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build and maintain our strategic partnerships;

anticipate and respond to macroeconomic changes and changes in the industry and markets in which 
we operate; 

anticipate and respond to evolving regulatory requirements and political dynamics;

• maintain our safety-focused approach while meeting market demands;

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successfully monetize our models, platform, and applications; and

respond effectively to competitive threats.

If  we  fail  to  effectively  address  the  risks  and  challenges  we  face,  including  those  described  elsewhere  in  this 
“Risk Factors” section, our business, financial condition, and results of operations could be adversely affected. 
We  have  encountered  in  the  past,  and  will  encounter  in  the  future,  risks  and  uncertainties  frequently 
experienced  by  growing  companies  with  limited  operating  histories  in  rapidly  changing  industries.  If  our 
assumptions  regarding  these  risks  and  uncertainties,  which  we  use  to  plan  and  operate  our  business,  are 
incorrect  or  change,  or  if  we  do  not  address  these  risks  successfully,  our  results  of  operations  could  differ 
materially  from  our  expectations  and  our  business,  financial  condition,  and  results  of  operations  could  be 
adversely affected. 

We are at an early stage of our revenue growth, we have experienced rapid growth in recent 
periods,  and  our  historical  growth  rates  are  not  indicative  of  future  performance  or  our 
ability to sustain or forecast future revenue growth. 

We  have  grown  rapidly  over  the  last  several  years,  and  therefore  our  recent  revenue  growth  and  financial 
performance  should  not  be  considered  indicative  of  our  future  performance. In  2023,  2024,  and  2025,  our 
revenue was $41 million, $386 million, and $4.6 billion, respectively, representing year-over-year growth rates 
of  841%  and 1,088%,  respectively.  In  the  six  months  ended  June  30,  2026,  our  revenue  was $16.3  billion, 
representing  a  year-over-year  growth  rate  of 1,300%.  We  do  not  expect  our  revenue  will  continue  to  grow  at 
comparable rates, and we cannot assure you that it will continue to grow at all. Our recent growth may reflect 
early-stage adoption dynamics, the nascency of the AI market, and rapid initial customer expansion that may 
not  be  sustainable  over  time,  and  it  may  decline  significantly  and  more  rapidly  than  we  anticipate,  as  our 
revenue base increases, as the market matures, and as a result of the other factors described below. We expect 
our  revenue  growth  rate  to  decline  over  time.  In  addition,  because  the  AI  industry  is  very  nascent,  we  have 
struggled to accurately forecast our revenue in the past and may struggle to do so in the future.

We may experience declines in our revenue growth rate as a result of a number of factors, including:

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the slowing or shifting demand for our models, platform, and applications or the market as a whole;

our inability to secure sufficient compute and direct it efficiently across our organization; 

insufficient  growth  in  the  number  of  users  and  paying  customers  of  our  models,  platform,  and 
applications  or  the  failure  to  increase  sales  of  our  models,  platform,  and  applications  to  existing 
customers;

failures,  errors,  or  performance  limitations  in  our  models,  including  unexpected  behavior,  degraded 
outputs, outages, or inability to meet customer expectations or use-case requirements;

increasing competition among existing competitors and new market entrants;

the  safety  and  risk  mitigation  measures  we  implement  in  developing  and  releasing  our  models, 
including any resulting delays in model development or release, or the adoption of laws, regulations, or 
standards that affect how and when frontier AI models may be developed or released;

our failure to continue to capitalize on growth opportunities;

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