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stockholders. Any debt financing that we may secure in the future may involve restrictive covenants relating to 
our capital raising activities and other financial and operational matters, potentially making it more difficult for 
us to obtain additional capital and to pursue business opportunities. 

In  addition,  our  ability  to  draw  amounts  under  certain  of  our  note  purchase  agreements  (“NPAs”)  is  not 
guaranteed  and  is  subject  to  the  satisfaction  of  specified  conditions.  In  particular,  our  ability  to  access 
additional  amounts  under  certain  of  these  facilities  depends  on  our  achievement  of  certain  revenue 
performance  targets  and/or  the  ability  of  third  parties  to  deliver  additional  compute  to  us.  While  we  have 
historically  surpassed  all  such  revenue  performance  targets,  there  can  be  no  assurance  that  revenue  will 
continue to exceed these thresholds at all times in the future. If these conditions are not satisfied, we may be 
unable to draw additional amounts under the applicable NPA, which could adversely affect our cash flows and 
liquidity.  For  more  information  about  the  terms  of  our  convertible  promissory  notes,  see  the  section  titled 
“Management’s  Discussion  and  Analysis  of  Financial  Condition  and  Results  of  Operations—Liquidity  and 
Capital Resources—Convertible Notes.”

We  may  not  be  able  to  obtain  additional  financing  on  terms  favorable  to  us,  if  at  all.  We  evaluate  financing 
opportunities  from  time  to  time,  and  our  ability  to  obtain  financing  will  depend,  among  other  things,  on  our 
development efforts, business plans, and operating performance and the condition of the capital markets at the 
time  we  seek  financing.  The  equity  and  debt  markets  may  experience  extreme  volatility  and  disruption  from 
time to time, which could result in higher credit spreads in such markets and higher funding costs for us. If we 
are unable to generate sufficient revenue growth or obtain adequate financing or financing on terms satisfactory 
to  us  when  we  require  it,  our  ability  to  continue  to  support  our  business  growth,  scale  our  infrastructure, 
develop new models, platforms, and applications, enhance our existing models, platform, and applications, and 
respond  to  business  challenges  may  be  impaired,  and  our  business,  financial  condition,  and  results  of 
operations may be adversely affected. 

Our company culture has contributed to our success and, if we cannot maintain this culture as 
we grow, our business could be adversely affected.

We believe that our company culture is a critical component to our success. We are a mission-driven company 
and  our  culture  reflects  a  strong  emphasis  on  the  Company  Purpose.  Our  ability  to  continue  to  cultivate  and 
maintain  this  culture  is  essential  to  our  growth  and  continued  success.  We  face  a  number  of  challenges 
associated with our commitment to our company culture, including:

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the need to identify, attract, reward, and retain people in leadership positions in our organization who 
share and further our culture, values, and mission;

the increasing size and geographic diversity of our workforce, and our ability to promote a uniform and 
consistent culture across all of our offices and employees;

internal  and  external  perceptions  about  our  mission,  values,  commitment  to  safety,  and  uses  of  our 
models, platform, and applications;

engagement with government policymakers on issues that resonate differently across our workforce;

competitive pressures to move in directions that may divert us from our mission and values; 

the  rigorous,  values-driven  standards  we  apply  in  hiring  and  decision-making,  which  may  slow  the 
pace at which we can scale our workforce or expand our operations relative to competitors;

the continued challenges of a rapidly evolving industry;

the increased scrutiny and expectations associated with operating as a public company; and 

the need to balance our long-term, mission-driven objectives with shorter-term financial performance 
expectations, which may create internal tension and challenge our ability to consistently reinforce our 
cultural values and mission across teams and leadership. 

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