v3.25.2
Net Loss Per Share Attributable to Common Stockholders (Q2) (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Net Loss Per Share Attributable to Common Stockholders [Abstract]    
Schedule of calculation of basic and diluted net loss per share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data):

 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
 
Six Months Ended June 30,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
$(290,509)
 
 
$(323,021)
 
 
$(605,150)
 
 
$(452,269)
Dividends and accretion on Series C redeemable convertible preferred stock
 
 
—
 
 
(15,596)
 
 
(28,722)
 
 
(15,596)
Net loss attributable to common stockholders, basic
 
 
$(290,509)
 
 
$(338,617)
 
 
$(633,872)
 
 
$(467,865)
Change in fair value of common stock warrants
 
 
—
 
 
—
 
 
(26,845)
 
—
Net loss attributable to common stockholders, diluted
 
 
$(290,509)
 
 
$(338,617)
 
 
$(660,717)
 
 
$(467,865)
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average shares used in computing net loss attributable to common stockholders, basic
 
 
486,591
 
 
209,626
 
 
366,765
 
 
209,560
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
 
 
—
 
 
—
 
 
1,842
 
 
—
Weighted-average shares used in computing net loss attributable to common stockholders, diluted
 
 
486,591
 
 
209,626
 
 
368,607
 
 
209,560
Net loss per share attributable to common stockholders, basic
 
 
$(0.60)
 
 
$(1.62)
 
 
$(1.73)
 
 
$(2.23)
Net loss per share attributable to common stockholders, diluted
 
 
$(0.60)
 
 
$(1.62)
 
 
$(1.79)
 
 
$(2.23)
 
 
 
 
 
 
 
 
 
 
 
 
 

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data):

 
 
 
 
 
 
 
Year Ended
December 31,
 
 
 
2022
 
 
2023
 
 
2024
Numerator:
 
 
 
 
 
 
 
 
 
Net loss from continuing operations
 
 
$(30,866)
 
 
$(593,748)
 
 
$(863,448)
Net loss from discontinued operations
 
 
(189)
 
 
—
 
 
—
Net loss
 
 
(31,055)
 
 
(593,748)
 
 
(863,448)
Dividends and accretion on Series C redeemable convertible preferred stock
 
 
—
 
 
—
 
 
(74,317)
Net loss attributable to common stockholders, basic and diluted
 
 
$(31,055)
 
 
$(593,748)
 
 
$(937,765)
Denominator:
 
 
 
 
 
 
 
 
 
Weighted-average shares used in computing net loss attributable to common stockholders, basic and diluted
 
 
180,632
 
 
192,164
 
 
217,854
Net loss from continuing operations per share attributable to common stockholders, basic and diluted
 
 
$(0.17)
 
 
$(3.09)
 
 
$(4.30)
Net loss from discontinued operations per share attributable to common stockholders, basic and diluted
 
 
0.00
 
 
—
 
 
—
Net loss per share attributable to common stockholders, basic and diluted
 
 
$(0.17)
 
 
$(3.09)
 
 
$(4.30)
 
 
 
 
 
 
 
 
 
 
Schedule of antidilutive securities excluded from computation

The number of securities that were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows (in thousands):

 
 
 
 
 
 
 
As of June 30,
 
 
 
2025
 
 
2024
Redeemable convertible preferred stock
 
 
—
 
 
188,684
Outstanding convertible notes
 
 
—
 
 
24,544
Outstanding stock options
 
 
44,480
 
 
49,949
Outstanding RSUs and RSAs
 
 
27,146
 
 
—
Outstanding warrants to purchase common stock
 
 
4,337
 
 
4,337
ESPP
 
 
147
 
 
—
Total
 
 
76,110
 
 
267,514
 
 
 
 
 
 
 

The number of securities that were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows (in thousands):

 
 
 
 
 
 
 
Year Ended
December 31,
 
 
 
2022
 
 
2023
 
 
2024
Redeemable convertible preferred stock
 
 
83,775
 
 
154,678
 
 
184,986
Outstanding convertible notes
 
 
22,773
 
 
24,544
 
 
—
Outstanding stock options
 
 
32,655
 
 
51,239
 
 
47,219
Outstanding warrants to purchase common stock
 
 
2,082
 
 
4,337
 
 
4,337
Total
 
 
141,285
 
 
234,798
 
 
236,542