157)	$ 309,509	$ (460,068)	$ 285,750

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Other Income and Expenses [Abstract]

Other Income, Net (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Other Income

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest and dividend income	$	48,839	$	5,337	$	71,571	$	11,833
Non-cash interest expense(1)	(19,653)		—		(38,602)		—
Extinguishment of forward contract liability	—		363,336		—		363,336
Other expense	(2,207)		(315)		(3,462)		(525)
Total other income, net	$	26,979	$	368,358	$	29,507	$	374,644

_____________

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Principal amount received in January 2026		$ 1,004,571	$ 0
Less: current portion of Working Capital Loan		(736,036)		$ 0
Long-term portion of Working Capital Loan		182,208		$ 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		(86,327)
Principal balance outstanding as of June 30, 2026		918,244
Less: current portion of Working Capital Loan		(736,036)
Long-term portion of Working Capital Loan		$ 182,208

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.

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
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Commitment and Contingencies (Details) - Capital Addition Purchase Commitments $ in Millions	Jun. 30, 2026 USD ($)
Long-Term Purchase Commitment [Line Items]
Unrecorded unconditional purchase obligation, to be paid, remainder of fiscal year	$ 3.6
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

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 - Income Taxes The Company’s effective tax rate was (0.1%) and 0.5% for the three months ended June 30, 2026 and 2025, respectively, and (0.4%) and 1.2% for the six months ended June 30, 2026 and 2025, respectively. The Company computed its provision for income taxes for the three and six months ended June 30, 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.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2