v3.25.2
Condensed Consolidated Balance Sheets Components (Q2)
6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Condensed Consolidated Balance Sheets Components
7. Condensed Consolidated Balance Sheets Components
Prepaid Expenses and Other Current Assets

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

 
 
 
 
 
 
 
 
 
 
June 30,
2025
 
 
December 31,
2024
Prepaid expenses
 
 
$114,367
 
 
$67,393
Strategic agreement contra-revenue asset
 
 
41,136
 
 
—
Other current assets
 
 
143,726
 
 
33,853
Total prepaid expenses and other current assets
 
 
$299,229
 
 
$101,246
 
 
 
 
 
 
 
Other Non-current Assets

Other non-current assets consisted of the following (in thousands):

 
 
 
 
 
 
 
 
 
 
June 30,
2025
 
 
December 31,
2024
Strategic agreement contra-revenue asset
 
 
$308,864
 
 
$—
Prepaid expenses
 
 
207,771
 
 
145,424
Strategic investments
 
 
117,220
 
 
102,220
Equity method investment
 
 
56,947
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30,
2025
 
 
December 31,
2024
Notes receivable
 
 
$  56,862
 
 
$107,597
Escrow funds
 
 
—
 
 
336,055
Other non-current assets
 
 
176,613
 
 
29,616
Other non-current assets
 
 
$924,277
 
 
$720,912
 
 
 
 
 
 
 
Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

 
 
 
 
 
 
 
 
 
 
June 30,
2025
 
 
December 31,
2024
Accrued purchases
 
 
$905,707
 
 
$105,733
Accrued interest
 
 
219,114
 
 
157,310
Other accrued liabilities
 
 
286,416
 
 
92,778
Total accrued liabilities
 
 
$1,411,237
 
 
$355,821
 
 
 
 
 
 
 
7. Consolidated Balance Sheets Components
Prepaid Expenses and Other Current Assets

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

 
 
 
 
 
 
 
 
 
 
December 31,
2023
 
 
December 31,
2024
Prepaid expenses
 
 
$54,338
 
 
$67,393
Tax receivables
 
 
17,647
 
 
9,145
Available-for-sale marketable securities
 
 
2,368
 
 
—
Other current assets
 
 
2,173
 
 
24,708
Total prepaid expenses and other current assets
 
 
$76,526
 
 
$101,246
 
 
 
 
 
 
 
Other Non-current Assets

Other non-current assets consisted of the following (in thousands):

 
 
 
 
 
 
 
 
 
 
December 31,
2023
 
 
December 31,
2024
Escrow funds
 
 
$—
 
 
$336,055
Prepaid expenses
 
 
51,193
 
 
145,424
Notes receivable
 
 
—
 
 
107,597
Strategic investments
 
 
42,087
 
 
102,220
Other non-current assets
 
 
17,478
 
 
29,616
Total other non-current assets
 
 
$110,758
 
 
$720,912