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Quarterly Results of Operations

The  following  table  sets  forth  our  unaudited  quarterly  consolidated  statements  of  operations  data  for  each  of 
the quarterly periods indicated. The unaudited quarterly statements of operations data has been prepared on 
the  same  basis  as  our  audited  consolidated  financial  statements  included  elsewhere  in  this  prospectus  and 
includes all adjustments, consisting only of normal recurring adjustments that, in our opinion, are necessary to 
state fairly the results of operations for these periods. Our historical results are not necessarily indicative of the 
results  that  may  be  expected  in  the  future  and  the  results  for  any  particular  quarter  are  not  necessarily 
indicative  of  the  results  to  be  expected  for  a  full  year  or  any  other  period.  You  should  read  the  following 
unaudited  quarterly  consolidated  results  of  operations  in  conjunction  with  our  consolidated  financial 
statements and related notes included elsewhere in this prospectus.

Quarterly Consolidated Statements of Operations 

(in millions)
Revenue

Operating expenses:

Compute and 
infrastructure 
Personnel(1)
Bartz settlement

Sales, marketing, and 
partnerships

Other operating and 
administrative

Total operating 
expenses

Operating income (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

March 31,
2025

June 30,
2025

September 30,
2025

December 31,
2025

March 31,
2026

June 30,
2026

$

376 $

787 $

1,382 $

2,040 $

4,731 $

11,555

Three Months Ended

944

218

—

24

125

1,311
(935)

51

1,390

320

—

96

181

1,987
(1,200)

64

2,047

489

1,500

202

233

4,471
(3,089)

124

2,945

812

—

246

873

4,876
(2,836)

192

3,387

1,295

—

1,033

683

6,398
(1,667)

349

5,558

1,857

—

2,135

1,031

10,581

974

762

(5,701)

(5,241)

(9,165)

(14,201)

(12,791)

(59,597)

—

—

(3)

(5)

(309)

(8,448)

(5,650)

(5,177)

(9,044)

(14,014)

(12,751)

(67,283)

(6,585)

(6,377)

(12,133)

(16,850)

(14,418)

(66,309)

7

—

5

8

21

—

$

(6,592) $

(6,377) $

(12,138) $

(16,858) $

(14,439) $

(66,309)

______________
(1)

Includes stock-based compensation expense of $105 million, $181 million, $305 million, $574 million, $924 million,  and $1.3 
billion for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, 
and June 30, 2026, respectively.

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