INVENTORY

6 Months Ended

Jun. 30, 2025

7. INVENTORY

The following table summarizes the components of the Company’s inventory for each of the periods indicated:


	As of June 30, 2025		As of December 31, 2024
	(in thousands)
Raw materials	$	314,853	$	280,045
Work in progress		802,867		610,692
Finished goods		70,984		47,209
Total inventory	$	1,188,704	$	937,946

No material inventory reserves existed as of June 30, 2025 or December 31, 2024. The Company classifies inventory associated with its PMO Products as non-current inventory when consumption of the inventory is expected beyond the Company's normal PMO Product inventory operating cycle of two years. Non-current inventory consists of raw materials and work in progress associated with the PMO Products.

The following table summarizes the balance sheet classification of the Company's inventory for each of the periods indicated:


	As of June 30, 2025		As of December 31, 2024
	(in thousands)
Balance sheet classification
Inventory	$	994,036	$	749,960
Non-current inventory		194,668		187,986
Total inventory	$	1,188,704	$	937,946