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Table of Contents The following table sets forth the computation of unaudited pro forma net loss per share, basic and diluted, of common stock attributable to common stockholders for the periods presented: (in millions, except share and per share amounts) Numerator: Net loss Pro forma adjustment to record stock-based compensation expense related to RSUs for which the performance-based vesting condition will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part Pro forma adjustment to eliminate the change in fair value recognized related to the Convertible Notes Conversion Pro forma net loss Denominator: Year Ended December 31, 2025 Six Months Ended June 30, 2026 $ (41,965) $ (80,748) Weighted-average number of shares outstanding, basic and diluted 1,821,084,860 2,024,972,990 Pro forma adjustment to reflect the Preferred Stock Conversion Pro forma adjustment to reflect the RSU Settlement Pro forma adjustment to reflect the Convertible Notes Conversion Weighted-average number of shares outstanding used to compute pro forma net loss per share, basic and diluted(1)(2) Pro forma net loss per share, basic and diluted(1)(2) ______________ (1) The unaudited pro forma net loss per share and pro forma weighted-average number of shares used in computing pro forma net loss per share give effect to (i) the Preferred Stock Conversion, as if such conversion had occurred on January 1, 2025, (ii) the Convertible Notes Conversion, as if such conversion had occurred on January 1, 2025, (iii) stock-based compensation expense related to RSUs for which the service-based vesting condition was satisfied or partially satisfied, and as if the performance condition had been satisfied on January 1, 2025, of $ and $ for the year ended December 31, 2025 and the six months ended June 30, 2026, respectively, (iv) the net issuance of and shares of our Class A common stock upon the vesting and settlement of RSUs, for which the service-based vesting condition was satisfied, and as if the performance condition had been satisfied on January 1, 2025, for the year ended December 31, 2025 and the six months ended June 30, 2026, respectively, and (v) the filing and effectiveness of our amended and restated certificate of incorporation in Delaware that will become effective immediately prior to the completion of this offering. The pro forma weighted-average number of shares does not give effect to the Initial Public Benefit Issuance, as shares of our Class N common stock held by our wholly owned subsidiary are not considered outstanding for accounting purposes. (2) As of , 2026, unrecognized stock-based compensation expense not reflected in pro forma net loss per share was $ related to RSUs for which the service-based vesting condition was not satisfied, and which is expected to be recognized over a weighted-average period of approximately years, and $ related to our other outstanding equity awards, which is expected to be recognized over a weighted-average period of approximately years. 23
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