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   "type": "heading",
   "md": "# Summary Consolidated Financial and Other Data",
   "value": "Summary Consolidated Financial and Other Data",
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   "md": "The following tables summarize our consolidated financial and other data. We have derived the summary consolidated statements of operations data for the years ended December 31, 2023, 2024, and 2025 from our audited consolidated financial statements included elsewhere in this prospectus. We have derived the summary consolidated statements of operations data for the six months ended June 30, 2025 and 2026, and the summary consolidated balance sheet data as of June 30, 2026, from our unaudited interim consolidated financial statements included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace our consolidated financial statements and related notes and are qualified in their entirety by our consolidated financial statements and related notes included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future and our results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or any other period. The following summary consolidated financial and other data should be read in conjunction with the section titled \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and our consolidated financial statements and related notes thereto included elsewhere in this prospectus.",
   "value": "The following tables summarize our consolidated financial and other data. We have derived the summary consolidated statements of operations data for the years ended December 31, 2023, 2024, and 2025 from our audited consolidated financial statements included elsewhere in this prospectus. We have derived the summary consolidated statements of operations data for the six months ended June 30, 2025 and 2026, and the summary consolidated balance sheet data as of June 30, 2026, from our unaudited interim consolidated financial statements included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace our consolidated financial statements and related notes and are qualified in their entirety by our consolidated financial statements and related notes included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future and our results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or any other period. The following summary consolidated financial and other data should be read in conjunction with the section titled \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and our consolidated financial statements and related notes thereto included elsewhere in this prospectus.",
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   "type": "heading",
   "md": "## Consolidated Statements of Operations Data",
   "value": "Consolidated Statements of Operations Data",
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   "md": "| (in millions, except share and per share amounts)                            | Year Ended December 31,<br/>2023 | Year Ended December 31,<br/>2024 | Year Ended December 31,<br/>2025 | Six Months Ended June 30,<br/>2025 | Six Months Ended June 30,<br/>2026 |\n| ---------------------------------------------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ---------------------------------- | ---------------------------------- |\n| Revenue                                                                      | $41                              | $386                             | $4,585                           | $1,163                             | $16,286                            |\n| Operating expenses:                                                          |                                  |                                  |                                  |                                    |                                    |\n| Compute and infrastructure                                                   | 433                              | 2,522                            | 7,326                            | 2,334                              | 8,945                              |\n| Personnel(1)                                                                 | 95                               | 454                              | 1,839                            | 538                                | 3,152                              |\n| Bartz settlement                                                             | —                                | —                                | 1,500                            | —                                  | —                                  |\n| Sales, marketing, and partnerships                                           | 2                                | 43                               | 568                              | 120                                | 3,168                              |\n| Other operating and administrative                                           | 62                               | 347                              | 1,412                            | 306                                | 1,714                              |\n| Total operating expenses                                                     | 592                              | 3,366                            | 12,645                           | 3,298                              | 16,979                             |\n| Operating loss                                                               | (551)                            | (2,980)                          | (8,060)                          | (2,135)                            | (693)                              |\n| Interest income                                                              | 69                               | 106                              | 431                              | 115                                | 1,111                              |\n| Change in fair value of convertible notes, derivative liabilities, and SAFEs | (1,045)                          | (5,434)                          | (34,308)                         | (10,942)                           | (72,388)                           |\n| Other income (expense), net                                                  | (2)                              | —                                | (8)                              | —                                  | (8,757)                            |\n| Total other income (expense), net                                            | (978)                            | (5,328)                          | (33,885)                         | (10,827)                           | (80,034)                           |\n| Loss before provision for income taxes                                       | (1,529)                          | (8,308)                          | (41,945)                         | (12,962)                           | (80,727)                           |\n| Provision for income taxes                                                   | 2                                | 1                                | 20                               | 7                                  | 21                                 |\n| Net loss(2)                                                                  | $(1,531)                         | $(8,309)                         | $(41,965)                        | $(12,969)                          | $(80,748)                          |\n| Net loss per share attributable to common stockholders, basic and diluted    | $(1.42)                          | $(5.43)                          | $(23.04)                         | $(7.25)                            | $(39.88)                           |\n| Weighted-average number of shares outstanding, basic and diluted             | 1,076,880,510                    | 1,528,994,540                    | 1,821,084,860                    | 1,788,730,900                      | 2,024,972,990                      |",
   "html": "<table>\n  <thead>\n    <tr>\n        <th> </th>\n        <th colspan=\"3\">Year Ended December 31,</th>\n        <th colspan=\"2\">Six Months Ended June 30,</th>\n    </tr>\n<tr>\n        <th>(in millions, except share and per share amounts)</th>\n        <th>2023</th>\n        <th>2024</th>\n        <th>2025</th>\n        <th>2025</th>\n        <th>2026</th>\n    </tr>\n  </thead>\n  <tbody>\n    <tr>\n        <td>Revenue</td>\n<td>$41</td>\n<td>$386</td>\n<td>$4,585</td>\n<td>$1,163</td>\n<td>$16,286</td>\n    </tr>\n<tr>\n        <td colspan=\"6\">Operating expenses:</td>\n    </tr>\n<tr>\n        <td>Compute and infrastructure</td>\n<td>433</td>\n<td>2,522</td>\n<td>7,326</td>\n<td>2,334</td>\n<td>8,945</td>\n    </tr>\n<tr>\n        <td>Personnel<sup>(1)</sup></td>\n<td>95</td>\n<td>454</td>\n<td>1,839</td>\n<td>538</td>\n<td>3,152</td>\n    </tr>\n<tr>\n        <td>Bartz settlement</td>\n<td>—</td>\n<td>—</td>\n<td>1,500</td>\n<td>—</td>\n<td>—</td>\n    </tr>\n<tr>\n        <td>Sales, marketing, and partnerships</td>\n<td>2</td>\n<td>43</td>\n<td>568</td>\n<td>120</td>\n<td>3,168</td>\n    </tr>\n<tr>\n        <td>Other operating and administrative</td>\n<td>62</td>\n<td>347</td>\n<td>1,412</td>\n<td>306</td>\n<td>1,714</td>\n    </tr>\n<tr>\n        <td>Total operating expenses</td>\n<td>592</td>\n<td>3,366</td>\n<td>12,645</td>\n<td>3,298</td>\n<td>16,979</td>\n    </tr>\n<tr>\n        <td>Operating loss</td>\n<td>(551)</td>\n<td>(2,980)</td>\n<td>(8,060)</td>\n<td>(2,135)</td>\n<td>(693)</td>\n    </tr>\n<tr>\n        <td>Interest income</td>\n<td>69</td>\n<td>106</td>\n<td>431</td>\n<td>115</td>\n<td>1,111</td>\n    </tr>\n<tr>\n        <td>Change in fair value of convertible notes, derivative liabilities, and SAFEs</td>\n<td>(1,045)</td>\n<td>(5,434)</td>\n<td>(34,308)</td>\n<td>(10,942)</td>\n<td>(72,388)</td>\n    </tr>\n<tr>\n        <td>Other income (expense), net</td>\n<td>(2)</td>\n<td>—</td>\n<td>(8)</td>\n<td>—</td>\n<td>(8,757)</td>\n    </tr>\n<tr>\n        <td>Total other income (expense), net</td>\n<td>(978)</td>\n<td>(5,328)</td>\n<td>(33,885)</td>\n<td>(10,827)</td>\n<td>(80,034)</td>\n    </tr>\n<tr>\n        <td>Loss before provision for income taxes</td>\n<td>(1,529)</td>\n<td>(8,308)</td>\n<td>(41,945)</td>\n<td>(12,962)</td>\n<td>(80,727)</td>\n    </tr>\n<tr>\n        <td>Provision for income taxes</td>\n<td>2</td>\n<td>1</td>\n<td>20</td>\n<td>7</td>\n<td>21</td>\n    </tr>\n<tr>\n        <td>Net loss<sup>(2)</sup></td>\n<td>$(1,531)</td>\n<td>$(8,309)</td>\n<td>$(41,965)</td>\n<td>$(12,969)</td>\n<td>$(80,748)</td>\n    </tr>\n<tr>\n        <td>Net loss per share attributable to common stockholders, basic and diluted</td>\n<td>$(1.42)</td>\n<td>$(5.43)</td>\n<td>$(23.04)</td>\n<td>$(7.25)</td>\n<td>$(39.88)</td>\n    </tr>\n<tr>\n        <td>Weighted-average number of shares outstanding, basic and diluted</td>\n<td>1,076,880,510</td>\n<td>1,528,994,540</td>\n<td>1,821,084,860</td>\n<td>1,788,730,900</td>\n<td>2,024,972,990</td>\n    </tr>\n  </tbody>\n</table>",
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   "md": "<sup>(1)</sup> Includes stock-based compensation expense of $29 million, $192 million, and $1.2 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $286 million and $2.2 billion for the six months ended June 30, 2025 and 2026, respectively.\n<sup>(2)</sup> Includes change in fair value of convertible notes, derivative liabilities, and simple agreements for future equity (\"SAFEs\"), which were $1.0 billion, $5.4 billion, and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $10.9 billion and $72.4 billion for the six months ended June 30, 2025 and 2026, respectively. These changes were primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods.",
   "value": "<sup>(1)</sup> Includes stock-based compensation expense of $29 million, $192 million, and $1.2 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $286 million and $2.2 billion for the six months ended June 30, 2025 and 2026, respectively.\n<sup>(2)</sup> Includes change in fair value of convertible notes, derivative liabilities, and simple agreements for future equity (\"SAFEs\"), which were $1.0 billion, $5.4 billion, and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $10.9 billion and $72.4 billion for the six months ended June 30, 2025 and 2026, respectively. These changes were primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods.",
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