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our  outstanding  convertible  promissory  notes  resulting  from  an  increase  in  our  enterprise  valuation  during  each  of  the 
respective periods.

The following table sets forth our consolidated statements of operations as a percentage of revenue data for the 
periods indicated:

Revenue

Operating expenses:

Compute and infrastructure 

Personnel

Bartz settlement
Sales, marketing, and 
partnerships
Other operating and 
administrative

Total operating expenses

Operating loss

Interest income

Change in fair value of 
convertible notes, derivative 
liabilities, and SAFEs

Other income (expense), net

Total other income (expense), 
net

Loss before provision for income 
taxes

Provision for income taxes

Net loss

Year Ended December 31,
2024

2023

2025

Six Months Ended June 30,

2025

2026

100 %

100 %

100 %

100 %

100 %

1,056

232

—

5

151

1,444

(1,344)

168

653

118

—

11

90

872

(772)

27

(2,549)

(1,408)

(5)

—

(2,385)

(1,380)

(3,729)

5

(3,734)%

(2,152)

—
(2,153)%

160

40

33

12

31

276

(176)

9

(748)

—

(739)

(915)

—
(915)%

201

46

—

10

26

284

(184)

10

(941)

—

(931)

(1,115)

1
(1,115)%

55

19

—

19

11

104

(4)

7

(444)

(54)

(491)

(496)

—
(496)%

______________
Note: Totals of percentage of revenue table may not foot due to rounding.

Comparison of the Six Months Ended June 30, 2025 and 2026

Revenue

(in millions, except for percentages)
Revenue

2025

2026

$ Change

% Change

$

1,163 $

16,286 $

15,123

1,300 %

Six Months Ended June 30,

Revenue  for  the six  months  ended  June  30,  2026  increased  by $15.1  billion,  or 1,300%,  compared  to  the six 
months  ended  June  30,  2025.  Consumption-based  and  subscription-based  revenue  increased  by $12.1 billion 
and $3.0 billion, respectively, for the six months ended June 30, 2026 compared to the six months ended June 
30,  2025.  The  increase  was  driven  by  successive  model  and  product  releases  that  drove  higher  usage, 
expansion,  and  broader  adoption  across  our  offerings.  The  number  of  customers  with $100,000  or  more  of 
revenue on a TTM basis grew from more than 600 as of June 30, 2025 to more than 6,000 as of June 30, 2026. 
Total revenue from these customers grew from $870 million for the six months ended June 30, 2025 to $12.0 
billion for the six months ended June 30, 2026 and represented approximately 75%  and 74% of total revenue 
for the six months ended June 30, 2025 and 2026, respectively.

148