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Table of Contents Consolidated Balance Sheet Data (in millions) Cash, cash equivalents, and short-term investments Working capital(4) Total assets Total liabilities Redeemable convertible preferred stock Additional paid-in capital Accumulated deficit Total stockholders’ deficit As of June 30, 2026 Actual Pro Forma(1) 131,651 $ 130,760 $ 147,358 $ 117,467 $ 157,510 $ 5,336 $ (132,902) $ Pro Forma As Adjusted(2)(3) $ $ $ $ $ $ $ (127,619) $ $ $ $ $ $ $ $ $ $ ______________ (1) The pro forma column in the consolidated balance sheet gives effect to (i) the Preferred Stock Conversion, as if such conversion had occurred on June 30, 2026, (ii) the Convertible Notes Conversion, as if such conversion had occurred on June 30, 2026, (iii) the Class F Stock Issuance, as if it had occurred on June 30, 2026, (iv) an increase to additional paid-in capital and accumulated deficit related to stock-based compensation of $ related to RSUs subject to the RSU Settlement, 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. (2) The pro forma as adjusted column gives effect to (i) the pro forma adjustments set forth above, (ii) the sale and issuance by us of shares of our Class A common stock in this offering, based upon the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the use of net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to satisfy the estimated tax withholding and remittance obligations related to the RSU Settlement. We will not receive any proceeds from the sale of shares of our Class A common stock by any of the selling stockholders. (3) Each $1.00 increase (decrease) in the assumed initial public offering price would increase (decrease) each of cash, cash equivalents, and short-term investments; working capital; total assets; additional paid-in capital; and total stockholders’ deficit by $ , assuming the number of shares offered by us as stated on the cover page of this prospectus remains unchanged and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, an increase (decrease) of 1.0 million shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) each of cash, cash equivalents, and short-term investments; working capital; total assets; additional paid-in capital; and total stockholders’ deficit by $ , assuming the assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover page of this prospectus) remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of shares of our Class A common stock by any of the selling stockholders. (4) Working capital is defined as current assets less current liabilities. Non-GAAP Financial Measures In addition to the measures presented in our consolidated financial statements that were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), we use Adjusted Operating Income (Loss), Adjusted Operating Margin, and Adjusted Net Income (Loss) as non-GAAP financial measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. (in millions, except for percentages) Adjusted Operating Income (Loss) $ Operating margin Adjusted Operating Margin Year Ended December 31, 2024 2023 2025 Six Months Ended June 30, 2025 2026 (522) (1,344)% (1,273)% $ (2,788) $ (4,854) $ (1,849) $ (772)% (722)% (176)% (106)% (184)% (159)% Adjusted Net Income (Loss) $ (457) $ (2,683) $ (4,448) $ (1,741) $ 1,618 (4)% 10% 2,671 See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Non-GAAP Financial Measures” for a definition of each non-GAAP financial measure, a discussion of the 24
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