Form 8-K

8-K — CoreWeave, Inc.

Accession: 0001769628-26-000362

Filed: 2026-08-11

Period: 2026-08-11

CIK: 0001769628

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — crwv-20260811.htm (Primary)

EX-99.1 (coreweave2q26earningspress.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: crwv-20260811.htm · Sequence: 1

crwv-20260811

FALSE000176962800017696282026-08-112026-08-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 11, 2026

___________________________________

CoreWeave, Inc.

(Exact name of registrant as specified in its charter)

___________________________________

Delaware

001-42563

82-3060021

(State or other jurisdiction of

incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

290 W Mt. Pleasant Ave., Suite 4100

Livingston, NJ

07039

(Address of registrant's principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (973) 270-9737

___________________________________

Not Applicable

(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $0.000005 par value per share

CRWV

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On August 11, 2026, CoreWeave, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the accompanying Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filings.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.

Description

99.1

Press release issued by CoreWeave, Inc., dated August 11, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 11, 2026

COREWEAVE, INC.

By:

/s/ Nitin Agrawal

Name:

Nitin Agrawal

Title:

Chief Financial Officer

EX-99.1

Filename: coreweave2q26earningspress.htm · Sequence: 2

Document

CoreWeave Reports Strong Second Quarter 2026 Results

Record Second Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for CoreWeave Cloud

LIVINGSTON, N.J., – August 11, 2026 – CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today reported financial results for the second quarter ended June 30, 2026.

"CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform," said Michael Intrator, co-founder, chairman, and chief executive officer of CoreWeave. "CoreWeave is built on the conviction that AI is foundational to every industry and that realizing its full potential requires a purpose-built platform. This quarter reinforced that conviction."

Second Quarter 2026 Financial Highlights

(In millions, except percentages and per share amounts)

Three Months Ended June 30,

2026

2025

Revenue

2,575

1,212

Operating expenses

2,624

1,193

Operating income (loss)

(49)

Operating income (loss) margin

(2)

Interest expense, net

(640)

(267)

Net loss

(626)

(290)

Net loss margin

(24)

Basic net loss per share

(1.14)

(0.60)

Diluted net loss per share

$ (1.14)

$ (0.60)

Non-GAAP Financial Measures

(In millions, except percentages)

Three Months Ended June 30,

2026

2025

Adjusted EBITDA

1,510

753

Adjusted EBITDA margin

Adjusted operating income

128

200

Adjusted operating income margin

16 %

Adjusted net loss

(567)

(130)

Adjusted net loss margin

(22)

(11)

(See “Non-GAAP Financial Measures” and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.)

Additional Second Quarter 2026 Financial Highlights

Revenue backlog1 was approximately $104 billion as of June 30, 2026.

1 Does not include more than $25 billion of net new customer commitments added in early Q3. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.

Second Quarter 2026 Highlights

•Customer Wins across AI Labs, Hyperscalers, and Enterprises

◦Partner of choice for leading enterprises and AI pioneers, including Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics

◦Expanded relationships with existing enterprise and AI native customers including Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale, and Runway ML

•Continued Rapid Scaling of Purpose-Built AI Infrastructure

◦Expanded active power by nearly 500 MWs to reach 1.5 GW

◦Grew total contracted power to approximately 3.7 GW while further diversifying portfolio of providers and expanding powered land footprint

•Key Technology Leadership Milestones

◦Successfully completed industry's first bring-up and validation of NVIDIA Vera Rubin NVL72

◦Launched new capabilities to make it easy for enterprises to run AI workloads cross-cloud, allowing customers to balance performance, reliability, and cost across their AI cloud footprint through:

▪CoreWeave Interconnect: offering private, high-performance fiber linking directly to other hyperscale platforms, beginning with Google Cloud

▪SUNK Anywhere: enabling AI research and platform teams to leverage CoreWeave's leading SUNK platform across their AI cloud portfolio

▪LOTA (Local Object Transport Accelerator) Cross-Cloud: providing near-local data access across clouds, backed by CoreWeave's Zero Egress Migration program

◦Launched unified agentic AI capabilities that connect training, inference, observability, and reinforcement learning to empower agents to continuously learn and improve in production, including:

▪CoreWeave ARIA (AI Research and Iteration Agent) that reads experiment data, uncovers hidden insights, and drives continuous model and agent improvement

▪CoreWeave Sandboxes, the execution layer that gives AI researchers and platform teams secure, isolated environments for running reinforcement learning, agent tool use, and model evaluation

◦Set new MLPerf records for training and inference with open-source models running on the NVIDIA Grace Blackwell platform, achieving the lowest cost per token for inference in test runs

•Strengthening Financial Position

◦Milestone $3.1 billion term loan, the first ever publicly syndicated delayed draw facility backed by HPC infrastructure

◦$1 billion strategic investment from Jane Street following the expansion of commercial relationship in Q1 2026

◦Raised more than $10 billion of unsecured debt and convertible bonds, including CoreWeave's inaugural Eurobond issuance

•Other Noteworthy Updates

◦Selected for inclusion in the Nasdaq-100 Index, as one of the 100 largest non-financial companies listed on the Nasdaq Stock Market

Business Outlook

CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Webcast and Conference Call Information

CoreWeave will host an audio webcast to discuss the results for the second quarter of 2026, provide a business update, and share forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave’s earnings conference call can be accessed via the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and accompanying presentation.

Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.

Disclosure Information

CoreWeave uses its investor relations page (investors.coreweave.com), its X account (@CoreWeave), and its LinkedIn page (linkedin.com/company/coreweave/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following CoreWeave's press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.

About CoreWeave

CoreWeave is The Essential Cloud for AI™. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.

Investor Relations contact:

Investor-Relations@coreweave.com / https://investors.coreweave.com/

Media contact:

Press@coreweave.com / https://www.coreweave.com/about-us

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; our operating leverage; customer demand; changes in enterprise adoption; and other estimated amounts included in our revenue backlog figure. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “outlook,” “guidance,” or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.

Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, copies of which may be obtained by visiting our Investor Relations website at https://investors.coreweave.com or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal quarter ended June 30, 2026 are not necessarily indicative of our operating results for any future periods.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Accordingly, a reconciliation of these forward-looking non-GAAP financial measures are not available without unreasonable effort.

A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. CoreWeave encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave’s business.

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data) (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenue

$ 2,575 $ 1,212 $ 4,653 $ 2,194

Operating expenses:

Cost of revenue

879 313 1,595 575

Technology and infrastructure

1,507 670 2,780 1,231

Sales and marketing

60 36 129 47

General and administrative

178 174 342 349

Total operating expenses

2,624 1,193 4,846 2,202

Operating income (loss)

(49) 19 (193) (8)

Gain (loss) on fair value adjustments

— — — 27

Interest expense, net

(640) (267) (1,176) (531)

Other income (expense), net

125 6 149 1

Loss before income taxes

(564) (242) (1,220) (511)

Provision for income taxes

62 48 146 94

Net loss

$ (626) $ (290) $ (1,366) $ (605)

Net loss attributable to common stockholders, basic

$ (626) $ (290) $ (1,366) $ (634)

Net loss attributable to common stockholders, diluted

$ (626) $ (290) $ (1,366) $ (661)

Net loss per share attributable to common stockholders, basic

$ (1.14) $ (0.60) $ (2.53) $ (1.73)

Net loss per share attributable to common stockholders, diluted

$ (1.14) $ (0.60) $ (2.53) $ (1.79)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic

551 487 539 367

Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted

551 487 539 369

COREWEAVE, INC.

CONSOLIDATED BALANCE SHEETS

(in millions) (unaudited)

June 30,

2026

December 31,

2025

Assets

Current assets

Cash and cash equivalents

$ 5,524 $ 3,127

Restricted cash and cash equivalents, current

873 819

Marketable securities

15 34

Accounts receivable, net

2,541 3,169

Prepaid expenses and other current assets

567 339

Total current assets

9,520 7,488

Restricted cash and cash equivalents, non-current

507 184

Property and equipment, net

46,736 30,557

Operating lease right-of-use assets

16,595 8,231

Intangible assets, net

245 235

Goodwill

1,101 1,101

Other non-current assets

2,366 1,506

Total assets

$ 77,070 $ 49,302

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$ 3,633 $ 1,623

Accrued liabilities

6,424 5,773

Recourse debt, current

6,235 6,118

Non-recourse debt, current

1,278 590

Deferred revenue, current

2,686 1,709

Operating lease liabilities, current

584 427

Finance lease liabilities, current

7 38

Other current liabilities

70 162

Total current liabilities

20,917 16,440

Recourse debt, non-current

25,170 14,608

Non-recourse debt, non-current

2,385 57

Deferred revenue, non-current

7,006 6,476

Operating lease liabilities, non-current

15,735 7,768

Finance lease liabilities, non-current

214 216

Deferred tax liabilities, non-current

256 115

Other non-current liabilities

363 287

Total liabilities

72,046 45,967

Commitments and contingencies

Stockholders' equity

Preferred stock

— —

Class A common stock

— —

Class B common stock

— —

Class C common stock

— —

Treasury stock

(34) (34)

Additional paid-in capital

9,085 6,012

Accumulated other comprehensive loss

(18) —

Accumulated deficit

(4,009) (2,643)

Total stockholders' equity

5,024 3,335

Total liabilities and stockholders' equity

$ 77,070 $ 49,302

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions) (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Cash flows from operating activities:

Net loss

$ (626) $ (290) $ (1,366)

$ (605)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

1,393 560 2,540

1,003

Amortization of debt discounts and issuance costs and accretion of redemption premiums

45 29 86

Stock-based compensation expense

165 145 318

329

Non-cash lease expense

198 77 365

144

Deferred income taxes

61 46 140

Gain on fair value adjustments

— — —

(27)

Other non-cash reconciling items

(24)

Changes in operating assets and liabilities, net of effect of business acquisitions:

Accounts receivable

(435) (866) 607

(1,505)

Prepaid expenses and other assets

(140) (317) (611)

(70)

Accounts payable and accrued expenses

(656) (351) 304

(289)

Deferred revenue

790 759 1,365

743

Lease liabilities

(92) (60) (182)

(110)

Net cash provided by (used in) operating activities

$ 679

$ (251) $ 3,663

$ (190)

Cash flows from investing activities:

Purchase of property and equipment, including capitalized internal-use software

(6,422) (2,453) (14,117)

(3,860)

Maturities and sales of marketable securities

6 — 18

Investments related to joint ventures

(550) (32) (550)

(32)

Purchase of strategic investments

(138) — (138)

—

Sales of warrants received as lease incentive

— 101 —

101

Issuance of notes receivable

— (18) — (73)

Business combination, net of cash acquired

— (46) — (46)

Other investing activities

(62) 6 (87)

Net cash used in investing activities

$ (7,166)

$ (2,442) $ (14,874)

$ (3,875)

Cash flows from financing activities:

Proceeds from issuance of debt, net

13,457 3,611 16,747

4,396

Repayments of debt

(3,884) (1,304) (5,219)

(1,575)

Purchase of capped calls related to convertible senior notes

(492) — (492)

—

Issuance of common stock in private placements, net of issuance costs

997 — 2,982

—

Payment of tax withholdings on settlement of restricted stock units

— (117) —

(133)

Proceeds from initial public offering, net of underwriting discounts and commissions

— 68 —

1,491

Redeemable convertible preferred stock cash dividends paid

— (3) —

(29)

Other financing activities

(7) (25) (33)

(66)

Net cash provided by financing activities

$ 10,071 $ 2,230 $ 13,985 $ 4,084

Net increase (decrease) in cash, cash equivalents, and restricted cash

$ 3,584 $ (463) $ 2,774 $ 19

Cash, cash equivalents, and restricted cash—beginning of period

3,320

2,517 4,130

2,035

Cash, cash equivalents, and restricted cash—end of period

$ 6,904 $ 2,054 $ 6,904 $ 2,054

Reconciliation of GAAP to Non-GAAP Results

Reconciliation of Net Loss to Adjusted EBITDA

(in millions, except percentages)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss

$ (626)

$ (290) $ (1,366) $ (605)

Depreciation and amortization

1,393 559 2,540 1,003

Interest expense, net

640 267 1,176 531

Stock-based compensation

165 145 318 329

Provision for income taxes

62 48 146 94

Acquisition related costs(1)

Other (income) expense, net

(125) (6) (149) (1)

(Gain) loss on fair value adjustments(2)

— — — (27)

Adjusted EBITDA

$ 1,510 $ 753 $ 2,667 $ 1,360

Revenue

$ 2,575 $ 1,212 $ 4,653 $ 2,194

Net loss margin

(24) % (24) % (29) % (28) %

Adjusted EBITDA margin

59 % 62 % 57 % 62 %

(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(2) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.

Reconciliation of Operating Loss to Adjusted Operating Income

(in millions, except percentages)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Operating income (loss)

$ (49) $ 19 $ (193) $ (8)

Stock-based compensation

165 145 318 329

Acquisition related costs(1)

1 30 2 36

Amortization of acquired intangibles(2)

11 6 22 6

Adjusted operating income

$ 128 $ 200 $ 149 $ 363

Revenue

$ 2,575 $ 1,212 $ 4,653 $ 2,194

Operating income (loss) margin

(2) % 2 % (4) % 0 %

Adjusted operating income margin

5 % 16 % 3 % 17 %

(2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted operating income. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.

Reconciliation of Net Loss to Adjusted Net Loss

(in millions, except percentages)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss

$ (626) $ (290) $ (1,366) $ (605)

Stock-based compensation

165 145 318 329

Loss on extinguishment of debt(1)

— 9 — 10

Acquisition related costs(2)

1 30 2 36

Amortization of acquired intangibles(3)

11 6 22 6

(Gain) loss on fair value adjustments(4)

— — — (27)

Other adjustments(5)

(109) (11) (109) (11)

Income tax, inclusive of the tax effect of the above adjustments(6)

(9) (19) (23) (19)

Adjusted net loss

(567) (130) (1,156) (281)

Revenue

$ 2,575 $ 1,212 $ 4,653 $ 2,194

Net loss margin

(24) % (24) % (29) % (28) %

Adjusted net loss margin

(22) % (11) % (25) % (13) %

(1) Primarily relates to losses recognized upon the early extinguishment of certain OEM financing arrangements, as well as accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.

(2) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(3) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.

(4) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.

(5) Primarily relates to a net unrealized gain on our investments.

(6) In the second quarter of 2025, we began including an adjustment for the income tax effect related to our non-GAAP adjustments. Prior period non-GAAP calculations for the income tax effects on our non-GAAP adjustments are not being adjusted as these amounts were not material. Additionally, the third quarter of 2025 includes an adjustment for amounts related to the impact of the passage of the One Big Beautiful Bill Act on the first and second quarters of 2025, that were recorded in third quarter of 2025.

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Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

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No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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