v3.25.2
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (FY) - USD ($)
$ in Thousands
Total
Redeemable Convertible Preferred Stock
Common Stock
Common Stock
Redeemable Convertible Preferred Stock
Treasury Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021   83,775,000            
Beginning balance at Dec. 31, 2021   $ 5,290            
Ending balance (in shares) at Dec. 31, 2022   83,775,000            
Ending balance at Dec. 31, 2022   $ 5,290            
Beginning balance (in shares) at Dec. 31, 2021     180,000,000          
Beginning balance at Dec. 31, 2021 $ 13,018   $ 1   $ 0 $ 1,001 $ 0 $ 12,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock warrants in connection with debt financing 6,027         6,027    
Stock-based compensation expense 1,560         1,560    
Unrealized loss on available-for-sale marketable securities (156)           (156)  
Net loss (31,055)             (31,055)
Ending balance (in shares) at Dec. 31, 2022     180,000,000          
Ending balance at Dec. 31, 2022 $ (10,606)   $ 1   0 8,588 (156) (19,039)
Increase (Decrease) in Temporary Equity [Roll Forward]                
Conversion of convertible promissory notes to Series B-1 redeemable convertible preferred stock (in shares)   12,485,000            
Conversion of convertible promissory notes to Series B-1 redeemable convertible preferred stock   $ 5,006            
Issuance of Series B redeemable convertible preferred stock (in shares)   75,496,000            
Issuance of Series B redeemable convertible preferred stock   $ 410,465            
Partial settlement of Series B tranche option   $ 45,531            
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)   (17,078,000)            
Conversion of redeemable convertible preferred stock to common stock for secondary offering   $ (1,842)            
Settlement of notes due from employees   $ 240            
Ending balance (in shares) at Dec. 31, 2023 154,678,000 154,678,000            
Ending balance at Dec. 31, 2023 $ 464,690 $ 464,690 [1]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares) 4,337,000   4,337,000          
Exercise of stock options $ 1,669         1,669    
Issuance of common stock for business combination (in shares)     2,105,000          
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)     17,078,000          
Conversion of redeemable convertible preferred stock to common stock for secondary offering 1,842   $ 0     1,842    
Issuance of common stock for private placement (in shares)     4,483,000          
Issuance of common stock for private placement 14,837         14,837    
Repurchase of common stock (in shares)     (4,483,000)          
Repurchase of common stock (32,054)       (32,054)      
Issuance of common stock warrants in connection with debt financing 3,959         3,959    
Settlement of notes due from employees 132         132    
Stock-based compensation expense 17,370         17,370    
Unrealized loss on available-for-sale marketable securities 8              
Other comprehensive income 8           8  
Net loss (593,748)             (593,748)
Ending balance (in shares) at Dec. 31, 2023     203,520,000          
Ending balance at Dec. 31, 2023 (596,591)   $ 1   (32,054) 48,397 (148) (612,787)
Increase (Decrease) in Temporary Equity [Roll Forward]                
Closing settlement of Series B tranche option   $ 69,598            
Ending balance (in shares) at Mar. 31, 2024   159,161,000            
Ending balance at Mar. 31, 2024   $ 559,288            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares)     215,000          
Exercise of stock options 45         45    
Stock-based compensation expense 10,181         10,181    
Other comprehensive income 58           58  
Net loss (129,248)             (129,248)
Ending balance (in shares) at Mar. 31, 2024     203,735,000          
Ending balance at Mar. 31, 2024 $ (715,555)   $ 1   (32,054) 58,623 (90) (742,035)
Beginning balance (in shares) at Dec. 31, 2023 154,678,000 154,678,000            
Beginning balance at Dec. 31, 2023 $ 464,690 $ 464,690 [1]            
Ending balance (in shares) at Jun. 30, 2024   188,684,000            
Ending balance at Jun. 30, 2024   $ 1,722,360            
Beginning balance (in shares) at Dec. 31, 2023     203,520,000          
Beginning balance at Dec. 31, 2023 (596,591)   $ 1   (32,054) 48,397 (148) (612,787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Unrealized loss on available-for-sale marketable securities 85              
Net loss (452,269)              
Ending balance (in shares) at Jun. 30, 2024     202,041,000          
Ending balance at Jun. 30, 2024 $ (1,043,940)   $ 1   (32,054) 53,232 (63) (1,065,056)
Beginning balance (in shares) at Dec. 31, 2023 154,678,000 154,678,000            
Beginning balance at Dec. 31, 2023 $ 464,690 $ 464,690 [1]            
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance of Series B redeemable convertible preferred stock (in shares)   4,483,000            
Issuance of Series B redeemable convertible preferred stock   $ 25,000            
Closing settlement of Series B tranche option   $ 69,598            
Issuance of Series C redeemable convertible preferred stock, net of issuance costs (in shares)   29,523,000            
Issuance of Series C redeemable convertible preferred stock, net of issuance costs   $ 1,147,476            
Series C redeemable convertible preferred stock accretion to redemption value   73            
Paid-in-kind dividend on Series C redeemable convertible preferred stock   $ 15,582            
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)   (4,049,000)            
Conversion of redeemable convertible preferred stock to common stock for secondary offering   $ (308)            
Ending balance (in shares) at Dec. 31, 2024 184,635,000 184,635,000            
Ending balance at Dec. 31, 2024 $ 1,722,111 $ 1,722,111 [1]            
Beginning balance (in shares) at Dec. 31, 2023     203,520,000          
Beginning balance at Dec. 31, 2023 (596,591)   $ 1   (32,054) 48,397 (148) (612,787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Series C redeemable convertible preferred stock accretion to redemption value (73)         (73)    
Cash dividend on Series C redeemable convertible preferred stock (58,662)         (58,662)    
Paid-in-kind dividend on Series C redeemable convertible preferred stock (15,582)         (15,582)    
Conversion of convertible notes to common stock (in shares)     24,544,000          
Conversion of convertible notes to common stock $ 1,080,295         1,080,295    
Exercise of stock options (in shares) 2,872,000     2,879,000        
Exercise of stock options $ 2,890         2,890    
Repurchase of common stock for business combination (in shares)     (2,105,000)          
Repurchases of common stock from an employee (1,470)       (1,470)      
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)     4,049,000          
Conversion of redeemable convertible preferred stock to common stock for secondary offering 308         308    
Stock-based compensation expense 38,587         38,587    
Unrealized loss on available-for-sale marketable securities 148              
Other comprehensive income 148           148  
Net loss (863,448)             (863,448)
Ending balance (in shares) at Dec. 31, 2024     232,887,000          
Ending balance at Dec. 31, 2024 (413,598)   $ 1   (33,524) 1,096,160 0 (1,476,235)
Beginning balance (in shares) at Mar. 31, 2024   159,161,000            
Beginning balance at Mar. 31, 2024   $ 559,288            
Increase (Decrease) in Temporary Equity [Roll Forward]                
Series C redeemable convertible preferred stock accretion to redemption value   $ 14            
Ending balance (in shares) at Jun. 30, 2024   188,684,000            
Ending balance at Jun. 30, 2024   $ 1,722,360            
Beginning balance (in shares) at Mar. 31, 2024     203,735,000          
Beginning balance at Mar. 31, 2024 (715,555)   $ 1   (32,054) 58,623 (90) (742,035)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Series C redeemable convertible preferred stock accretion to redemption value (14)              
Exercise of stock options (in shares)     411,000          
Exercise of stock options 597         597    
Repurchase of common stock (in shares)     (2,105,000)          
Stock-based compensation expense 9,608         9,608    
Unrealized loss on available-for-sale marketable securities 27              
Other comprehensive income 27           27  
Net loss (323,021)             (323,021)
Ending balance (in shares) at Jun. 30, 2024     202,041,000          
Ending balance at Jun. 30, 2024 $ (1,043,940)   $ 1   (32,054) 53,232 (63) (1,065,056)
Beginning balance (in shares) at Dec. 31, 2024 184,635,000 184,635,000            
Beginning balance at Dec. 31, 2024 $ 1,722,111 $ 1,722,111 [1]            
Increase (Decrease) in Temporary Equity [Roll Forward]                
Conversion of convertible promissory notes to Series B-1 redeemable convertible preferred stock (in shares)   (184,635,000)            
Conversion of convertible promissory notes to Series B-1 redeemable convertible preferred stock   $ 1,722,140            
Series C redeemable convertible preferred stock accretion to redemption value   $ 29            
Ending balance (in shares) at Mar. 31, 2025   0            
Ending balance at Mar. 31, 2025   $ 0            
Beginning balance (in shares) at Dec. 31, 2024     232,887,000          
Beginning balance at Dec. 31, 2024 (413,598)   $ 1   (33,524) 1,096,160 0 (1,476,235)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Series C redeemable convertible preferred stock accretion to redemption value (29)         (29)    
Cash dividend on Series C redeemable convertible preferred stock (28,693)         (28,693)    
Exercise of stock options (in shares)     1,675,000          
Exercise of stock options 2,794         2,794    
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)     155,112,000          
Conversion of redeemable convertible preferred stock to common stock for secondary offering 558,982   $ 1     558,981    
Issuance of common stock for private placement (in shares)     36,590,000          
Issuance of common stock for private placement 1,391,515         1,391,515    
Stock-based compensation expense 202,670         202,670    
Net loss (314,641)             (314,641)
Ending balance (in shares) at Mar. 31, 2025     435,533,000          
Ending balance at Mar. 31, 2025 $ 1,906,123   $ 2   (33,524) 3,730,521 0 (1,790,876)
Beginning balance (in shares) at Dec. 31, 2024 184,635,000 184,635,000            
Beginning balance at Dec. 31, 2024 $ 1,722,111 $ 1,722,111 [1]            
Ending balance (in shares) at Jun. 30, 2025 0 0            
Ending balance at Jun. 30, 2025 [1]   $ 0            
Beginning balance (in shares) at Dec. 31, 2024     232,887,000          
Beginning balance at Dec. 31, 2024 $ (413,598)   $ 1   (33,524) 1,096,160 0 (1,476,235)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares) 2,950,000              
Unrealized loss on available-for-sale marketable securities $ 0              
Net loss (605,150)              
Ending balance (in shares) at Jun. 30, 2025     458,177,000          
Ending balance at Jun. 30, 2025 $ 2,657,647   $ 2   (33,524) 4,772,825 (271) (2,081,385)
Beginning balance (in shares) at Mar. 31, 2025   0            
Beginning balance at Mar. 31, 2025   $ 0            
Ending balance (in shares) at Jun. 30, 2025 0 0            
Ending balance at Jun. 30, 2025 [1]   $ 0            
Beginning balance (in shares) at Mar. 31, 2025     435,533,000          
Beginning balance at Mar. 31, 2025 $ 1,906,123   $ 2   (33,524) 3,730,521 0 (1,790,876)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares)     1,275,000          
Exercise of stock options 1,744         1,744    
Issuance of common stock for business combination (in shares)     19,174,000          
Issuance of common stock for private placement (in shares)     1,760,000          
Issuance of common stock for private placement 67,669         67,669    
Stock-based compensation expense 157,003         157,003    
Unrealized loss on available-for-sale marketable securities 0              
Other comprehensive income (271)           (271)  
Net loss (290,509)             (290,509)
Ending balance (in shares) at Jun. 30, 2025     458,177,000          
Ending balance at Jun. 30, 2025 $ 2,657,647   $ 2   $ (33,524) $ 4,772,825 $ (271) $ (2,081,385)
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.