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Item 15.

Recent Sales of Unregistered Securities. 

From  November  1,  2023  through  the  filing  date  of  this  registration  statement,  we  have  issued  the  following 
unregistered securities: 

Preferred Stock Issuances 

From  January  2024  to  May  2024,  we  sold  an  aggregate  of  39,978,675  shares  of  our  Series  D-1  and  D-3 
redeemable convertible preferred stock to 54 accredited investors at a purchase price of $30.0045 per share, for 
an  aggregate  purchase  price  of  approximately  $1.2  billion.  In  January  2024,  we  issued  33,328  shares  of  our 
Series  D-1  redeemable  convertible  preferred  stock  to  one  accredited  investor  upon  conversion  of  a  simple 
agreement for future equity with a principal amount of $1,000,000 at a purchase price of $30.0045 per share. 
In January 2024, we issued 4,443,769 shares of our Series D-2 redeemable convertible preferred stock to two 
accredited  investors  upon  conversion  of  simple  agreements  for  future  equity  with  an  aggregate  principal 
amount of $120 million at a purchase price of $27.0041 per share.

From  January  2025  to  March  2025,  we  sold  an  aggregate  of  63,610,106  shares  of  our  Series  E-1  redeemable 
convertible  preferred  stock  to  72  accredited  investors  at  a  purchase  price  of  $56.0865  per  share,  for  an 
aggregate  purchase  price  of  approximately  $3.6  billion.  From  January  2025  to  March  2025,  we  issued 
95,281,934  shares  of  our  Series  E-2  non-voting  redeemable  convertible  preferred  stock  to  one  accredited 
investor upon conversion of our convertible promissory notes at a purchase price of $20.9280 per share for an 
aggregate  purchase  price  of  approximately  $2.0  billion.  In  January  2025,  we  issued  12,664,555  shares  of  our 
Series E-3 non-voting redeemable convertible preferred stock to one accredited investor upon conversion of a 
convertible  promissory  note  at  a  purchase  price  of  $44.8692  per  share  for  an  aggregate  purchase  price  of 
approximately  $568  million.  In  January  2025,  we  issued  15,342,945  shares  of  our  Series  E-4  non-voting 
redeemable convertible preferred stock to one accredited investor upon conversion of a convertible promissory 
note at a purchase price of $50.4779 per share for an aggregate purchase price of approximately $774 million. 
In January 2025, we issued 24,243,584 shares of our Series E-5 non-voting redeemable convertible preferred 
stock  to  one  accredited  investor  upon  conversion  of  a  convertible  promissory  note  at  a  purchase  price  of 
$53.2822 per share for an aggregate purchase price of approximately $1.3 billion. 

From  August  2025  to  September  2025,  we  sold  an  aggregate  of  (i)  92,219,720  shares  of  our  Series  F-1 
redeemable convertible preferred stock to 202 accredited investors at a purchase price of $140.9676 per share, 
for an aggregate purchase price of approximately $13.0 billion and (ii) 20,739,866 shares of our Series F-2 non-
voting  redeemable  convertible  preferred  stock  to  one  accredited  investor  upon  conversion  of  our  convertible 
promissory notes at a purchase price of $20.9280 per share for an aggregate purchase price of approximately 
$434 million. 

In October 2025, we repurchased 4,453,900 shares of our Series B redeemable convertible preferred stock from 
the U.S. government, to which such shares had been forfeited by former holders in legal proceedings to which 
we were not a party, at a purchase price of $140.9676 per share, and contemporaneously resold such shares to 
nine  accredited  investors  at  the  same  price  per  share,  for  aggregate  consideration  of  approximately  $627 
million. We did not receive any net proceeds from these transactions. 

From January 2026 to February 2026, we sold an aggregate of 90,510,425 shares of our Series G-1 redeemable 
convertible  preferred  stock  to  261  accredited  investors  at  a  purchase  price  of  $259.1364  per  share,  for  an 
aggregate  purchase  price  of  approximately  $23.5  billion.  From  January  2026  to  May  2026,  we  sold  an 
aggregate  of  83,928,770  shares  of  our  Series  G-2  non-voting  redeemable  convertible  preferred  stock  to  five 
accredited  investors  at  a  purchase  price  of  $259.1364  per  share,  for  an  aggregate  purchase  price  of 
approximately $21.7 billion. From January 2026 to February 2026, we issued 20,562,886 shares of our Series 
G-3  non-voting  redeemable  convertible  preferred  stock  to  one  accredited  investor  upon  conversion  of  our 
convertible  promissory  notes  at  a  purchase  price  of  $20.9280  per  share,  for  an  aggregate  purchase  price  of 
approximately  $430  million.  In  January  2026,  we  issued  3,321,638  shares  of  our  Series  G-4  non-voting 
redeemable  convertible  preferred  stock  to  one  accredited  investor  upon  conversion  of  our  convertible 
promissory notes at a purchase price of $233.2228 per share for an aggregate purchase price of approximately 
$774 million. 

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