COREWEAVE, INC., 10-K filed on 3/2/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-42563    
Entity Registrant Name CoreWeave, Inc    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 82-3060021    
Entity Address, Address Line One 290 W Mt. Pleasant Ave.,    
Entity Address, Address Line Two Suite 4100    
Entity Address, City or Town Livingston    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 07039    
City Area Code (973)    
Local Phone Number 270-9737    
Title of 12(b) Security Class A common stock, $0.000005 par value per share    
Trading Symbol CRWV    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 39.6
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates by reference certain information from the registrant's definitive proxy statement (the "Proxy Statement") for the 2026 Annual Meeting of Stockholders. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2025.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001769628    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   419,028,081  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   106,660,052  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location San Jose, CA
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 3,127 $ 1,361
Restricted cash and cash equivalents, current 819 37
Marketable securities 34 0
Accounts receivable, net 3,169 417
Prepaid expenses and other current assets 339 101
Total current assets 7,488 1,916
Restricted cash and cash equivalents, non-current 184 637
Restricted marketable securities, non-current 0 29
Property and equipment, net 30,557 11,915
Operating lease right-of-use assets 8,231 2,590
Intangible assets, net 235 5
Goodwill 1,101 20
Other non-current assets [1] 1,506 721
Total assets 49,302 17,833
Current liabilities    
Accounts payable 1,623 868
Accrued liabilities 5,773 356
Debt, current [1] 6,708 2,468
Deferred revenue, current 1,709 769
Operating lease liabilities, current 427 213
Finance lease liabilities, current 38 58
Other current liabilities [1] 162 231
Total current liabilities 16,440 4,963
Debt, non-current [1] 14,665 5,458
Derivative and warrant liabilities 1 200
Deferred revenue, non-current 6,476 3,295
Operating lease liabilities, non-current 7,768 2,389
Finance lease liabilities, non-current 216 34
Deferred tax liabilities, non-current 115 149
Other non-current liabilities 286 37
Total liabilities 45,967 16,525
Commitments and contingencies (Note 9)
Stockholders' equity (deficit)    
Preferred stock, $0.000005 par value per share, 100 and no shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024 0 0
Treasury stock, at cost, 7 shares as of December 31, 2025 and 2024 (34) (34)
Additional paid-in capital 6,012 1,096
Accumulated deficit (2,643) (1,476)
Total stockholders' equity (deficit) 3,335 (414)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) $ 49,302 $ 17,833
Treasury stock (in shares) 7 7
Redeemable convertible preferred stock    
Redeemable convertible preferred stock    
Redeemable convertible preferred stock, $0.000005 par value per share, no and 206 shares authorized as of December 31, 2025 and 2024, respectively; no and 185 shares issued and outstanding as of December 31, 2025 and 2024, respectively [1] $ 0 $ 1,722
Common Class A    
Stockholders' equity (deficit)    
Common stock 0 0
Common Class B    
Stockholders' equity (deficit)    
Common stock 0 0
Common Class C    
Stockholders' equity (deficit)    
Common stock $ 0 $ 0
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Preferred stock, par value (usd per share) $ 0.000005 $ 0.000005
Preferred stock, shares authorized (in shares) 100,000,000 0
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares) 3,400,000,000 691,000,000
Treasury stock (in shares) 7,000,000 7,000,000
Redeemable convertible preferred stock    
Temporary equity par value (usd per share) [1] $ 0.000005 $ 0.000005
Temporary equity, shares authorized (in shares) [1] 0 206,000,000
Temporary equity, shares issued (in shares) [1] 0 185,000,000
Temporary equity, shares outstanding (in shares) [1] 0 185,000,000
Common Class A    
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares) 3,000,000,000 541,000,000
Common shares, shares issued (in shares) 401,000,000 121,000,000
Common shares, shares outstanding (in shares) 394,000,000 115,000,000
Common Class B    
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares) 200,000,000 150,000,000
Common shares, shares issued (in shares) 108,000,000 118,000,000
Common shares, shares outstanding (in shares) 108,000,000 118,000,000
Common Class C    
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares) 200,000,000 0
Common shares, shares issued (in shares) 0 0
Common shares, shares outstanding (in shares) 0 0
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 5,131 $ 1,915 $ 229
Operating expenses:      
Cost of revenue 1,453 493 69
Technology and infrastructure 2,929 961 131
Sales and marketing 144 18 13
General and administrative 651 119 30
Total operating expenses 5,177 1,591 243
Operating income (loss) (46) 324 (14)
Gain (loss) on fair value adjustments 27 (756) (534)
Interest expense, net [1] (1,229) (361) (28)
Other income, net 33 49 18
Loss before income taxes (1,215) (744) (558)
Provision for (benefit from) income taxes (48) 119 36
Net loss and comprehensive loss (1,167) (863) (594)
Net loss attributable to common stockholders, basic (1,196) (937) (594)
Net loss attributable to common stockholders, diluted $ (1,223) $ (937) $ (594)
Net loss per share attributable to common stockholders, basic (in usd per share ) $ (2.75) $ (4.30) $ (3.09)
Net loss per share attributable to common stockholders, diluted (in usd per share ) $ (2.81) $ (4.30) $ (3.09)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 435 218 192
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 436 218 192
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.
v3.25.4
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
IPO
Redeemable convertible preferred stock
Issuance of Series B Redeemable Convertible Preferred Stock
Issuance of Series C Redeemable Convertible Preferred Stock
Conversion of Redeemable Convertible Preferred Stock
Redeemable Class A Common Stock
Common Stock
Common Stock
IPO
Common Stock
Conversion of Redeemable Convertible Preferred Stock
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022     84,000,000       0              
Beginning balance at Dec. 31, 2022     $ 5       $ 0              
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Conversion of convertible promissory notes to Series B-1 redeemable convertible preferred stock (in shares)     12,000,000                      
Conversion of convertible promissory notes to Series B-1 redeemable convertible preferred stock     $ 5                      
Issuance of Series B and Series C redeemable convertible preferred stock (in shares)       76,000,000                    
Issuance of Series B and Series C redeemable convertible preferred stock       $ 411                    
Partial settlement of Series B tranche option     $ 46                      
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)     (17,000,000)                      
Conversion of redeemable convertible preferred stock in connection with initial public offering     $ (2)                      
Ending balance (in shares) at Dec. 31, 2023     155,000,000       0              
Ending balance at Dec. 31, 2023     $ 465       $ 0              
Beginning balance (in shares) at Dec. 31, 2022               180,000,000            
Beginning balance at Dec. 31, 2022 $ (11)             $ 0     $ 0 $ 8   $ (19)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)               18,000,000            
Conversion of redeemable convertible preferred stock in connection with initial public offering 2                     2    
Issuance of common stock for private placement, net of issuance costs (in shares)               4,000,000            
Issuance of common stock for private placement 15                     15    
Issuance of common stock and restricted stock awards for business combination (in shares)               2,000,000            
Exercise of stock options (in shares)               4,000,000            
Exercise of stock options 2                     2    
Repurchase of common stock (in shares)               (4,000,000)            
Repurchase of common stock (32)                   (32)      
Issuance of common stock warrants in connection with debt financing 4                     4    
Stock-based compensation expense 17                     17    
Net loss (594)                         (594)
Ending balance (in shares) at Dec. 31, 2023               204,000,000            
Ending balance at Dec. 31, 2023 (597)             $ 0     (32) 48   (613)
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Issuance of Series B and Series C redeemable convertible preferred stock (in shares)       4,000,000 30,000,000                  
Issuance of Series B and Series C redeemable convertible preferred stock       $ 25 $ 1,146                  
Closing settlement of Series B tranche option     70                      
Paid-in-kind dividend on Series C redeemable convertible preferred stock     $ 16                      
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)           (4,000,000)                
Ending balance (in shares) at Dec. 31, 2024     185,000,000 [1]       0              
Ending balance at Dec. 31, 2024     $ 1,722 [1]       $ 0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)               24,000,000   4,000,000        
Conversion of redeemable convertible preferred stock in connection with initial public offering 1,080         $ 0           1,080    
Cash dividend on Series C redeemable convertible preferred stock (59)                     (59)    
Paid-in-kind dividend on Series C redeemable convertible preferred stock (15)                     (15)    
Exercise of stock options (in shares)               3,000,000            
Exercise of stock options 3                     3    
Repurchases of common stock from an employee (2)                   (2)      
Repurchase of common stock for business combination (in shares)               (2,000,000)            
Stock-based compensation expense 39                     39    
Net loss (863)                         (863)
Ending balance (in shares) at Dec. 31, 2024               233,000,000            
Ending balance at Dec. 31, 2024 (414)             $ 0     (34) 1,096   (1,476)
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)     (185,000,000)       30,000,000              
Conversion of redeemable convertible preferred stock in connection with initial public offering     $ (1,722)       $ 1,163              
Reclassification of Redeemable Class A Common Stock to Class A Common Stock (in shares)             (30,000,000)              
Reclassification of redeemable Class A common stock to Class A common stock 1,163           $ (1,163)         1,163    
Ending balance (in shares) at Dec. 31, 2025     0 [1]       0              
Ending balance at Dec. 31, 2025     $ 0 [1]       $ 0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Conversion of redeemable convertible preferred stock to common stock for secondary offering (in shares)               155,000,000            
Conversion of redeemable convertible preferred stock in connection with initial public offering 559                     559    
Issuance of common stock for private placement, net of issuance costs (in shares)               2,000,000 36,000,000          
Issuance of common stock for private placement 68 $ 1,392                   68 $ 1,392  
Cash dividend on Series C redeemable convertible preferred stock (29)                     (29)    
Reclassification of warrant liabilities to equity 173                     173    
Issuance of common stock for contract incentive (in shares)               9,000,000            
Issuance of common stock for contract incentive 350                     350    
Issuance of common stock upon vesting of restricted stock units (in shares)               6,000,000            
Issuance of common stock and restricted stock awards for business combination (in shares)               20,000,000            
Issuance of common stock, restricted stock units, and restricted stock awards for business combinations 1,013                     1,013    
Tax withholdings on issuance of common stock and restricted stock awards for business combinations (24)                     (24)    
Tax withholdings on settlement of restricted stock units (in shares)               (2,000,000)            
Tax withholdings on settlement of restricted stock units $ (120)                     (120)    
Exercise of stock options (in shares) 13,000,000             13,000,000            
Exercise of stock options $ 20                     20    
Reclassification of Redeemable Class A Common Stock to Class A Common Stock, (in shares)               30,000,000            
Reclassification of redeemable Class A common stock to Class A common stock 1,163           $ (1,163)         1,163    
Issuance of common stock under employee stock purchase plan 4                     4    
Purchase of capped calls related to convertible senior notes (340)                     (340)    
Stock-based compensation expense 687                     687    
Net loss (1,167)                         (1,167)
Ending balance (in shares) at Dec. 31, 2025               502,000,000            
Ending balance at Dec. 31, 2025 $ 3,335             $ 0     $ (34) $ 6,012   $ (2,643)
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.
v3.25.4
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Issuance of Series B Redeemable Convertible Preferred Stock    
Payments of stock issuance costs   $ 0
Tranche liability   $ 10
Issuance of Series C Redeemable Convertible Preferred Stock    
Payments of stock issuance costs $ 3  
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (1,167) $ (863) $ (594)
Adjustments to reconcile net loss to net cash provided by operating activities      
Depreciation and amortization 2,454 863 103
Amortization of debt discounts and issuance costs and accretion of redemption premiums 110 33 16
Stock-based compensation expense 630 31 15
Non-cash lease expense 357 123 20
Deferred income taxes (53) 113 36
Loss (gain) on fair value adjustments (27) 756 534
Debt extinguishment loss 19 12 0
Other non-cash reconciling items 103 3 1
Changes in operating assets and liabilities, net of effect of business acquisitions:      
Accounts receivable (2,749) (280) (162)
Prepaid expenses and other assets (784) (514) (139)
Accounts payable and accrued expenses 253 511 27
Deferred revenue 4,174 2,049 1,986
Lease liabilities (262) (88) (9)
Other liabilities 0 0 (1)
Net cash provided by operating activities 3,058 2,749 1,833
Cash flows from investing activities:      
Purchase of property and equipment, including capitalized internal-use software (10,309) (8,702) (2,943)
Purchases of marketable securities (47) (34) (172)
Maturities and sales of marketable securities 43 188 6
Sales of warrants received as lease incentive 254 0 0
Business combinations, net of cash acquired (108) 0 0
Issuance of notes receivable (90) (60) 0
Other investing activities (14) (50) (39)
Net cash used in investing activities (10,271) (8,658) (3,148)
Cash flows from financing activities:      
Proceeds from issuance of debt, net 11,829 7,018 1,404
Repayments of debt (3,399) (589) (2)
Purchase of capped calls related to convertible senior notes (340) 0 0
Proceeds from initial public offering, net of underwriting discounts and commissions 1,491 0 0
Redeemable convertible preferred stock cash dividends paid (29) (58) 0
Issuance of redeemable convertible preferred stock, net of issuance costs 0 1,172 421
Payment of tax withholdings on settlement of restricted stock units (144) 0 0
Proceeds from exercise of stock options 20 3 2
Proceeds from issuance of common stock 0 0 15
Other financing activities (120) (82) (52)
Net cash provided by financing activities 9,308 7,464 1,788
Net increase in cash, cash equivalents, and restricted cash 2,095 1,555 473
Cash, cash equivalents, and restricted cash—beginning of period 2,035 480 7
Cash, cash equivalents, and restricted cash—end of period 4,130 2,035 480
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of capitalized amounts 869 184 0
Non-cash investing and financing activities:      
Liabilities related to property and equipment additions, including OEM financed additions 11,151 893 482
Operating lease right-of-use assets acquired through lease liability 5,836 2,222 481
Finance lease right-of-use assets acquired through lease liability 343 142 0
Warrants received as lease incentive 222 0 0
Conversion of redeemable convertible preferred stock in connection with initial public offering 1,722 0 0
Reclassification of redeemable Class A common stock to Class A common stock 1,163 0 0
Issuance of common stock, restricted stock units, and restricted stock awards for business combinations 1,013 0 0
Fair value of convertible promissory note issued for a business combination 167 0 0
Issuance of common stock for contract incentive 350 0 0
Reclassification of warrant liabilities to equity 173 0 0
Issuance of common stock in connection with conversion of convertible notes 0 1,080 0
Reclassification of customer deposit to debt 230 0 0
Capitalized interest not yet paid 69 32 41
Stock-based compensation capitalized as internal-use software 59 7 2
Settlement of Series B tranche liability 0 70 46
Non-cash investments 77 10 0
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets:      
Cash and cash equivalents 3,127 1,361 217
Restricted cash and cash equivalents, current 819 37 43
Restricted cash and cash equivalents, non-current 184 637 220
Total cash, cash equivalents, and restricted cash $ 4,130 $ 2,035 $ 480
v3.25.4
Overview and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Overview and Summary of Significant Accounting Policies Overview and Summary of Significant Accounting Policies
Organization and Description of Business
CoreWeave, Inc. (together with its subsidiaries, the "Company" or "CoreWeave"), was originally formed as a Delaware limited liability company in 2017 and then converted to a Delaware corporation in 2018. The Company is headquartered in Livingston, New Jersey. The Company is a modern cloud infrastructure technology company that offers the CoreWeave Cloud Platform that consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex artificial intelligence ("AI") infrastructure at scale.
Initial Public Offering
In March 2025, the Company completed its initial public offering ("IPO"), in which the Company issued and sold 37 million shares of its Class A common stock at a public offering price of $40.00 per share, which resulted in net proceeds of $1.4 billion after deducting the underwriting discounts and commissions and before deducting offering costs payable by the Company of $31 million. In April 2025, the underwriters exercised a portion of their over-allotment option and purchased from the Company an additional 2 million shares of Class A common stock at the public offering price, which resulted in net proceeds to the Company of $68 million after deducting the underwriting discounts and commissions.
In connection with the IPO, all outstanding shares of the Company's Series Seed, Series A, Series B, and Series B-1 redeemable convertible preferred stock automatically converted into 155 million shares of Class A common stock, and all outstanding shares of the Company's Series C redeemable convertible preferred stock were automatically converted into 30 million shares of redeemable Class A common stock. Refer to Note 11— Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) for additional information.
In connection with the IPO, the Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs, primarily related to the development of internal-use software, associated with vested restricted stock units ("RSUs") with a liquidity-event performance-based vesting condition which was satisfied in connection with the IPO and for which the service-based vesting condition had also been satisfied as of that date. Concurrently with the IPO, the Company issued shares of its Class A common stock upon settlement of RSUs subject to such performance-based vesting conditions. To meet the related tax withholding requirements for the net settlement of the vested RSUs, the Company withheld 0.4 million shares underlying such equity awards, resulting in the net issuance of 0.5 million shares of Class A common stock. Refer to Note 11—Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) for additional information.
At the closing of the IPO, the maturity date of the Company's 2024 Term Loan Facility (as defined in Note 10—Debt), accelerated and became due in April 2025, and the Company became subject to a requirement to fund $500 million into designated escrow accounts in connection with its DDTL 2.0 Facility (as defined in Note 10—Debt). In April 2025, the conditions requiring restriction of this amount were lifted and the $500 million previously classified as restricted cash, current, in connection with the DDTL 2.0 Facility was no longer restricted. Refer to Note 10—Debt for additional information.
Prior to the IPO, deferred offering costs, which consisted of accounting, legal and other fees directly related to the IPO, were capitalized as other non-current assets on the consolidated balance sheets. In connection with the IPO, $31 million of deferred offering costs were reclassified to stockholders' equity (deficit) as a reduction of the net proceeds received from the IPO.
Basis of Presentation and Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of the Company and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
During the year ended December 31, 2025, the Company elected to change the presentation of its financial statements and accompanying footnote disclosures from thousands to millions. The change in presentation had no material impact on previously reported financial information, but certain amounts reported for prior periods may differ by insignificant amounts due to the nature of rounding relative to the change in presentation. In addition, historical percentages and per share amounts presented may not add to their respective totals or recalculate due to rounding.
The Company determines at inception of each arrangement whether an entity in which the Company has made an investment or in which the Company has other variable interests is considered a variable interest entity ("VIE"). Investments that are considered VIEs are evaluated to determine whether the Company is the primary beneficiary of the VIE, in which case it would be required to consolidate the entity. The Company evaluates whether it has (1) the power to direct the activities that most significantly impact the VIE's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is not the primary beneficiary of the VIE, the investment or other variable interest is accounted for in accordance with applicable U.S. GAAP.
In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity ("VOE"). The Company would consolidate a VOE when the Company has a majority equity interest and has control over significant operating, financial, and investing decisions of the entity.
Stock Split
In March 2025, the Company effected a twenty-for-one stock split of its common stock and redeemable convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ materially from these estimates. Significant estimates include the useful lives assigned to property and equipment; the fair value of lease assets; the discount rates used for operating and finance leases; accounting for income taxes, including the valuation allowance on deferred tax assets and the measurement of uncertain tax positions; stock-based compensation, including the determination of the fair value of the Company's common stock prior to the IPO; the fair value of financial assets and liabilities; valuation of acquired intangible assets; and the assessment of recoverability of intangible assets and their estimated useful lives. Assumptions are reviewed regularly to ensure they remain relevant and reasonable, particularly in areas of high subjectivity. The Company bases its estimates on historical experience and assumptions that management considers reasonable.
Foreign Currency
The reporting currency of the Company is the U.S. dollar. The functional currency of the Company's foreign subsidiaries is the U.S. dollar.
Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from remeasurement are recognized in other income, net in the consolidated statements of operations and comprehensive loss. Foreign currency transaction losses were $60 million for the year ended December 31, 2025. Foreign currency transaction gains and losses were not material for the years ended December 31, 2024 and 2023.
Concentration of Risk
The Company is subject to certain risks and uncertainties that could have a material adverse effect on its business, financial condition, results of operations, or cash flows primarily due to concentration of credit risk, significant customers, and supplier concentration.
Concentration of Credit Risk
Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and marketable securities. The Company maintains its cash, cash equivalents, restricted cash, and marketable securities with high-quality financial institutions mainly in the United States, where the composition and maturities are regularly monitored by the Company. The Company grants credit to its customers in the normal course of business, exposing it to credit risk in the event of nonrepayment by customers. The Company has not experienced any material losses in such accounts.
Customer Concentration
The following customers accounted for 10% or more of the Company's revenue for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
Customer A
67%62%35%
Customer B*15%17%
Customer C**21%
Customer D
***
* Customer did not represent 10% or more of revenue
The customer references of A through D may represent different customers than those reported in a previous period.
Customer A and D accounted for 68% and 11% of accounts receivable, net, respectively, as of December 31, 2025. Customer A accounted for 66% of accounts receivable, net as of December 31, 2024.
Supplier Concentration
Certain materials, products, and equipment used by the Company in its operations are available from a limited number of suppliers. Shortages could occur in these materials, products, and equipment due to an interruption of supply or increased demand in the industry. If the Company were unable to procure certain materials, products, and equipment at all or at acceptable prices, it would be required to reduce its operations, which could have a material adverse effect on its results of operations.
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash primarily consists of cash in banks and bank deposits. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist of money market funds in the Company's investment accounts maintained in financial institutions. The Company maintains cash balances in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any material losses in such accounts.
The Company has restricted cash and cash equivalents that consist of bank deposits related to a collateralized loan facility and letters of credit. Restricted cash and cash equivalents also consist of customer deposits subject to a waterfall mechanism, which prioritizes payments for operating expenses, administrative fees, and scheduled debt service obligations before funds are released to the Company for general corporate use on a monthly or quarterly basis, in accordance with respective collateralized loan facilities. Such releases are subject to the satisfaction of specified distribution conditions, including compliance with financial covenants and the absence of defaults or specified performance trigger events. Restricted cash is classified as current and non-current assets based on the term of the remaining restriction.
Refer to Note 3—Investments and Fair Value Measurements and Note 10—Debt for additional information on restricted cash.
Accounts Receivable and Allowance for Credit Losses
Accounts receivable primarily consist of amounts billed that are currently due from customers. Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company's accounts receivable balances are subject to collection risk and the Company regularly assesses the collectability of outstanding accounts receivable on an ongoing basis and maintains an allowance for credit losses for accounts receivable deemed uncollectible. The allowance for credit losses reflects the best estimate of probable losses in the accounts receivable balance. The Company determines the allowance based on known troubled accounts; historical experience; current and anticipated macroeconomic conditions that could impact the Company's customers, such as unemployment, inflation, and regulatory matters; and other currently available information. The Company's allowance for expected credit losses was not material as of December 31, 2025 and 2024. Additions to and write-offs against the allowance for expected credit losses were not material for the years ended December 31, 2025, 2024, and 2023.
Notes Receivable
Notes receivable are related to the DCSP Financing Arrangements (as defined in Note 10—Debt ) and reported at the outstanding principal value plus accrued and unpaid interest. An allowance for credit losses on notes receivable is
established when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the agreement. The Company considers certain factors, including the credit risk and financial condition of the borrower, the borrower's ability to pay current obligations, historical trends, and macroeconomic conditions. The Company evaluates the extent and impact of any credit deterioration that could affect the performance and the value of the assets, as well as the financial and operating capability of the borrower. As of December 31, 2025 and 2024, the Company determined the carrying amount of the notes receivable to be fully collectible.
The Company's note receivable meets the criteria for right of setoff under the DCSP Financing Arrangements. The Company will recognize interest income under certain conditions due to the setoff nature of the DCSP Financing Arrangements.
Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
The Company's financial instruments include cash, cash equivalents, restricted cash, accounts receivable, marketable securities, accounts payable, accrued liabilities, derivatives, warrant liabilities and Series B tranche liabilities. Cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Cash equivalents, restricted marketable securities, derivatives, warrant assets and warrant liabilities are stated at fair value on a recurring basis.
Adjustments to the fair value of certain financial liabilities, such as the warrant liabilities related to the 2022 Senior Secured Notes (as defined in Note 14—Related-Party Transactions), are recorded as fair value adjustments in the consolidated statements of operations and comprehensive loss. In March 2025, these warrant liabilities were modified and the Company concluded that the warrants met the requirements for equity classification and are no longer remeasured at fair value.
During the year ended December 31, 2025, the Company received warrants, which were accounted for as a derivative instruments and were measured at fair value each reporting period using the Black-Scholes option-pricing model with gains and losses recorded in other income, net in the consolidated statements of operations and comprehensive loss. Key inputs and assumptions used in the valuations included risk-free interest rates, common stock values, equity volatilities, expected terms, exercise prices, and details specific to the warrants. Changes in one or more of these inputs and assumptions could significantly impact the fair-value determination. Refer to Note 3—Investments and Fair Value Measurements for further details.
Marketable Securities
Marketable securities consist of certificates of deposit and marketable debt securities that the Company has classified and accounted for as available for sale.
The Company considers marketable debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these as short-term marketable securities on the consolidated balance sheets.
The Company carries these securities at fair value and reports the unrealized gains and losses, net of taxes, as a component of stockholders' equity (deficit), except for changes in allowance for expected credit losses, which are recorded in other income, net, in the consolidated statements of operations and comprehensive loss.
The Company periodically evaluates its available-for-sale debt securities for impairment. If the amortized cost of an individual security exceeds its fair value, the Company considers its intent to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the Company writes down the security to its fair value and records the impairment charge in other income, net, in the consolidated statements of operations and comprehensive loss. If neither of these criteria are met, the Company determines whether a credit loss exists. Credit loss is estimated by considering changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors.
Strategic Investments
The Company holds strategic investments in the form of equity securities of privately held entities to support its business and strategic objectives in which the Company does not have a controlling interest. Equity securities of privately held entities that do not have a readily determinable fair value and for which the Company does not have a controlling financial interest or exercise significant influence are measured at cost, with subsequent adjustments for observable price changes of identical or similar securities, and impairments. These adjustments are recognized through other income, net, in the Company's consolidated statements of operations and comprehensive loss. The Company reviews its strategic investments for indicators of impairment at each reporting period. If an indicator of impairment exists, the amount by which the carrying value exceeds the fair value of the investment is recorded as a loss in the Company's consolidated statements of operations and comprehensive loss.
The Company reports the strategic investments in other non-current assets on the consolidated balance sheets. As of December 31, 2025 and 2024, the carrying value of the Company's strategic investments was $117 million and $102 million, respectively.
Property and Equipment, Net
Property and equipment, net is stated at historical cost less accumulated depreciation and amortization. Construction in progress is related to the construction or development of property and equipment that has not yet been placed into service for its intended use. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs that do not extend the lives of the respective assets are expensed as incurred.
Effective January 1, 2023, the Company changed its estimate of the useful life for its computing equipment utilized in data centers from five to six years, reflecting continuous advancements in hardware performance, software optimization, and data center design improvements. The effects of this change in estimate for the year ended December 31, 2023 on computing equipment that was included in property and equipment, net on the consolidated balance sheets as of December 31, 2023 was a reduction in total expenses of $20 million. The per share impact of the change in estimate was a $0.10 increase for the year ended December 31, 2023.
The estimated useful lives of the Company's property and equipment are as follows:
Technology equipment6 years
Software
3-6 years
Data center equipment and leasehold improvements
Shorter of remaining lease term or estimated useful life of up to 12 years
Furniture, fixtures, and other assets
3-5 years
Capitalized Interest Costs
The Company capitalizes certain interest costs associated with the construction of data centers and purchases of related technology equipment during the period in which expenditures have been made and activities are in progress to prepare the assets for their intended use. The interest costs incurred in the construction of the data centers are considered a part of the assets' historical cost and are depreciated over the estimated useful lives of the underlying assets.
Capitalized Internal-Use Software
The Company capitalizes costs incurred to acquire, internally develop, or modify software solely for the Company's internal use, including hosted applications used to deliver the Company's support services, and certain implementation
costs incurred in a hosting arrangement that is a service contract. For internally developed or modified software, capitalization occurs when the preliminary project stage is complete, management, with the relevant authority, authorizes and commits to the funding of the software project, and it is probable the project will be completed and used to perform the intended function. Capitalized costs primarily consist of costs to acquire software and salaries and payroll-related costs for employees directly involved in development efforts. Costs incurred during the preliminary project stage and during the post-implementation operational stage, including maintenance costs, are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements. Capitalized software development costs are included in property and equipment, net on the consolidated balance sheets, are amortized on a straight-line basis over the software's estimated useful life, which is between three and six years, and amortization is recorded in technology and infrastructure in the consolidated statements of operations and comprehensive loss.
Asset Retirement Obligations
An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset. The Company accounts for these obligations in accordance with Accounting Standards Codification ("ASC") 410, Asset Retirement and Environmental Regulations. The Company recognizes asset retirement obligations in the period in which they are placed in service, if a reasonable estimate of fair value can be made. Asset retirement obligations are initially measured at fair value and subsequently adjusted for changes in fair value. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over its estimated useful life or lease term, as applicable. The Company's asset retirement obligations primarily relate to contractual requirements under certain data center lease agreements to remove specified equipment and restore the premises to an agreed-upon condition upon lease termination.
Business Combinations
When the Company acquires a business, the purchase price is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated respective fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users and acquired technology from a market participant perspective, future changes in technology, royalty rates for similar assets, useful lives and discount rates. For certain assets where the replacement cost valuation methodology is applied, significant estimates include the cost to recreate such assets. These estimates are inherently uncertain and unpredictable. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company's consolidated statements of operations and comprehensive loss. The Company includes the results of operations of the business that it acquires as of the acquisition date. Acquisition-related expenses are expensed as incurred and are typically included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.
Goodwill and Intangible Assets
Goodwill is evaluated for impairment annually in the fourth quarter for the Company's single reporting unit, and whenever events or changes in circumstances indicate that goodwill may be impaired. In performing its annual assessment, the Company can opt to perform a qualitative assessment to test for impairment, or it can directly perform a quantitative assessment. Based on the Company's qualitative assessment, if it is determined that the fair value of the reporting unit is, more likely than not, less than its carrying amount, then the quantitative assessment is performed. Any excess of the reporting unit's carrying amount over its fair value is recorded as an impairment loss.
The Company's definite-lived intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company estimates the useful life by estimating the expected period of economic benefit. The estimated weighted-average useful lives for each class of intangible assets are as follows:
Acquired technologies5 years
Customer relationships11 years
Trade names5 years
Amortization of intangible assets is classified to cost of revenue, technology and infrastructure, or sales and marketing in the consolidated statements of operations and comprehensive loss based on the function and use of the underlying assets.
Impairment of Long-Lived Assets
The Company reviews long-lived assets, including property and equipment, right-of-use assets and intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. The recoverability of the long-lived asset or asset group is assessed by comparing the undiscounted future cash flows expected to be generated by the asset or asset group to its carrying value.
If the carrying amount of a long-lived asset or asset group exceeds the expected undiscounted cash flows, an impairment loss is recognized in an amount equal to the excess of the asset or asset group's carrying value over its fair value. Fair value is determined using valuation techniques such as discounted cash flow models, market comparisons, and, where applicable, independent third-party appraisals.
For the years ended December 31, 2025, 2024, and 2023, no material impairment charges were recorded.
Leases
The Company has lease agreements primarily for data centers, office buildings, storage spaces and equipment. The Company accounts for leases in accordance with ASC 842, Leases ("ASC 842"). The Company determines if an arrangement meets the definition of a lease at the inception and leases are classified at commencement as either operating or finance leases.
Right-of-use ("ROU") assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease agreement. Lease liabilities are measured at the commencement date based on the present value of the remaining lease payments over the lease term. ROU assets are initially measured at an amount equal to the lease liability, adjusted for initial direct costs incurred, prepaid lease payments, and lease incentives received prior to lease commencement. As most of the leases do not provide an implicit interest rate, the Company uses the incremental borrowing rate determined at lease commencement, based on the estimated interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset was located.
The lease term includes the non-cancelable period of the lease and periods covered by renewal options that the Company is reasonably certain to exercise, and excludes periods subject to termination options that the Company is reasonably certain not to exercise. When assessing the reasonableness of exercising lease renewal options, the Company takes into account all relevant facts and circumstances that contribute to the economic benefits associated with exercising the lease renewal options, which includes the expected changes in facts and circumstances between the commencement of the lease term and the exercise date of the options. Payments under the Company's lease agreements are primarily fixed; however, certain lease agreements contain variable payments, which generally relate to costs associated with common area maintenance, utilities reimbursed to the landlord, and physical security expenses within certain lease agreements. Variable payments do not give rise to ROU assets or lease liabilities and are expensed as incurred.
The Company made an accounting policy election for lease agreements with a term of 12 months or less and does not recognize ROU assets and lease liabilities in respect of those agreements. Any payments related to short-term leases are expensed as incurred. The Company has elected the practical expedient to not separate lease and nonlease components across all asset classes. Operating lease expense is recognized on a straight-line basis within total operating expenses in the consolidated statements of operations and comprehensive loss over the lease term. Amortization expense of finance lease ROU assets is recognized on a straight-line basis over the lease term and the interest component of a finance lease is recognized utilizing the effective interest method over the lease term and included in interest expense, net in the consolidated statements of operations and comprehensive loss. The Company's finance leases generally include purchase options and declining minimum payments. The Company currently does not have any lease arrangements with residual value guarantees.
Derivative Financial Instruments and Hedging
The Company uses derivative financial instruments to manage risk associated with interest rate and foreign currency fluctuations. These instruments include interest rate swaps designated as cash flow hedges and foreign exchange forward contracts used as non-designated economic hedges. All derivative instruments are recognized on the consolidated balance sheets at fair value in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). The Company's interest rate swaps and foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. The Company does not enter into derivatives for trading or speculative purposes.
Power Purchase Agreements
Additionally, the Company enters into power purchase agreements ("PPAs") to secure power capacity for existing, under construction, and planned data center builds. These agreements are specifically designed to support the Company in managing its energy needs as it encounters rapidly increasing energy demands. Agreements that do not meet the 'normal purchase and normal sale' scope exception, contain a notional amount and are for delivery of electricity in markets where notional amounts are readily convertible to cash (or where contracts can be net-settled) are classified as derivative instruments. These derivative instruments are not designated for special hedge accounting under ASC 815, and therefore changes in the value of these contracts are recorded in earnings.
Generally, derivative assets and liabilities are presented on a gross basis on the consolidated balance sheets and classified as either current or non-current based on the timing of expected settlement. Cash flows associated with derivatives are classified in the same category as the cash flows from the items being hedged.
Interest Rate Swaps
The Company enters into interest rate swaps to hedge the variability of cash flows related to interest payments on variable-rate debt. These swaps are designated as cash flow hedges under ASC 815, and therefore the changes in the fair-value of these swaps are recorded in accumulated other comprehensive loss and reclassified into earnings (interest expense, net) when the hedged interest payment is recognized. The Company assesses hedge effectiveness at inception, and on a quarterly basis thereafter, to ensure the hedging relationship is highly effective. As of December 31, 2025, all interest rate swaps were deemed highly effective. Refer to Note 3—Investments and Fair Value Measurements for additional information.
Foreign Exchange Forward Contracts
The Company uses forward contracts to mitigate foreign currency risk associated with foreign currency-denominated leasing liabilities. These contracts are not designated as accounting hedges under ASC 815 and therefore considered economic hedges. Changes in the fair-value of these forward contracts are recognized immediately in earnings within other income, net. Refer to Note 3— Investments and Fair Value Measurements for additional information.
Joint Ventures
The Company may, from time to time, enter into joint venture arrangements. The Company evaluates its investments in accordance with ASC 810, Consolidation, to determine whether the entity is a VIE for which the Company is the primary beneficiary, or a VOE for which the Company has a controlling financial interest, in which case the investment is consolidated. For investments that are not consolidated, but over which the Company has the ability to exercise significant influence, including certain joint ventures, the Company accounts for such investments using the equity method of accounting in accordance with ASC 323, Investments—Equity Method and Joint Ventures.
Revenue Recognition
The Company generates revenue from the delivery of cloud computing services. Revenue is recognized when promised services are delivered. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for these services. The Company recognizes revenue in accordance with ASC, Topic 606, Revenue from Contracts with Customers ("ASC 606").
When applying ASC 606, the Company also considers whether the arrangement meets the definition of a lease under ASC 842, which requires the transfer of control of an identified asset. The Company determined that while it provides cloud computing services utilizing underlying hardware, generally either there are no identified assets or customers do not
control or direct the use of underlying hardware. As such, these arrangements do not meet the definition of a lease under ASC 842 and are accounted for as service contracts under ASC 606.
The Company accounts for revenue by applying the following steps:
1.Identification of the contract, or contracts, with the customer
2.Identification of the performance obligations in the contract
3.Determination of the transaction price
4.Allocation of the transaction price to the performance obligations in the contract
5.Recognition of the revenue when, or as, a performance obligation is satisfied
The Company primarily generates revenue by providing cloud computing services for customers in several verticals, such as artificial intelligence, machine learning, visual effects rendering, platforms, pixel streaming, and batch processing. These services are offered both on a committed contract and on-demand basis. Customers do not take possession of software or hardware used to provide the services.
Committed Contracts—These service arrangements provide customers with access to cloud computing capacity across the Company's various data centers over a specified duration. Revenue is recognized ratably over the contract period. The initial contract period generally ranges from one to six years. The terms of these contracts are typically structured as "take-or-pay" agreements, requiring payment regardless of the level of utilization. Additionally, customers under committed contracts often make a prepayment that is recorded as deferred revenue and consumed based on the terms of the contract.
On-Demand Contracts—These service arrangements provide customers with access to the Company's cloud computing capacity on a consumption basis, with billing occurring monthly in arrears based on actual hourly usage of compute, storage, and other services. Revenue is recognized as the services are consumed. Customers may also prepay for on-demand services. The prepayments are initially recorded as deferred revenue and recognized as the cloud computing services are transferred to the customer.
The Company's contracts with customers may contain multiple promised services. To the extent a customer contract includes multiple promised services, the Company determines whether promised services should be accounted for as a separate performance obligation. Contracts with options to purchase additional capacity or extend terms are evaluated to determine if the arrangement includes promises that may represent a material right and be accounted for as a separate performance obligation. The Company allocates revenue to each performance obligation based on its relative stand-alone selling price ("SSP"). The SSP reflects the price the Company would charge for a specific service if it were sold separately in similar circumstances and to similar customers. When determining the SSP, the Company maximizes the use of observable inputs and considers the historical selling price of these performance obligations in similar transactions, as well as current pricing practices and other observable inputs including, but not limited to, customer size.
Certain customers receive incentives or credits, which constitute payments to customers. Consideration provided upfront to customers is recorded as a contra-revenue asset. Revenue is recognized net of the contra-revenue asset amount over time as the Company provides the related cloud computing services.
The Company applies the practical expedient in ASC 606 and did not evaluate contract terms where the time period between payment and service delivery is one year or less for the existence of a significant financing component. If the period between transfer of the promised services and payment is more than one year, the Company analyzes whether a significant financing component is present. If so, the Company adjusts the total consideration to reflect the significant financing component.
Revenue is recognized net of any taxes collected from customers (e.g., sales tax and other indirect taxes), which are subsequently remitted to governmental entities. The Company generally does not offer a right of refund in its contracts other than for cases of the Company's uncured material breach of the agreement, bankruptcy or insolvency.
Contract Balances
Contract assets represent the Company's rights to consideration in exchange for cloud computing services that the Company has transferred to a customer but where the right to consideration is conditional on something other than the
passage of time. In some arrangements, a right to consideration for the Company's performance under the customer contract may occur before invoicing the customer, resulting in an unbilled accounts receivable. These unbilled accounts receivable represent amounts earned but not yet invoiced and are recognized in accordance with the performance obligations satisfied. Such amounts have not been material for the periods presented.
Contract liabilities consist of deferred revenue. Revenue is deferred when the Company invoices in advance of performance under a contract. The current portion of the deferred revenue balance is expected to be recognized as revenue during the 12-month period after the consolidated balance sheet date. The non-current portion of the deferred revenue balance is expected to be recognized as revenue following the 12-month period after the consolidated balance sheet date.
Remaining performance obligations ("RPO") represent the aggregate amount of the transaction price, net of estimated variable consideration, allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Variable consideration primarily consists of potential reductions to the transaction price in the future, such as estimates of future potential credits to customers under availability of service agreements, amounts that may not be recognized as revenue due to delivery delays, and estimates of committed cloud computing capacity that the Company has the right to resell. The Company's estimate of such variable consideration is based on both historical experience and the specific facts and circumstances of the committed contracts included in the Company's RPO. RPO includes both billed and unbilled consideration from the Company's committed contracts.
Costs to Obtain a Contract
The Company capitalizes sales commissions and associated payroll taxes paid to sales personnel that are incremental to the acquisition of customer contracts. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract. Total capitalized costs to obtain a contract were not material during the periods presented and are included in other current and non-current assets on the consolidated balance sheets.
Cost of Revenue
Cost of revenue primarily consists of direct costs for data centers, including costs associated with the Company's facilities, such as rent, utilities including power, depreciation and amortization, including depreciation of power installation and distribution systems, and personnel costs for employees involved in data center operations and customer success, including salaries, bonuses, benefits, stock-based compensation expense and other related expenses.
The Company operates data centers across the world and has co-location service agreements with several well-established data center vendors. These agreements generally commit the Company to pay monthly fees plus additional fees for bandwidth usage above the committed level. Certain co-location agreements do not meet the definition of a lease and are expensed under cost of revenue. However, those that do meet the definition of a lease are recognized as operating lease ROU assets and operating lease liabilities and are amortized over the lease term.
Technology and Infrastructure
Technology and infrastructure expense consists of costs associated with the Company's infrastructure, such as depreciation and amortization related to the Company's servers, switches, networking equipment and internally developed software, personnel costs for employees associated with research and development of new and existing products and services or with maintaining the Company's computing infrastructure, such as salaries, bonuses, benefits, stock-based compensation expense, travel expenses, and other related expenses; and costs related to software subscriptions. The Company's technology and infrastructure efforts are dedicated towards developing new services, improving the Company's existing infrastructure, adding new features, bringing the latest compute technology to market and improving the accessibility of the Company's services. Research and development costs were $352 million, $56 million, and $21 million, for the years ended December 31, 2025, 2024, and 2023, respectively.
Sales and Marketing
Sales and marketing expense consists of personnel costs associated with selling and marketing the Company's CoreWeave Cloud Platform, such as salaries, stock-based compensation expense, bonuses, commissions, and other related expenses, sponsorship fees, advertising costs associated with marketing programs, and third-party professional service costs. Advertising costs, which are expensed as incurred are also included in sales and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expense was $27 million for the year ended December 31, 2025 and not material for the other periods presented.
General and Administrative
General and administrative expense consists of costs associated with corporate functions including the Company's finance, legal, human resources, and facilities. These costs include personnel costs, such as salaries, stock-based compensation expense, bonuses, benefits, and other related expenses, third-party professional services costs, such as legal, accounting, and audit services, and costs related to software subscriptions.
Stock-Based Compensation
Stock-based compensation expense related to stock-based awards is recognized based on the fair value of the awards granted. The fair value of each stock option award is estimated on the grant date utilizing the Black-Scholes option-pricing model. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, including the awards with graded vesting and no additional conditions for vesting other than service conditions. Forfeitures are accounted for as they occur.
The Black-Scholes option-pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the stock option, the expected volatility of the price of the Company's common stock, risk-free interest rates, and the expected dividend yield of common stock. The assumptions used to determine the fair value of the option awards represent management's best estimates. These estimates involve inherent uncertainties and the application of management's judgment.
Prior to the IPO in March 2025, the Company granted to employees restricted stock units ("RSUs"), that vested upon the satisfaction of service-based and performance-based vesting conditions. Since March 2025, the Company has granted RSUs that vest only upon the satisfaction of a service-based vesting condition. The fair value of each RSU award is based on the fair value of the underlying common stock as of the grant date. The service-based vesting condition has varying terms, but is generally satisfied over four years. The performance-based vesting condition for the RSUs granted prior to the IPO was satisfied at the effective date of the registration statement that the Company filed in connection with the IPO. For RSUs granted prior to the IPO, stock-based compensation related to the remaining service-based period after the liquidity event-related performance vesting condition was satisfied at the IPO will be recorded over the remaining requisite service period using the accelerated attribution method. For RSUs granted after the IPO, the compensation expense is recognized on a straight-line basis over the requisite service period.
Income Taxes
Income tax expense includes U.S., state, local and international income taxes. The Company utilizes the asset and liability method for computing its income taxes related to U.S. state and foreign taxes for jurisdictions in which the Company conducts business. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company's effective tax rates will vary depending on the amount of nondeductible items such as fair value adjustments, changes in the valuation of deferred tax assets and liabilities, use of tax credits, the relative proportion of foreign to domestic income, and changes in tax laws.
A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction, including past operating results, estimates of future taxable income, and the feasibility of ongoing tax-planning strategies. This evaluation is updated quarterly to reflect new information and trends that may affect the realization of tax benefits. In the event the Company determines that all, or part, of the net deferred tax assets are not realizable in the future, it will make an adjustment in the valuation allowance that will be charged to earnings in the period in which such a determination is made.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The evaluation of the Company's tax positions involves significant judgment in the interpretation and application of GAAP and complex domestic and international tax laws. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest and penalties related to uncertain income tax benefits as a component of the provision (benefit) for income taxes in the consolidated statements of operations and comprehensive loss.
Comprehensive Loss
Comprehensive loss consists of net loss, unrealized gains or losses on available-for-sale marketable investments and changes in the fair value of derivative instruments designated as accounting hedges. The Company presents comprehensive loss as part of the consolidated statements of operations and comprehensive loss. The changes in the accumulated balances of the components of other comprehensive loss were not material for the periods presented.
Segment Information
The Company's chief operating decision maker ("CODM"), the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. The Company operates its business in one operating segment and, therefore, has one reportable segment.
The CODM uses consolidated net loss to measure segment profit or loss in order to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company's operations are cost of revenue, technology and infrastructure, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company's consolidated statements of operations and comprehensive loss. Other segment items included in consolidated net loss include gain (loss) on fair value adjustments, interest expense, net, other income, net, and provision for (benefit from) income taxes, which are presented in the Company's consolidated statements of operations and comprehensive loss.
Recent Accounting Pronouncements Adopted
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the effective tax rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024 and the Company adopted this guidance prospectively on January 1, 2025. The Company has enhanced its tax disclosures as required under this guidance as reflected in Note 12—Income Taxes.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented in the consolidated statements of operations and comprehensive loss. This guidance as further clarified through ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) will be effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which provides clarifying guidance on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance will be applied prospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In May 2025, the FASB issued ASU No. 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods and services. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is
permitted. Updates are to be applied on a retrospective, or modified retrospective basis. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those recognized in a business combination. The guidance will be effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance will be applied prospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and simplifies the capitalization guidance for internal-use software by removing references to sequential "development stages" and clarifying that capitalization begins when management has authorized and committed to funding the software project and it is probable the project will be completed and the software will be used as intended, considering any significant uncertainty in development activities. The guidance will be effective for annual periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively, retrospectively, or on a modified retrospective basis, including for in-process projects. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivative Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. ASU 2025-07 refines the scope of derivative accounting under Topic 815 and clarifies the treatment of share-based noncash consideration under ASC 606. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. ASU 2025-12 represents changes to the ASC that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. The guidance will be effective for fiscal years beginning after December 15, 2026 and interim periods within those annual periods. Early adoption is permitted. The amendments to ASC 260, Earnings per Share, are required to be applied retrospectively. All other amendments may be applied prospectively or retrospectively on an issue-by-issue basis. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The Company primarily generates its revenue through providing cloud computing services, which include both committed contracts and on-demand services. Revenue recognized related to customer commitments, including revenue from delivering capacity prior to commitment start dates, represented 98%, 96%, and 88% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.
Deferred Revenue
Deferred revenue, including current and non-current balances as of December 31, 2025 and 2024 was $8.2 billion and $4.1 billion, respectively. For the years ended December 31, 2025 and 2024, revenue recognized from deferred revenue at the beginning of the period was $780 million and $225 million, respectively. The increase in deferred revenue balances as of December 31, 2025 as compared to December 31, 2024 is attributed to the growth in RPO from committed contracts, which typically provide for certain prepayments at contract inception.
Remaining Performance Obligations
As of December 31, 2025, the Company had $60.7 billion of unsatisfied RPO, of which 43% is expected to be recognized over the initial 24 months ending December 31, 2027, 38% between months 25 and 48, and the remaining balance recognized between months 49 and 84.
v3.25.4
Investments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
Investments
The Company's investments on the consolidated balance sheets consisted of the following (in millions):
December 31,
2025		December 31,
2024
Marketable securities:
Commercial paper$12 $— 
Corporate bonds22— 
Total marketable securities$34 $— 
Non-marketable equity securities:
Strategic investments$117 $102 
Equity method investments51— 
Total non-marketable equity securities168102 
Total investments$202 $102 
Marketable Securities
For the years ended December 31, 2025, 2024, and 2023, the Company did not recognize any material realized or unrealized gains or losses related to its debt securities. As of December 31, 2025 and 2024, there was no allowance for credit losses related to the Company's debt securities. The weighted-average remaining maturity of the Company's debt securities was less than one year as of December 31, 2025.
Unconsolidated Variable Interest Entities
The Company has entered into various lease agreements with data center developers and operators that are VIEs. The Company does not have the power to direct the activities that most significantly impact the data center developer and operators' economic performance and is not the primary beneficiary. Therefore, the Company has not consolidated the VIEs within the consolidated financial statement. The Company has lease prepayments of $54 million associated with these lease agreements as of December 31, 2025.
Unconsolidated Joint Venture
Additionally, in June 2025, the Company entered into a joint venture (the "JV") with a data center developer and operator to support the acquisition and development of a multi-phase data center campus in New Jersey. Upon formation, the third-party infrastructure developer obtained an 85% equity interest, while the Company holds the remaining 15%, for which the Company contributed net assets worth $57 million. The JV expects to construct and develop the campus using a combination of additional debt and equity capital. The Company provides construction management, administrative and property management services to the JV.
The Company is not the primary beneficiary and does not consolidate the VIE as it does not have the power to direct the activities that most significantly impact the JV's economic performance. Accordingly, the investment in the JV is accounted for as an equity method investment included in other non-current assets on the consolidated balance sheets. The carrying value of the Company's investment in the JV was $51 million as of December 31, 2025, and the Company's share of the earnings and losses of the JV were not material during the year ended December 31, 2025.
The Company also entered into a lease agreement with the JV that commences upon completion of construction. Once commenced, the new lease will have an initial lease term of 15 years with base rent payments that are based on a percentage of construction costs incurred.
The Company's maximum exposure to loss with respect to the JV includes (i) the carrying value of the Company's investment, (ii) up to $95 million related to a guarantee for certain contingent consideration payable to a third-party by the JV upon the achievement of certain milestones, (iii) a lease prepayment of $15 million, and (iv) potential requirements to fund the construction and development of the data center campus to the extent the JV is unable to secure third-party financing. Based on current projected development costs and third-party financing secured by the JV as of December 31 2025, the Company estimates that the maximum funding exposure to fund these latter construction and development costs is up to $200 million. The maximum funding exposure is expected to be offset by the increase in fair value of the Company's interest in the JV as a result of such funding.
Assets Measured at Fair Value on a Recurring Basis
The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in millions):
Fair Value
Hierarchy
December 31,
2025		December 31,
2024
Financial assets:
Cash and cash equivalents
Money market fundsLevel 1$— $2 
Restricted cash and cash equivalents, current
Money market fundsLevel 1— 24 
Restricted cash and cash equivalents, non-current
Money market fundsLevel 1— 57 
Restricted marketable securities, non-current
Certificates of depositLevel 2— 29 
Marketable securities, current
Commercial paperLevel 212 — 
Corporate bondsLevel 222 — 
Prepaid expenses and other current assets
Foreign exchange forward contracts not designated as accounting hedgesLevel 25 — 
Other non-current assets
Power purchase agreementsLevel 32 3 
Total financial assets$41 $115 
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedgesLevel 2$4 $— 
Contingent considerationLevel 320 — 
Derivative and warrant liabilities
Interest rate swaps designated as accounting hedgesLevel 21 — 
Warrant liabilitiesLevel 3— 200 
Total financial liabilities$25 $200 
The notional amounts of the Company's outstanding interest rate swaps and foreign exchange forward contracts were as follows (in millions):
December 31,
2025
Derivative instruments designated as accounting hedges
Interest rate swaps$319 
Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts$1,213 
Losses associated with interest rate swaps and foreign exchange forward contracts were not material.
For the year ended December 31, 2025 the amount reclassified out of accumulated other comprehensive loss into earnings was not material. As of December 31, 2025, the amount the Company expects to reclassify out of accumulated other comprehensive loss into earnings within the next twelve months is not material.
The following is a summary of the valuation techniques and key inputs used in the valuation of instruments of Level 3 fair value measurements as of the end of each reporting period.
The Company's valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:
March 21,
2025		December 31,
2024
Stock price$41 $48 
Volatility60%60%
Risk-free rate4%4%
Dividend yield—%—%
As discussed in Note 11—Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit), the warrant liabilities for the warrants for the Company's Class A common stock were remeasured immediately before modification when modified to equity classified warrants on March 21, 2025.
As discussed in Note 10—Debt, the 2021 Convertible Notes were converted into common stock on September 17, 2024. The following table is a summary of the significant unobservable inputs to value the embedded derivative liability immediately before conversion:
September 17,
2024
Stock price$44 
Discount rate12%
The following table presents a summary of the changes in the fair value of the Company's Level 3 financial instruments (in millions):
Warrant Assets
Power Purchase
Agreements –
Asset
Contingent Consideration
Warrant
Liabilities
Bifurcated Embedded Derivative
Liabilities
Series B
Tranche
Liability
Balance at January 1, 2024$— $1 $— $71 $386 $70 
Additions
— — — — — — 
Adjustment to fair value
— 2 — 129 627 — 
Settlements
— — — — (1,013)(70)
Balance at December 31, 2024— 3 — 200 — — 
Additions
222 — 20 — — — 
Adjustment to fair value
32 (1)— (27)— — 
Sales(254)— — — — — 
Reclassification
— — — (173)— — 
Balance at December 31, 2025$— $2 $20 $— $— $— 
Notes Receivable
Notes receivable are primarily related to the DCSP Financing Arrangements (as defined in Note 10—Debt) and are reported at their amortized costs basis. As of December 31, 2025 and 2024, the Company determined that the fair values of its notes receivable approximate the carrying values.
v3.25.4
Business Combinations
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Weights and Biases, Inc.
On May 5, 2025, the Company acquired all of the outstanding equity interests of Weights and Biases, Inc. ("Weights & Biases"), an AI developer platform. The transaction is expected to extend the Company's application software services offering to include additional developer-focused capabilities for the training of models and development of AI applications. The aggregate purchase consideration was $1.0 billion, which was comprised of the following (in millions):
Cash paid by the Company$96 
Fair value of Class A common stock and restricted stock awards issued by the Company929 
Fair value of replacement restricted stock units4 
Total purchase price$1,029 
In connection with the acquisition, the Company entered into compensation arrangements for stock-based awards with a value totaling $123 million. Of this amount, $33 million was recognized in the total purchase price. The remaining compensation expense of $79 million will be recognized on a straight-line basis over the respective awards' remaining requisite service period. Certain stock-based awards are in the form of restricted stock awards ("RSAs"). The RSAs represent legally outstanding common shares that are subject to service-based vesting conditions and repurchase rights held by the Company, which lapse upon vesting.
The acquisition-related costs were $29 million, and were recorded in general and administrative expense in the consolidated statements of operations during the year ended December 31, 2025.
The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in millions):
Cash and cash equivalents$51 
Accounts receivable, net13 
Prepaid expenses and other current assets2 
Property and equipment, net1 
Operating lease right-of-use assets1 
Intangible assets, net208 
Goodwill793 
Total assets acquired$1,069 
Accounts payable1 
Accrued liabilities7 
Deferred revenue, current25 
Operating lease liabilities, non-current1 
Deferred tax liabilities, non-current6 
Total liabilities assumed$40 
Total purchase price$1,029 
The acquired assets and assumed liabilities were recorded at their estimated fair values. The following table presents the amounts allocated to the intangible assets identified as of the date of acquisition and the estimated useful lives (in millions):
Fair ValueUseful Lives
(in years)
Customer relationships$36 12
Developed technology162 
5 - 7
Trade name10 5
Total$208 
The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is expected to be deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce as well as the anticipated synergies from the integration of Weights & Biases' technology with the Company's technology.
From the date of the acquisition, the financial results of Weights & Biases are not material to the Company's consolidated financial statements. Pro forma revenue and net income have not been presented because the historical results would not have been material to the consolidated financial statements in any period presented.
Other Acquisitions
During the year ended December 31, 2025, the Company completed business acquisitions that were individually not material for an aggregate total consideration of $348 million, consisting of $81 million of cash paid, $80 million of shares of the Company's Class A common stock issued, $167 million representing the fair value of convertible promissory notes issued, and $20 million representing the fair value of contingent consideration. The acquisitions are expected to expand the Company's vertically integrated, full-stack platform.
Replacement stock-based payment awards were issued to retain key employees of the acquired companies. The portion attributable to post-combination compensation expense is $76 million, and is accounted for separately from the business combinations as an expense over the vesting period on a straight-line basis in the Company's consolidated statements of operations and comprehensive loss.
Pro forma results of operations of these acquired businesses have not been presented because they were not material individually or in the aggregate to the consolidated statements of operations and comprehensive loss. Acquisition-related costs for these acquired businesses were not material.
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
December 31,
2025		December 31,
2024
Technology equipment
$20,903 $9,146 
Software802 140 
Data center equipment and leasehold improvements
2,842 384 
Furniture, fixtures, and other assets18 9 
Construction in progress
9,376 3,201 
Total property and equipment
33,941 12,880 
Less: accumulated depreciation and amortization
(3,384)(965)
Total property and equipment, net
$30,557 $11,915 
Depreciation and amortization on property and equipment was $2.4 billion, $861 million, and $101 million for the years ended December 31, 2025, 2024, and 2023, respectively.
As discussed in Note 1—Overview and Summary of Significant Accounting Policies, the Company capitalizes interest associated with the construction of data centers and purchases of related technology equipment. There was $182 million, $159 million, and $41 million of interest capitalized during the years ended December 31, 2025, 2024, and 2023, respectively.
Asset Retirement Obligations
The following is a summary of activity relating to the liability for asset retirement obligations, included in other non-current liabilities on the consolidated balance sheets, which the Company expects to incur primarily in connection with the expected removal of certain equipment related to its data center fit outs (in millions):
December 31,
2025		December 31,
2024
Beginning balance$36 $7 
Additions21 27 
Accretion expense5 2 
Ending balance$62 $36 
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table summarizes the changes to goodwill (in millions):
Amount
Balance at January 1, 2024$— 
Additions20 
Balance at December 31, 2024$20 
Additions
1,081 
Balance at December 31, 2025$1,101 
There were no impairment charges recorded to goodwill for any of the periods presented.
Intangible Assets, Net
Intangible assets, net consisted of the following (in millions, except years):
December 31, 2025 December 31, 2024
Weighted-Average Remaining Useful Lives (in years)
Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net		Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net
Acquired technologies5$206 $(27)$179 $5 $(3)$2 
Other (1)
961 (5)56 4 (1)3 
Total$267 $(32)$235 $9 $(4)$5 
(1) Includes customer relationships and trade names.
Amortization expenses for intangible assets were $27 million for the year ended December 31, 2025 and not material for the years ended December 31, 2024 and 2023.
As of December 31, 2025, the expected future amortization expense related to intangible assets was as follows (in millions):
Years Ending December 31,Amount
2026$45 
202745 
202843 
202943 
203023 
Thereafter36 
Total expected future amortization expense$235 
v3.25.4
Consolidated Balance Sheets Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Balance Sheets Components Consolidated Balance Sheets Components
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):
 December 31,
2025		December 31,
2024
 
Prepaid expenses$132 $67 
Contra-revenue asset67 — 
Other current assets140 34 
Total prepaid expenses and other current assets$339 $101 
Other Non-current Assets
Other non-current assets consisted of the following (in millions):
 
December 31,
2025		December 31,
2024
Prepaid expenses$825 $145 
Contra-revenue asset282 — 
Strategic investments117 102 
Notes receivable75 108 
Escrow funds— 336 
Other non-current assets207 30
Total other non-current assets$1,506 $721 
Accrued Liabilities
Accrued liabilities consisted of the following (in millions):
 
December 31,
2025		December 31,
2024
 
Accrued purchases
$5,196 $106 
Accrued interest332 157 
Other accrued liabilities
245 93 
Total accrued liabilities
$5,773 $356 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company enters into leases as a lessee for data centers, office buildings, storage spaces, and technology equipment. In accounting for these arrangements, the Company applied judgment in performing the lease classification tests related to transfer of ownership, bargain purchase option, lease term assessment, estimated fair value, and the specialized nature of the underlying asset.
Leases for offices generally have an initial term of two to ten years, often with multi-year renewal periods. Data center leases generally have an initial term from five to fifteen years, some of which include options to extend the leases for up to ten years. The Company's equipment leases generally have an initial term of two years and include the option to purchase the asset. Additionally, the Company's land lease contains a purchase option at the end of the lease term that it is reasonably certain to exercise. As such, the purchase option is included in the measurement of the finance lease liability. Certain lease agreements include variable costs, which generally relate to costs associated with Common Area Maintenance, utilities reimbursed to the landlord, and physical security expenses. These variable costs are not included in operating or finance lease cost and are expensed as incurred. 
The components of total lease cost related to leases for the periods presented were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost:
Operating lease cost$825 $289 $41 
Finance lease cost:
Amortization of ROU assets$34 $18 $3 
Interest on lease liabilities20 9 1 
Total finance lease cost$54 $27 $4 
Variable lease cost$252 $55 $16 
Total lease cost$1,131 $371 $61 
Supplemental consolidated balance sheet information related to leases were as follows (in millions):
December 31,
2025		December 31,
2024
Operating leases:
Operating lease ROU assets
$8,231 $2,590 
Operating lease liabilities, current
$427 $213 
Operating lease liabilities, non-current
7,768 2,389 
Total operating lease liabilities
$8,195 $2,602 
Finance leases:
Property and equipment
$500 $158 
Less: amortization
(56)(24)
Property and equipment, net
$444 $134 
Finance lease liabilities, current
$38 $58 
Finance lease liabilities, non-current
216 34 
Total finance lease liabilities
$254 $92 
Supplemental consolidated cash flow and other information related to leases for the years ended December 31, 2025, 2024, and 2023 were as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$729 $253 $30 
Operating cash flows used in finance leases6 9 1 
Financing cash flows used in finance leases58 54 8 
Information relating to the lease term and discount rate for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year Ended December 31,
202520242023
Weighted-average remaining lease term (in years):
Operating leases1198
Finance leases521
Weighted-average discount rate:
Operating leases10%12%12%
Finance leases10%11%11%
The future lease payments included in the measurement of the Company's operating lease liabilities and finance lease liabilities as of December 31, 2025, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance
Leases
2026$1,183 $53 
20271,231 223 
20281,314 — 
20291,274 — 
20301,157 — 
Thereafter7,459 — 
Total undiscounted lease payments13,618 276 
Less: imputed interest(5,423)(22)
Present value of lease liabilities$8,195 $254 
The Company incurred interest expense on its finance leases of $20 million for the year ended December 31, 2025. The interest expense incurred on the Company's finance leases was not material for the years ended December 31 2024 and 2023.
During the year ended December 31, 2025, the Company modified certain agreements resulting in the termination of the related escrow agreements. Additionally, in April 2025, the Company entered into a finance lease for data center infrastructure assets with DCSP (as defined in Note 10—Debt). Refer to Note 10—Debt for additional information.
Leases Not Yet Commenced
As of December 31, 2025, the Company executed additional lease agreements, primarily for data centers and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $38.5 billion. These leases will commence between 2026 and 2029 with estimated lease terms of five to seventeen years. Not included in the preceding amounts are the following lease arrangements, which include significant uncertainties regarding the amount of future lease payments.
As of December 31, 2025, the Company entered into a lease agreement for various buildings located at a single site intended to be used as a data center. The agreement provides access to 393 MW of electrical power, which is expected to be delivered in phases in 2026 and 2027. The Company will make contractual rent payments based on construction costs incurred by the lessor, subject to a contractual maximum. The total contractual rent payments range from $13.5 billion to $14.4 billion over the sixteen year term of this lease.
Additionally, the Company has lease agreements where the lease payments are based on a portion of the construction costs incurred by the lessor, including during the construction period. The payments during the construction period are variable and subject to contingencies, which are expected to be resolved at or near the lease commencement date. As of December 31, 2025, these lease agreements provide access to 378 MW of electrical power, which is expected to be delivered in phases between 2026 and 2028.
In connection with certain data center lease arrangements, the Company has contractual obligations to procure and install equipment at the leased premises. These obligations represent commitments for lessee-owned assets that are separate from the Company's lease obligations. As of December 31, 2025, the Company estimates that it will incur between $1.1 billion and $1.7 billion to fulfill these commitments, with expenditures expected to be incurred in phases through 2027.
v3.25.4
Commitment and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
As of December 31, 2025 and 2024, the Company had outstanding Letters of Credit ("LOC") in the aggregate amount of $294 million and $533 million, respectively. These LOC primarily guarantee the Company's ability to fulfill its lease obligations, per the lease agreements. As of December 31, 2025 and 2024, the Company has not drawn on any of its LOC and is in compliance with the terms and conditions set forth by the financial institution. These LOC renew annually and expire on various dates through 2041. The Company also has a letter of credit sub-facility associated with the Revolving Credit Facility. Refer to Note 10—Debt for additional information.
Indemnifications
The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend, and hold harmless the indemnified party for third party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend, and hold harmless the indemnified party for noncompliance with certain additional representations and warranties made by the Company. In addition, the Company indemnifies its officers, directors, and certain key employees while they are serving in good faith in their respective capacities.
While the Company has entered into various indemnification agreements, it has not incurred any material costs or claims under these agreements to date, and management does not expect any future claims to have a material adverse effect on the Company's financial position or results of operations. It is not possible to determine the maximum potential amount under these indemnification provisions due to the Company's limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, there have been no material claims under any indemnification provisions.
Litigation
From time to time, the Company may be subject to various proceedings, lawsuits, disputes, or claims in the ordinary course of business. The Company investigates these claims as they arise.
On January 12, 2026, a putative class action Raymond Masaitis v. CoreWeave, Inc. et al (the "Securities Action") was filed in the U.S. District Court for the District of New Jersey against the Company and certain of its officers generally alleging that the defendants made false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder and seeking unspecified damages along with payment of attorneys' fees and other costs. On February 10, 2026, two stockholder derivative actions, James Smith v. CoreWeave, Inc. et al and Taruna Roy v. CoreWeave, Inc. et al (together, the "Derivative Actions"), were filed in the U.S. District Court for the District of New Jersey. Each of the Derivative Actions was purportedly filed on behalf of the Company against certain of the Company's officers and directors and, as a nominal defendant, the Company, and seeks unspecified damages along with payment of attorneys' fees and other costs on behalf of the Company based on substantially the same allegations as the Securities Action. The Company believes that the claims made in the Securities Action and the Derivative Actions are without merit and intends to defend itself vigorously. Any possible loss or range of loss in these matters cannot be reasonably estimated at this time.
Although claims are inherently unpredictable, the Company is currently not aware of any other matters that would, individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows. As of December 31, 2025 and 2024, the Company has not accrued for any material potential loss.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The total debt obligations are as follows (dollars in millions):
Maturities
Effective
Interest
Rates
December 31,
2025		December 31,
2024
DDTL 1.0 FacilityMarch 202815%$1,553 $2,012 
DDTL 2.0 FacilityAugust 203010%5,037 3,844 
DDTL 2.1 FacilityDecember 20309%2,741 — 
DDTL 3.0 FacilityAugust 20309%340 — 
2030 Senior NotesJune 203010%2,000 — 
2031 Senior NotesFebruary 203110%1,750 — 
2031 Convertible Senior NotesDecember 20312%2,588 — 
Convertible Promissory NotesApril 20267%168 — 
2024 Term Loan FacilityApril 202512%— 1,000 
Revolving Credit FacilityNovember 20296%1,000 — 
OEM and Software License Financing ArrangementsMarch 2026 - July 203010%4,165 1,177 
Magnetar LoanJanuary 202912%273 — 
Total principal of debt21,615 8,033 
Less: unamortized discount and issuance costs(242)(107)
Total debt, net of unamortized discount and issuance costs21,373 7,926 
Less: debt, current(6,708)(2,468)
Total debt, non-current$14,665 $5,458 
As of December 31, 2025, the future principal payments for the Company's total debt were as follows (in millions):
Years Ending December 31,Amount
2026$6,708 
20274,298 
20282,393 
20291,769 
20302,109 
Thereafter4,338 
Total$21,615 
The total interest expense for the Company's debt obligations was as follows (in millions):
Year Ended December 31,
202520242023
Contractual interest expense$1,220 $475 $30 
Amortization of debt discounts and issuance costs and accretion of redemption premiums110 33 16 
PIK interest— — 22 
Less: capitalized interest(182)(159)(41)
Total $1,148 $349 $27 
In the year ended December 31, 2025, the Company entered into DDTL Facilities and issued Senior Notes (each as defined in Note 10—Debt) as follows (dollars in millions):
Date of Issuance
Stated Interest Rates1
Amount2
DDTL 2.1 FacilitySeptember 2025
 SOFR + 4.25%
$3,000 
DDTL 3.0 FacilityJuly 2025
 SOFR + 4.00%
2,600 
2030 Senior NotesMay 20259.25 %2,000 
2031 Senior NotesJuly 20259.00 %1,750 
2031 Convertible Senior NotesDecember 20251.75 %2,588 
(1) DDTL Facilities are subject to an interest rate per annum equal to, at the Company's option, either the SOFR or the alternative base rate plus a spread.
(2) Amounts represent borrowing capacity for the DDTL Facilities and the principal amounts for the Senior Notes.

Delayed Draw Term Loans ("DDTL")
In July 2023, the Company entered into a Delayed Draw Term Loan 1.0 Facility (as amended, the "DDTL 1.0 Facility"), which provided for a delayed draw term loan facility of up to $2.3 billion. The principal amount of the DDTL 1.0 Facility is required to be repaid in quarterly installments, with the final payment due on March 28, 2028.
In May 2024, the Company entered into a Delayed Draw Term Loan 2.0 Facility (as amended, the "DDTL 2.0 Facility"), which provides for a delayed draw term loan facility of up to $7.6 billion. The principal amount of the DDTL 2.0 Facility is required to be repaid in quarterly installments, beginning in January 2026, with the final payment due five years after the applicable loan was funded.
In July 2025, the Company entered into a Delayed Draw Term Loan 3.0 Facility (as amended, the "DDTL 3.0 Facility"), which provides for a delayed draw term loan facility of up to $2.6 billion that may be drawn through July 2026. The principal amount of the DDTL 3.0 Facility is required to be repaid in monthly installments, beginning in April 2026, with the final payment due in August 2030. The Company is required to pay a fee of 0.50% per annum on the undrawn commitment. In conjunction with the issuance of the DDTL 3.0 Facility, the Company capitalized $82 million in debt discount and issuance costs. Under the DDTL 3.0 Facility, the Company is required to enter into interest rate swap agreements within 45 days of the closing date covering a notional amount of not less than 75% of the reasonably anticipated outstanding floating-rate loans until the maturity date. As of December 31, 2025, the Company is in compliance with this requirement.
In September 2025, the Company further amended the DDTL 2.0 Facility (as amended, the "DDTL 2.1 Facility," and together with the DDTL 1.0 Facility, the DDTL 2.0 Facility, and the DDTL 3.0 Facility, the "DDTL Facilities") to create a new tranche of delayed draw term loan facility up to $3.0 billion that may be drawn through March 2026. The principal amount of the DDTL 2.1 Facility is required to be repaid in quarterly installments, beginning in July 2026, with the final payment due five years after the applicable loan was funded. The terms of the draws under the DDTL 2.0 Facility remain unchanged.
The total loans available provided by the DDTL Facilities are constrained by the purchase price of assets for which the loans are being used to finance with such percentage based upon the depreciable cost of graphics processing unit ("GPU") servers. Borrowings under the DDTL Facilities are used to finance a portion of the purchase considerations, fees, and expenses relating to the acquisition of computing equipment. Obligations outstanding under the DDTL Facilities are secured by perfected first priority pledges of and security interests in (i) the equity interests of the respective subsidiaries held by its direct parent and (ii) substantially all of the assets of the respective subsidiaries.
The outstanding loan amounts are prepayable at any time, from time to time, at the Company's option, and are required to be prepaid upon the occurrence of an event of default or change of control of the Company, or with the proceeds of certain asset dispositions or incurrences of indebtedness.
Furthermore, all obligations under the DDTL Facilities are unconditionally guaranteed by the Company. They contain covenants that restrict the ability of the Company and/or the respective subsidiaries to incur or guarantee additional indebtedness; pay dividends and make other distributions or repurchase stock; make certain investments; create or incur liens; sell assets; enter into certain transactions with affiliates; and merge, consolidate, transfer, or sell all or substantially all of its assets.
The DDTL Facilities require the maintenance of restricted cash balances based on a percentage of drawn amounts, subject to specified caps or specified amounts.
Senior Notes
In May 2025, the Company issued $2.0 billion in aggregate principal amount of senior notes due on June 1, 2030 (the "2030 Senior Notes") in a private placement offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In conjunction with the issuance of the 2030 Senior Notes, the Company capitalized $37 million in debt discount and issuance costs.
In July 2025, the Company issued $1.8 billion in aggregate principal amount of senior notes due on February 1, 2031 (the "2031 Senior Notes") in a private placement offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to non-U.S. persons pursuant to Regulation S under the Securities Act. In conjunction with the issuance of the 2031 Senior Notes, the Company capitalized $31 million in debt discount and issuance costs.
The proceeds from the issuance of the 2030 Senior Notes and 2031 Senior Notes (collectively the "Senior Notes") were retained for general corporate purposes. The Senior Notes are unsecured obligations and bear interest payable semi-annually in arrears. The Company may redeem all or a portion of the Senior Notes at any time prior to their maturity at a redemption set forth in the respective indentures. The Senior Notes include customary terms and covenants, including certain events of default, after which the Senior Notes may be due and payable immediately at a price set forth in the indentures.
As of December 31, 2025, the estimated fair value of the Senior Notes was $3.5 billion which was based on observable market prices of identical instruments in less active markets and were categorized as Level 2 in the fair value hierarchy.
2031 Convertible Senior Notes
In December 2025, the Company issued $2.6 billion in aggregate principal amount of convertible senior notes due on December 1, 2031 (the "2031 Convertible Senior Notes") in a private placement offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
The 2031 Convertible Senior Notes are convertible at an initial conversion rate of 9.2764 shares per $1,000 principal amount (equivalent to a conversion price of approximately $107.80 per share) into cash, shares of the Company's Class A common stock, or a combination thereof. Until September 1, 2031, the 2031 Convertible Senior Notes can only be converted upon satisfaction of certain market conditions or upon the occurrence of specific corporate events. After that date, the notes are freely convertible. The conversion rate is subject to standard anti-dilution adjustments throughout the life of the instrument.
Additionally, if the holders of the 2031 Convertible Senior Notes convert their notes in connection with a make-whole fundamental change or in connection with the exercise of the Company's option to redeem the 2031 Convertible Senior Notes, the conversion rate may be adjusted to compensate for the lost time value of money. The Company may not redeem the 2031 Convertible Senior Notes prior to December 5, 2028. On or after that date, the Company may redeem all or any portion of the outstanding 2031 Convertible Senior Notes for cash if the Company's Class A common stock price exceeds 130% of the conversion price for any 20 trading days within a 30 consecutive trading day period.
The 2031 Convertible Senior Notes are accounted as a single liability measured at its amortized cost, as the conversion features do not require bifurcation and recognition as derivatives. In conjunction with the issuance of the 2031 Convertible Senior Notes, the Company capitalized $57 million in debt discount and issuance costs.
A portion of the proceeds from the 2031 Convertible Senior Notes was used to fund the cost of entering into capped call transactions, described below. The Company expects to use the remainder of the proceeds for general corporate purposes. The 2031 Convertible Senior Notes are unsecured obligations and bear interest payable semi-annually in arrears and include customary terms and covenants, including certain events of default, after which the notes may be due and payable immediately at a price set forth in the indenture.
As of December 31, 2025, the estimated fair value of the 2031 Convertible Senior Notes was $2.5 billion, which was based on observable market prices of identical instruments in less active markets and is categorized as Level 2 in the fair value hierarchy.
Capped Call Transactions
In conjunction with the issuance of the 2031 Convertible Senior Notes, the Company entered into separately negotiated capped call transactions (the "Capped Calls") with certain financial institutions at a total cost of $340 million. The Capped Calls are expected generally to reduce potential dilution of the Company's Class A common stock upon any conversion of the 2031 Convertible Senior Notes and offset any potential cash payments the Company is required to make in excess of the principal amount of such converted 2031 Convertible Senior Notes, as the case may be, with such reduction and offset subject to a cap.
The Capped Calls have an initial strike price of $107.80 per share, which corresponds to the initial conversion price of the 2031 Convertible Senior Notes, and have an initial cap price of $215.60 per share, both subject to certain adjustments. The Capped Calls qualify for a derivative scope exception for instruments that are both indexed to an entity's own stock; therefore they are recorded in stockholders' equity (deficit) as a reduction of additional paid-in capital on the consolidated balance sheets and will not be subsequently remeasured.
2024 Term Loan Facility
In December 2024, the Company entered into a credit agreement providing for a $1.0 billion term loan facility (the "2024 Term Loan Facility") consisting of (i) a $229 million secured facility and (ii) a $771 million unsecured facility. In connection with the IPO, the maturity date of the 2024 Term Loan Facility was accelerated, and it was repaid on April 11, 2025.
Revolving Credit Facility
In June 2024, and as amended in October and December 2024, the Company entered into a senior secured revolving credit facility (as amended, the "Revolving Credit Facility") with a capacity of $650 million. The Revolving Credit Facility matures on June 21, 2027. The Revolving Credit Facility includes a $175 million letter of credit sub-facility. The letter of credit sub-facility entered into by the Company reduces the available borrowing capacity under the Revolving Credit Facility. In May 2025, the Company upsized the Revolving Credit Facility with a capacity of $1.5 billion and extended the maturity to May 2028. With the upsize of the Revolving Credit Facility, the letter of credit sub-facility increased to $350 million.
In November 2025, the Company amended its Revolving Credit Facility to increase the capacity to $2.5 billion and to modify certain covenant metrics. The amendment also extended the maturity to November 2029. With the upsize of the Revolving Credit Facility, the letter of credit sub-facility increased to $600 million. In December 2025, the Company transferred standby letters of credit issued in support of certain lease obligations from separate lease agreements to the letter of credit sub-facility under the Revolving Credit Facility. These letters of credit remain outstanding, continue to secure the related lease obligations, and reduce availability under the Revolving Credit Facility, with no change to the underlying lease terms or obligations. As of December 31, 2025, the outstanding balances associated with letters of credit were $294 million. There were no outstanding balances associated with the letters of credit as of December 31, 2024.
As of December 31, 2025, the Company had drawn $1.0 billion and had $1.2 billion of remaining capacity under the Revolving Credit Facility. Obligations outstanding under the Revolving Credit Facility are secured by pledges of certain assets as collateral. The Company is required to pay a fee of 0.25% per annum on the undrawn commitment. As of December 31, 2024, the Company had not drawn on the Revolving Credit Facility.
OEM and Software License Financing Arrangements
The Company entered into various agreements with original equipment manufacturers (the "OEM Financing Arrangements"), whereby the Company obtained financing for certain equipment with an aggregate notional balance of $4.8 billion and $1.3 billion as of December 31, 2025 and 2024, respectively. The Company granted a security interest for the financed equipment related to these financing arrangements. The arrangements generally have terms between one to three years. The Company had an outstanding balance of $3.8 billion and $1.2 billion as of December 31, 2025 and 2024, respectively.
During the year ended December 31, 2025, the Company also entered into various arrangements with a software license vendor (the "Software License Financing Arrangements"), whereby the Company obtained financing for certain software licenses with an aggregate notional balance of $431 million as of December 31, 2025, and may elect to finance up to an additional $884 million of optional tranches under the terms of one arrangement that commenced in October 2025. Given additional tranches are contingent on the Company's future election and may be avoided without penalty, they are
not recognized as a liability as of December 31, 2025. These Software License Financing Arrangements generally have terms of less than five years. As of December 31, 2025, the Company had an outstanding balance of $368 million, representing the present value of the related obligations, with the discount accreted to interest expense using the effective interest method.
Magnetar Loan
In August 2024, the Company entered into an AI Computing Service Reserved Capacity and Prepayment Agreement with MagAI Ventures (the "MagAI Capacity Agreement"). Under this arrangement, the Company agreed to provide portfolio companies of MagAI Ventures with a pre-determined amount of cloud computing services at a pre-negotiated hourly rate. The specific amount of cloud computing services, inclusive of the capacity and term, to be used by each portfolio company, if any, will be negotiated individually with each portfolio company, and will be subject to final approval by MagAI Ventures. The Company received a refundable deposit of $230 million in connection with the MagAI Capacity Agreement. Any consumption of cloud services by MagAI Ventures, including by their portfolio companies, under this arrangement is deducted from this deposit amount, with the unused portion refunded back to MagAI Ventures at the end of the contractual term. Throughout the term of the arrangement, if MagAI Ventures portfolio companies do not contract for the full amount of the pre-determined cloud computing services, the Company may agree with MagAI Ventures to instead use this available capacity for other customers, and share profits with MagAI Ventures for any revenue realized above the revenue that would have been generated by charging these customers the MagAI Ventures pre-negotiated rate.
The initial MagAI Capacity Agreement provided for certain termination options for MagAI Ventures, including if a specified amount of capacity is not available by a target commencement date. The MagAI Capacity Agreement runs for an initial period of four years, with an option for MagAI Ventures to extend for two additional years. As of December 31, 2024, the refundable deposit was included within other current liabilities on the consolidated balance sheets, as no services had yet been provided under this arrangement.
In February 2025, the MagAI Capacity Agreement was amended to provide certain termination for convenience rights to both MagAI Ventures and the Company. As a result of the amendment, the Company now considers the refundable deposit received from Magnetar to be in-substance debt (the "Magnetar Loan") under ASC 470, Sale of Future Revenue, and has reclassified the balance to debt, current on the consolidated balance sheets. No services had been provided under the MagAI Capacity Agreement as of December 31, 2025.
As of December 31, 2025, the $230 million refundable deposit remains available for cloud computing services for MagAI Ventures' portfolio companies. Upon such termination by either party, the unused portion of the $230 million deposit will be refunded along with a specified multiplier that increases over the term of the arrangement that equates to a 12% annual rate of return. As of December 31, 2025, the Company had $273 million classified as debt, current, including $43 million of redemption premiums, on the consolidated balance sheets. The accretion of the redemption premiums was recognized in interest expense, net in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2025.
Convertible Promissory Notes
In connection with an acquisition, the Company issued non-interest-bearing convertible promissory notes with an aggregate principal amount of $172 million to certain former shareholders of the acquiree. Unless earlier redeemed, the notes mature in April 2026. Subject to certain conditions, the Company may elect to settle the notes in cash, shares of the Company's Class A common stock, or a combination thereof. If settled in shares of Class A common stock, the number of shares to be delivered will be determined by dividing the outstanding principal balance by the volume-weighted average price of the Company's Class A common stock over a specified measurement period ending prior to the maturity date.
The issuance of shares upon settlement is subject to applicable stock exchange limitations, and any amounts in excess of such limitations will be settled in cash. The notes do not contain any embedded features that require bifurcation and accounting as derivatives.
As of December 31, 2025, the Company classified $168 million as debt, current on the consolidated balance sheets, representing the present value of the notes discounted using an imputed interest rate of 7%, and reflecting accretion of the discount in the year ended December 31, 2025. The accretion of the discount to the maturity amount is recognized as interest expense, net, in the consolidated statements of operations and comprehensive loss. Refer to Note 4—Business Combinations for additional information.
2021 Convertible Senior Secured Notes
In October 2021, the Company executed a note issuance agreement and a note purchase agreement with a related party for the issuance of an aggregate principal amount of up to $50 million of convertible senior secured notes (the "2021 Convertible Senior Secured Notes"). The Company determined that the conversion features, the accelerated redemption features, the variability in interest payments, and the Company's redemption option were required to be bifurcated and accounted for as an embedded derivative. The investors elected to convert all of the outstanding 2021 Convertible Senior Secured Notes on September 17, 2024, pursuant to the original terms of the conversion feature, resulting in the issuance of 25 million shares of common stock and a cash payment of $2 million for accrued interest and cash in lieu of fractional shares. The conversion was accounted for as an extinguishment. Equity increased by the settlement-date fair value of the common shares issued of $1.1 billion. Loss on extinguishment of the 2021 Convertible Senior Secured Notes was not material.
For the years ended December 31, 2024 and 2023, the Company recorded losses related to the fair value adjustment of these derivative liabilities of $627 million and $361 million, respectively. During the year ended December 31, 2024, total interest costs were not material and during the year ended December 31, 2023, total interest costs were $31 million.
DCSP Financing Arrangements
In June 2023, the Company entered into a service agreement (the "DCSP Service Agreement") with a data center service provider (the "DCSP"). Under the DCSP Service Agreement, the DCSP will design, purchase, build, and manage a data center providing access to up to 78 MW of electrical power to be delivered in phases. Separately, during the year ended December 31, 2024, the Company purchased $116 million of critical infrastructure assets to support the data center site (the "Existing Critical Infrastructure Assets").
In October 2024, the Company, as a lender, entered into a Senior Secured Delayed Draw Term Loan Credit Agreement (the "DCSP Note Receivable", and collectively, with the DCSP Service Agreement, the "DCSP Financing Arrangements") with the DCSP to facilitate the purchase of critical infrastructure assets. The DCSP Note Receivable provides for a total commitment of up to $305 million in delayed draw term loan funding for a term of seven years with a stated interest rate of 13.00% per annum.
The DCSP Note Receivable is secured by the new and existing critical infrastructure assets that support current and future phases of the build out at the data center and is prepayable at any time by the DCSP with no penalty.
The DCSP has borrowed under the DCSP Note Receivable to settle amounts previously advanced to the DCSP by the Company, finance purchases of additional critical infrastructure assets, and purchase the Existing Critical Infrastructure Assets. Under the terms of the DCSP Service Agreement, the Company continues to control the Existing Critical Infrastructure Assets and the Company recorded a financing obligation related to the consideration received for the Existing Critical Infrastructure Assets. The financing obligation is payable over a term of 14 years and has an imputed interest rate of 15%. The Existing Critical Infrastructure Assets are included in property and equipment, net, on the consolidated balance sheets and are depreciated over their estimated useful life.
Additionally, the Company entered into a lease for data center infrastructure assets with the DCSP. The arrangement commenced in April 2025 and is accounted for as a finance lease, with an initial term of 14 years and an imputed interest rate of 13%. The Company recorded finance lease right-of-use assets acquired through lease liability of $123 million for the year ended December 31, 2025 associated with this arrangement. For the year ended December 31, 2025, the amortization expense related to this finance lease right-of-use asset was not material.
As of December 31, 2025, the future contractual principal payments under the financing obligation and finance lease due to the DCSP were as follows (in millions):
Years Ending December 31,Financing Obligation
Finance Lease
2026$20 $19 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter154 149 
Total future payments254 244
Less: amount representing interest(141)(123)
Total financing obligation$113 $121 
Less: current portion(3)(3)
Long-term portion$110 $118 
The DCSP Financing Arrangements allow for the net settlement of amounts due between the parties and meet the criteria for right of setoff in accordance with ASC 210, Balance Sheet. As of December 31, 2025, the gross amount of the DCSP Note Receivable was $304 million, which is presented net of the financing obligation and finance lease of $234 million. As of December 31, 2024, the gross amount of the DCSP Note Receivable was $224 million, which is presented net of the financing obligation of $116 million. The Company did not recognize any interest income during the year ended December 31, 2024, as the Company did not expect to be entitled to the accrued interest. The Company began recognizing interest income associated with this arrangement in March 2025. For the year ended December 31, 2025, the Company recognized $28 million of interest income in other income, net in the consolidated statements of operations and comprehensive loss. The total interest expense related to the financing obligation and finance lease associated with this arrangement for the year ended December 31, 2025 was $28 million and was not material for the years ended December 31, 2024 and 2023.
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)
Redeemable Convertible Preferred Stock
As discussed in Note 1—Overview and Summary of Significant Accounting Policies, in connection with the IPO, all shares of the Company's Series Seed, Series A, Series B, and Series B-1 redeemable convertible preferred stock then outstanding, totaling 155 million shares, were automatically converted into an equivalent number of shares of the Company's Class A common stock. The carrying value of $559 million was reclassified into stockholders' equity (deficit). All shares of the Company's Series C redeemable convertible preferred stock then outstanding, totaling 30 million shares, were automatically converted into 30 million shares of the Company's redeemable Class A common stock.
The following table summarizes the redeemable convertible preferred stock outstanding immediately prior to the conversion into common stock, and the rights and preferences of the Company's respective series preceding the IPO in March 2025 (in millions, except per share amounts):
Shares
Authorized		Shares
Issued and
Outstanding		Issuance
Price
Per Share		Carrying
Value		Aggregate
Liquidation
Preference
Series Seed6046$0.05 $2 $2 
Series A24190.12 2 2 
Series B80805.58 551 446 
Series B-112100.40 4 4 
Series C 303038.95 1,163 1,164 
Total206185$1,722 $1,618 
 
During the year ended December 31, 2024, the Company paid a dividend in kind to the holders of the Series C redeemable convertible preferred stock, which resulted in additional shares being issued upon conversion. These additional shares issued upon conversion were not legally outstanding prior to the IPO and upon conversion were included in the redeemable Class A common stock shares outstanding.
The redeemable Class A common stock was subject to a right to be "put" to the Company on the first trading day immediately after the second anniversary of the closing of the IPO (the "Put Right"). Upon exercise of the Put Right, holders of these shares would be entitled to receive from the Company an amount in cash equal to the original issue price per share of the Series C redeemable convertible preferred stock of $38.95 per share, representing an aggregate price of $1.2 billion. In connection with the IPO and conversion of the redeemable convertible preferred stock, the $1.2 billion carrying value of the redeemable convertible preferred stock was reclassified to redeemable Class A common stock and continued to be presented as mezzanine equity due to the shares being redeemable outside of the Company's control under the outstanding Put Right.
The rights of the holders of the Company's redeemable Class A common stock were identical to the Company's Class A common stock, except with respect to the Put Right. The Put Right with respect to each share was subject to a lock-up period after the IPO and automatically terminated in September 2025 when the Company's Class A common stock achieved a 20 day volume-weighted average price in a consecutive 30 trading day period of at least $68.16. Upon termination of the Put Right, the Company's redeemable Class A common stock was reclassified into Class A common stock within stockholders' equity (deficit).
Dividends
Holders of the redeemable convertible preferred stock were entitled to participate in any dividends distributed to holders of common stock, as if converted.
Holders of the Series C redeemable convertible preferred stock were entitled to a cumulative dividend that accrued from day-to-day at a rate of 10% per annum of the accumulated stated value, equal to $38.95 per share (the accumulated stated value is the defined "original issuance price" at the time of conversion). Cumulative dividends were payable quarterly from the time the shares were issued until the completion of an IPO. These dividends could be paid in cash or in kind by being added to the accumulated stated value. After the IPO and conversion to redeemable Class A common stock, these dividends rights ceased, and there were no accrued and unpaid dividends as of December 31, 2025.
Preferred Stock
In connection with the IPO, the Company's amended and restated certificate of incorporation became effective, which authorized the issuance of 100 million shares of preferred stock with a par value of $0.000005 per share with rights and preferences, including voting rights, designated from time to time by the Company's board of directors (the "Board"). As of December 31, 2025, there were no shares of preferred stock issued and outstanding.
Common Stock
As of December 31, 2025 and 2024, the Company was authorized to issue 3.4 billion and 691 million shares of common stock, respectively, with a par value of $0.000005 per share. During the year ended December 31, 2024, the Company's certificate of incorporation was amended such that the Company's common stock consisted of Class A common stock and Class B common stock. In March 2025, the Company's certificate of incorporation was amended such that the Company's common stock consisted of Class A common stock, Class B common stock, and Class C common stock. As of December 31, 2025, there were no shares of Class C common stock issued and outstanding.
Common stockholders are entitled to receive any dividends if and when declared by the Board, and upon liquidation or dissolution, are also entitled to receive all assets legally available for distribution to stockholders, ratably in proportion to the number of shares held, subject to the rights of preferred stockholders (if then outstanding). As of December 31, 2025 and 2024, no dividends on the Company's common stock had been declared by the Board.
Voting
Holders of Class A common stock are entitled to one vote per share. Prior to the completion of the Company's IPO, holders of Class B common stock were entitled to one vote per share. Upon the completion of the IPO, holders of Class B common stock are entitled to ten votes per share. Holders of Class A common stock and Class B common stock vote
together as a single class, except where otherwise required by law. Holders of Class C common stock have no voting rights. 
Conversion
Shares of Class B common stock are convertible at any time at the option of the holder into shares of Class A common stock on a one-to-one basis. In addition, each share of Class B common stock will automatically convert into a share of Class A common stock, as a result of certain events set forth in the Company's amended and restated certificate of incorporation, including upon a non-permitted sale or transfer. Further, upon certain events specified in the Company's amended and restated certificate of incorporation, all outstanding shares of Class B common stock will convert automatically into shares of Class A common stock. Each share of Class C common stock will automatically convert into a share of Class A common stock on a one-to-one basis as a result of certain events set forth in the Company's amended and restated certificate of incorporation. Class A common stock is not convertible into any other class of shares.
Dividend and Liquidation Rights
All classes of common stock participate equally in any dividends declared by the Company, subject to the rights of preferred stockholders. In the event of liquidation, dissolution, or winding up of the Company, holders of Class A common stock, Class B common stock, and Class C common stock are entitled to share in any distribution of assets remaining after payment of liabilities, subject to the rights of preferred stockholders.
Warrants to Purchase Common Stock
As of December 31, 2024, the Company had outstanding warrants to purchase shares of the Company's Class A common stock that were classified as liabilities. These warrants were issued in connection with the 2022 Senior Secured Notes, as disclosed in the Company's Prospectus. As of December 31, 2024, the fair value of the warrant liabilities was $200 million and was included within derivative and warrant liabilities on the consolidated balance sheets. The Company recorded a loss related to the fair value adjustment of these warrant liabilities of $129 million and $67 million within gain (loss) on fair value adjustments in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2024 and 2023, respectively.
On March 21, 2025, the Company executed an amendment with the warrant holders to fix the exercise price to $1.5495 per share, subject to adjustments for standard anti-dilution adjustments. As a result of the amendment, the Company concluded that the warrants met the requirements for equity classification for contracts that are indexed to the Company's own stock. The Company recognized a net gain of $27 million for the final fair value adjustment pre-modification and modification and fixing of the exercise price, which were recorded in gain (loss) on fair value adjustments in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025, and reclassified the final value of the warrants to additional paid-in capital.
2019 Stock Option Plan and 2025 Equity Incentive Plan
In July 2019, the Company adopted a stock option plan (the "2019 Plan"). The purpose of the 2019 Plan is to provide incentives to attract, retain, and motivate eligible persons whose potential contributions are important to the success of the Company by offering those eligible persons an opportunity to participate in the Company's future performance through the grant of awards of common stock. The total number of shares authorized by the Board to be issued under the 2019 Plan was 74 million shares as of December 31, 2024. Prior to the IPO, in the event that shares previously issued under the 2019 Plan were reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company, such shares were added back to the number of shares then available for issuance under the 2019 Plan. As of December 31, 2024, 4 million shares were available for issuance under the 2019 Plan. In March 2025, in connection with the IPO and the adoption of the 2025 Plan (as defined below), the Company ceased granting awards under the 2019 Plan. Following the effective date of the 2025 Plan, any outstanding awards granted under the 2019 Plan remain subject to the terms of the 2019 Plan, and any shares that are forfeited or repurchased by the Company under the 2019 Plan will be automatically transferred to be available for issuance under the 2025 Plan.
In March 2025, the Company adopted the 2025 Equity Incentive Plan (the "2025 Plan") as a successor to the 2019 Plan, which became effective in connection with the IPO. The 2025 Plan authorizes the award of incentive stock options ("ISOs"), nonqualified stock options ("NQSOs"), RSAs, stock appreciation rights, and RSUs, as well as performance and stock bonus awards. Pursuant to the 2025 Plan, the ISOs may be granted only to employees of the Company, while all other award types may be granted to employees, directors, and consultants. A total of 50 million shares of the Company's Class A common stock were initially reserved, plus any reserved shares of Class A common stock not issued or subject to outstanding grants under the 2019 Plan on the effective date of the 2025 Plan. The number of shares reserved for issuance under the 2025 Plan will increase automatically on January 1 of each of 2026 through 2035 by the number of shares equal to the lesser of (a) five percent of the aggregate number of outstanding shares of all classes of common stock plus the total number of shares of Class A common stock issuable upon conversion of preferred stock (if any), in each case as of the immediately preceding December 31, or (b) such number of shares of Class A common stock as may be determined by the Board or the compensation committee of the Board (the "Compensation Committee"). In the event that shares previously issued under the 2025 Plan are reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company, such shares shall be added back to the number of shares then available for issuance under the 2025 Plan. As of December 31, 2025, 45 million shares were available for issuance under the 2025 Plan.
The Company may grant stock options to employees, contractors, or other entities in order to incentivize them to increase their efforts on behalf of the Company and to promote the success of the Company's business. Stock options may be treated as ISO or NQSO depending on the specific circumstances of an optionee's relationship with the Company and the number of stock options vesting or exercised in a calendar year. Stock options granted under the 2019 and 2025 Plans generally vest either over a three-year or four-year period. The Company may award stock options that are immediately exercisable, subject to a repurchase right. The Company may also grant stock options that allow for acceleration of vesting. The stock options granted under the 2019 and 2025 Plans will expire after ten years from the time of their grant. The Company issues Class A common stock upon the exercise of stock options. Pursuant to the equity exchange agreement between the Company and each of its co-founders, each co-founder has the right to exchange any shares of Class A common stock received upon the exercise of certain option awards granted prior to September 2024 and held by such co-founder into an equal number of shares of Class B common stock.
Stock Options
The following table summarizes stock option activity under the 2019 Plan (share data and aggregate intrinsic value in millions):
Stock
Options
Outstanding		Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic Value
Balance at December 31, 202447$1.74 7$2,163 
Granted —— 
Exercised (13)1.57 
Forfeited, expired, or canceled —7.47 
Outstanding at December 31, 2025 34$1.76 6$2,381 
Vested and expected to vest at December 31, 2025 34$1.76 6$2,381 
Exercisable at December 31, 2025 25$1.18 6$1,759 
The table above does not include 0.4 million shares subject to outstanding options outstanding as of December 31, 2025 that were issued in connection with the 2021 Convertible Senior Secured Notes. Refer to Note 14—Related-Party Transactions for additional information.
The Company did not grant any stock options during the years ended December 31, 2025 and 2024. The weighted-average grant date fair value of stock options granted during the year ended December 31, 2023 was $6.50 per share.
The aggregate grant date fair value of stock options vested during the years ended December 31, 2025, 2024, and 2023 were $36 million, $45 million, and $10 million, respectively.
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2025, 2024, and 2023 was $1.1 billion, $117 million, and $38 million, respectively. The intrinsic value for options exercised is the difference between the fair value of the stock and the exercise price of the stock option at the date of exercise.
The Black-Scholes option-pricing model assumptions used to value the employee stock options at the grant dates were as follows, presented on a weighted-average basis except for the fair value of common stock which is presented on a range basis:
Year Ended
December 31,
2023
Fair value of common stock
$1.86 - $17.27
Expected volatility58%
Expected term (in years)6
Risk-free interest rate4%
Expected dividend yield—%
 
These assumptions and estimates were determined as follows:
Expected Volatility—As there was no public market for the Company's common stock, the expected volatility was determined using the historical volatilities of publicly listed peer companies over a period equivalent to the expected term of the awards.
Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding. For option grants that are considered to be "plain vanilla," the Company determined the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock options.
Risk-Free Interest Rate—The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent expected term of the stock options at the time of grant.
Expected Dividend Yield—The expected dividend is assumed to be zero, as the Company has never paid dividends on its common stock and has no current plans to do so.
Fair Value Per Share of the Company's Common Stock—Because the Company's common stock was not yet publicly traded, the Company estimated the fair value of its common stock. The Board considered numerous objective and subjective factors to determine the fair value of the Company's common stock at each meeting in which awards were approved.
Employee Stock Purchase Plan
In March 2025, the Company adopted the 2025 Employee Stock Purchase Plan (the "2025 ESPP"), which became effective in connection with the IPO. The 2025 ESPP enables eligible employees to purchase shares of the Company's Class A common stock with accumulated payroll deductions. A total of 10 million shares of the Company's Class A common stock are reserved for issuance under the 2025 ESPP.
The number of shares reserved for issuance and sale under the 2025 ESPP will increase automatically on January 1st of each of 2026 through 2035 by the number of shares equal to the lesser of (a) the number of shares equal to 1% of the sum of the total number of outstanding shares of all classes of the Company's common stock plus the total number of shares of the Company's Class A common stock issuable upon conversion of preferred stock (if any), in each case outstanding as of the immediately preceding December 31 and (b) such number of shares of the Company's Class A common stock determined by the Board or Compensation Committee; provided, that the Board or Compensation Committee may in its sole discretion reduce the amount of the increase in any particular calendar year. Subject to stock splits, recapitalizations, or similar events, no more than 100 million shares of the Company's Class A common stock may be issued over the term of the 2025 ESPP.
The purchase price for shares purchased under the 2025 ESPP during any given purchase period is 85% of the lesser of the fair market value of the Company's Class A common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the applicable purchase period. Each offering period may itself consist of one or more purchase periods. The 2025 ESPP had an initial offering period beginning on March 28, 2025 and ending on November 15, 2025, with a purchase date of November 15, 2025. The initial enrollment period began on the date of the IPO and ended on April 18, 2025. As of December 31, 2025, the amount withheld on behalf of employees for future purchases under the ESPP due to the timing of payroll deductions and the open enrollment period was not material. Stock-based compensation expense during the year ended December 31, 2025 and unrecognized stock-based compensation expense as of December 31, 2025 related to the 2025 ESPP were not material.

Restricted Stock Units
RSUs granted typically vest over four years. The following table summarizes restricted stock unit activity under the 2019 and 2025 Plans for the periods presented (share data in millions):
SharesWeighted-
Average Fair
Value Per Share
Balance at January 1, 202515$38.80 
Granted1873.92 
Vested(6)37.58 
Forfeited and canceled(1)45.55 
Unvested balance at December 31, 2025 26$62.06 
There were no RSUs granted during the year ended December 31, 2023, and no RSUs vested during the year ended December 31, 2024. The weighted-average grant date fair value of RSUs granted during the year ended December 31, 2024 was $38.56. The total fair value of RSUs, as of their respective vesting dates, during the year ended December 31, 2025 was $537 million.

Restricted Stock Awards
During the year ended December 31, 2025, 2 million RSAs were granted in connection with the Company's acquisitions. These awards typically vest over a four-year service period. The grant date fair value of the RSAs was based on the Company's closing stock price on the grant date and is recognized as stock-based compensation expense over the vesting period. As of December 31, 2025, 2 million of these RSAs remained unvested. Refer to Note 4—Business Combinations for additional information.
Stock-Based Compensation Expense
As of December 31, 2025, unrecognized stock-based compensation expense related to unvested stock options was $54 million, which is expected to be recognized over a weighted-average period of two years.
As of December 31, 2025, unrecognized stock-based compensation expense related to unvested RSUs and RSAs was $1.3 billion, which is expected to be recognized over a weighted-average period of three years.
Total stock-based compensation expense, net of capitalized costs, recognized in the Company's consolidated statements of operations and comprehensive loss was as follows (in millions):
Year Ended December 31,
202520242023
Cost of revenue$15 $1 $1 
Technology and infrastructure221 10 6 
Sales and marketing31 3 2 
General and administrative363 17 6 
Total stock-based compensation expense(1)
$630 $31 $15 
________________
(1) The Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs primarily related to the development of internal-use software, during year ended December 31, 2025, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition in connection with the IPO.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the loss before income taxes were as follows (in millions):
Year Ended December 31,
202520242023
Domestic$(1,118)$(743)$(558)
Foreign(97)(1)— 
Loss before income taxes
$(1,215)$(744)$(558)
 
The provision for (benefit from) income taxes consisted of the following (in millions):
Year Ended December 31,
202520242023
Current:  
State$— $6 $— 
Foreign
5 — — 
Total current income tax expense (benefit)
5 6 — 
Deferred:
Federal(38)109 36 
State(4)3 — 
Foreign
(11)1 — 
Total deferred income tax expense (benefit)
(53)113 36 
Total provision for (benefit from) income taxes$(48)$119 $36 
The following table presents the reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the year ended December 31, 2025, updated for the adoption of ASU No. 2023-09 (in millions, except percentages):
Year Ended December 31,
2025
Percentage
Tax at statutory rate
$(255)21 %
Foreign tax effects13(1)%
Tax credits (1)
(55)4 %
Changes in valuation allowance (2)
378(31)%
Nontaxable or nondeductible items:
Stock-based compensation
(140)11 %
Other nontaxable or nondeductible items
(5)1 %
Changes in unrecognized tax benefits16(1)%
Provision for (benefit from) income taxes
(48)4 %
(1) Generally comprised of U.S. federal R&D tax credits.
(2) Includes the impacts of the enactment of OBBBA.
The following is a reconciliation of the statutory federal income tax rate to the Company's effective tax rate, prior to the application of ASU No. 2023-09:
Year Ended December 31,
20242023
U.S. federal tax benefit at statutory rate
21.0 %21.0 %
State income taxes, net of federal benefit
0.1 0.1 
Stock-based compensation
1.9 0.5 
Foreign tax rate differential
(0.1)— 
Convertible interest
(0.2)(0.2)
Change in valuation allowance, net
(17.5)(7.7)
Derivative liabilities
(21.4)(20.2)
General business credit - federal
0.3 0.2 
Other
(0.2)(0.1)
Effective tax rate
(16.1)%(6.4)%
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company's deferred tax assets and liabilities as of December 31, 2025 and 2024, were as follows (in millions):
December 31,
2025		December 31,
2024
Deferred tax assets:
Net operating losses$971 $767 
Lease liabilities2,065 540 
Deferred revenue
768 309 
Other217 103 
Total deferred tax assets4,021 1,719 
Valuation allowance(636)(181)
Deferred tax assets, net of valuation allowance3,385 1,538 
Deferred tax liabilities:
Property and equipment(1,330)(1,147)
Intangible assets(46)(1)
Operating and financing ROU assets(2,112)(539)
Total deferred tax liabilities(3,488)(1,687)
Net deferred tax liabilities, net of valuation allowance$(103)$(149)
ASC 740, Income Taxes, requires that the tax benefit of net operating losses ("NOL"), temporary differences, and credit carryforwards be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, a valuation allowance has been provided by the Company against federal and state deferred tax assets.
In July 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law in the United States. The legislation introduces several measures, including the permanent extension of select provisions from the Tax Cuts and Jobs Act, revisions to the international tax framework, and the reinstatement of favorable tax treatment for certain business-related items. OBBBA contains multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company recognized the effects of the OBBBA provisions in its financial results to the extent they are applicable to the year ended December 31, 2025. The Company will continue to evaluate the impact of these provisions on the year ended December 31, 2026 and subsequent consolidated financial statements.
The valuation allowance increased by $455 million, $133 million and $44 million during the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025 and 2024, the Company had $4.3 billion and $3.6 billion, respectively, in federal NOL carryforwards to offset future taxable income, almost all of which can be carried forward indefinitely. As of December 31, 2025 and 2024, the Company had state NOL carryforwards of $905 million and $61 million, respectively, of which $266 million and $30 million, respectively, can be carried forward indefinitely. If the NOL carryforwards are not utilized, $639 million and $31 million, respectively, will expire in varying amounts between the years 2032 and 2044.
As of December 31, 2025 and 2024, the Company had $63 million and $15 million, respectively, of federal tax credit carryforwards available to offset future taxable income. As of December 31, 2025, the Company had $13 million of state tax credit carryforwards available to offset future taxable income. State tax credit carryforwards available to offset future income as of December 31, 2024 were not material.
A limitation may apply to the use of the net operating loss and credit carryforwards, under provisions of the Internal Revenue Code of 1986, as amended, and similar state tax provisions that are applicable if the Company experiences an "ownership change under Section 382." For example, an ownership change may occur as a result of the issuance of new equity or certain shareholder transactions. Should these limitations apply, the carryforwards would be subject to an annual limitation, resulting in a potential reduction in the gross deferred tax assets before considering the valuation allowance.
The Company experienced a Section 382 ownership change during the years ended December 31, 2024 and 2023, and determined that these changes did not materially impact the availability of its NOL carryforwards for use in the future.
Gross unrecognized tax benefits related to uncertain tax positions as of December 31, 2025 was $22 million. If these amounts were recognized, $19 million would affect the Company's effective tax rate. Unrecognized tax benefits of the years ended December 31, 2024 and 2023 were not material.
The change in the balance of unrecognized tax benefits was not material in the years ended December 31, 2025, 2024, and 2023.
The Company is subject to income taxes in the United States, California, and other various domestic and international jurisdictions. The Company is currently under federal audit for 2023.
Due to differing interpretations of tax laws and regulations, tax authorities may dispute the Company's tax filing positions. The Company periodically evaluates the exposures associated with tax filing positions and will reserve amounts, if needed, for adjustments that may result from tax examinations.
The amounts of cash income taxes paid (refunded) by the Company were as follows (in millions):
Year Ended December 31,
202520242023
State and local
$(1)$14 $— 
Income taxes, net of amounts refunded $(1)$14 $— 
v3.25.4
Net Loss Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Common Stockholders Net Loss Per Share Attributable to Common Stockholders
The Company computes net loss per share utilizing the two-class method required for participating securities. The two-class method determines net loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed income. The rights, including the liquidation and dividend rights, of the holders of the Company's Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the basic and diluted net loss per share of Class A common stock and Class B common stock are the same and therefore presented on a combined basis.
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in millions, except per share data):
Year Ended December 31,
202520242023
Numerator:
Net loss$(1,167)$(863)$(594)
Dividends and accretion on Series C redeemable convertible preferred stock(29)(74)— 
Net loss attributable to common stockholders, basic $(1,196)$(937)$(594)
Change in fair value of common stock warrants(27)— — 
Net loss attributable to common stockholders, diluted$(1,223)$(937)$(594)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 435218192
Effect of dilutive securities:
Common stock warrants1 — — 
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted436218192
Net loss per share attributable to common stockholders, basic$(2.75)$(4.30)$(3.09)
Net loss per share attributable to common stockholders, diluted$(2.81)$(4.30)$(3.09)
 
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 millions):
Year Ended December 31,
202520242023
Redeemable convertible preferred stock— 185 155 
Outstanding convertible notes26 — 25 
Outstanding RSUs and RSAs28 — — 
Outstanding stock options34 47 51 
Outstanding warrants to purchase common stock4 4 4 
Total92 236 235 
The table above does not include 15 million RSUs outstanding as of December 31, 2024, because these awards were subject to a performance-based vesting condition that was not considered probable as of that date. In addition, the table
above does not include the convertible promissory note, which may be settled in a variable number of shares of the Company's Class A common stock. Refer to Note 10—Debt for additional information.
v3.25.4
Related-Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
Magnetar
The Company has entered into certain transactions, as further described below, with Magnetar Financial LLC ("Magnetar") and certain funds or accounts managed or advised by Magnetar, and such funds or accounts collectively held a significant equity interest in the Company.
Magnetar was a related party of the Company through March 2025, as Magnetar-affiliated funds collectively held a significant equity interest in the Company and Magnetar had representation on the Company's Board. Effective March 2025, Magnetar relinquished its Board seat, held less than 10% of the total voting power, and no longer had the ability to exercise significant influence over the Company. Accordingly, Magnetar no longer met the definition of a related party per ASC 850, Related Party Disclosures. Transactions and balances with Magnetar are disclosed below for periods during which Magnetar was a related party.
Senior Secured Notes
In connection with the issuance of the 2021 Convertible Senior Secured Notes in October 2021, the Company granted Magnetar an option to purchase up to $15 million of the Company's Class A common stock at the IPO price, which is equal to 0.4 million shares at the IPO price of $40.00 per share, which is exercisable until the one-year anniversary of the IPO. As of December 31, 2025, this option is still outstanding and has not been exercised.
In October 2022, the Company executed a note issuance agreement and a note purchase agreement (the "2022 Senior Secured Notes") and between October 2022 and April 2023, the Company issued $125 million of 2022 Senior Secured Notes with maturity dates between October 2025 and April 2026 to funds or accounts managed or advised by Magnetar, along with warrants to purchase 12 million shares of the Company's Class A common stock. In March 2025, the warrants were amended to fix the exercise price per share, and the Company concluded that these warrants met the requirements for equity classification. Refer to Note 11—Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) for additional information. In July 2024, the Company redeemed these notes in full, paying $137 million. In connection with the issuance of the 2022 Senior Secured Notes, the Company granted Magnetar the right to purchase up to 5% of the Company's Class A common stock issued at a price equal to the price per share in the Company's IPO. This option expired unexercised in connection with the IPO.
Redeemable Convertible Preferred Stock Financing
Between April 2023 and May 2024, the Company issued a number of shares of different classes of redeemable convertible preferred stock, some of which were acquired by certain of the Company's directors, holders of more than 5% of the Company's outstanding capital stock, and their affiliates or funds or accounts managed thereby. As described in Note 11—Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit), the shares of redeemable convertible preferred stock were converted in connection with the IPO.
Tender Offers
In December 2023, employees and certain stockholders of the Company offered 41 million shares of common stock, which were purchased by certain existing stockholders and new stockholders. Entities managed or advised by a single stockholder participated in the tender offer as purchasers. Upon completion of the tender offer, these entities were deemed to beneficially own more than 5% of the Company's outstanding shares of capital stock, on an aggregated basis.
In October 2024, employees and certain stockholders of the Company offered 14 million shares of Class A common stock, which were purchased by certain existing stockholders and new stockholders. Entities managed or advised by a single stockholder participated in the tender offer as purchasers. Upon completion of the tender offer, these entities were deemed to beneficially own more than 5% of the Company's outstanding shares of capital stock, on an aggregated basis.
Delayed Draw Term Loan Facilities
As of December 31, 2024 $438 million in aggregate principal amount of the DDTL 1.0 Facility was outstanding and held by funds or accounts managed or advised by Magnetar. The Company has paid to funds or accounts managed or advised by Magnetar $25 million and $63 million in principal and incurred $15 million and $66 million in interest expense
for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively. Refer to Note 10—Debt for additional information.
As of December 31, 2024 $106 million of the DDTL 2.0 Facility was outstanding and held by funds or accounts managed or advised by Magnetar, respectively. The Company has not made principal payments on the DDTL 2.0 Facility as of December 31, 2025. The interest expense for the three months ended March 31, 2025 and the year ended December 31, 2024 associated with amounts held by funds or accounts managed or advised by Magnetar was not material. Refer to Note 10—Debt for additional information.
Magnetar Loan
In connection with the MagAI Capacity Agreement with MagAI Ventures, the Company had a deposit from MagAI Ventures of $230 million classified within other current liabilities on the consolidated balance sheets as of December 31, 2024. The Company incurred $19 million in interest expense in connection with the Magnetar Loan for the three months ended March 31, 2025. Refer to Note 10—Debt for additional information.
Strategic Investment
In June 2024, the Company contributed $50 million to a fund managed by Magnetar in connection with the fund's purchase of a third-party's preferred stock. The Company consolidated the fund and accounted for the purchased preferred stock as equity securities of privately held entities that do not have a readily determinable fair value measured at cost, with subsequent adjustments for observable price changes or impairments. The investment is included in other non-current assets on the consolidated balance sheets.
Equity Exchange Agreement
In September 2024, the Company entered into an equity exchange right agreement with each of its co-founders. This agreement grants each co-founder the right, but not the obligation, to exchange shares of Class A common stock received upon the exercise or settlement of equity awards for shares of Class B common stock. This right applies to equity awards previously granted to the Company's co-founders and to equity awards that may be granted to the Company's co-founders in the future.
Unconsolidated Joint Venture
In June 2025, the Company entered into a forward-starting lease and a development management agreement in connection with the JV, which is an unconsolidated subsidiary of the Company and a related party. These agreements are deemed to be priced at market terms as they were negotiated as part of an arms-length negotiations with the other investor in the JV. During the year ended December 31, 2025, the Company did not recognize any material income or expenses in the consolidated statements of operations and comprehensive loss pursuant to these agreements. Refer to Note 3—Investments and Fair Value Measurements for additional information.
v3.25.4
Geographic Information
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Geographic Information Geographic Information
Revenue by geography is based on the address of the customer as specified in the Company's customer contracts. The following table sets forth revenue by geographic area (in millions):
Year Ended December 31,
202520242023
United States$4,801 $1,797 $201 
All other countries330 118 28 
Total revenue$5,131 $1,915 $229 
The Company's long-lived assets are attributed to a country based on the physical location of the assets. It defines long-lived assets as property and equipment and operating lease right-of-use assets because many of these assets cannot be readily moved and are relatively illiquid, subjecting them to geographic risk.
As of December 31, 2025 and 2024, 88% and 90%, respectively, of the Company's long-lived assets were located in the United States, with no other single country accounting for more than 10% of these assets.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In January 2026, NVIDIA Corporation invested $2 billion in the Company's Class A common stock at a purchase price of $87.20 per share.
In January 2026, the Company entered into additional financing agreements with an OEM. The financing agreements have an aggregate notional balance of $1.5 billion. The financing arrangements have terms of three years. The Company granted a security interest for the financed equipment. 
In January and February 2026, the Company executed additional lease agreements, primarily for data centers and office facilities. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $8.8 billion. The leases are expected to commence between 2026 and 2028 with estimated lease terms of two to 16 years.
v3.25.4
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2025
shares
Dec. 31, 2025
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Michael Intrator [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement
On November 20, 2025, Michael Intrator, our Chief Executive Officer and Chair of our board of directors, entered into a Rule 10b5-1 Plan (the "Intrator Plan") providing for the potential sale of up to (a) 5,525,000 shares of our Class A common stock directly held by Mr. Intrator, (b) up to 280,695 shares of our Class A common stock to be received by Mr. Intrator upon the vesting and settlement of RSUs, (c) 2,975,000 shares of our Class A common stock that is issuable upon the conversion of shares of our Class B common stock directly held by Omnadora Capital LLC, of which Mr. Intrator is the sole manager of its manager, Omnadora Management LLC, (d) up to 266,031 shares of our Class A common stock that is issuable upon the conversion of shares of our Class B common stock directly held by PMI 2024 F&F GRAT, of which Mr. Intrator is the sole beneficiary and of which his spouse is trustee, and (e) 7,240 shares of our Class A common stock that is issuable upon the conversion of shares of our Class B common stock directly held by Silver Thimble Resulting Trust, an irrevocable trust with a third-party trustee, of which Mr. Intrator's children are beneficiaries, of which Mr. Intrator has the power to remove and replace its trustee, and of which investment discretion over its assets is exercised by its investment manager, Copper Thimble LLC, for which Mr. Intrator serves as the manager, in each case, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the Intrator Plan, between an estimated start date of April 1, 2026 and September 30, 2026, or earlier, upon the completion of all transactions subject to the trading
arrangements specified in the Intrator Plan or the occurrence of certain events set forth therein. The Intrator Plan provides for the sale of shares of our Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares sold to satisfy applicable tax obligations. The number of shares to be sold, and therefore the exact number of shares to be sold pursuant to the Intrator Plan, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without subtracting any shares to be sold upon future vesting events.
  
Name Michael Intrator  
Title Chief Executive Officer and Chair of our board of directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 20, 2025  
Expiration Date September 30, 2026  
Arrangement Duration 182 days  
Brannin McBee [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement On November 17, 2025, Brannin McBee, our Chief Development Officer, entered into a Rule 10b5-1 Plan (the "McBee Plan") providing for the potential sale of up to (a) 2,400,000 shares of our Class A Common Stock issuable upon the conversion of shares of our Class B common stock directly held by Mr. McBee, (b) 400,000 shares of our Class A Common Stock issuable upon the conversion of shares of our Class B common stock directly held by Mr. McBee's spouse, (c) 650,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Brannin J. McBee 2022 Irrevocable Trust, of which Mr. McBee's spouse and minor child are beneficiaries and for which Mr. McBee's spouse is trustee, (d) 400,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Canis Major 2025 GRAT, of which Mr. McBee is the sole trustee and beneficiary, and (e) 150,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Canis Minor 2025 GRAT, of which Mr. McBee's spouse is the sole trustee and beneficiary, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the McBee Plan, between an estimated start date of February 23, 2026 and April 29, 2026, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the McBee Plan or the occurrence of certain events set forth therein  
Name Brannin McBee  
Title Chief Development Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 17, 2025  
Expiration Date April 29, 2026  
Arrangement Duration 65 days  
Brian Venturo [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement
On November 13, 2025, Brian Venturo, our Chief Strategy Officer and a member of our board of directors, entered into a Rule 10b5-1 Plan (the "Venturo Plan") providing for the potential sale of up to (a) 5,600,000 shares of our Class A common stock issuable upon the conversion of shares of our Class B common stock directly held by West Clay Capital LLC, of which Mr. Venturo is the managing member, (b) 1,400,000 shares of our Class A common stock issuable upon the conversion of shares of our Class B common stock directly held by the Venturo Family GST Exempt Trust dated June 30, 2023, of which Mr. Venturo's spouse is trustee and Mr. Venturo's spouse and minor children are beneficiaries, (c) 100,000 shares of our Class A common stock directly held by the YOLO APV Trust, a trust established for the benefit of Mr. Venturo's minor child, (d) 100,000 shares of our Class A common stock directly held by the YOLO ECV Trust, a trust established for the benefit of Mr. Venturo's minor child, (e) 54,474 shares of our Class A common stock directly held by Mr. Venturo, and (f) 126,752 shares of our Class A common stock to be received by Mr. Venturo upon the future vesting and settlement of RSUs, in each case, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the Venturo Plan, between an estimated start date of April 1, 2026 and December 31, 2026, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Venturo Plan or the occurrence of certain events set forth therein. The Venturo Plan provides for the sale of shares of our Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares sold to satisfy applicable tax obligations. The number of shares to be sold, and therefore the exact number of shares to be sold pursuant to the Venturo Plan, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without subtracting any shares to be sold upon future vesting events.
  
Name Brian Venturo  
Title Chief Strategy Officer and a member of our board of directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 13, 2025  
Expiration Date December 31, 2026  
Arrangement Duration 274 days  
Nitin Agrawal [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 18, 2025, Nitin Agrawal, our Chief Financial Officer, modified the Rule 10b5-1 Plan that he had adopted on August 27, 2025 (as modified, the "Agrawal Plan") providing for the potential sale of up to (a) 87,634 shares of our Class A common stock directly held by Mr. Agrawal, and (b) 535,022 shares of our Class A common stock to be received by Mr. Agrawal upon the future vesting and settlement of RSUs, in each case, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the Agrawal Plan, between an estimated start date of April 8, 2026 and March 31, 2027, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Agrawal Plan or the occurrence of certain events set forth therein. As noted above, among other securities, the Agrawal Plan provides for the sale of shares of our Class A common stock as well as the sale of shares of our Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares sold to satisfy applicable tax obligations. The number of shares to be sold, and therefore the exact number of shares to be sold pursuant to the Agrawal Plan, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without subtracting any shares to be sold upon future vesting events.
Name Nitin Agrawal  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 18, 2025  
Expiration Date March 31, 2027  
Arrangement Duration 357 days  
Chen Goldberg [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement
On November 20, 2025, Chen Goldberg, our Senior Vice President of Engineering, modified the Rule 10b5-1 Plan that she had adopted on June 3, 2025 (as modified, the "Goldberg Plan") providing for the potential sale of up to 257,060
shares of our Class A common stock to be received by Ms. Goldberg upon the vesting and settlement of RSUs, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the Goldberg Plan, between an estimated start date of February 23, 2026 and August 28, 2026, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Goldberg Plan or the occurrence of certain events set forth therein. The Goldberg Plan provides for the sale of shares of our Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares sold to satisfy applicable tax obligations. The number of shares to be sold, and therefore the exact number of shares to be sold pursuant to the Goldberg Plan, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without subtracting any shares to be sold upon future vesting events.
  
Name Chen Goldberg  
Title Senior Vice President of Engineering  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 20, 2025  
Expiration Date August 28, 2026  
Arrangement Duration 186 days  
Aggregate Available 257,060 257,060
Jack Cogen [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement
On September 4, 2025, Jack Cogen, a member of our board of directors, entered into a Rule 10b5-1 Plan (the "Cogen Plan") providing for the potential sale of up to 2,000,000 shares of our Class A common stock directly held by CW Holding 987 LLC, of which Mr. Cogen is the managing member, so long as the market price our Class A common stock satisfies certain threshold prices specified in the Cogen Plan between an estimated start date of January 2, 2026 and June 30, 2026, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Cogen Plan or the occurrence of certain events set forth therein.
  
Name Jack Cogen  
Title member of our board of directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 4, 2025  
Expiration Date June 30, 2026  
Arrangement Duration 179 days  
Aggregate Available 2,000,000 2,000,000
Michael Intrator Rule Trading Arrangement, Class A Common Stock, Directly Held by Mr. Intrator [Member] | Michael Intrator [Member]    
Trading Arrangements, by Individual    
Aggregate Available 5,525,000 5,525,000
Michael Intrator Rule Trading Arrangement, Class A Common Stock, Received by Mr. Intrator, Upon the Vesting and Settlement of RSUs [Member] | Michael Intrator [Member]    
Trading Arrangements, by Individual    
Aggregate Available 280,695 280,695
Michael Intrator Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Omnadora Capital LLC [Member] | Michael Intrator [Member]    
Trading Arrangements, by Individual    
Aggregate Available 2,975,000 2,975,000
Michael Intrator Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by PMI 2024 F&F GRAT [Member] | Michael Intrator [Member]    
Trading Arrangements, by Individual    
Aggregate Available 266,031 266,031
Michael Intrator Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Silver Thimble Resulting Trust [Member] | Michael Intrator [Member]    
Trading Arrangements, by Individual    
Aggregate Available 7,240 7,240
Brannin McBee Rule Trading Arrangement,Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Mr. McBee [Member] | Brannin McBee [Member]    
Trading Arrangements, by Individual    
Aggregate Available 2,400,000 2,400,000
Brannin McBee Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Mr. McBee's Spouse [Member] | Brannin McBee [Member]    
Trading Arrangements, by Individual    
Aggregate Available 400,000 400,000
Brannin McBee Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Brannin J. McBee 2022 Irrevocable Trust [Member] | Brannin McBee [Member]    
Trading Arrangements, by Individual    
Aggregate Available 650,000 650,000
Brannin McBee Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Canis Major 2025 GRAT [Member] | Brannin McBee [Member]    
Trading Arrangements, by Individual    
Aggregate Available 400,000 400,000
Brannin McBee Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Canis Minor 2025 GRAT [Member] | Brannin McBee [Member]    
Trading Arrangements, by Individual    
Aggregate Available 150,000 150,000
Brian Venturo Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by West Clay Capital LLC [Member] | Brian Venturo [Member]    
Trading Arrangements, by Individual    
Aggregate Available 5,600,000 5,600,000
Brian Venturo Rule Trading Arrangement, Class A Common Stock, Issuable Upon Conversion of Class B Common Stock, Directly Held by Venturo Family GST Exempt Trust dated June 30, 2023 [Member] | Brian Venturo [Member]    
Trading Arrangements, by Individual    
Aggregate Available 1,400,000 1,400,000
Brian Venturo Rule Trading Arrangement, Class A Common Stock, Directly Held by YOLO APV Trust [Member] | Brian Venturo [Member]    
Trading Arrangements, by Individual    
Aggregate Available 100,000 100,000
Brian Venturo Rule Trading Arrangement, Class A Common Stock, Directly Held by YOLO ECV Trust [Member] | Brian Venturo [Member]    
Trading Arrangements, by Individual    
Aggregate Available 100,000 100,000
Brian Venturo Rule Trading Arrangement, Class A Common Stock, Directly Held by Mr. Venturo [Member] | Brian Venturo [Member]    
Trading Arrangements, by Individual    
Aggregate Available 54,474 54,474
Brian Venturo Rule Trading Arrangement, Class A Common Stock to be Received by Mr. Venturo, Upon the Future Vesting and Settlement of RSUs [Member] | Brian Venturo [Member]    
Trading Arrangements, by Individual    
Aggregate Available 126,752 126,752
Nitin Agrawal Rule Trading Arrangement, Class A Common Stock, Directly Held by Mr. Agrawal [Member] | Nitin Agrawal [Member]    
Trading Arrangements, by Individual    
Aggregate Available 87,634 87,634
Nitin Agrawal Rule Trading Arrangement, Class A Common Stock to be Received by Mr. Agrawal, Upon the Future Vesting and Settlement of RSUs [Member] | Nitin Agrawal [Member]    
Trading Arrangements, by Individual    
Aggregate Available 535,022 535,022
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We understand that data security is essential for privacy, compliance, and trust and maintain a cybersecurity risk management program designed to identify, evaluate, and manage risks through structured engagement with security domain leaders. Risks are assessed based on potential impact and likelihood, tracked in a centralized risk register, and managed through defined risk treatment decisions and ongoing monitoring. Cybersecurity risk posture and mitigation progress are periodically reported to executive leadership and the board of directors to support oversight and informed decision making.
Material cybersecurity risks and associated threats are managed through a layered defense approach that integrates security governance, dedicated security leadership, and formal policies with technical and operational controls. These include access management, multi-factor authentication, device and configuration controls, secure development and platform-delivery practices, continuous monitoring, and threat detection and response capabilities. Preparedness is further supported by documented incident-response plans, business-continuity and disaster-recovery procedures, retained forensic resources, cyber-insurance coverage, and regular penetration testing. These processes are embedded within our broader
enterprise risk-management framework. Cybersecurity risks are evaluated alongside operational and strategic risks and are incorporated into our company-wide risk assessments and reporting mechanisms. We engage external assessors, including independent security firms and certification bodies, to evaluate the effectiveness of our controls and support our compliance obligations. We align our security and compliance programs with industry-standard frameworks, including SOC 2 and ISO/IEC 27001, and require cloud infrastructure and data center colocation providers to maintain compliance with these frameworks throughout the term of their contracts. We maintain policies, processes, and procedures to oversee cybersecurity risks associated with third-party service providers, which include security due-diligence assessments, ongoing monitoring, and contractual requirements addressing security controls and incident-notification obligations. These processes help ensure that third-party relationships do not introduce unacceptable cybersecurity exposure.
We continuously evaluate cybersecurity threats as part of our broader risk-management processes. To date, we have not experienced any cybersecurity incidents that have materially affected our business strategy, results of operations, or financial condition. Based on our current assessments, we do not believe that any known cybersecurity risks are reasonably likely to materially affect the company. We identify and address higher-risk cybersecurity threats through established monitoring, mitigation, and incident-response processes, which are designed to manage potential impacts before they escalate into material issues, including through coordination with legal, finance, external security advisors, and governmental agencies. For more information on our cybersecurity related risks, see Risks related to Our Business and Industry in Part I, Item 1A of this Annual Report on Form 10-K, including "A network or data security incident against us, or our third-party providers, whether actual, alleged, or perceived, could harm our reputation, create liability and regulatory exposure, and adversely impact our business, operating results, financial condition, and prospects."
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Material cybersecurity risks and associated threats are managed through a layered defense approach that integrates security governance, dedicated security leadership, and formal policies with technical and operational controls. These include access management, multi-factor authentication, device and configuration controls, secure development and platform-delivery practices, continuous monitoring, and threat detection and response capabilities. Preparedness is further supported by documented incident-response plans, business-continuity and disaster-recovery procedures, retained forensic resources, cyber-insurance coverage, and regular penetration testing.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors provides direct oversight of risks arising from cybersecurity threats. Cybersecurity oversight is handled by the full Board rather than a separate committee. The Chief Information Security Officer ("CISO") briefs the Board on an annual basis, providing updates on key cybersecurity risks, program status, significant developments, and progress against our strategic cybersecurity goals. These regular presentations, along with additional updates as needed, inform the Board's oversight and understanding of the company's cybersecurity risk posture.
Management is responsible for assessing and managing the company's risks from cybersecurity threats through a defined leadership structure supported by specialized security teams and vetted external partners. Our cross‑functional engineering, security, legal, operations, and compliance teams coordinate to ensure our cybersecurity commitments are continuously met and maintained. Overall accountability resides with the CISO, who oversees the company's cybersecurity program. The CISO has significant security and engineering leadership experience, including prior CISO roles, and brings deep expertise in enterprise security operations, incident response, and risk management.
Our CISO is supported by dedicated information-security personnel who manage day-to-day security operations, including security engineering, secure development, vulnerability management, detection and response, offensive security, security and privacy compliance, third-party risk management, security risk management, security policy and education, detection and response, cyber, geopolitical, and physical threat intelligence, insider-threat monitoring, and global resiliency and crisis response. These teams are further supported by qualified third-party partners, including external auditors, penetration testers, and forensic firms retained for breach investigation and remediation support. Governance policies, documented procedures, and defined responsibilities enable risk-management activities to be coordinated and applied across our organization.
Management monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents through continuous endpoint and security monitoring, vulnerability and configuration assessments, log-analysis workflows, and established incident-response processes. Regular business reviews provide structured oversight of these activities, and visibility across cybersecurity, engineering, and executive leadership.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Management is responsible for assessing and managing the company's risks from cybersecurity threats through a defined leadership structure supported by specialized security teams and vetted external partners. Our cross‑functional engineering, security, legal, operations, and compliance teams coordinate to ensure our cybersecurity commitments are continuously met and maintained. Overall accountability resides with the CISO, who oversees the company's cybersecurity program. The CISO has significant security and engineering leadership experience, including prior CISO roles, and brings deep expertise in enterprise security operations, incident response, and risk management.
Our CISO is supported by dedicated information-security personnel who manage day-to-day security operations, including security engineering, secure development, vulnerability management, detection and response, offensive security, security and privacy compliance, third-party risk management, security risk management, security policy and education, detection and response, cyber, geopolitical, and physical threat intelligence, insider-threat monitoring, and global resiliency and crisis response. These teams are further supported by qualified third-party partners, including external auditors, penetration testers, and forensic firms retained for breach investigation and remediation support. Governance policies, documented procedures, and defined responsibilities enable risk-management activities to be coordinated and applied across our organization.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Chief Information Security Officer ("CISO") briefs the Board on an annual basis, providing updates on key cybersecurity risks, program status, significant developments, and progress against our strategic cybersecurity goals. These regular presentations, along with additional updates as needed, inform the Board's oversight and understanding of the company's cybersecurity risk posture.
Cybersecurity Risk Role of Management [Text Block]
Our Board of Directors provides direct oversight of risks arising from cybersecurity threats. Cybersecurity oversight is handled by the full Board rather than a separate committee. The Chief Information Security Officer ("CISO") briefs the Board on an annual basis, providing updates on key cybersecurity risks, program status, significant developments, and progress against our strategic cybersecurity goals. These regular presentations, along with additional updates as needed, inform the Board's oversight and understanding of the company's cybersecurity risk posture.
Management is responsible for assessing and managing the company's risks from cybersecurity threats through a defined leadership structure supported by specialized security teams and vetted external partners. Our cross‑functional engineering, security, legal, operations, and compliance teams coordinate to ensure our cybersecurity commitments are continuously met and maintained. Overall accountability resides with the CISO, who oversees the company's cybersecurity program. The CISO has significant security and engineering leadership experience, including prior CISO roles, and brings deep expertise in enterprise security operations, incident response, and risk management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Board of Directors provides direct oversight of risks arising from cybersecurity threats. Cybersecurity oversight is handled by the full Board rather than a separate committee. The Chief Information Security Officer ("CISO") briefs the Board on an annual basis, providing updates on key cybersecurity risks, program status, significant developments, and progress against our strategic cybersecurity goals. These regular presentations, along with additional updates as needed, inform the Board's oversight and understanding of the company's cybersecurity risk posture.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has significant security and engineering leadership experience, including prior CISO roles, and brings deep expertise in enterprise security operations, incident response, and risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Board of Directors provides direct oversight of risks arising from cybersecurity threats. Cybersecurity oversight is handled by the full Board rather than a separate committee. The Chief Information Security Officer ("CISO") briefs the Board on an annual basis, providing updates on key cybersecurity risks, program status, significant developments, and progress against our strategic cybersecurity goals. These regular presentations, along with additional updates as needed, inform the Board's oversight and understanding of the company's cybersecurity risk posture.
Management is responsible for assessing and managing the company's risks from cybersecurity threats through a defined leadership structure supported by specialized security teams and vetted external partners. Our cross‑functional engineering, security, legal, operations, and compliance teams coordinate to ensure our cybersecurity commitments are continuously met and maintained. Overall accountability resides with the CISO, who oversees the company's cybersecurity program. The CISO has significant security and engineering leadership experience, including prior CISO roles, and brings deep expertise in enterprise security operations, incident response, and risk management.
Our CISO is supported by dedicated information-security personnel who manage day-to-day security operations, including security engineering, secure development, vulnerability management, detection and response, offensive security, security and privacy compliance, third-party risk management, security risk management, security policy and education, detection and response, cyber, geopolitical, and physical threat intelligence, insider-threat monitoring, and global resiliency and crisis response. These teams are further supported by qualified third-party partners, including external auditors, penetration testers, and forensic firms retained for breach investigation and remediation support. Governance policies, documented procedures, and defined responsibilities enable risk-management activities to be coordinated and applied across our organization.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Overview and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of the Company and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
During the year ended December 31, 2025, the Company elected to change the presentation of its financial statements and accompanying footnote disclosures from thousands to millions. The change in presentation had no material impact on previously reported financial information, but certain amounts reported for prior periods may differ by insignificant amounts due to the nature of rounding relative to the change in presentation. In addition, historical percentages and per share amounts presented may not add to their respective totals or recalculate due to rounding.
Consolidation and Joint Ventures
The Company determines at inception of each arrangement whether an entity in which the Company has made an investment or in which the Company has other variable interests is considered a variable interest entity ("VIE"). Investments that are considered VIEs are evaluated to determine whether the Company is the primary beneficiary of the VIE, in which case it would be required to consolidate the entity. The Company evaluates whether it has (1) the power to direct the activities that most significantly impact the VIE's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is not the primary beneficiary of the VIE, the investment or other variable interest is accounted for in accordance with applicable U.S. GAAP.
In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity ("VOE"). The Company would consolidate a VOE when the Company has a majority equity interest and has control over significant operating, financial, and investing decisions of the entity.
Joint Ventures
The Company may, from time to time, enter into joint venture arrangements. The Company evaluates its investments in accordance with ASC 810, Consolidation, to determine whether the entity is a VIE for which the Company is the primary beneficiary, or a VOE for which the Company has a controlling financial interest, in which case the investment is consolidated. For investments that are not consolidated, but over which the Company has the ability to exercise significant influence, including certain joint ventures, the Company accounts for such investments using the equity method of accounting in accordance with ASC 323, Investments—Equity Method and Joint Ventures.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ materially from these estimates. Significant estimates include the useful lives assigned to property and equipment; the fair value of lease assets; the discount rates used for operating and finance leases; accounting for income taxes, including the valuation allowance on deferred tax assets and the measurement of uncertain tax positions; stock-based compensation, including the determination of the fair value of the Company's common stock prior to the IPO; the fair value of financial assets and liabilities; valuation of acquired intangible assets; and the assessment of recoverability of intangible assets and their estimated useful lives. Assumptions are reviewed regularly to ensure they remain relevant and reasonable, particularly in areas of high subjectivity. The Company bases its estimates on historical experience and assumptions that management considers reasonable.
Foreign Currency
Foreign Currency
The reporting currency of the Company is the U.S. dollar. The functional currency of the Company's foreign subsidiaries is the U.S. dollar.
Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from remeasurement are recognized in other income, net in the consolidated statements of operations and comprehensive loss. Foreign currency transaction losses were $60 million for the year ended December 31, 2025. Foreign currency transaction gains and losses were not material for the years ended December 31, 2024 and 2023.
Concentration of Risk
Concentration of Risk
The Company is subject to certain risks and uncertainties that could have a material adverse effect on its business, financial condition, results of operations, or cash flows primarily due to concentration of credit risk, significant customers, and supplier concentration.
Concentration of Credit Risk
Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and marketable securities. The Company maintains its cash, cash equivalents, restricted cash, and marketable securities with high-quality financial institutions mainly in the United States, where the composition and maturities are regularly monitored by the Company. The Company grants credit to its customers in the normal course of business, exposing it to credit risk in the event of nonrepayment by customers. The Company has not experienced any material losses in such accounts.
Supplier Concentration
Certain materials, products, and equipment used by the Company in its operations are available from a limited number of suppliers. Shortages could occur in these materials, products, and equipment due to an interruption of supply or increased demand in the industry. If the Company were unable to procure certain materials, products, and equipment at all or at acceptable prices, it would be required to reduce its operations, which could have a material adverse effect on its results of operations.
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash primarily consists of cash in banks and bank deposits. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist of money market funds in the Company's investment accounts maintained in financial institutions. The Company maintains cash balances in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any material losses in such accounts.
The Company has restricted cash and cash equivalents that consist of bank deposits related to a collateralized loan facility and letters of credit. Restricted cash and cash equivalents also consist of customer deposits subject to a waterfall mechanism, which prioritizes payments for operating expenses, administrative fees, and scheduled debt service obligations before funds are released to the Company for general corporate use on a monthly or quarterly basis, in accordance with respective collateralized loan facilities. Such releases are subject to the satisfaction of specified distribution conditions, including compliance with financial covenants and the absence of defaults or specified performance trigger events. Restricted cash is classified as current and non-current assets based on the term of the remaining restriction.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses
Accounts receivable primarily consist of amounts billed that are currently due from customers. Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company's accounts receivable balances are subject to collection risk and the Company regularly assesses the collectability of outstanding accounts receivable on an ongoing basis and maintains an allowance for credit losses for accounts receivable deemed uncollectible. The allowance for credit losses reflects the best estimate of probable losses in the accounts receivable balance. The Company determines the allowance based on known troubled accounts; historical experience; current and anticipated macroeconomic conditions that could impact the Company's customers, such as unemployment, inflation, and regulatory matters; and other currently available information.
Notes Receivable
Notes Receivable
Notes receivable are related to the DCSP Financing Arrangements (as defined in Note 10—Debt ) and reported at the outstanding principal value plus accrued and unpaid interest. An allowance for credit losses on notes receivable is
established when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the agreement. The Company considers certain factors, including the credit risk and financial condition of the borrower, the borrower's ability to pay current obligations, historical trends, and macroeconomic conditions. The Company evaluates the extent and impact of any credit deterioration that could affect the performance and the value of the assets, as well as the financial and operating capability of the borrower. As of December 31, 2025 and 2024, the Company determined the carrying amount of the notes receivable to be fully collectible.
The Company's note receivable meets the criteria for right of setoff under the DCSP Financing Arrangements. The Company will recognize interest income under certain conditions due to the setoff nature of the DCSP Financing Arrangements.
Derivative Financial Instruments and Hedging
Derivative Financial Instruments and Hedging
The Company uses derivative financial instruments to manage risk associated with interest rate and foreign currency fluctuations. These instruments include interest rate swaps designated as cash flow hedges and foreign exchange forward contracts used as non-designated economic hedges. All derivative instruments are recognized on the consolidated balance sheets at fair value in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). The Company's interest rate swaps and foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. The Company does not enter into derivatives for trading or speculative purposes.
Power Purchase Agreements
Additionally, the Company enters into power purchase agreements ("PPAs") to secure power capacity for existing, under construction, and planned data center builds. These agreements are specifically designed to support the Company in managing its energy needs as it encounters rapidly increasing energy demands. Agreements that do not meet the 'normal purchase and normal sale' scope exception, contain a notional amount and are for delivery of electricity in markets where notional amounts are readily convertible to cash (or where contracts can be net-settled) are classified as derivative instruments. These derivative instruments are not designated for special hedge accounting under ASC 815, and therefore changes in the value of these contracts are recorded in earnings.
Generally, derivative assets and liabilities are presented on a gross basis on the consolidated balance sheets and classified as either current or non-current based on the timing of expected settlement. Cash flows associated with derivatives are classified in the same category as the cash flows from the items being hedged.
Interest Rate Swaps
The Company enters into interest rate swaps to hedge the variability of cash flows related to interest payments on variable-rate debt. These swaps are designated as cash flow hedges under ASC 815, and therefore the changes in the fair-value of these swaps are recorded in accumulated other comprehensive loss and reclassified into earnings (interest expense, net) when the hedged interest payment is recognized. The Company assesses hedge effectiveness at inception, and on a quarterly basis thereafter, to ensure the hedging relationship is highly effective. As of December 31, 2025, all interest rate swaps were deemed highly effective. Refer to Note 3—Investments and Fair Value Measurements for additional information.
Foreign Exchange Forward Contracts
The Company uses forward contracts to mitigate foreign currency risk associated with foreign currency-denominated leasing liabilities. These contracts are not designated as accounting hedges under ASC 815 and therefore considered economic hedges. Changes in the fair-value of these forward contracts are recognized immediately in earnings within other income, net. Refer to Note 3— Investments and Fair Value Measurements for additional information.
Fair Value Measurements
Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
The Company's financial instruments include cash, cash equivalents, restricted cash, accounts receivable, marketable securities, accounts payable, accrued liabilities, derivatives, warrant liabilities and Series B tranche liabilities. Cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Cash equivalents, restricted marketable securities, derivatives, warrant assets and warrant liabilities are stated at fair value on a recurring basis.
Adjustments to the fair value of certain financial liabilities, such as the warrant liabilities related to the 2022 Senior Secured Notes (as defined in Note 14—Related-Party Transactions), are recorded as fair value adjustments in the consolidated statements of operations and comprehensive loss. In March 2025, these warrant liabilities were modified and the Company concluded that the warrants met the requirements for equity classification and are no longer remeasured at fair value.
During the year ended December 31, 2025, the Company received warrants, which were accounted for as a derivative instruments and were measured at fair value each reporting period using the Black-Scholes option-pricing model with gains and losses recorded in other income, net in the consolidated statements of operations and comprehensive loss. Key inputs and assumptions used in the valuations included risk-free interest rates, common stock values, equity volatilities, expected terms, exercise prices, and details specific to the warrants. Changes in one or more of these inputs and assumptions could significantly impact the fair-value determination.
Marketable Securities
Marketable Securities
Marketable securities consist of certificates of deposit and marketable debt securities that the Company has classified and accounted for as available for sale.
The Company considers marketable debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these as short-term marketable securities on the consolidated balance sheets.
The Company carries these securities at fair value and reports the unrealized gains and losses, net of taxes, as a component of stockholders' equity (deficit), except for changes in allowance for expected credit losses, which are recorded in other income, net, in the consolidated statements of operations and comprehensive loss.
The Company periodically evaluates its available-for-sale debt securities for impairment. If the amortized cost of an individual security exceeds its fair value, the Company considers its intent to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the Company writes down the security to its fair value and records the impairment charge in other income, net, in the consolidated statements of operations and comprehensive loss. If neither of these criteria are met, the Company determines whether a credit loss exists. Credit loss is estimated by considering changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors.
Strategic Investments
Strategic Investments
The Company holds strategic investments in the form of equity securities of privately held entities to support its business and strategic objectives in which the Company does not have a controlling interest. Equity securities of privately held entities that do not have a readily determinable fair value and for which the Company does not have a controlling financial interest or exercise significant influence are measured at cost, with subsequent adjustments for observable price changes of identical or similar securities, and impairments. These adjustments are recognized through other income, net, in the Company's consolidated statements of operations and comprehensive loss. The Company reviews its strategic investments for indicators of impairment at each reporting period. If an indicator of impairment exists, the amount by which the carrying value exceeds the fair value of the investment is recorded as a loss in the Company's consolidated statements of operations and comprehensive loss.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment, net is stated at historical cost less accumulated depreciation and amortization. Construction in progress is related to the construction or development of property and equipment that has not yet been placed into service for its intended use. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs that do not extend the lives of the respective assets are expensed as incurred.
Effective January 1, 2023, the Company changed its estimate of the useful life for its computing equipment utilized in data centers from five to six years, reflecting continuous advancements in hardware performance, software optimization, and data center design improvements. The effects of this change in estimate for the year ended December 31, 2023 on computing equipment that was included in property and equipment, net on the consolidated balance sheets as of December 31, 2023 was a reduction in total expenses of $20 million. The per share impact of the change in estimate was a $0.10 increase for the year ended December 31, 2023.
The estimated useful lives of the Company's property and equipment are as follows:
Technology equipment6 years
Software
3-6 years
Data center equipment and leasehold improvements
Shorter of remaining lease term or estimated useful life of up to 12 years
Furniture, fixtures, and other assets
3-5 years
Capitalized Interest Costs
The Company capitalizes certain interest costs associated with the construction of data centers and purchases of related technology equipment during the period in which expenditures have been made and activities are in progress to prepare the assets for their intended use. The interest costs incurred in the construction of the data centers are considered a part of the assets' historical cost and are depreciated over the estimated useful lives of the underlying assets.
Capitalized Internal-Use Software
The Company capitalizes costs incurred to acquire, internally develop, or modify software solely for the Company's internal use, including hosted applications used to deliver the Company's support services, and certain implementation
costs incurred in a hosting arrangement that is a service contract. For internally developed or modified software, capitalization occurs when the preliminary project stage is complete, management, with the relevant authority, authorizes and commits to the funding of the software project, and it is probable the project will be completed and used to perform the intended function. Capitalized costs primarily consist of costs to acquire software and salaries and payroll-related costs for employees directly involved in development efforts. Costs incurred during the preliminary project stage and during the post-implementation operational stage, including maintenance costs, are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements. Capitalized software development costs are included in property and equipment, net on the consolidated balance sheets, are amortized on a straight-line basis over the software's estimated useful life, which is between three and six years, and amortization is recorded in technology and infrastructure in the consolidated statements of operations and comprehensive loss.
Asset Retirement Obligations
An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset. The Company accounts for these obligations in accordance with Accounting Standards Codification ("ASC") 410, Asset Retirement and Environmental Regulations. The Company recognizes asset retirement obligations in the period in which they are placed in service, if a reasonable estimate of fair value can be made. Asset retirement obligations are initially measured at fair value and subsequently adjusted for changes in fair value. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over its estimated useful life or lease term, as applicable. The Company's asset retirement obligations primarily relate to contractual requirements under certain data center lease agreements to remove specified equipment and restore the premises to an agreed-upon condition upon lease termination.
Business Combinations
Business Combinations
When the Company acquires a business, the purchase price is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated respective fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users and acquired technology from a market participant perspective, future changes in technology, royalty rates for similar assets, useful lives and discount rates. For certain assets where the replacement cost valuation methodology is applied, significant estimates include the cost to recreate such assets. These estimates are inherently uncertain and unpredictable. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company's consolidated statements of operations and comprehensive loss. The Company includes the results of operations of the business that it acquires as of the acquisition date. Acquisition-related expenses are expensed as incurred and are typically included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill is evaluated for impairment annually in the fourth quarter for the Company's single reporting unit, and whenever events or changes in circumstances indicate that goodwill may be impaired. In performing its annual assessment, the Company can opt to perform a qualitative assessment to test for impairment, or it can directly perform a quantitative assessment. Based on the Company's qualitative assessment, if it is determined that the fair value of the reporting unit is, more likely than not, less than its carrying amount, then the quantitative assessment is performed. Any excess of the reporting unit's carrying amount over its fair value is recorded as an impairment loss.
The Company's definite-lived intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company reviews long-lived assets, including property and equipment, right-of-use assets and intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. The recoverability of the long-lived asset or asset group is assessed by comparing the undiscounted future cash flows expected to be generated by the asset or asset group to its carrying value.
If the carrying amount of a long-lived asset or asset group exceeds the expected undiscounted cash flows, an impairment loss is recognized in an amount equal to the excess of the asset or asset group's carrying value over its fair value. Fair value is determined using valuation techniques such as discounted cash flow models, market comparisons, and, where applicable, independent third-party appraisals.
Leases
Leases
The Company has lease agreements primarily for data centers, office buildings, storage spaces and equipment. The Company accounts for leases in accordance with ASC 842, Leases ("ASC 842"). The Company determines if an arrangement meets the definition of a lease at the inception and leases are classified at commencement as either operating or finance leases.
Right-of-use ("ROU") assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease agreement. Lease liabilities are measured at the commencement date based on the present value of the remaining lease payments over the lease term. ROU assets are initially measured at an amount equal to the lease liability, adjusted for initial direct costs incurred, prepaid lease payments, and lease incentives received prior to lease commencement. As most of the leases do not provide an implicit interest rate, the Company uses the incremental borrowing rate determined at lease commencement, based on the estimated interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset was located.
The lease term includes the non-cancelable period of the lease and periods covered by renewal options that the Company is reasonably certain to exercise, and excludes periods subject to termination options that the Company is reasonably certain not to exercise. When assessing the reasonableness of exercising lease renewal options, the Company takes into account all relevant facts and circumstances that contribute to the economic benefits associated with exercising the lease renewal options, which includes the expected changes in facts and circumstances between the commencement of the lease term and the exercise date of the options. Payments under the Company's lease agreements are primarily fixed; however, certain lease agreements contain variable payments, which generally relate to costs associated with common area maintenance, utilities reimbursed to the landlord, and physical security expenses within certain lease agreements. Variable payments do not give rise to ROU assets or lease liabilities and are expensed as incurred.
The Company made an accounting policy election for lease agreements with a term of 12 months or less and does not recognize ROU assets and lease liabilities in respect of those agreements. Any payments related to short-term leases are expensed as incurred. The Company has elected the practical expedient to not separate lease and nonlease components across all asset classes. Operating lease expense is recognized on a straight-line basis within total operating expenses in the consolidated statements of operations and comprehensive loss over the lease term. Amortization expense of finance lease ROU assets is recognized on a straight-line basis over the lease term and the interest component of a finance lease is recognized utilizing the effective interest method over the lease term and included in interest expense, net in the consolidated statements of operations and comprehensive loss. The Company's finance leases generally include purchase options and declining minimum payments. The Company currently does not have any lease arrangements with residual value guarantees.
Revenue Recognition and Contract Balances
Revenue Recognition
The Company generates revenue from the delivery of cloud computing services. Revenue is recognized when promised services are delivered. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for these services. The Company recognizes revenue in accordance with ASC, Topic 606, Revenue from Contracts with Customers ("ASC 606").
When applying ASC 606, the Company also considers whether the arrangement meets the definition of a lease under ASC 842, which requires the transfer of control of an identified asset. The Company determined that while it provides cloud computing services utilizing underlying hardware, generally either there are no identified assets or customers do not
control or direct the use of underlying hardware. As such, these arrangements do not meet the definition of a lease under ASC 842 and are accounted for as service contracts under ASC 606.
The Company accounts for revenue by applying the following steps:
1.Identification of the contract, or contracts, with the customer
2.Identification of the performance obligations in the contract
3.Determination of the transaction price
4.Allocation of the transaction price to the performance obligations in the contract
5.Recognition of the revenue when, or as, a performance obligation is satisfied
The Company primarily generates revenue by providing cloud computing services for customers in several verticals, such as artificial intelligence, machine learning, visual effects rendering, platforms, pixel streaming, and batch processing. These services are offered both on a committed contract and on-demand basis. Customers do not take possession of software or hardware used to provide the services.
Committed Contracts—These service arrangements provide customers with access to cloud computing capacity across the Company's various data centers over a specified duration. Revenue is recognized ratably over the contract period. The initial contract period generally ranges from one to six years. The terms of these contracts are typically structured as "take-or-pay" agreements, requiring payment regardless of the level of utilization. Additionally, customers under committed contracts often make a prepayment that is recorded as deferred revenue and consumed based on the terms of the contract.
On-Demand Contracts—These service arrangements provide customers with access to the Company's cloud computing capacity on a consumption basis, with billing occurring monthly in arrears based on actual hourly usage of compute, storage, and other services. Revenue is recognized as the services are consumed. Customers may also prepay for on-demand services. The prepayments are initially recorded as deferred revenue and recognized as the cloud computing services are transferred to the customer.
The Company's contracts with customers may contain multiple promised services. To the extent a customer contract includes multiple promised services, the Company determines whether promised services should be accounted for as a separate performance obligation. Contracts with options to purchase additional capacity or extend terms are evaluated to determine if the arrangement includes promises that may represent a material right and be accounted for as a separate performance obligation. The Company allocates revenue to each performance obligation based on its relative stand-alone selling price ("SSP"). The SSP reflects the price the Company would charge for a specific service if it were sold separately in similar circumstances and to similar customers. When determining the SSP, the Company maximizes the use of observable inputs and considers the historical selling price of these performance obligations in similar transactions, as well as current pricing practices and other observable inputs including, but not limited to, customer size.
Certain customers receive incentives or credits, which constitute payments to customers. Consideration provided upfront to customers is recorded as a contra-revenue asset. Revenue is recognized net of the contra-revenue asset amount over time as the Company provides the related cloud computing services.
The Company applies the practical expedient in ASC 606 and did not evaluate contract terms where the time period between payment and service delivery is one year or less for the existence of a significant financing component. If the period between transfer of the promised services and payment is more than one year, the Company analyzes whether a significant financing component is present. If so, the Company adjusts the total consideration to reflect the significant financing component.
Revenue is recognized net of any taxes collected from customers (e.g., sales tax and other indirect taxes), which are subsequently remitted to governmental entities. The Company generally does not offer a right of refund in its contracts other than for cases of the Company's uncured material breach of the agreement, bankruptcy or insolvency.
Contract Balances
Contract assets represent the Company's rights to consideration in exchange for cloud computing services that the Company has transferred to a customer but where the right to consideration is conditional on something other than the
passage of time. In some arrangements, a right to consideration for the Company's performance under the customer contract may occur before invoicing the customer, resulting in an unbilled accounts receivable. These unbilled accounts receivable represent amounts earned but not yet invoiced and are recognized in accordance with the performance obligations satisfied. Such amounts have not been material for the periods presented.
Contract liabilities consist of deferred revenue. Revenue is deferred when the Company invoices in advance of performance under a contract. The current portion of the deferred revenue balance is expected to be recognized as revenue during the 12-month period after the consolidated balance sheet date. The non-current portion of the deferred revenue balance is expected to be recognized as revenue following the 12-month period after the consolidated balance sheet date.
Remaining performance obligations ("RPO") represent the aggregate amount of the transaction price, net of estimated variable consideration, allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Variable consideration primarily consists of potential reductions to the transaction price in the future, such as estimates of future potential credits to customers under availability of service agreements, amounts that may not be recognized as revenue due to delivery delays, and estimates of committed cloud computing capacity that the Company has the right to resell. The Company's estimate of such variable consideration is based on both historical experience and the specific facts and circumstances of the committed contracts included in the Company's RPO. RPO includes both billed and unbilled consideration from the Company's committed contracts.
Costs to Obtain a Contract and Cost of Revenue
Costs to Obtain a Contract
The Company capitalizes sales commissions and associated payroll taxes paid to sales personnel that are incremental to the acquisition of customer contracts. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract. Total capitalized costs to obtain a contract were not material during the periods presented and are included in other current and non-current assets on the consolidated balance sheets.
Cost of Revenue
Cost of revenue primarily consists of direct costs for data centers, including costs associated with the Company's facilities, such as rent, utilities including power, depreciation and amortization, including depreciation of power installation and distribution systems, and personnel costs for employees involved in data center operations and customer success, including salaries, bonuses, benefits, stock-based compensation expense and other related expenses.
The Company operates data centers across the world and has co-location service agreements with several well-established data center vendors. These agreements generally commit the Company to pay monthly fees plus additional fees for bandwidth usage above the committed level. Certain co-location agreements do not meet the definition of a lease and are expensed under cost of revenue. However, those that do meet the definition of a lease are recognized as operating lease ROU assets and operating lease liabilities and are amortized over the lease term.
Technology and Infrastructure
Technology and infrastructure expense consists of costs associated with the Company's infrastructure, such as depreciation and amortization related to the Company's servers, switches, networking equipment and internally developed software, personnel costs for employees associated with research and development of new and existing products and services or with maintaining the Company's computing infrastructure, such as salaries, bonuses, benefits, stock-based compensation expense, travel expenses, and other related expenses; and costs related to software subscriptions. The Company's technology and infrastructure efforts are dedicated towards developing new services, improving the Company's existing infrastructure, adding new features, bringing the latest compute technology to market and improving the accessibility of the Company's services. Research and development costs were $352 million, $56 million, and $21 million, for the years ended December 31, 2025, 2024, and 2023, respectively.
Sales and Marketing
Sales and marketing expense consists of personnel costs associated with selling and marketing the Company's CoreWeave Cloud Platform, such as salaries, stock-based compensation expense, bonuses, commissions, and other related expenses, sponsorship fees, advertising costs associated with marketing programs, and third-party professional service costs. Advertising costs, which are expensed as incurred are also included in sales and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expense was $27 million for the year ended December 31, 2025 and not material for the other periods presented.
General and Administrative
General and administrative expense consists of costs associated with corporate functions including the Company's finance, legal, human resources, and facilities. These costs include personnel costs, such as salaries, stock-based compensation expense, bonuses, benefits, and other related expenses, third-party professional services costs, such as legal, accounting, and audit services, and costs related to software subscriptions.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense related to stock-based awards is recognized based on the fair value of the awards granted. The fair value of each stock option award is estimated on the grant date utilizing the Black-Scholes option-pricing model. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, including the awards with graded vesting and no additional conditions for vesting other than service conditions. Forfeitures are accounted for as they occur.
The Black-Scholes option-pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the stock option, the expected volatility of the price of the Company's common stock, risk-free interest rates, and the expected dividend yield of common stock. The assumptions used to determine the fair value of the option awards represent management's best estimates. These estimates involve inherent uncertainties and the application of management's judgment.
Prior to the IPO in March 2025, the Company granted to employees restricted stock units ("RSUs"), that vested upon the satisfaction of service-based and performance-based vesting conditions. Since March 2025, the Company has granted RSUs that vest only upon the satisfaction of a service-based vesting condition. The fair value of each RSU award is based on the fair value of the underlying common stock as of the grant date. The service-based vesting condition has varying terms, but is generally satisfied over four years. The performance-based vesting condition for the RSUs granted prior to the IPO was satisfied at the effective date of the registration statement that the Company filed in connection with the IPO. For RSUs granted prior to the IPO, stock-based compensation related to the remaining service-based period after the liquidity event-related performance vesting condition was satisfied at the IPO will be recorded over the remaining requisite service period using the accelerated attribution method. For RSUs granted after the IPO, the compensation expense is recognized on a straight-line basis over the requisite service period.
Income Taxes
Income Taxes
Income tax expense includes U.S., state, local and international income taxes. The Company utilizes the asset and liability method for computing its income taxes related to U.S. state and foreign taxes for jurisdictions in which the Company conducts business. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company's effective tax rates will vary depending on the amount of nondeductible items such as fair value adjustments, changes in the valuation of deferred tax assets and liabilities, use of tax credits, the relative proportion of foreign to domestic income, and changes in tax laws.
A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction, including past operating results, estimates of future taxable income, and the feasibility of ongoing tax-planning strategies. This evaluation is updated quarterly to reflect new information and trends that may affect the realization of tax benefits. In the event the Company determines that all, or part, of the net deferred tax assets are not realizable in the future, it will make an adjustment in the valuation allowance that will be charged to earnings in the period in which such a determination is made.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The evaluation of the Company's tax positions involves significant judgment in the interpretation and application of GAAP and complex domestic and international tax laws. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest and penalties related to uncertain income tax benefits as a component of the provision (benefit) for income taxes in the consolidated statements of operations and comprehensive loss.
Comprehensive Loss
Comprehensive Loss
Comprehensive loss consists of net loss, unrealized gains or losses on available-for-sale marketable investments and changes in the fair value of derivative instruments designated as accounting hedges. The Company presents comprehensive loss as part of the consolidated statements of operations and comprehensive loss. The changes in the accumulated balances of the components of other comprehensive loss were not material for the periods presented.
Segment Information
Segment Information
The Company's chief operating decision maker ("CODM"), the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. The Company operates its business in one operating segment and, therefore, has one reportable segment.
The CODM uses consolidated net loss to measure segment profit or loss in order to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company's operations are cost of revenue, technology and infrastructure, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company's consolidated statements of operations and comprehensive loss. Other segment items included in consolidated net loss include gain (loss) on fair value adjustments, interest expense, net, other income, net, and provision for (benefit from) income taxes, which are presented in the Company's consolidated statements of operations and comprehensive loss.
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Adopted
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the effective tax rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024 and the Company adopted this guidance prospectively on January 1, 2025. The Company has enhanced its tax disclosures as required under this guidance as reflected in Note 12—Income Taxes.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented in the consolidated statements of operations and comprehensive loss. This guidance as further clarified through ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) will be effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which provides clarifying guidance on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance will be applied prospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In May 2025, the FASB issued ASU No. 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods and services. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is
permitted. Updates are to be applied on a retrospective, or modified retrospective basis. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those recognized in a business combination. The guidance will be effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance will be applied prospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and simplifies the capitalization guidance for internal-use software by removing references to sequential "development stages" and clarifying that capitalization begins when management has authorized and committed to funding the software project and it is probable the project will be completed and the software will be used as intended, considering any significant uncertainty in development activities. The guidance will be effective for annual periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively, retrospectively, or on a modified retrospective basis, including for in-process projects. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivative Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. ASU 2025-07 refines the scope of derivative accounting under Topic 815 and clarifies the treatment of share-based noncash consideration under ASC 606. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. ASU 2025-12 represents changes to the ASC that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. The guidance will be effective for fiscal years beginning after December 15, 2026 and interim periods within those annual periods. Early adoption is permitted. The amendments to ASC 260, Earnings per Share, are required to be applied retrospectively. All other amendments may be applied prospectively or retrospectively on an issue-by-issue basis. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
v3.25.4
Overview and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule Of Property And Equipment
The estimated useful lives of the Company's property and equipment are as follows:
Technology equipment6 years
Software
3-6 years
Data center equipment and leasehold improvements
Shorter of remaining lease term or estimated useful life of up to 12 years
Furniture, fixtures, and other assets
3-5 years
Property and equipment, net, consisted of the following (in millions):
December 31,
2025		December 31,
2024
Technology equipment
$20,903 $9,146 
Software802 140 
Data center equipment and leasehold improvements
2,842 384 
Furniture, fixtures, and other assets18 9 
Construction in progress
9,376 3,201 
Total property and equipment
33,941 12,880 
Less: accumulated depreciation and amortization
(3,384)(965)
Total property and equipment, net
$30,557 $11,915 
Schedule Of Intangible Assets The estimated weighted-average useful lives for each class of intangible assets are as follows:
Acquired technologies5 years
Customer relationships11 years
Trade names5 years
Intangible assets, net consisted of the following (in millions, except years):
December 31, 2025 December 31, 2024
Weighted-Average Remaining Useful Lives (in years)
Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net		Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net
Acquired technologies5$206 $(27)$179 $5 $(3)$2 
Other (1)
961 (5)56 4 (1)3 
Total$267 $(32)$235 $9 $(4)$5 
(1) Includes customer relationships and trade names.
Schedule Of Customer Concentration Risk
The following customers accounted for 10% or more of the Company's revenue for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
Customer A
67%62%35%
Customer B*15%17%
Customer C**21%
Customer D
***
* Customer did not represent 10% or more of revenue
The customer references of A through D may represent different customers than those reported in a previous period.
v3.25.4
Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities, Marketable and Non-Marketable Equity Securities
The Company's investments on the consolidated balance sheets consisted of the following (in millions):
December 31,
2025		December 31,
2024
Marketable securities:
Commercial paper$12 $— 
Corporate bonds22— 
Total marketable securities$34 $— 
Non-marketable equity securities:
Strategic investments$117 $102 
Equity method investments51— 
Total non-marketable equity securities168102 
Total investments$202 $102 
Schedule of Fair Value, by Balance Sheet Grouping
The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in millions):
Fair Value
Hierarchy
December 31,
2025		December 31,
2024
Financial assets:
Cash and cash equivalents
Money market fundsLevel 1$— $2 
Restricted cash and cash equivalents, current
Money market fundsLevel 1— 24 
Restricted cash and cash equivalents, non-current
Money market fundsLevel 1— 57 
Restricted marketable securities, non-current
Certificates of depositLevel 2— 29 
Marketable securities, current
Commercial paperLevel 212 — 
Corporate bondsLevel 222 — 
Prepaid expenses and other current assets
Foreign exchange forward contracts not designated as accounting hedgesLevel 25 — 
Other non-current assets
Power purchase agreementsLevel 32 3 
Total financial assets$41 $115 
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedgesLevel 2$4 $— 
Contingent considerationLevel 320 — 
Derivative and warrant liabilities
Interest rate swaps designated as accounting hedgesLevel 21 — 
Warrant liabilitiesLevel 3— 200 
Total financial liabilities$25 $200 
Schedule of Notional Amount Outstanding Interest Rate Swaps and Foreign Exchange Forward Contracts
The notional amounts of the Company's outstanding interest rate swaps and foreign exchange forward contracts were as follows (in millions):
December 31,
2025
Derivative instruments designated as accounting hedges
Interest rate swaps$319 
Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts$1,213 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The Company's valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:
March 21,
2025		December 31,
2024
Stock price$41 $48 
Volatility60%60%
Risk-free rate4%4%
Dividend yield—%—%
As discussed in Note 11—Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit), the warrant liabilities for the warrants for the Company's Class A common stock were remeasured immediately before modification when modified to equity classified warrants on March 21, 2025.
The following table is a summary of the significant unobservable inputs to value the embedded derivative liability immediately before conversion:
September 17,
2024
Stock price$44 
Discount rate12%
Schedule of Change in the Fair Value of the Assets, Measured Using Level 3 Inputs
The following table presents a summary of the changes in the fair value of the Company's Level 3 financial instruments (in millions):
Warrant Assets
Power Purchase
Agreements –
Asset
Contingent Consideration
Warrant
Liabilities
Bifurcated Embedded Derivative
Liabilities
Series B
Tranche
Liability
Balance at January 1, 2024$— $1 $— $71 $386 $70 
Additions
— — — — — — 
Adjustment to fair value
— 2 — 129 627 — 
Settlements
— — — — (1,013)(70)
Balance at December 31, 2024— 3 — 200 — — 
Additions
222 — 20 — — — 
Adjustment to fair value
32 (1)— (27)— — 
Sales(254)— — — — — 
Reclassification
— — — (173)— — 
Balance at December 31, 2025$— $2 $20 $— $— $— 
Schedule of Change in the Fair Value of the Liabilities, Measured Using Level 3 Inputs
The following table presents a summary of the changes in the fair value of the Company's Level 3 financial instruments (in millions):
Warrant Assets
Power Purchase
Agreements –
Asset
Contingent Consideration
Warrant
Liabilities
Bifurcated Embedded Derivative
Liabilities
Series B
Tranche
Liability
Balance at January 1, 2024$— $1 $— $71 $386 $70 
Additions
— — — — — — 
Adjustment to fair value
— 2 — 129 627 — 
Settlements
— — — — (1,013)(70)
Balance at December 31, 2024— 3 — 200 — — 
Additions
222 — 20 — — — 
Adjustment to fair value
32 (1)— (27)— — 
Sales(254)— — — — — 
Reclassification
— — — (173)— — 
Balance at December 31, 2025$— $2 $20 $— $— $— 
v3.25.4
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Aggregate Purchase Consideration The aggregate purchase consideration was $1.0 billion, which was comprised of the following (in millions):
Cash paid by the Company$96 
Fair value of Class A common stock and restricted stock awards issued by the Company929 
Fair value of replacement restricted stock units4 
Total purchase price$1,029 
Schedule of Recognized Asset Acquired and Liability
The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in millions):
Cash and cash equivalents$51 
Accounts receivable, net13 
Prepaid expenses and other current assets2 
Property and equipment, net1 
Operating lease right-of-use assets1 
Intangible assets, net208 
Goodwill793 
Total assets acquired$1,069 
Accounts payable1 
Accrued liabilities7 
Deferred revenue, current25 
Operating lease liabilities, non-current1 
Deferred tax liabilities, non-current6 
Total liabilities assumed$40 
Total purchase price$1,029 
Schedule of Intangible Assets and the Estimated Useful Lives The following table presents the amounts allocated to the intangible assets identified as of the date of acquisition and the estimated useful lives (in millions):
Fair ValueUseful Lives
(in years)
Customer relationships$36 12
Developed technology162 
5 - 7
Trade name10 5
Total$208 
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule Of Property And Equipment, Net
The estimated useful lives of the Company's property and equipment are as follows:
Technology equipment6 years
Software
3-6 years
Data center equipment and leasehold improvements
Shorter of remaining lease term or estimated useful life of up to 12 years
Furniture, fixtures, and other assets
3-5 years
Property and equipment, net, consisted of the following (in millions):
December 31,
2025		December 31,
2024
Technology equipment
$20,903 $9,146 
Software802 140 
Data center equipment and leasehold improvements
2,842 384 
Furniture, fixtures, and other assets18 9 
Construction in progress
9,376 3,201 
Total property and equipment
33,941 12,880 
Less: accumulated depreciation and amortization
(3,384)(965)
Total property and equipment, net
$30,557 $11,915 
Schedule of Asset Retirement Obligations
The following is a summary of activity relating to the liability for asset retirement obligations, included in other non-current liabilities on the consolidated balance sheets, which the Company expects to incur primarily in connection with the expected removal of certain equipment related to its data center fit outs (in millions):
December 31,
2025		December 31,
2024
Beginning balance$36 $7 
Additions21 27 
Accretion expense5 2 
Ending balance$62 $36 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table summarizes the changes to goodwill (in millions):
Amount
Balance at January 1, 2024$— 
Additions20 
Balance at December 31, 2024$20 
Additions
1,081 
Balance at December 31, 2025$1,101 
Schedule Of Intangible Assets, Net The estimated weighted-average useful lives for each class of intangible assets are as follows:
Acquired technologies5 years
Customer relationships11 years
Trade names5 years
Intangible assets, net consisted of the following (in millions, except years):
December 31, 2025 December 31, 2024
Weighted-Average Remaining Useful Lives (in years)
Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net		Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net
Acquired technologies5$206 $(27)$179 $5 $(3)$2 
Other (1)
961 (5)56 4 (1)3 
Total$267 $(32)$235 $9 $(4)$5 
(1) Includes customer relationships and trade names.
Schedule of Expected Future Amortization Expense Related to Intangible Assets
As of December 31, 2025, the expected future amortization expense related to intangible assets was as follows (in millions):
Years Ending December 31,Amount
2026$45 
202745 
202843 
202943 
203023 
Thereafter36 
Total expected future amortization expense$235 
v3.25.4
Consolidated Balance Sheets Components (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):
 December 31,
2025		December 31,
2024
 
Prepaid expenses$132 $67 
Contra-revenue asset67 — 
Other current assets140 34 
Total prepaid expenses and other current assets$339 $101 
Schedule of Other Non-Current Assets
Other non-current assets consisted of the following (in millions):
 
December 31,
2025		December 31,
2024
Prepaid expenses$825 $145 
Contra-revenue asset282 — 
Strategic investments117 102 
Notes receivable75 108 
Escrow funds— 336 
Other non-current assets207 30
Total other non-current assets$1,506 $721 
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in millions):
 
December 31,
2025		December 31,
2024
 
Accrued purchases
$5,196 $106 
Accrued interest332 157 
Other accrued liabilities
245 93 
Total accrued liabilities
$5,773 $356 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Total Lease Cost Related to Leases
The components of total lease cost related to leases for the periods presented were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost:
Operating lease cost$825 $289 $41 
Finance lease cost:
Amortization of ROU assets$34 $18 $3 
Interest on lease liabilities20 9 1 
Total finance lease cost$54 $27 $4 
Variable lease cost$252 $55 $16 
Total lease cost$1,131 $371 $61 
Supplemental consolidated cash flow and other information related to leases for the years ended December 31, 2025, 2024, and 2023 were as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$729 $253 $30 
Operating cash flows used in finance leases6 9 1 
Financing cash flows used in finance leases58 54 8 
Information relating to the lease term and discount rate for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year Ended December 31,
202520242023
Weighted-average remaining lease term (in years):
Operating leases1198
Finance leases521
Weighted-average discount rate:
Operating leases10%12%12%
Finance leases10%11%11%
Schedule of Supplemental Consolidated Balance Sheet Information Related to Leases
Supplemental consolidated balance sheet information related to leases were as follows (in millions):
December 31,
2025		December 31,
2024
Operating leases:
Operating lease ROU assets
$8,231 $2,590 
Operating lease liabilities, current
$427 $213 
Operating lease liabilities, non-current
7,768 2,389 
Total operating lease liabilities
$8,195 $2,602 
Finance leases:
Property and equipment
$500 $158 
Less: amortization
(56)(24)
Property and equipment, net
$444 $134 
Finance lease liabilities, current
$38 $58 
Finance lease liabilities, non-current
216 34 
Total finance lease liabilities
$254 $92 
Schedule of Future Lease Payments of Operating Lease Liabilities and Finance Lease Liabilities
The future lease payments included in the measurement of the Company's operating lease liabilities and finance lease liabilities as of December 31, 2025, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance
Leases
2026$1,183 $53 
20271,231 223 
20281,314 — 
20291,274 — 
20301,157 — 
Thereafter7,459 — 
Total undiscounted lease payments13,618 276 
Less: imputed interest(5,423)(22)
Present value of lease liabilities$8,195 $254 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The total debt obligations are as follows (dollars in millions):
Maturities
Effective
Interest
Rates
December 31,
2025		December 31,
2024
DDTL 1.0 FacilityMarch 202815%$1,553 $2,012 
DDTL 2.0 FacilityAugust 203010%5,037 3,844 
DDTL 2.1 FacilityDecember 20309%2,741 — 
DDTL 3.0 FacilityAugust 20309%340 — 
2030 Senior NotesJune 203010%2,000 — 
2031 Senior NotesFebruary 203110%1,750 — 
2031 Convertible Senior NotesDecember 20312%2,588 — 
Convertible Promissory NotesApril 20267%168 — 
2024 Term Loan FacilityApril 202512%— 1,000 
Revolving Credit FacilityNovember 20296%1,000 — 
OEM and Software License Financing ArrangementsMarch 2026 - July 203010%4,165 1,177 
Magnetar LoanJanuary 202912%273 — 
Total principal of debt21,615 8,033 
Less: unamortized discount and issuance costs(242)(107)
Total debt, net of unamortized discount and issuance costs21,373 7,926 
Less: debt, current(6,708)(2,468)
Total debt, non-current$14,665 $5,458 
In the year ended December 31, 2025, the Company entered into DDTL Facilities and issued Senior Notes (each as defined in Note 10—Debt) as follows (dollars in millions):
Date of Issuance
Stated Interest Rates1
Amount2
DDTL 2.1 FacilitySeptember 2025
 SOFR + 4.25%
$3,000 
DDTL 3.0 FacilityJuly 2025
 SOFR + 4.00%
2,600 
2030 Senior NotesMay 20259.25 %2,000 
2031 Senior NotesJuly 20259.00 %1,750 
2031 Convertible Senior NotesDecember 20251.75 %2,588 
(1) DDTL Facilities are subject to an interest rate per annum equal to, at the Company's option, either the SOFR or the alternative base rate plus a spread.
(2) Amounts represent borrowing capacity for the DDTL Facilities and the principal amounts for the Senior Notes.
Schedule of Maturities of Long-Term Debt
As of December 31, 2025, the future principal payments for the Company's total debt were as follows (in millions):
Years Ending December 31,Amount
2026$6,708 
20274,298 
20282,393 
20291,769 
20302,109 
Thereafter4,338 
Total$21,615 
Schedule of Debt Interest Expense
The total interest expense for the Company's debt obligations was as follows (in millions):
Year Ended December 31,
202520242023
Contractual interest expense$1,220 $475 $30 
Amortization of debt discounts and issuance costs and accretion of redemption premiums110 33 16 
PIK interest— — 22 
Less: capitalized interest(182)(159)(41)
Total $1,148 $349 $27 
Schedule of Future Contractual Principal Payments Under the Financing Obligation
As of December 31, 2025, the future contractual principal payments under the financing obligation and finance lease due to the DCSP were as follows (in millions):
Years Ending December 31,Financing Obligation
Finance Lease
2026$20 $19 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter154 149 
Total future payments254 244
Less: amount representing interest(141)(123)
Total financing obligation$113 $121 
Less: current portion(3)(3)
Long-term portion$110 $118 
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Temporary Equity
The following table summarizes the redeemable convertible preferred stock outstanding immediately prior to the conversion into common stock, and the rights and preferences of the Company's respective series preceding the IPO in March 2025 (in millions, except per share amounts):
Shares
Authorized		Shares
Issued and
Outstanding		Issuance
Price
Per Share		Carrying
Value		Aggregate
Liquidation
Preference
Series Seed6046$0.05 $2 $2 
Series A24190.12 2 2 
Series B80805.58 551 446 
Series B-112100.40 4 4 
Series C 303038.95 1,163 1,164 
Total206185$1,722 $1,618 
Schedule of Stock Options Activity
The following table summarizes stock option activity under the 2019 Plan (share data and aggregate intrinsic value in millions):
Stock
Options
Outstanding		Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic Value
Balance at December 31, 202447$1.74 7$2,163 
Granted —— 
Exercised (13)1.57 
Forfeited, expired, or canceled —7.47 
Outstanding at December 31, 2025 34$1.76 6$2,381 
Vested and expected to vest at December 31, 2025 34$1.76 6$2,381 
Exercisable at December 31, 2025 25$1.18 6$1,759 
Schedule of Stock Options, Valuation Assumptions
The Black-Scholes option-pricing model assumptions used to value the employee stock options at the grant dates were as follows, presented on a weighted-average basis except for the fair value of common stock which is presented on a range basis:
Year Ended
December 31,
2023
Fair value of common stock
$1.86 - $17.27
Expected volatility58%
Expected term (in years)6
Risk-free interest rate4%
Expected dividend yield—%
Schedule of Restricted Stock Unit Activity
RSUs granted typically vest over four years. The following table summarizes restricted stock unit activity under the 2019 and 2025 Plans for the periods presented (share data in millions):
SharesWeighted-
Average Fair
Value Per Share
Balance at January 1, 202515$38.80 
Granted1873.92 
Vested(6)37.58 
Forfeited and canceled(1)45.55 
Unvested balance at December 31, 2025 26$62.06 
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense, net of capitalized costs, recognized in the Company's consolidated statements of operations and comprehensive loss was as follows (in millions):
Year Ended December 31,
202520242023
Cost of revenue$15 $1 $1 
Technology and infrastructure221 10 6 
Sales and marketing31 3 2 
General and administrative363 17 6 
Total stock-based compensation expense(1)
$630 $31 $15 
________________
(1) The Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs primarily related to the development of internal-use software, during year ended December 31, 2025, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition in connection with the IPO.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of the loss before income taxes were as follows (in millions):
Year Ended December 31,
202520242023
Domestic$(1,118)$(743)$(558)
Foreign(97)(1)— 
Loss before income taxes
$(1,215)$(744)$(558)
 
The provision for (benefit from) income taxes consisted of the following (in millions):
Year Ended December 31,
202520242023
Current:  
State$— $6 $— 
Foreign
5 — — 
Total current income tax expense (benefit)
5 6 — 
Deferred:
Federal(38)109 36 
State(4)3 — 
Foreign
(11)1 — 
Total deferred income tax expense (benefit)
(53)113 36 
Total provision for (benefit from) income taxes$(48)$119 $36 
Schedule of Effective Income Tax Rate Reconciliation
The following table presents the reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the year ended December 31, 2025, updated for the adoption of ASU No. 2023-09 (in millions, except percentages):
Year Ended December 31,
2025
Percentage
Tax at statutory rate
$(255)21 %
Foreign tax effects13(1)%
Tax credits (1)
(55)4 %
Changes in valuation allowance (2)
378(31)%
Nontaxable or nondeductible items:
Stock-based compensation
(140)11 %
Other nontaxable or nondeductible items
(5)1 %
Changes in unrecognized tax benefits16(1)%
Provision for (benefit from) income taxes
(48)4 %
(1) Generally comprised of U.S. federal R&D tax credits.
(2) Includes the impacts of the enactment of OBBBA.
The following is a reconciliation of the statutory federal income tax rate to the Company's effective tax rate, prior to the application of ASU No. 2023-09:
Year Ended December 31,
20242023
U.S. federal tax benefit at statutory rate
21.0 %21.0 %
State income taxes, net of federal benefit
0.1 0.1 
Stock-based compensation
1.9 0.5 
Foreign tax rate differential
(0.1)— 
Convertible interest
(0.2)(0.2)
Change in valuation allowance, net
(17.5)(7.7)
Derivative liabilities
(21.4)(20.2)
General business credit - federal
0.3 0.2 
Other
(0.2)(0.1)
Effective tax rate
(16.1)%(6.4)%
Schedule of Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company's deferred tax assets and liabilities as of December 31, 2025 and 2024, were as follows (in millions):
December 31,
2025		December 31,
2024
Deferred tax assets:
Net operating losses$971 $767 
Lease liabilities2,065 540 
Deferred revenue
768 309 
Other217 103 
Total deferred tax assets4,021 1,719 
Valuation allowance(636)(181)
Deferred tax assets, net of valuation allowance3,385 1,538 
Deferred tax liabilities:
Property and equipment(1,330)(1,147)
Intangible assets(46)(1)
Operating and financing ROU assets(2,112)(539)
Total deferred tax liabilities(3,488)(1,687)
Net deferred tax liabilities, net of valuation allowance$(103)$(149)
Schedule of Income Taxes Paid (Refunded)
The amounts of cash income taxes paid (refunded) by the Company were as follows (in millions):
Year Ended December 31,
202520242023
State and local
$(1)$14 $— 
Income taxes, net of amounts refunded $(1)$14 $— 
v3.25.4
Net Loss Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in millions, except per share data):
Year Ended December 31,
202520242023
Numerator:
Net loss$(1,167)$(863)$(594)
Dividends and accretion on Series C redeemable convertible preferred stock(29)(74)— 
Net loss attributable to common stockholders, basic $(1,196)$(937)$(594)
Change in fair value of common stock warrants(27)— — 
Net loss attributable to common stockholders, diluted$(1,223)$(937)$(594)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 435218192
Effect of dilutive securities:
Common stock warrants1 — — 
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted436218192
Net loss per share attributable to common stockholders, basic$(2.75)$(4.30)$(3.09)
Net loss per share attributable to common stockholders, diluted$(2.81)$(4.30)$(3.09)
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 millions):
Year Ended December 31,
202520242023
Redeemable convertible preferred stock— 185 155 
Outstanding convertible notes26 — 25 
Outstanding RSUs and RSAs28 — — 
Outstanding stock options34 47 51 
Outstanding warrants to purchase common stock4 4 4 
Total92 236 235 
v3.25.4
Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Schedule of Disaggregated Revenue
Revenue by geography is based on the address of the customer as specified in the Company's customer contracts. The following table sets forth revenue by geographic area (in millions):
Year Ended December 31,
202520242023
United States$4,801 $1,797 $201 
All other countries330 118 28 
Total revenue$5,131 $1,915 $229 
v3.25.4
Overview and Summary of Significant Accounting Policies - Narrative (Details)
$ / shares in Units, shares in Millions
 1 Months Ended 10 Months Ended 12 Months Ended
Apr. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
segment
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Jan. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Compensation expense       $ 630,000,000 $ 31,000,000 $ 15,000,000  
Conversion ratio   20          
Foreign currency transaction losses       60,000,000 0 0  
Strategic investments     $ 117,000,000 117,000,000 102,000,000    
Operating expenses       $ (5,177,000,000) $ (1,591,000,000) $ (243,000,000)  
Net loss per share attributable to common stockholders, diluted (in usd per share ) | $ / shares       $ (2.81) $ (4.30) $ (3.09)  
Net loss per share attributable to common stockholders, basic (in usd per share) | $ / shares       $ (2.75) $ (4.30) $ (3.09)  
Term of contract     12 months 12 months      
Lease, practical expedient, lessor single lease component     true true      
Research and development expense       $ 352,000,000 $ 56,000,000 $ 21,000,000  
Advertising expense       $ 27,000,000 $ 0 0  
Service based vesting period     4 years        
Number of operating segments | segment       1      
Number of reportable segments | segment       1      
Customer A | Accounts Receivable | Customer Concentration Risk              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Concentration risk, percentage       68.00% 66.00%    
Customer D | Accounts Receivable | Customer Concentration Risk              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Concentration risk, percentage       11.00%      
Revision of Prior Period, Adjustment              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Operating expenses           $ 20,000,000  
Net loss per share attributable to common stockholders, diluted (in usd per share ) | $ / shares           $ 0.10  
Net loss per share attributable to common stockholders, basic (in usd per share) | $ / shares           $ 0.10  
Minimum              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Revenue contract period       1 year      
Minimum | Data Center Equipment              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Software’s estimated useful life             5 years
Minimum | Computer Software, Intangible Asset              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Estimated useful Lives of Intangible Assets     3 years 3 years      
Maximum              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Revenue contract period       6 years      
Maximum | Data Center Equipment              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Software’s estimated useful life             6 years
Maximum | Computer Software, Intangible Asset              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Estimated useful Lives of Intangible Assets     6 years 6 years      
IPO              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Compensation expense   $ 177,000,000          
Capitalized costs   $ 17,000,000          
Tax withholdings on settlement of restricted stock units (in shares) | shares   0.4          
Shares issued (in shares) | shares   0.5          
Restricted cash, current     $ 500,000,000 $ 500,000,000      
Deferred offering costs     $ 31,000,000 $ 31,000,000      
Common Class A | IPO              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Shares issued in transaction (in shares) | shares   37.0          
Sale of stock price (usd per share) | $ / shares   $ 40.00          
Proceeds from sale of stock   $ 1,400,000,000          
Payments of stock issuance costs   $ 31,000,000          
Conversion of stock, shares issued (in shares) | shares   155.0          
Common Class A | Over-Allotment Option              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Shares issued in transaction (in shares) | shares 2.0            
Proceeds from sale of stock $ 68,000,000            
Redeemable Class A Common Stock | IPO              
Organization, Consolidation and Presentation of Financial Statements [Line Items]              
Conversion of stock, shares issued (in shares) | shares   30.0          
v3.25.4
Overview and Summary of Significant Accounting Policies - Schedule of Customer Concentration Risk (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Customer A      
Concentration Risk [Line Items]      
Concentration risk, percentage 67.00% 62.00% 35.00%
Customer B      
Concentration Risk [Line Items]      
Concentration risk, percentage   15.00% 17.00%
Customer C      
Concentration Risk [Line Items]      
Concentration risk, percentage     21.00%
v3.25.4
Overview and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)
Dec. 31, 2025
Technology equipment  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Software’s estimated useful life 6 years
Software | Minimum  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Software’s estimated useful life 3 years
Software | Maximum  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Software’s estimated useful life 6 years
Data center equipment and leasehold improvements  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Software’s estimated useful life 12 years
Furniture, fixtures, and other assets | Minimum  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Software’s estimated useful life 3 years
Furniture, fixtures, and other assets | Maximum  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Software’s estimated useful life 5 years
v3.25.4
Overview and Summary of Significant Accounting Policies - Schedule of Intangible Assets (Details)
Dec. 31, 2025
Acquired technologies  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Estimated useful Lives of Intangible Assets 5 years
Customer relationships  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Estimated useful Lives of Intangible Assets 11 years
Trade name  
Organization, Consolidation and Presentation of Financial Statements [Line Items]  
Estimated useful Lives of Intangible Assets 5 years
v3.25.4
Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Revenue recognized, customer commitments (in percentage) 98.00% 96.00% 88.00%
Deferred revenue $ 8,200 $ 4,100  
Deferred revenue recognized 780 $ 225  
Remaining performance obligation, amount $ 60,700    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Concentration Risk [Line Items]      
Remaining performance obligation, (in percentage) 43.00%    
Remaining performance obligation, expected timing of satisfaction 24 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01      
Concentration Risk [Line Items]      
Remaining performance obligation, (in percentage) 38.00%    
Remaining performance obligation, expected timing of satisfaction 48 months    
v3.25.4
Investments and Fair Value Measurements - Schedule of Debt Securities, Available-for-Sale (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable securities $ 34 $ 0
Strategic investments 117 102
Equity method investments 51 0
Total non-marketable equity securities 168 102
Total investments 202 102
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable securities 12 0
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable securities $ 22 $ 0
v3.25.4
Investments and Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Lease prepayments   $ 54  
Equity method investments   51 $ 0
Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity interest 15.00%    
Equity method investments   51  
Contingent consideration   95  
Lease prepayment   15  
Construction and development cost, maximum loss exposure   $ 200  
Joint Venture | Construction      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Lease not yet commenced term   15 years  
Joint Venture | Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contributed net assets worth $ 57    
Joint Venture | Developer      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity interest 85.00%    
v3.25.4
Investments and Fair Value Measurements - Schedule of Balance Sheet Grouping (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financial assets:    
Total financial assets $ 41 $ 115
Financial liabilities:    
Total financial liabilities 25 200
Level 1 | Cash and cash equivalents | Money market funds    
Financial assets:    
Cash, cash equivalents, restricted cash and restricted cash equivalents 0 2
Level 1 | Restricted cash and cash equivalents, current | Money market funds    
Financial assets:    
Cash, cash equivalents, restricted cash and restricted cash equivalents 0 24
Level 1 | Restricted cash and cash equivalents, non-current | Money market funds    
Financial assets:    
Cash, cash equivalents, restricted cash and restricted cash equivalents 0 57
Level 2    
Financial liabilities:    
Power purchase agreements 1 0
Level 2 | Certificates of deposit    
Financial assets:    
Total marketable securities 0 29
Level 2 | Commercial paper    
Financial assets:    
Total marketable securities 12 0
Level 2 | Corporate bonds    
Financial assets:    
Total marketable securities 22 0
Level 2 | Foreign exchange forward contracts not designated as accounting hedges    
Financial assets:    
Prepaid expenses and other current assets 5 0
Financial liabilities:    
Power purchase agreements 4 0
Level 3    
Financial liabilities:    
Warrant liabilities 0 200
Level 3 | Power purchase agreements    
Financial assets:    
Prepaid expenses and other current assets 2 3
Level 3 | Contingent consideration    
Financial liabilities:    
Power purchase agreements $ 20 $ 0
v3.25.4
Investments and Fair Value Measurements - Schedule Outstanding Interest Rate Swaps and Foreign Exchange Forward Contracts (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Interest rate swaps | Derivative instruments designated as accounting hedges  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Notional amount $ 319
Foreign exchange forward contracts | Derivative instruments not designated as accounting hedges  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Notional amount $ 1,213
v3.25.4
Investments and Fair Value Measurements - Schedule of Measurement Inputs (Details) - Level 3
Mar. 21, 2025
$ / shares
Dec. 31, 2024
$ / shares
Sep. 17, 2024
Stock price      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Warrants, measurement input 41 48  
Embedded derivative liability, measurement input     44
Volatility      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Warrants, measurement input 0.60 0.60  
Risk-free rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Warrants, measurement input 0.04 0.04  
Dividend yield      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Warrants, measurement input 0 0  
Discount rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Embedded derivative liability, measurement input     0.12
v3.25.4
Investments and Fair Value Measurements - Schedule of Change in Fair Value of Derivative Warrant Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Contingent Consideration Assets    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 0 $ 0
Additions 20 0
Adjustment to fair value 0 0
Settlements   0
Sales 0  
Reclassification 0  
Ending balance 20 0
Warrant Liabilities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 200 71
Additions 0 0
Adjustment to fair value (27) 129
Settlements   0
Sales 0  
Reclassification (173)  
Ending balance 0 200
Bifurcated Embedded Derivative Liabilities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 0 386
Additions 0 0
Adjustment to fair value 0 627
Settlements   (1,013)
Sales 0  
Reclassification 0  
Ending balance 0 0
Series B Tranche Liability    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 0 70
Additions 0 0
Adjustment to fair value 0 0
Settlements   (70)
Sales 0  
Reclassification 0  
Ending balance 0 0
Warrant Liabilities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at December 31, 2024 0 0
Additions 222 0
Adjustment to fair value 32 0
Settlements   0
Sales (254)  
Reclassification 0  
Balance at September 30, 2025 0 0
Power Purchase Agreements – Asset    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at December 31, 2024 3 1
Additions 0 0
Adjustment to fair value (1) 2
Settlements   0
Sales 0  
Reclassification 0  
Balance at September 30, 2025 $ 2 $ 3
v3.25.4
Business Combinations - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
May 05, 2025
Dec. 31, 2025
Convertible Promissory Notes    
Business Combination [Line Items]    
Debt face amount   $ 172
Weights and Biases, Inc.    
Business Combination [Line Items]    
Aggregate purchase consideration $ 1,029  
Compensation arrangements for stock-based awards 123  
Stock based award purchase price 33  
Compensation expenses on straight-line basis   79
Acquisition-related costs   29
Cash paid by the Company 96  
Weights and Biases, Inc. | Common Stock    
Business Combination [Line Items]    
Fair value of the company $ 929  
Business Combination, Series of Individually Immaterial Business Combinations    
Business Combination [Line Items]    
Aggregate purchase consideration   348
Cash paid by the Company   81
Fair value of contingent consideration   20
Post-combination compensation expense   76
Business Combination, Series of Individually Immaterial Business Combinations | Convertible Promissory Notes | Convertible Debt    
Business Combination [Line Items]    
Debt face amount   167
Business Combination, Series of Individually Immaterial Business Combinations | Common Stock    
Business Combination [Line Items]    
Fair value of the company   $ 80
v3.25.4
Business Combinations - Schedule of Aggregate Purchase Consideration (Details) - Weights and Biases, Inc.
$ in Millions
May 05, 2025
USD ($)
Business Combination [Line Items]  
Cash paid by the Company $ 96
Total purchase price 1,029
Common Stock  
Business Combination [Line Items]  
Fair value of the company 929
Restricted Stock Units (RSUs)  
Business Combination [Line Items]  
Fair value of the company $ 4
v3.25.4
Business Combinations - Schedule of Recognized Asset Acquired and Liability (Details) - USD ($)
$ in Millions
Dec. 31, 2025
May 05, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Goodwill $ 1,101   $ 20 $ 0
Weights and Biases, Inc.        
Business Combination [Line Items]        
Cash and cash equivalents   $ 51    
Accounts receivable, net   13    
Prepaid expenses and other current assets   2    
Property and equipment, net   1    
Operating lease right-of-use assets   1    
Intangible assets, net   208    
Goodwill   793    
Total assets acquired   1,069    
Accounts payable   1    
Accrued liabilities   7    
Deferred revenue, current   25    
Operating lease liabilities, non-current   1    
Deferred tax liabilities, non-current   6    
Total liabilities assumed   40    
Total purchase price   $ 1,029    
v3.25.4
Business Combinations - Schedule of Intangible Assets and The Estimated Useful Lives (Details) - Weights and Biases, Inc.
$ in Millions
May 05, 2025
USD ($)
Business Combination [Line Items]  
Fair Value $ 208
Customer relationships  
Business Combination [Line Items]  
Fair Value $ 36
Weighted-Average Remaining Useful Lives (in years) 12 years
Developed technology  
Business Combination [Line Items]  
Fair Value $ 162
Developed technology | Minimum  
Business Combination [Line Items]  
Weighted-Average Remaining Useful Lives (in years) 5 years
Developed technology | Maximum  
Business Combination [Line Items]  
Weighted-Average Remaining Useful Lives (in years) 7 years
Trade name  
Business Combination [Line Items]  
Fair Value $ 10
Weighted-Average Remaining Useful Lives (in years) 5 years
v3.25.4
Property and Equipment, Net - Schedule of property and equipment, net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 33,941 $ 12,880
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (3,384) (965)
Property, Plant and Equipment, Net, Total 30,557 11,915
Technology equipment    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 20,903 9,146
Software    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 802 140
Data center equipment and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 2,842 384
Furniture, fixtures, and other assets    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 18 9
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 9,376 $ 3,201
v3.25.4
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation $ 2,400 $ 861 $ 101
Interest costs capitalized $ 182 $ 159 $ 41
v3.25.4
Property and Equipment, Net - Schedule of Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
Beginning balance $ 36 $ 7
Additions 21 27
Accretion expense 5 2
Ending balance $ 62 $ 36
v3.25.4
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning balance $ 20 $ 0
Additions 1,081 20
Ending balance $ 1,101 $ 20
v3.25.4
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Acquired Intangibles, Gross $ 267 $ 9
Accumulated Amortization (32) (4)
Acquired Intangibles, Net $ 235 5
Acquired technologies    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 5 years  
Acquired Intangibles, Gross $ 206 5
Accumulated Amortization (27) (3)
Acquired Intangibles, Net $ 179 2
Other    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 9 years  
Acquired Intangibles, Gross $ 61 4
Accumulated Amortization (5) (1)
Acquired Intangibles, Net $ 56 $ 3
v3.25.4
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expenses for intangible assets $ 27,000,000 $ 0 $ 0
v3.25.4
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2026 $ 45  
2027 45  
2028 43  
2029 43  
2030 23  
Thereafter 36  
Acquired Intangibles, Net $ 235 $ 5
v3.25.4
Consolidated Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 132 $ 67
Contra-revenue asset 67 0
Other current assets 140 34
Total prepaid expenses and other current assets $ 339 $ 101
v3.25.4
Consolidated Balance Sheets Components - Schedule of Other Non-current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 825 $ 145
Contra-revenue asset 282 0
Strategic investments 117 102
Notes receivable 75 108
Escrow funds 0 336
Other non-current assets 207 30
Total other non-current assets [1] $ 1,506 $ 721
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.
v3.25.4
Consolidated Balance Sheets Components - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued purchases $ 5,196 $ 106
Accrued interest 332 157
Other accrued liabilities 245 93
Total accrued liabilities $ 5,773 $ 356
v3.25.4
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
MW
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]      
Term of contract 12 months    
Interest expense on finance leases incurred $ 20 $ 9 $ 1
Electrical power access | MW 378    
Data Center      
Lessee, Lease, Description [Line Items]      
Renewal term 10 years    
Equipment      
Lessee, Lease, Description [Line Items]      
Term of contract 2 years    
Data Center And Office Buildings      
Lessee, Lease, Description [Line Items]      
Lease not yet commenced, liability $ 38,500    
Single Site, Data Center      
Lessee, Lease, Description [Line Items]      
Lease not yet commenced term 16 years    
Electrical power access | MW 393    
Minimum | Office Building      
Lessee, Lease, Description [Line Items]      
Term of contract 2 years    
Minimum | Data Center      
Lessee, Lease, Description [Line Items]      
Term of contract 5 years    
Lease not yet commenced, liability $ 1,100    
Minimum | Data Center And Office Buildings      
Lessee, Lease, Description [Line Items]      
Lease not yet commenced term 5 years    
Minimum | Single Site, Data Center      
Lessee, Lease, Description [Line Items]      
Lease not yet commenced, liability $ 13,500    
Maximum | Office Building      
Lessee, Lease, Description [Line Items]      
Term of contract 10 years    
Maximum | Data Center      
Lessee, Lease, Description [Line Items]      
Term of contract 15 years    
Lease not yet commenced, liability $ 1,700    
Maximum | Data Center And Office Buildings      
Lessee, Lease, Description [Line Items]      
Lease not yet commenced term 17 years    
Maximum | Single Site, Data Center      
Lessee, Lease, Description [Line Items]      
Lease not yet commenced, liability $ 14,400    
v3.25.4
Leases - Schedule of Components of Total Lease Cost Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 825 $ 289 $ 41
Amortization of ROU assets 34 18 3
Interest on lease liabilities 20 9 1
Total finance lease cost 54 27 4
Variable lease cost 252 55 16
Total lease cost $ 1,131 $ 371 $ 61
v3.25.4
Leases - Schedule of Supplemental Consolidated Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating leases:    
Operating lease ROU assets $ 8,231 $ 2,590
Operating lease liabilities, current 427 213
Operating lease liabilities, non-current 7,768 2,389
Total operating lease liabilities 8,195 2,602
Finance leases:    
Property and equipment 500 158
Less: amortization (56) (24)
Property and equipment, net 444 134
Finance lease liabilities, current 38 58
Finance lease liabilities, non-current 216 34
Total finance lease liabilities $ 254 $ 92
v3.25.4
Leases - Schedule of Supplemental Consolidated Cash Flow and Other Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows used in operating leases $ 729 $ 253 $ 30
Operating cash flows used in finance leases 6 9 1
Financing cash flows used in finance leases $ 58 $ 54 $ 8
v3.25.4
Leases - Schedule of Information relating to the lease term and discount rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term (in years):      
Operating leases 11 years 9 years 8 years
Finance leases 5 years 2 years 1 year
Weighted-average discount rate:      
Operating leases 10.00% 12.00% 12.00%
Finance leases 10.00% 11.00% 11.00%
v3.25.4
Leases - Schedule of Future Lease Payments of Operating Lease Liabilities and Finance Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 1,183  
2027 1,231  
2028 1,314  
2029 1,274  
2030 1,157  
Thereafter 7,459  
Total undiscounted lease payments 13,618  
Less: imputed interest (5,423)  
Present value of lease liabilities 8,195 $ 2,602
Finance Leases    
2026 53  
2027 223  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total undiscounted lease payments 276  
Less: imputed interest (22)  
Present value of lease liabilities $ 254 $ 92
v3.25.4
Commitment and Contingencies (Details) - Letter of Credit - USD ($)
Dec. 31, 2025
May 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]      
Maximum borrowing capacity   $ 350,000,000 $ 175,000,000
Letters Of Credit - Lease Agreements      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity $ 294,000,000   $ 533,000,000
v3.25.4
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total principal of debt $ 21,615 $ 8,033
Less: unamortized discount and issuance costs (242) (107)
Total debt, net of unamortized discount and issuance costs 21,373 7,926
Less: debt, current [1] (6,708) (2,468)
Total debt, non-current [1] 14,665 5,458
DDTL 2.1 Facility    
Debt Instrument [Line Items]    
Total debt, net of unamortized discount and issuance costs $ 3,000  
Interest rate, percentage 4.25%  
DDTL 3.0 Facility    
Debt Instrument [Line Items]    
Total debt, net of unamortized discount and issuance costs $ 2,600  
Interest rate, percentage 4.00%  
2030 Senior Notes    
Debt Instrument [Line Items]    
Total debt, net of unamortized discount and issuance costs $ 2,000  
Interest rate, percentage 9.25%  
2031 Senior Notes    
Debt Instrument [Line Items]    
Total debt, net of unamortized discount and issuance costs $ 1,750  
Interest rate, percentage 9.00%  
OEM Financing Arrangements    
Debt Instrument [Line Items]    
Effective Interest Rates 10.00%  
Total principal of debt $ 4,165 1,177
Magnetar Loan    
Debt Instrument [Line Items]    
Effective Interest Rates 12.00%  
Total principal of debt $ 273 0
Interest rate, percentage 12.00%  
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 6.00%  
Total principal of debt $ 1,000 0
Line of Credit | DDTL 1.0 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 15.00%  
Total principal of debt $ 1,553 2,012
Line of Credit | DDTL 2.0 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 10.00%  
Total principal of debt $ 5,037 3,844
Line of Credit | DDTL 2.1 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 9.00%  
Total principal of debt $ 2,741 0
Line of Credit | DDTL 3.0 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 9.00%  
Total principal of debt $ 340 0
Line of Credit | 2024 Term Loan Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 12.00%  
Total principal of debt $ 0 1,000
Senior Notes | 2030 Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 10.00%  
Total principal of debt $ 2,000 0
Senior Notes | 2031 Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 10.00%  
Total principal of debt $ 1,750 0
Convertible Debt | 2031 Convertible Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 2.00%  
Total principal of debt $ 2,588 0
Convertible Debt | Convertible Promissory Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 7.00%  
Total principal of debt $ 168 $ 0
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.
v3.25.4
Debt - Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Maturities of Long-Term Debt [Abstract]    
2026 $ 6,708  
2027 4,298  
2028 2,393  
2029 1,769  
2030 2,109  
Thereafter 4,338  
Total $ 21,615 $ 8,033
v3.25.4
Debt - Interest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Contractual interest expense $ 1,220 $ 475 $ 30
Amortization of debt discounts and issuance costs and accretion of redemption premiums 110 33 16
PIK interest 0 0 22
Less: capitalized interest (182) (159) (41)
Total $ 1,148 $ 349 $ 27
v3.25.4
Debt - Total Debt Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Amount $ 21,373 $ 7,926
DDTL 2.1 Facility    
Debt Instrument [Line Items]    
Stated Interest Rates 4.25%  
Amount $ 3,000  
DDTL 3.0 Facility    
Debt Instrument [Line Items]    
Stated Interest Rates 4.00%  
Amount $ 2,600  
2030 Senior Notes    
Debt Instrument [Line Items]    
Stated Interest Rates 9.25%  
Amount $ 2,000  
2031 Senior Notes    
Debt Instrument [Line Items]    
Stated Interest Rates 9.00%  
Amount $ 1,750  
2031 Convertible Senior Notes    
Debt Instrument [Line Items]    
Stated Interest Rates 1.75%  
Amount $ 2,588  
v3.25.4
Debt - Narrative (Details) - Senior Notes
Dec. 08, 2025
2031 Convertible Senior Notes Make-Whole  
Short-Term Debt [Line Items]  
Debt instrument, convertible, conversion ratio 0.0023191
2031 Convertible Senior Notes  
Short-Term Debt [Line Items]  
Debt instrument, convertible, conversion ratio 0.0092764
v3.25.4
Debt - Delayed Draw Term Loans ("DDTL") (Details)
 1 Months Ended
Jul. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
May 31, 2024
USD ($)
Jul. 31, 2023
USD ($)
DDTL 3.0 Facility        
Line of Credit Facility [Line Items]        
Debt issuance costs $ 82,000,000      
Line of Credit | DDTL 1.0 Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity       $ 2,300,000,000
Line of Credit | DDTL 2.0 Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity     $ 7,600,000,000  
Line of Credit | DDTL 3.0 Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity $ 2,600,000,000 $ 3,000,000,000.0    
Commitment fee percentage 0.50%      
Secured swap agreements, term 45 days      
Percentage of anticipated outstanding on notional amount 0.75      
v3.25.4
Debt - Senior Notes (Details) - Senior Notes - USD ($)
Dec. 31, 2025
Jul. 31, 2025
May 31, 2025
Fair Value, Inputs, Level 2      
Debt Instrument [Line Items]      
Fair value of the senior notes $ 3,500,000,000    
2030 Senior Notes      
Debt Instrument [Line Items]      
Debt face amount     $ 2,000,000,000.0
Debt issuance costs     $ 37,000,000
2031 Senior Notes      
Debt Instrument [Line Items]      
Debt face amount   $ 1,800,000,000  
Debt issuance costs   $ 31,000,000  
v3.25.4
Debt - 2031 Convertible Senior Notes (Details)
 12 Months Ended
Dec. 08, 2025
Dec. 31, 2025
USD ($)
consecutiveTradingDay
tradingDay
$ / shares
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Unamortized debt discounts and issuance costs   $ 242,000,000 $ 107,000,000
2031 Convertible Senior Notes      
Debt Instrument [Line Items]      
Debt instrument, convertible, threshold percentage of stock price trigger, percentage   130.00%  
Debt instrument, convertible, threshold trading days | tradingDay   20  
Debt instrument, convertible, threshold consecutive trading days | consecutiveTradingDay   30  
2031 Convertible Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Debt face amount   $ 2,600,000,000  
Debt instrument, convertible, conversion ratio 0.0092764    
Convertible, conversion price (usd per shares) | $ / shares   $ 107.80  
Unamortized debt discounts and issuance costs   $ 57,000,000  
Fair value of the senior notes   $ 2,500,000,000  
2031 Convertible Senior Notes Make-Whole | Senior Notes      
Debt Instrument [Line Items]      
Debt instrument, convertible, conversion ratio 0.0023191    
v3.25.4
Debt - Capped Call Transactions (Details) - 2031 Convertible Senior Notes
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
Debt Instrument [Line Items]  
Payments for convertible senior notes capped call | $ $ 340
Option indexed to issuer's equity, strike price (usd per share) $ 107.80
Option indexed to issuer's equity, initial cap price (usd per share) $ 215.60
v3.25.4
Debt - 2024 Term Loan Facility (Details) - Line of Credit - 2024 Term Loan Facility
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]  
Maximum borrowing capacity $ 1,000,000,000.0
Secured Debt  
Line of Credit Facility [Line Items]  
Maximum borrowing capacity 229,000,000
Unsecured Debt  
Line of Credit Facility [Line Items]  
Maximum borrowing capacity $ 771,000,000
v3.25.4
Debt - Revolving Credit Facility (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Nov. 13, 2025
May 31, 2025
Dec. 31, 2024
Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity   $ 2,500,000,000 $ 1,500,000,000 $ 650,000,000
Outstanding amount $ 294,000,000     0
Line of credit 1,000,000,000.0      
Remaining borrowing capacity $ 1,200,000,000      
Commitment fee percentage 0.25%      
Letter of Credit        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity     $ 350,000,000 $ 175,000,000
Letter-Of-Credit Sub-Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity   $ 600,000,000    
v3.25.4
Debt - OEM and Software License Financing Arrangements (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
OEM Financing Arrangements    
Debt Instrument [Line Items]    
Debt face amount $ 4,800 $ 1,300
Outstanding amount $ 3,800 $ 1,200
OEM Financing Arrangements | Minimum    
Debt Instrument [Line Items]    
Term 1 year  
OEM Financing Arrangements | Maximum    
Debt Instrument [Line Items]    
Term 3 years  
Software Financing Arrangements    
Debt Instrument [Line Items]    
Debt face amount $ 431  
Term 5 years  
Outstanding amount $ 368  
Debt instrument, accordion feature, increase limit $ 884  
v3.25.4
Debt - Magnetar Loan (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Interest expense $ 1,148,000,000 $ 349,000,000 $ 27,000,000
MagAI Ventures      
Debt Instrument [Line Items]      
Agreement contract term 4 years    
Agreement contract optional extension term 2 years    
Magnetar Loan      
Debt Instrument [Line Items]      
Debt face amount $ 230,000,000    
Interest rate, percentage 12.00%    
Debt, current $ 273,000,000    
Interest expense $ 43,000,000    
v3.25.4
Debt - Convertible Promissory Notes (Details) - Convertible Promissory Notes
$ in Millions
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Debt face amount $ 172
Debt, current $ 168
Debt instrument, present value of the notes discounted percentage 7.00%
v3.25.4
Debt- 2021 Convertible Senior Secured Notes (Details) - USD ($)
shares in Millions
 12 Months Ended
Sep. 17, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 31, 2021
Debt Instrument [Line Items]          
Interest costs   $ 1,148,000,000 $ 349,000,000 $ 27,000,000  
2021 Convertible Senior Secured Notes | Senior Notes          
Debt Instrument [Line Items]          
Debt face amount         $ 50,000,000
Conversion feature, shares issued (in shares) 25        
Conversion feature, shares issued cash payment $ 2,000,000        
Fair value of the common shares issued $ 1,100,000,000        
Change in fair value     627,000,000 361,000,000  
Interest costs     $ 0 $ 31,000,000  
v3.25.4
Debt - DCSP Financing Arrangements (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Apr. 30, 2025
Oct. 31, 2024
USD ($)
Jun. 30, 2023
MW
Lessor, Lease, Description [Line Items]            
Electrical power expected to be received in phases | MW           78
Property, plant and equipment, gross $ 33,941,000,000 $ 12,880,000,000        
Finance lease right-of-use assets acquired through lease liability 343,000,000 142,000,000 $ 0      
Interest expense 1,148,000,000 $ 349,000,000 $ 27,000,000      
DCSP Financing Obligation            
Lessor, Lease, Description [Line Items]            
Term of contract         14 years  
Interest rate   15.00%        
Lessee, finance lease term       14 years    
Lessee, imputed interest rate       0.13    
Finance lease right-of-use assets acquired through lease liability 123,000,000          
Interest income 28,000,000          
Interest expense 28,000,000          
DCSP Note Receivable            
Lessor, Lease, Description [Line Items]            
Financing receivable 304,000,000 $ 224,000,000        
Financing receivable, term         7 years  
Financing receivable, stated rate         13.00%  
DCSP Note Receivable | DCSP Financing Obligation            
Lessor, Lease, Description [Line Items]            
Financing receivable $ 234,000,000 116,000,000        
DCSP Note Receivable | Unfunded Loan Commitment            
Lessor, Lease, Description [Line Items]            
Financing receivable         $ 305,000,000  
Critical Infrastructure Assets            
Lessor, Lease, Description [Line Items]            
Property, plant and equipment, gross   $ 116,000,000        
v3.25.4
Debt - DCSP Financing Obligation (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessor, Lease, Description [Line Items]    
2026 $ 53  
2027 223  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total undiscounted lease payments 276  
Less: amount representing interest (22)  
Total finance lease liabilities 254 $ 92
Less: current portion (38) (58)
Finance lease liabilities, non-current 216 $ 34
DCSP Financing Obligation    
Lessor, Lease, Description [Line Items]    
2026 20  
2027 20  
2028 20  
2029 20  
2030 20  
Thereafter 154  
Total undiscounted lease payments 254  
Less: amount representing interest (141)  
Total finance lease liabilities 113  
Less: current portion (3)  
Finance lease liabilities, non-current 110  
Finance Lease    
Lessor, Lease, Description [Line Items]    
2026 19  
2027 19  
2028 19  
2029 19  
2030 19  
Thereafter 149  
Total undiscounted lease payments 244  
Less: amount representing interest (123)  
Total finance lease liabilities 121  
Less: current portion (3)  
Finance lease liabilities, non-current $ 118  
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Narrative (Details)
 1 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
voting_right
$ / shares
shares
Dec. 31, 2024
USD ($)
voting_right
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Sep. 30, 2025
d
$ / shares
Mar. 21, 2025
$ / shares
Dec. 31, 2022
shares
Temporary Equity [Line Items]              
Conversion of redeemable convertible preferred stock in connection with initial public offering | $   $ 559,000,000 $ 1,080,000,000 $ 2,000,000      
Temporary equity, shares outstanding (in shares) 185,000,000            
Temporary equity, liquidation preference | $ $ 1,618,000,000            
Temporary equity, volume-weighted average price days | d         20    
Temporary equity, consecutive trading days | d         30    
Temporary equity, volume- weighted average price (usd per share) | $ / shares         $ 68.16    
Preferred stock, shares authorized (in shares)   100,000,000 0        
Preferred stock, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005        
Preferred stock, shares issued (in shares)   0 0        
Preferred stock, shares outstanding (in shares)   0 0        
Common shares, shares authorized (in shares)   3,400,000,000 691,000,000        
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005        
Common stock dividends declared (usd per share) | $ / shares   $ 0 $ 0        
Conversion ratio 20            
Warrant liability | $     $ 200,000,000        
Fair value adjustment of warrants | $     $ 129,000,000 $ 67,000,000      
Exercise price of warrants (usd per share) | $ / shares           $ 1.5495  
Fair value adjustment of warrants, before modification | $   $ 27,000,000          
IPO              
Temporary Equity [Line Items]              
Conversion of redeemable convertible preferred stock in connection with initial public offering | $ $ 559,000,000            
Series C              
Temporary Equity [Line Items]              
Temporary equity, shares outstanding (in shares) 30,000,000            
Issuance price (in dollars per share) | $ / shares $ 38.95 $ 38.95 $ 38.95        
Temporary equity, liquidation preference | $ $ 1,164,000,000   $ 1,200,000,000        
Dividend rate   10.00%          
Series C | IPO              
Temporary Equity [Line Items]              
Temporary equity, shares outstanding (in shares)     30,000,000        
Redeemable Class A Common Stock              
Temporary Equity [Line Items]              
Temporary equity, shares outstanding (in shares)   0 0 0     0
Dividends payable | $   $ 0          
Redeemable Class A Common Stock | IPO              
Temporary Equity [Line Items]              
Conversion of stock, shares issued (in shares) 30,000,000            
Common Class C              
Temporary Equity [Line Items]              
Common shares, shares authorized (in shares)   200,000,000 0        
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005        
Common shares, shares issued (in shares)   0 0        
Common shares, shares outstanding (in shares)   0 0        
Conversion ratio   1          
Common Class A              
Temporary Equity [Line Items]              
Common shares, shares authorized (in shares)   3,000,000,000 541,000,000        
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005        
Common shares, shares issued (in shares)   401,000,000 121,000,000        
Common shares, shares outstanding (in shares)   394,000,000 115,000,000        
Voting rights for common stock | voting_right   1          
Common Class A | IPO              
Temporary Equity [Line Items]              
Conversion of stock, shares issued (in shares) 155,000,000            
Common Class B              
Temporary Equity [Line Items]              
Common shares, shares authorized (in shares)   200,000,000 150,000,000        
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005        
Common shares, shares issued (in shares)   108,000,000 118,000,000        
Common shares, shares outstanding (in shares)   108,000,000 118,000,000        
Voting rights for common stock | voting_right   10 1        
Conversion ratio   1          
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Temporary Equity [Line Items]      
Shares authorized (in shares)   206  
Shares issued (in shares)   185  
Shares outstanding (in shares)   185  
Carrying Value   $ 1,722  
Aggregate Liquidation Preference   $ 1,618  
Series Seed      
Temporary Equity [Line Items]      
Shares authorized (in shares)   60  
Shares issued (in shares)   46  
Shares outstanding (in shares)   46  
Issuance price (in dollars per share)   $ 0.05  
Carrying Value   $ 2  
Aggregate Liquidation Preference   $ 2  
Series A      
Temporary Equity [Line Items]      
Shares authorized (in shares)   24  
Shares issued (in shares)   19  
Shares outstanding (in shares)   19  
Issuance price (in dollars per share)   $ 0.12  
Carrying Value   $ 2  
Aggregate Liquidation Preference   $ 2  
Series B      
Temporary Equity [Line Items]      
Shares authorized (in shares)   80  
Shares issued (in shares)   80  
Shares outstanding (in shares)   80  
Issuance price (in dollars per share)   $ 5.58  
Carrying Value   $ 551  
Aggregate Liquidation Preference   $ 446  
Series B-1      
Temporary Equity [Line Items]      
Shares authorized (in shares)   12  
Shares issued (in shares)   10  
Shares outstanding (in shares)   10  
Issuance price (in dollars per share)   $ 0.40  
Carrying Value   $ 4  
Aggregate Liquidation Preference   $ 4  
Series C      
Temporary Equity [Line Items]      
Shares authorized (in shares)   30  
Shares issued (in shares)   30  
Shares outstanding (in shares)   30  
Issuance price (in dollars per share) $ 38.95 $ 38.95 $ 38.95
Carrying Value   $ 1,163  
Aggregate Liquidation Preference   $ 1,164 $ 1,200
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - 2019 Stock Option Plan and 2025 Equity Incentive Plan (Details) - Outstanding stock options - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
2019 Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares authorized (in shares)     74
Number of shares available for grant (in shares)     4
2025 Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares available for grant (in shares) 45    
Shares reserved for future issuance (in shares)   50  
Capital shares reserved for future issuance annual increase   5.00%  
2019 And 2025 Plans | Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Vesting period 3 years    
2019 And 2025 Plans | Maximum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Vesting period 4 years    
Expiration period 10 years    
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Schedule of Stock Option Plan Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Stock Options Outstanding    
Beginning balance (in shares) 47,000,000  
Granted (in shares) 0 0
Exercised (in shares) (13,000,000)  
Forfeited, expired, or canceled (in shares) 0  
Ending balance (in shares) 34,000,000 47,000,000
Vested and expected to vest (in shares) 34,000,000  
Exercisable (in shares) 25,000,000  
Weighted-Average Exercise Price    
Beginning balance (in usd per share) $ 1.74  
Granted (in usd per share) 0  
Exercised (in usd per share) 1.57  
Forfeited, expired, or canceled (in usd per share) 7.47  
Ending balance (in usd per share) 1.76 $ 1.74
Vested and expecting to vest (in usd per share) 1.76  
Exercisable (in usd per share) $ 1.18  
Weighted-Average Remaining Contractual Term (Years)    
Outstanding, Weighted average remaining contractual term 6 years 7 years
Vested and expected to vest, Weighted average remaining contractual term 6 years  
Exercisable, Weighted average remaining contractual term 6 years  
Outstanding, Aggregate intrinsic value $ 2,381 $ 2,163
Vested and expecting to vest, Aggregate intrinsic value 2,381  
Exercisable, Aggregate intrinsic value $ 1,759  
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Shares outstanding (in shares) 34,000,000 47,000,000  
Granted (in shares) 0 0  
Weighted-average grant date fair value of stock options granted (usd per share)     $ 6.50
Fair value of shares vested $ 36 $ 45 $ 10
Intrinsic value of stock options exercised $ 1,100 $ 117 $ 38
Related Party      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Shares outstanding (in shares) 400,000    
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - The Black-Scholes Option-Pricing Model Assumptions Used to Value the Employee Stock Options at the Grant Dates (Details) - Employee Stock
 12 Months Ended
Dec. 31, 2023
$ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Expected volatility 58.00%
Expected term (in years) 6 years
Risk-free interest rate 4.00%
Expected dividend yield 0.00%
Minimum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Sale of stock price (usd per share) $ 1.86
Maximum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Sale of stock price (usd per share) $ 17.27
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Employee Stock Purchase Plan and Treasury Stock (Details) - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Compensation expense $ 630,000,000 $ 31,000,000 $ 15,000,000  
Employee Stock | 2025 Employee Stock Purchase Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Number of shares authorized (in shares)       10
Percentage of outstanding stock maximum 1.00%      
Maximum number of shares allowable under plan 100      
Purchase price of common stock 85.00%      
Unrecognized compensation costs, stock options $ 0      
Compensation expense $ 0      
v3.25.4
1Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period 4 years  
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Beginning balance (in shares) 15  
Granted (in shares) 18  
Vested (in shares) (6)  
Forfeited and canceled (in shares) (1)  
Ending balance (in shares) 26 15
Weighted- Average Fair Value Per Share    
Beginning balance, Weighted average grant date fair value (usd per share) $ 38.80  
Granted (usd per share) 73.92 $ 38.56
Vested (usd per share) 37.58  
Forfeited and canceled (usd per share) 45.55  
Ending balance, Weighted average grant date fair value (usd per share) $ 62.06 $ 38.80
Fair value of RSUs $ 537  
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Restricted Stock Awards (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restricted Stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Granted (in shares) 2  
Vesting period 4 years  
RSAs unvested (in shares) 2  
Restricted Stock Units (RSUs) [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Granted (in shares) 18  
Vesting period 4 years  
RSAs unvested (in shares) 26 15
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Stock-Based Compensation Expense (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Stock Options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation costs, stock options $ 54
Unrecognized cost, recognition period 2 years
RSUs and RSAs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized cost, recognition period 3 years
Unrecognized compensation costs $ 1,300
v3.25.4
Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense $ 630 $ 31 $ 15
Software      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 177    
Capitalized stock-based compensation expense 17    
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 15 1 1
Technology and infrastructure      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 221 10 6
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 31 3 2
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense $ 363 $ 17 $ 6
v3.25.4
Income Taxes - Net Loss Before the Provision for (Benefit from) Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (1,118) $ (743) $ (558)
Foreign (97) (1) 0
Loss before income taxes $ (1,215) $ (744) $ (558)
v3.25.4
Income Taxes - Net Loss Before the Provision for (Benefit from) Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
State $ 0 $ 6 $ 0
Foreign 5 0 0
Total current income tax expense (benefit) 5 6 0
Deferred:      
Federal (38) 109 36
State (4) 3 0
Foreign (11) 1 0
Total deferred income tax expense (benefit) (53) 113 36
Total provision for (benefit from) income taxes $ (48) $ 119 $ 36
v3.25.4
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Tax at statutory rate $ (255)    
Foreign tax effects 13    
Tax credits (55)    
Changes in valuation allowance 378    
Stock-based compensation (140)    
Other nontaxable or nondeductible items (5)    
Changes in unrecognized tax benefits 16    
Total provision for (benefit from) income taxes $ (48) $ 119 $ 36
Percent      
Tax at statutory rate 21.00% 21.00% 21.00%
Foreign tax effects (1.00%) (0.10%) 0.00%
Tax credits 4.00% 0.30% 0.20%
Changes in valuation allowance (31.00%) (17.50%) (7.70%)
Stock-based compensation 11.00%    
Other nontaxable or nondeductible items 1.00%    
Changes in unrecognized tax benefits (1.00%)    
Effective tax rate 4.00% (16.10%) (6.40%)
v3.25.4
Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Percent      
U.S. federal tax benefit at statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit   0.10% 0.10%
Stock-based compensation   1.90% 0.50%
Foreign tax rate differential (1.00%) (0.10%) 0.00%
Convertible interest   (0.20%) (0.20%)
Change in valuation allowance, net (31.00%) (17.50%) (7.70%)
Derivative liabilities   (21.40%) (20.20%)
General business credit - federal 4.00% 0.30% 0.20%
Other   (0.20%) (0.10%)
Effective tax rate 4.00% (16.10%) (6.40%)
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating losses $ 971 $ 767
Lease liabilities 2,065 540
Deferred revenue 768 309
Other 217 103
Total deferred tax assets 4,021 1,719
Valuation allowance (636) (181)
Deferred tax assets, net of valuation allowance 3,385 1,538
Deferred tax liabilities:    
Property and equipment (1,330) (1,147)
Intangible assets (46) (1)
Operating and financing ROU assets (2,112) (539)
Total deferred tax liabilities (3,488) (1,687)
Net deferred tax liabilities, net of valuation allowance $ (103) $ (149)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Increase in valuation allowance $ 455,000,000 $ 133,000,000 $ 44,000,000
Tax credit carryforward, amount 63,000,000 15,000,000  
Effective tax rate 19,000,000    
Unrecognized tax benefits 22,000,000 0 $ 0
Domestic Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 4,300,000,000 3,600,000,000  
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 905,000,000 61,000,000  
Operating loss carryforwards without expiration term 266,000,000 30,000,000  
Operating loss carryforwards with expiration term 639,000,000 $ 31,000,000  
Tax credit carryforward, amount $ 13,000,000    
v3.25.4
Income Taxes - Cash Income Taxes Paid (Refunds) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
State and local $ (1) $ 14 $ 0
Income taxes, net of amounts refunded $ (1) $ 14 $ 0
v3.25.4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net loss $ (1,167) $ (863) $ (594)
Dividends and accretion on Series C redeemable convertible preferred stock (29) (74) 0
Net loss attributable to common stockholders, basic (1,196) (937) (594)
Change in fair value of common stock warrants (27) 0 0
Net loss attributable to common stockholders, diluted $ (1,223) $ (937) $ (594)
Denominator:      
Weighted-average shares used in computing net loss attributable to common stockholders, basic (in shares) 435,000 218,000 192,000
Effect of dilutive securities - Common stock warrants (in shares) 1,000 0 0
Weighted-average shares used in computing net loss attributable to common stockholders, diluted (in shares) 436,000 218,000 192,000
Net loss per share attributable to common stockholders, basic (in usd per share) $ (2.75) $ (4.30) $ (3.09)
Net loss per share attributable to common stockholders, diluted (in usd per share) $ (2.81) $ (4.30) $ (3.09)
v3.25.4
Net Loss Per Share Attributable to Common Stockholders - Antidilutive Shares (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 92 236 235
Redeemable convertible preferred stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 0 185 155
Outstanding convertible notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 26 0 25
Outstanding RSUs and RSAs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 28 0 0
Outstanding stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 34 47 51
Outstanding warrants to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 4 4 4
v3.25.4
Net Loss Per Share Attributable to Common Stockholders - Narrative (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 92 236 235
Performance Shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares)   15  
v3.25.4
Related-Party Transactions (Details) - USD ($)
 3 Months Ended 12 Months Ended 14 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 31, 2024
Oct. 31, 2024
Jul. 31, 2024
Oct. 31, 2022
Oct. 31, 2021
Class of Warrant or Right [Line Items]                  
Ownership of company equity threshold eligibility for redeemable stock         5.00%        
Total principal of debt   $ 21,615,000,000 $ 8,033,000,000            
Total   $ 1,148,000,000 349,000,000 $ 27,000,000          
Strategic investments     50,000,000            
Common Stock                  
Class of Warrant or Right [Line Items]                  
Tender offer (in shares)       41,000,000          
Common Class A | Common Stock                  
Class of Warrant or Right [Line Items]                  
Tender offer (in shares)           14,000,000      
2021 Convertible Senior Secured Notes | Senior Secured Notes Involving Magnetar | Related Party                  
Class of Warrant or Right [Line Items]                  
Term of right   1 year              
Rights exercised (in shares)   0              
2021 Convertible Senior Secured Notes | Senior Secured Notes Involving Magnetar | Related Party | Common Class A                  
Class of Warrant or Right [Line Items]                  
Warrants and rights outstanding                 $ 15,000,000
Number of issuable shares by rights (in shares)                 400,000
Stock price (usd per share)   $ 40.00              
2022 Senior Secured Notes | Senior Secured Notes Involving Magnetar | Related Party                  
Class of Warrant or Right [Line Items]                  
Debt face amount               $ 125,000,000  
Repurchase amount             $ 137,000,000    
2022 Senior Secured Notes | Senior Secured Notes Involving Magnetar | Related Party | Common Class A                  
Class of Warrant or Right [Line Items]                  
Number of issuable shares by rights (in shares)               12,000,000  
Right for common stock outstanding               5.00%  
DDTL 1.0 Facility | Facilities Managed By Magnetar | Related Party                  
Class of Warrant or Right [Line Items]                  
Total principal of debt     438,000,000            
Repayments of debt $ 25,000,000   63,000,000            
Total 15,000,000   66,000,000            
DDTL 2.0 Facility | Facilities Managed By Magnetar | Related Party                  
Class of Warrant or Right [Line Items]                  
Total principal of debt     106,000,000            
Repayments of debt   $ 0              
Magnetar Loan                  
Class of Warrant or Right [Line Items]                  
Debt face amount   230,000,000              
Total principal of debt   273,000,000 0            
Total   $ 43,000,000              
Magnetar Loan | MagAI Capacity Agreement | Related Party                  
Class of Warrant or Right [Line Items]                  
Debt face amount     $ 230,000,000            
Total $ 19,000,000                
v3.25.4
Geographic Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 5,131 $ 1,915 $ 229
United States      
Disaggregation of Revenue [Line Items]      
Total revenue 4,801 1,797 201
All other countries      
Disaggregation of Revenue [Line Items]      
Total revenue $ 330 $ 118 $ 28
v3.25.4
Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Geographic Concentration Risk | Long Lived Assets Benchmark | United States    
Concentration Risk [Line Items]    
Concentration risk, percentage 88.00% 90.00%
v3.25.4
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Billions
 1 Months Ended
Jan. 31, 2026
Feb. 28, 2026
Dec. 31, 2025
Dec. 31, 2024
OEM Financing Arrangements        
Subsequent Event [Line Items]        
Debt face amount     $ 4.8 $ 1.3
OEM Financing Arrangements | Minimum        
Subsequent Event [Line Items]        
Term     1 year  
OEM Financing Arrangements | Maximum        
Subsequent Event [Line Items]        
Term     3 years  
Subsequent Event        
Subsequent Event [Line Items]        
Proceeds from sale of stock $ 2.0      
Stock price (usd per share) $ 87.20      
Lease not yet commenced, liability   $ 8.8    
Subsequent Event | Minimum        
Subsequent Event [Line Items]        
Lease not yet commenced term   2 years    
Subsequent Event | Maximum        
Subsequent Event [Line Items]        
Lease not yet commenced term   16 years    
Subsequent Event | OEM Financing Arrangements        
Subsequent Event [Line Items]        
Debt face amount $ 1.5      
Term 3 years