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Interest Income

(in millions, except for percentages)
Interest income

2025

2026

$ Change

% Change

$

115 $

1,111 $

996

866 %

Six Months Ended June 30,

Interest income for the six months ended June 30, 2026 increased by $996 million, or 866%, compared to the 
six months ended June 30, 2025. The increase was primarily driven by an increase in investment income due to 
higher average cash and cash equivalents balances and new short-term investments balances in the first half of 
2026.

Change in Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs

(in millions, except for percentages)
Change in fair value of convertible notes, 
derivative liabilities, and SAFEs

Six Months Ended June 30,

2025

2026

$ Change

% Change

$

(10,942) $

(72,388) $

(61,446)

562 %

Change  in  fair  value  of  convertible  notes,  derivative  liabilities,  and  SAFEs  for  the six  months  ended  June  30, 
2026 increased  by $61.4 billion,  or 562%, compared to the six months ended June 30, 2025. This change was 
primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from 
an increase in our enterprise valuation from 2025 to 2026.

Other Income (Expense), Net

(in millions, except for percentages)
Other income (expense), net

______________
NM – Not meaningful.

Six Months Ended June 30,

2025

2026

$ Change

% Change

$

— $

(8,757) $

(8,757)

NM

Other income (expense), net for the six months ended June 30, 2026 decreased by $8.8 billion compared to the 
six  months  ended  June  30,  2025.  The  decrease  was  primarily  driven  by  the  initial  fair  value  recognition  and 
change  in  fair  value  of  the  assets  and  liabilities  recognized  under  the  note  purchase  agreements  described  in 
Note 4 to our consolidated financial statements included elsewhere in this prospectus.

Provision for Income Taxes

(in millions, except for percentages)
Provision for income taxes

2025

2026

$ Change

% Change

$

7 $

21 $

14

200 %

Six Months Ended June 30,

Provision for income taxes was not material for the periods presented.

Comparison of the Years Ended December 31, 2024 and 2025

Revenue

(in millions, except for percentages)
Revenue

2024

2025

$ Change

% Change

$

386 $

4,585 $

4,199

1,088 %

Year Ended December 31,

Revenue  for  the  year  ended  December  31,  2025  increased  by $4.2  billion,  or 1,088%,  compared  to  the  year 
ended  December  31,  2024.  Consumption-based  and  subscription-based  revenue  increased  by  approximately 
$3.5 billion and $691 million, respectively, for the year ended December 31, 2025 compared to the year ended 
December  31,  2024.  The  increase  was  driven  by  successive  model  and  product  releases  during  the  year  that 

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