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to,  and  pricing  for,  our  models,  independent  of  the  applicable  platform,  and  changes  in,  or  termination  of,  a 
particular  distribution  relationship  would  not  independently  eliminate  those  contractual  relationships. 
However,  customers  may  be  unwilling  or  unable  to  transition  to  alternative  access  points  on  commercially 
acceptable  terms  or  timelines,  or  at  all,  following  a  disruption,  which  could  result  in  revenue  loss,  increased 
costs, or adverse impacts to our growth, margins, and results of operations. In addition, any delay, dispute, or 
operational  issue  affecting  a  platform’s  collection  or  remittance  of  customer  payments  could  adversely  affect 
our cash flows and working capital.

We may not be able to maintain or increase revenue from our top customers for a variety of reasons, including 
but not limited to the following: 

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customers may develop their own solutions that compete with our models, platform, and applications; 

some of our customers may redesign their systems to require fewer of our services with limited notice 
to  us  and  may  choose  not  to  renew  or  increase  their  purchases  of  our  models,  platform,  and 
applications; 

changes to our models, platform, and applications may not align with the needs or expectations of our 
customers and such changes may reduce customer trust in us;

our customers may have pre-existing or concurrent relationships with, or may be, current or potential 
competitors  that  may  affect  such  customers’  decisions  to  purchase  our  models,  platform,  and 
applications;

our  customers  and  partners  that  heavily  rely  on  our  offerings  may  want  to  reduce  such  levels  of 
reliance, seek out competing offerings, or transition to other providers altogether; and

our customers, particularly early-stage and high-growth companies, may depend on venture capital or 
other  external  financing  to  fund  their  operations,  and  may  reduce  or  cease  spending  with  us  if  such 
funding is delayed, reduced, or unavailable or if their access to capital becomes more costly.

Any adverse change in demand from our largest customers, in their ability or willingness to perform under their 
contracts  with  us,  in  applicable  laws  or  regulations,  or  in  our  broader  strategic  relationships  with  such 
customers could adversely affect our business and prospects. As a result, a significant reduction in spending by, 
or  the  loss  of,  one  or  more  of  our  largest  customers,  if  not  offset  by  new  customer  relationships  or  increased 
business from our other existing customers, could adversely affect our business, financial condition, and results 
of operations. For additional risks related to our reliance on enterprise customers and government customers, 
including longer sales cycles, complex procurement processes, heightened contractual, compliance, and security 
requirements,  and  budgetary  and  policy  constraints,  see  the  sections  titled  “—Sales  to  enterprise  customers 
involve  complexities  and  risks  that  could  adversely  affect  our  business,  financial  condition,  and  results  of 
operations”  and  “—Our  sales  to  government  entities  and  highly  regulated  organizations  are  subject  to 
challenges and risks.”

We  have  incurred  significant  indebtedness  in  order  to  operate  and  grow  our  business, 
including  to  fund  our  substantial  compute  commitments,  and  our  ability  to  service  this 
indebtedness may be constrained by our cash flows and liquidity.

In order to operate and grow our business, including to fund our substantial compute commitments, we have 
incurred a substantial amount of debt, which requires significant interest and principal payments. As of June 
30, 2026, our total indebtedness was $6.2 billion, reflecting the aggregate principal amount outstanding under 
the  convertible  promissory  notes  issued  to  Amazon  (through  Amazon  Web  Services,  Inc.)  pursuant  to  the 
Convertible  Note  Purchase  Agreement,  dated  as  of  September  19,  2023,  by  and  between  us  and  Amazon  (the 
“Amazon 2023 NPA”) and the New Convertible Note Purchase Agreement, dated as of November 22, 2024, by 
and  between  us  and  Amazon  (the  “Amazon  2024  NPA”)  (all  such  notes  issued  thereunder,  collectively,  the 
“Amazon  Notes”).  We  may  also  incur  additional  indebtedness  to  meet  our  future  financing  needs.  We  have 
guaranteed  the  obligations  of  certain  of  our  subsidiaries  that  are  party  to  AI  infrastructure  arrangements,  as 
well  as  pursuant  to  agreements  we  entered  into  in  connection  with  an  equipment  lease  with  a  third-party 
partner,  Broadcom  Inc.  (“Broadcom”)  in  March  2026  to  procure  specialized  AI  accelerators  and  associated 
components  (under  which  Broadcom  intends  to  assign  to  a  designated  financial  partner)  (the  “2026  Lease 

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