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We  are  highly  dependent  on  the  continued  service  of  our  co-founders,  senior  management 
team,  and  key  technical  employees,  and  the  loss  of  any  of  these  individuals  may  adversely 
affect our business, financial condition, and results of operations.

We are highly dependent on the continued service of our Chief Executive Officer, President, co-founders, senior 
management team, and key technical team. In particular, our Chief Executive Officer and President are critical 
to  setting  our  strategic  direction,  advancing  our  research  agenda,  shaping  our  safety  and  governance 
frameworks,  and  generally  advancing  our  mission,  and  we  believe  that  their  leadership  would  be  difficult  to 
replace. If either were to become unavailable for any reason, or if either of their reputations were significantly 
harmed,  regardless  of  merit,  there  could  be  an  adverse  impact  on  our  operations  and  competitive  position, 
employee  morale,  employee  retention,  pace  of  innovation,  customer  and  partner  confidence  in  our  company, 
our brand and reputation, and our long-term strategic objectives. Further, the loss of key personnel, including 
members  of  our  founding  team  and  senior  management  team,  and  key  engineering,  research,  product 
development, marketing, and sales personnel, could also disrupt our operations and have an adverse effect on 
our  business.  Many  of  our  key  personnel,  particularly  within  our  technical  and  research  teams,  are  strongly 
motivated by our mission and the opportunity to work on addressing specific problems within the AI landscape. 
To the extent that their interests evolve, they seek to pursue different technical challenges or areas of focus, or 
they  are  drawn  to  other  organizations  or  initiatives  that  they  perceive  as  better  aligned  with  their  personal 
beliefs  or  professional  objectives,  we  may  face  increased  difficulty  retaining  such  personnel.  This  risk  may  be 
heightened as we continue to scale and mature as an organization, which may change the nature of the work 
environment,  priorities,  or  perceived  mission  alignment  for  certain  personnel,  including  personnel  who  may 
conclude that the objectives that drew them to us have been substantially achieved. In addition, under certain of 
our agreements with suppliers, the loss of certain key personnel could accelerate our obligations or otherwise 
trigger adverse consequences under such agreements. 

If we are unable to retain key personnel, or if we fail to conduct effective succession planning and find suitable 
replacements  for  any  losses  of  such  key  personnel  in  a  timely  manner  and  on  competitive  terms,  we  could 
experience declines in sales, delays in research and development, and harm to our business and operations. If 
we are unable to manage the foregoing risks, our business, financial condition, and results of operations could 
be adversely affected. 

We  may  require  additional  capital  to  meet  our  substantial  ongoing  obligations  and  support 
our  business  growth,  and  our  ability  to  generate  sufficient  revenue  and  secure  additional 
capital on acceptable terms is critical to our continued operations and competitive position.

Our business model requires substantial and increasing capital to support our ability to remain competitive and 
to  stay  at  the  frontier  of  AI.  We  intend  to  continue  to  make  significant  financial  investments  to  support  our 
business  growth  and  may  require  additional  funds  to  acquire  sufficient  compute  and  respond  to  business 
challenges,  including  expenditures  to  create,  maintain,  upgrade,  and  enhance  our  models,  platform,  and 
applications, including costs related to investments in infrastructure, human capital, office expansion, and data 
assets.  In  addition,  we  may  use  a  portion  of  our  cash  to  satisfy  tax  withholding  and  remittance  obligations 
related to outstanding RSUs and equity awards that we grant in the future.

In  addition,  to  date  we  have  financed  our  compute  primarily  under  arrangements  with  CSPs,  with  costs 
recognized as compute is made available to us. We may in the future finance a greater portion of our compute 
on an up-front basis, including through capital leases, prepayments, debt-financed purchases of equipment, or 
similar  arrangements.  If  we  were  to  do  so,  we  may  incur  significant  cash  outflows  in  advance  of  compute 
availability or related revenue, which could increase demands on our cash flows and liquidity and our need to 
raise  additional  capital.  Such  arrangements  could  also  increase  our  capital  intensity  and  alter  our  cash-flow 
profile.

Accordingly,  it  is  critical  that  we  maintain  strong  revenue  growth,  grow  revenue  efficiently  relative  to  our 
committed compute, infrastructure, and personnel costs, and manage our cash flows effectively. To the extent 
that  such  efforts  are  insufficient  to  meet  our  capital  needs,  we  may  need  to  obtain  additional  capital  through 
equity  or  debt  financings.  If  we  raise  additional  funds  through  future  issuances  of  equity,  equity-linked 
securities, or convertible debt securities, our existing stockholders could suffer dilution, and any new securities 
we  issue  could  have  rights,  preferences,  and  privileges  superior  to  those  of  holders  of  our  common  stock. 
Further, the conversion of our outstanding convertible securities will cause additional dilution to our existing 

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