v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’/ MEMBER’S EQUITY - USD ($)
$ in Thousands
Total
PIPE
At The Market
Common Stock
Common Stock
PIPE
Common Stock
At The Market
Member’s Equity
Additional Paid in Capital
Additional Paid in Capital
PIPE
Additional Paid in Capital
At The Market
Accumulated Other Comprehensive Income
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022       0                
Beginning balance at Dec. 31, 2022       $ 0       $ 0        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss $ (1,465,685)                     $ (1,465,685)
Other comprehensive income 172                   $ 172  
Ending balance (in shares) at Dec. 31, 2023       0                
Ending balance at Dec. 31, 2023       $ 0       0        
Members' equity, beginning balance at Dec. 31, 2022 4,646,161           $ 10,955,907       894 (6,310,640)
Increase (Decrease) In Member's Equity [Roll Forward]                        
Net loss (1,465,685)                     (1,465,685)
Stock-based compensation expense 1,773           1,773          
Contribution from member, net 463,766           463,766          
Members' equity, ending balance at Dec. 31, 2023 3,646,187           11,421,446       1,066 (7,776,325)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (2,027,005)                     (2,027,005)
Stock-based compensation expense               31,607        
Other comprehensive income 385                   385  
Vesting of restricted stock units (in shares)       2,844,261                
Vesting of restricted stock units $ 0     $ 3       (3)        
Ending balance (in shares) at Dec. 31, 2024 33,893,409     33,893,409                
Ending balance at Dec. 31, 2024 $ 2,503,405     $ 34       12,305,250        
Increase (Decrease) In Member's Equity [Roll Forward]                        
Net loss (2,027,005)                     (2,027,005)
Stock-based compensation expense 31,933           326          
Contribution from member, net 312,000           312,000          
Recognition of deferred tax liability in connection with the Spin-Off [1] (447,190)           (447,190)          
Reclassification of incentive plan liabilities to additional paid-in capital 54,795             54,795        
Disposal funding received in connection with the Spin-Off [1] 932,300           932,300          
Issuance of common stock in connection with the Spin-Off and reclassification of contribution from member, net (in shares) [1]       31,049,148                
Issuance of common stock in connection with the Spin-Off and reclassification of contribution from member, net [1] 0     $ 31     (12,218,882) 12,218,851        
Members' equity, ending balance at Dec. 31, 2024 2,503,405           $ 0       1,451 (9,803,330)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (408,351)                     (408,351)
Stock-based compensation expense               58,283        
Other comprehensive income 1,204                   1,204  
Vesting of restricted stock units (in shares)       2,491,212                
Vesting of restricted stock units 0     $ 2       (2)        
Stock issued during period, shares, employee stock purchase plans (in shares)       136,551                
Issuance of common stock in connection with PIPE & ATM offerings, net of issuance costs ( in shares)         2,640,970 1,169,218            
Issuance of common stock in connection with PIPE & ATM offerings, net of issuance costs   $ 311,319 $ 107,477   $ 3 $ 1     $ 311,316 $ 107,476    
Ending balance (in shares) at Dec. 31, 2025       40,331,360                
Ending balance at Dec. 31, 2025 2,577,862     $ 40       12,786,848     $ 2,655 (10,211,681)
Increase (Decrease) In Member's Equity [Roll Forward]                        
Net loss (408,351)                     $ (408,351)
Stock-based compensation expense 58,283                      
Issuance of common stock under ESPP $ 4,525             $ 4,525        
[1]
*See Note 1 — Organization And Description Of Business for more information on the Spin-Off.