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Summary Consolidated Financial and Other Data 

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. 

Consolidated Statements of Operations Data

(in millions, except share and per share 

amounts)

Revenue

Operating expenses:

Compute and infrastructure 
Personnel(1)
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(2)
Net loss per share attributable to common 
stockholders, basic and diluted

$

$

Year Ended December 31,

Six Months Ended June 30,

2023

2024

2025

2025

2026

$

41 $

386 $

4,585 $

1,163 $

16,286

433

95

—

2

62

592
(551)

69

(1,045)

(2)

(978)

(1,529)

2,522

454

—

43

347

3,366
(2,980)

106

(5,434)

—
(5,328)

(8,308)

7,326

1,839

1,500

568

1,412

12,645
(8,060)

431

(34,308)

(8)

(33,885)

(41,945)

2
(1,531) $

1
(8,309) $

20
(41,965) $

2,334

538

—

120

306

3,298
(2,135)

115

(10,942)

—
(10,827)

(12,962)

7

(12,969) $

8,945

3,152

—

3,168

1,714

16,979
(693)

1,111

(72,388)

(8,757)

(80,034)

(80,727)

21
(80,748)

(1.42) $

(5.43) $

(23.04) $

(7.25) $

(39.88)

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

(1)

(2)

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.
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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