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Nature of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2025, included in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 20, 2026. In the opinion of management, all adjustments, including normal recurring adjustments, that are considered necessary for a fair presentation of results of operations and financial position, have been included. Operating results for the periods presented herein are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The Company’s significant estimates include, but are not limited to, revenue recognition, the valuation of acquired intangible assets, the valuation and realizability of deferred tax assets, reserves for uncertain tax positions, useful life of production equipment, the valuation of warrants, and the valuation and assumptions underlying stock-based compensation. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods, and actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income, balance sheets, or cash flows for any of the periods presented.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosures of the nature of expenses included in the income statement and disclosures about specific expense categories included in the expense captions presented in the statements of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these new standards will have on its consolidated financial statements and related disclosures. In May 2025, the FASB issued Accounting Standards Update No. 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”). ASU 2025-04 reduces diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for annual reporting periods beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU on its consolidated financial statements and related disclosures. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles - Goodwill and Other -Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 removes all references to project stages throughout Subtopic 350-40 and clarifies the threshold that the entities must meet to begin capitalizing costs. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company’s consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 392,400	$ 191,925	$ 700,761	$ 351,367
Cost of revenue	104,833	46,362	178,053	86,393
Gross profit	287,567	145,563	522,708	264,974
Operating expenses
Research and development	135,898	66,724	261,532	131,278
Sales and marketing	26,372	18,609	48,271	40,311
General and administrative	36,049	20,456	61,824	42,326
Total operating expenses	198,319	105,789	371,627	213,915
Operating income	89,248	39,774	151,081	51,059
Interest and other income	13,577	10,885	25,158	21,317
Income before income taxes	102,825	50,659	176,239	72,376
Income tax benefit	50,263	560	57,159	10,662
Net income	$ 153,088	$ 51,219	$ 233,398	$ 83,038
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.89	$ 0.31	$ 1.36	$ 0.51
Diluted (in dollars per share)	$ 0.83	$ 0.29	$ 1.28	$ 0.47
Weighted-average shares used in calculating net income per share attributable to common stockholders:
Basic (in shares)	172,378	165,428	171,557	164,316
Diluted (in shares)	183,340	178,100	182,254	178,281
Other comprehensive (loss) income
Unrealized (loss) gain on marketable securities, net of taxes	$ (2,589)	$ 846	$ (7,679)	$ 2,448
Total other comprehensive (loss) gain	(2,589)	846	(7,679)	2,448
Total comprehensive income	$ 150,499	$ 52,065	$ 225,719	$ 85,486

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The Company's income tax benefit recognized for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands, except percentages):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Income tax benefit	$	50,263		$	560		$	57,159		$	10,662
Effective tax rate	(48.9)		%	(1.1)		%	(32.4)		%	(14.7)		%

The Company accrues for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate for the three and six months ended June 30, 2026 is different than the statutory federal tax rate primarily due to the valuation allowance in the United States and the excess tax benefits related to equity compensation, foreign derived intangible income deduction and U.S. research and development credits, which results in current tax benefits.

The determination of the realizability of deferred tax assets requires significant judgment in assessing if there is sufficient positive evidence to support a conclusion that it is more likely than not the deferred tax assets will be realized. A significant piece of negative evidence in this assessment is the Company’s three-year cumulative loss, which is driven primarily by continued excess tax benefits related to equity compensation. If the Company continues to achieve positive operating results such that it could overcome this negative evidence, it may release the valuation allowance associated with its U.S. deferred tax assets in future periods. A release of all, or a portion, of the valuation allowance would result in the recognition of certain deferred tax assets and may result in a material decrease to income tax expense for the period the release is recorded.

The effective tax rate for the three and six months ended June 30, 2025 is different than the statutory federal tax rate primarily due to the valuation allowance in the United States and the excess tax benefits related to equity compensation, foreign derived intangible income deduction, and U.S. research and development credits, which result in current tax benefits. This is offset by the current tax expense from the capitalization of research and development expenditures under Section 174 of the Internal Revenue Code.

- Definition

The entire disclosure for income tax.

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+ Details

Leases - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Operating Leases
Remainder of 2026	$ 4,057
2027	9,595
2028	9,514
2029	8,931
2030	5,945
Thereafter	16,262
Total future minimum lease payments	54,304
Less: Imputed interest	(9,891)
Total operating lease liabilities	$ 44,413	$ 30,974

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive income is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	1,692	$	353	$	2,191	$	315
Research and development	36,413		17,852		65,817		37,038
Sales and marketing	11,419		9,194		21,311		21,513
General and administrative	14,468		8,075		23,586		19,054
Total(1)	$	63,992	$	35,474	$	112,905	$	77,920

(1) Stock-based compensation expense for the three and six months ended June 30, 2026 did not include the $4.0 million in share-based consideration related to acquisitions, see Note 6 - Business Combinations for further details.

Schedule of Stock Option Activity

A summary of stock option activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	2,721	$	0.86	5.5	$	450,336

Exercised	(1,028)	0.81

Outstanding as of June 30, 2026	1,693	$	0.89	5.0	$	816,380
Vested and expected to vest as of June 30, 2026	1,693	$	0.89	5.0	$	816,380
Exercisable as of June 30, 2026	1,668	$	0.90	5.0	$	804,240

Schedule of Restricted Stock Units Activity

A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data):


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (per share)
Outstanding as of December 31, 2025	9,354	$	51.39
Granted	2,240	182.89
Vested	(2,089)	36.79
Cancelled and forfeited	(325)	94.55
Outstanding as of June 30, 2026	9,180	$	85.27

Schedule of Performance Stock Units Activity

A summary of PSU activity under the 2024 Plan is as follows (in thousands, except per share data):


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value ( per share)
Outstanding as of December 31, 2025	177	$	126.64
Granted	220	154.08
Vested	(4)	152.44
Cancelled and forfeited	(18)	126.16
Outstanding as of June 30, 2026	375	$	142.44

Segment and Geographical Information - Schedule of Revenue Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Customer A \| Revenue
Segment Reporting [Line Items]
Concentration risk	29.00%	27.00%	29.00%	20.00%
Customer A \| Accounts Receivable
Segment Reporting [Line Items]
Concentration risk			30.00%
Customer B \| Revenue
Segment Reporting [Line Items]
Concentration risk	25.00%		21.00%
Customer B \| Accounts Receivable
Segment Reporting [Line Items]
Concentration risk			17.00%		14.00%
Customer C \| Revenue
Segment Reporting [Line Items]
Concentration risk	15.00%	13.00%	17.00%	19.00%
Customer C \| Accounts Receivable
Segment Reporting [Line Items]
Concentration risk					27.00%
Customer D \| Revenue
Segment Reporting [Line Items]
Concentration risk	13.00%	24.00%	13.00%	23.00%
Customer D \| Accounts Receivable
Segment Reporting [Line Items]
Concentration risk			12.00%
Customer E \| Revenue
Segment Reporting [Line Items]
Concentration risk		11.00%
Customer E \| Accounts Receivable
Segment Reporting [Line Items]
Concentration risk			10.00%		28.00%
Customer F \| Revenue
Segment Reporting [Line Items]
Concentration risk		12.00%		15.00%

Marketable Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Estimated Fair Value
Total available-for-sale securities	$ 1,141,505	$ 1,021,205
Cash Equivalents And Marketable Securities
Amortized Cost
Due within one year	458,030	463,417
Due after one year through five years	771,419	701,746
Amortized Cost	1,229,449	1,165,163
Estimated Fair Value
Due within one year	458,109	464,282
Due after one year through five years	767,971	705,190
Total available-for-sale securities	$ 1,226,080	$ 1,169,472

- Definition

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Net Income per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net income per share attributable to the Company’s common stockholders (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Net income attributable to common stockholders	$	153,088	$	51,219	$	233,398	$	83,038

Shares used in net income per share computations:
Weighted-average shares used in computing net income per share attributable to common stockholders, basic	172,378		165,428		171,557		164,316
Effect of potentially dilutive equivalent shares	10,962		12,672		10,697		13,965
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted	183,340		178,100		182,254		178,281

Net income per share attributable to common stockholders, basic	$	0.89	$	0.31	$	1.36	$	0.51
Net income per share attributable to common stockholders, diluted	$	0.83	$	0.29	$	1.28	$	0.47

Schedule of Anti-Dilutive Potential Shares

Anti-dilutive potential shares are as follows (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
RSUs	43	1,030	212	1,009


ESPP	13	26	8	13
Total	56	1,056	220	1,022

Net Income per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income attributable to common stockholders	$ 153,088	$ 51,219	$ 233,398	$ 83,038
Shares used in net income per share computations:
Weighted-average shares used in computing net income per share attributable to common stockholders, basic (in shares)	172,378	165,428	171,557	164,316
Effect of potentially dilutive equivalent shares (in shares)	10,962	12,672	10,697	13,965
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted (in shares)	183,340	178,100	182,254	178,281
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 0.89	$ 0.31	$ 1.36	$ 0.51
Net income per share attributable to common stockholders, diluted (in dollars per share)	$ 0.83	$ 0.29	$ 1.28	$ 0.47

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

The Company depends upon third-party subcontractors to manufacture wafers and other inventory parts. The Company’s subcontractor relationships typically allow for the cancellation of outstanding purchase orders but require payment of all expenses incurred through the date of cancellation.

The Company’s purchase commitments also include payments for software licenses and cloud services when there is a fixed, non-cancellable payment schedule or when minimum payments are due according to a delivery schedule. The Company is committed to make the following minimum payments under its purchase commitments as of June 30, 2026 (in thousands):


	Purchase Commitments
Remainder of 2026	$	24,661
2027	66,189
2028	45,340
2029	30,437
2030	15,042
Total purchase commitments	$	181,669

Legal Proceedings

From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings or claims, nor is the Company aware of any other pending or threatened legal proceedings or claims that could reasonably be expected to have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such legal proceedings or claims be resolved unfavorably.

Indemnification Obligations

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its members, partners, suppliers and vendors. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under

these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not in the past incurred significant expense defending its licensees against third party claims, nor has it incurred significant expense under its standard service warranties or arrangements with its members, partners, suppliers, and vendors. Accordingly, the Company had no liabilities recorded for these provisions as of June 30, 2026 and December 31, 2025.

Common Stock Warrants

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Common Stock Warrants

In April 2021, in connection with a legacy loan agreement that expired in January 2022, the Company issued to Silicon Valley Bank a warrant to purchase up to an aggregate of 126,185 shares of our common stock at an exercise price of $0.30 per share. During the three and six months ended June 30, 2026, the Company issued 125,987 shares of common stock in connection with the cashless exercise of warrants.

In October 2022, the Company issued a warrant to a customer (“Holder”) to purchase an aggregate of up to 1,484,230 shares of Common Stock (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seventh anniversary of the issue date.

In October 2023, the Company amended the Customer Warrant and issued an additional warrant to the Holder to purchase an aggregate of up to 831,945 shares of Common Stock (the “2023 Warrant”), with the same exercise period as the Customer Warrant. The 2023 Warrant will vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of purchases by the Holder and its affiliates to the Company.

In February 2026, the Company issued a warrant to the Holder to acquire up to an aggregate of 3,262,299 shares of common stock at an exercise price of $142.82 per share (the “2026 Warrant”, and together with the Customer Warrant and the 2023 Warrant, the “Warrants”). The 2026 Warrant will vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of purchases by the Holder and its affiliates to the Company.

The grant date fair value of the 2026 Warrant was determined to be $85.83 per share, using the Black-Scholes-Merton option pricing model, for maximum total 2026 Warrant fair value of $280.0 million. The per share grant date fair values of the 2026 Warrant were estimated using the following assumptions:


	2026 Warrant
Expected dividend yield	—		%
Risk-free interest rate	4.3		%
Expected volatility	54.8		%
Expected term (in years)	7.0
Per share fair value of common stock	$	142.82

As of June 30, 2026 and December 31, 2025, an aggregate of 1,663,042 shares and 1,165,513 shares, respectively, of the underlying Warrants were vested and exercisable. Additionally, an aggregate of 24,722 and 30,589 shares were probable of vesting as of June 30, 2026 and December 31, 2025, respectively. There were no Warrants exercised by the Holder as of June 30, 2026.

The Company recognized $10.2 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively, and $12.3 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively, as a reduction of revenue in the condensed consolidated statements of operations and comprehensive income related to the Warrants. The remaining grant date fair values of the Warrants that are probable of vesting will be recognized as a reduction of revenue in proportion to the amount of related product sales, which could occur until January 2, 2033.

- Definition

The entire disclosure for equity.

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+ Details

Commitments and Contingencies - Narrative (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Estimate of possible loss	$ 0	$ 0

- Definition

Reflects the estimated amount of loss from the specified contingency as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
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-Section S99
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-2

+ Details

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Fair Value Disclosures [Abstract]
Increase in fair value of equity securities	$ 1.5

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):


	As of June 30, 2026
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	84,575	$	—	$	84,575



Total cash equivalents	$	84,575	$	—	$	84,575
Marketable securities
U.S. treasury and agency securities	$	—	$	227,172	$	227,172
Commercial paper	—		19,344		19,344
Corporate debt securities	—		894,989		894,989


Total marketable securities	$	—	$	1,141,505	$	1,141,505


	As of December 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	142,772	$	—	$	142,772

Commercial paper	—		5,495		5,495
Total cash equivalents	$	142,772	$	5,495	$	148,267
Marketable securities
U.S. treasury and agency securities	$	—	$	203,794	$	203,794
Commercial paper	—		11,462		11,462
Corporate debt securities	—		805,949		805,949


Total marketable securities	$	—	$	1,021,205	$	1,021,205

As of June 30, 2026 and December 31, 2025, there were no marketable securities with Level 3 fair value hierarchy measurement.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Goodwill, intangible assets, property, plant and equipment, and certain equity investments without readily determinable fair values are not required to be measured at fair value on a recurring basis. However, if the Company is required to evaluate these assets for impairment, whether due to certain triggering events or because of the required annual impairment test, and a resulting impairment is recorded to reduce the carrying value to the fair value, these assets are measured at fair value during such period. There was no impairment on these assets during the three and six months ended June 30, 2026 and 2025. In addition, when the Company identifies observable price changes in orderly transactions for the equity investments without readily determinable fair values, it shall measure the equity security at fair value as of the date that the observable transaction occurred. During the three months ended June 30, 2026, the Company recorded an increase in fair value of $1.5 million related to its equity investments and recorded in interest and other income within the condensed consolidated statement of operations and comprehensive income.

As of June 30, 2026 and December 31, 2025, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.

Assets and Liabilities Not Measured at Fair Value

The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities

Net income

$ 233,398

$ 83,038

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

Stock-based compensation

112,905

77,920

Depreciation and amortization

7,639

2,517

Non-cash operating lease expense

2,718

1,522

Warrants contra revenue

12,313

2,136

Accretion of discounts on marketable securities

(2,180)

(4,489)

Other, net

(2,961)

734

Changes in operating assets and liabilities:

Accounts receivable, net

(109,461)

14,491

Inventory

(53,127)

(14,577)

Prepaid expenses and other assets

(41,422)

(18,474)

Accounts payable

2,811

4,607

Accrued expenses and other liabilities

(357)

(3,555)

Net cash provided by operating activities

162,276

145,870

Cash flows from investing activities

Purchases of property and equipment

(28,054)

(6,562)

Purchases of marketable securities

(359,732)

(404,682)

Sales and maturities of marketable securities

233,933

343,611

Payments for business combinations, net of cash acquired

(69,214)

Other investing activities

(2,500)

Net cash used in investing activities

(225,567)

(67,633)

Cash flows from financing activities

Proceeds from exercises of stock options

836

778

Proceeds from employee stock purchase plan

6,294

4,345

Net cash provided by financing activities

7,130

5,123

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

(56,161)

83,360

Cash, cash equivalents, and restricted cash

Beginning of the period

^[1]

167,684

80,044

End of the period

^[1]

$ 111,523

$ 163,404

[1]	(1) Restricted cash was not material and is included in Prepaid expenses and other current assets.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive income is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	1,692	$	353	$	2,191	$	315
Research and development	36,413		17,852		65,817		37,038
Sales and marketing	11,419		9,194		21,311		21,513
General and administrative	14,468		8,075		23,586		19,054
Total(1)	$	63,992	$	35,474	$	112,905	$	77,920

Stock Options

A summary of stock option activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	2,721	$	0.86	5.5	$	450,336

Exercised	(1,028)	0.81

Outstanding as of June 30, 2026	1,693	$	0.89	5.0	$	816,380
Vested and expected to vest as of June 30, 2026	1,693	$	0.89	5.0	$	816,380
Exercisable as of June 30, 2026	1,668	$	0.90	5.0	$	804,240

As of June 30, 2026, there was approximately $0.5 million of total unrecognized compensation cost, related to unvested stock options, which is expected to be recognized over a weighted-average remaining requisite service period of 1.0 years, using the straight-line method.

Restricted Stock Units (“RSUs”)

A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data):


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (per share)
Outstanding as of December 31, 2025	9,354	$	51.39
Granted	2,240	182.89
Vested	(2,089)	36.79
Cancelled and forfeited	(325)	94.55
Outstanding as of June 30, 2026	9,180	$	85.27

As of June 30, 2026, there was $640.1 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.0 years.

Performance Stock Units (“PSUs”)

A summary of PSU activity under the 2024 Plan is as follows (in thousands, except per share data):


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value ( per share)
Outstanding as of December 31, 2025	177	$	126.64
Granted	220	154.08
Vested	(4)	152.44
Cancelled and forfeited	(18)	126.16
Outstanding as of June 30, 2026	375	$	142.44

As of June 30, 2026, there was $40.3 million of unrecognized stock-based compensation expense related to these PSUs, which is expected to be recognized over a weighted-average period of 2.1 years.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 111,453	$ 167,611
Marketable securities	1,141,505	1,021,205
Accounts receivable, net	192,469	83,202
Inventory	113,781	58,979
Prepaid expenses and other current assets	92,687	31,033
Total current assets	1,651,895	1,362,030
Property and equipment, net	119,284	92,038
Goodwill	91,557	19,015
Other assets	68,765	58,740
Total assets	1,931,501	1,531,823
Current liabilities
Accounts payable	53,930	42,362
Accrued expenses and other current liabilities	110,377	90,680
Total current liabilities	164,307	133,042
Other liabilities	41,490	35,147
Total liabilities	205,797	168,189
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value; 1,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 173,485 and 170,186 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	17	17
Additional paid-in capital	1,485,320	1,348,969
Accumulated other comprehensive (loss) income	(3,369)	4,310
Retained earnings	243,736	10,338
Total stockholders’ equity	1,725,704	1,363,634
Total liabilities and stockholders’ equity	$ 1,931,501	$ 1,531,823

Condensed Consolidated Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax receivable	$ 60,256	$ 7,450
Other	32,431	23,583
Total prepaid expenses and other current assets	$ 92,687	$ 31,033

Segment and Geographical Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Significant Expense Categories and Amounts Regularly Provided to the CODM

The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	392,400	$	191,925	$	700,761	$	351,367
Less:
Cost of revenue	104,833		46,362		178,053		86,393
Stock-based compensation (1)	62,300		35,121		110,714		77,605
Personnel-related expenses (1)	87,003		43,843		150,308		86,282
Other segment items (2)	(14,824)		15,380		28,288		18,049
Consolidated net income	$	153,088	$	51,219	$	233,398	$	83,038

(1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue.

(2) Other segment items included are primarily related to income tax benefit, interest income, engineering related costs such as hardware design, software license, and cloud hosting services costs, and professional and consulting services fees.

Schedule of Revenue by Geographic Location

The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
China	$	152,696	$	59,056	$	242,267	$	103,694
Singapore	113,734		66,447		204,872		97,868
Taiwan	105,768		56,644		198,923		133,462
United States	5,531		2,218		20,498		5,519
Other	14,671		7,560		34,201		10,824
Total	$	392,400	$	191,925	$	700,761	$	351,367

Schedule of Revenue Concentration Risk

The Company had the following customers that individually comprised 10% or more of its revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer A	29	%	27	%	29	%	20	%
Customer B	25	%	*		21	%	*
Customer C	15	%	13	%	17	%	19	%
Customer D	13	%	24	%	13	%	23	%
Customer E	*		11	%	*		*
Customer F	*		12	%	*		15	%

*Less than 10% of total revenue

The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:


	As of
	June 30, 2026		December 31, 2025
Customer A	30	%	*
Customer B	17	%	14	%
Customer D	12	%	*
Customer E	10	%	28	%
Customer C	*		27	%

*Less than 10% of total accounts receivable, net

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Condensed Consolidated Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 52	$ 84
Work-in-progress	98,694	35,752
Finished goods	15,035	23,143
Total inventory	$ 113,781	$ 58,979

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-41979
Entity Registrant Name	Astera Labs, Inc.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	82-3437062
Entity Address, Address Line One	2345 North First Street
Entity Address, Address Line Two
Entity Address City Or Town	San Jose
Entity Address State Or Province	CA
Entity Address Postal Zip Code	95131
City Area Code	(408)
Local Phone Number	766-3806
Security 12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	ALAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		173,485,104
Central Index Key	0001736297
amendment flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Document Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheet Components

Inventory

Inventory consists of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Raw materials	$	52	$	84
Work-in-progress	98,694		35,752
Finished goods	15,035		23,143
Total inventory	$	113,781	$	58,979

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Income tax receivable	$	60,256	$	7,450
Other	32,431		23,583

Total prepaid expenses and other current assets	$	92,687	$	31,033

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Construction in progress	$	48,365	$	40,510
Laboratory equipment	36,047		21,603
Production and manufacturing equipment	35,000		28,171
Leasehold improvements	15,491		11,439

Other	3,742		2,037
Property and equipment, gross	138,645		103,760
Less: accumulated depreciation	(19,361)		(11,722)
Total property and equipment, net	$	119,284	$	92,038

Depreciation and amortization expense for the three months ended June 30, 2026 and 2025 was $3.9 million and $1.4 million, respectively, and $7.6 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.

Construction in progress primarily consists of capitalized costs for production equipment related to the Company’s future products. These assets will be placed into service and begin to depreciate when related manufacturing commences. Production and manufacturing equipment included production equipment has been placed into service and are being used in the manufacture of the Company’s released products.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	42,254	$	46,510
Accrued software license costs	11,068		7,632
Holdback in connection with acquisitions	6,559		1,559
Accrued production equipment	13,509		13,500
Other current liabilities	36,987		21,479

Total accrued expenses and other current liabilities	$	110,377	$	90,680

Supplemental Cash Flow Information

The following table provides supplemental non-cash investing and financing activities (in thousands):


	Six Months Ended June 30,
	2026		2025
Right-of-use (“ROU”) assets obtained in exchange for lease obligations	$	15,980	$	20,968
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	$	27,266	$	14,159

Commitments and Contingencies - Schedule of Purchase Commitments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 24,661
2027	66,189
2028	45,340
2029	30,437
2030	15,042
Total purchase commitments	$ 181,669

Nature of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Summary of Significant Accounting Policies	Nature of Business and Summary of Significant Accounting Policies Description of Business Astera Labs, Inc. (the “Company”) offers an Intelligent Connectivity Platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, the Company’s software suite, which is embedded in its connectivity products and integrated into its customers’ systems. The Company’s patented software-defined platform approach delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach aims to efficiently address the data, network, and memory bottlenecks, scalability, and other unique infrastructure requirements of its hyperscalers and system original equipment manufacturer (“OEM”) customers. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2025, included in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 20, 2026. In the opinion of management, all adjustments, including normal recurring adjustments, that are considered necessary for a fair presentation of results of operations and financial position, have been included. Operating results for the periods presented herein are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies during the three and six months ended June 30, 2026 compared with the significant accounting policies described in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 20, 2026. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The Company’s significant estimates include, but are not limited to, revenue recognition, the valuation of acquired intangible assets, the valuation and realizability of deferred tax assets, reserves for uncertain tax positions, useful life of production equipment, the valuation of warrants, and the valuation and assumptions underlying stock-based compensation. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods, and actual results could differ from these estimates. Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income, balance sheets, or cash flows for any of the periods presented. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosures of the nature of expenses included in the income statement and disclosures about specific expense categories included in the expense captions presented in the statements of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these new standards will have on its consolidated financial statements and related disclosures. In May 2025, the FASB issued Accounting Standards Update No. 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”). ASU 2025-04 reduces diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for annual reporting periods beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU on its consolidated financial statements and related disclosures. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles - Goodwill and Other -Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 removes all references to project stages throughout Subtopic 350-40 and clarifies the threshold that the entities must meet to begin capitalizing costs. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company’s consolidated financial statements and related disclosures.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit Recognized

The Company's income tax benefit recognized for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands, except percentages):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Income tax benefit	$	50,263		$	560		$	57,159		$	10,662
Effective tax rate	(48.9)		%	(1.1)		%	(32.4)		%	(14.7)		%

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-For-Sale

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands):


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	84,575	$	—	$	—	$	84,575



Total cash equivalents	$	84,575	$	—	$	—	$	84,575
Marketable securities
U.S. treasury and agency securities	$	228,121	$	54	$	(1,003)	$	227,172
Commercial paper	19,371		—		(27)		19,344
Corporate debt securities	897,382		634		(3,027)		894,989


Total marketable securities	$	1,144,874	$	688	$	(4,057)	$	1,141,505


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	142,772	$	—	$	—	$	142,772

Commercial paper	5,496		—		(1)		5,495
Total cash equivalents	$	148,268	$	—	$	(1)	$	148,267
Marketable securities
U.S. treasury and agency securities	$	203,175	$	630	$	(11)	$	203,794
Commercial paper	11,459		4		(1)		11,462
Corporate debt securities	802,261		3,800		(112)		805,949


Total marketable securities	$	1,016,895	$	4,434	$	(124)	$	1,021,205

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands):


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	458,030	$	458,109	$	463,417	$	464,282
Due after one year through five years	771,419		767,971		701,746		705,190
Total available-for-sale securities	$	1,229,449	$	1,226,080	$	1,165,163	$	1,169,472

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Marketable Securities - Schedule of Debt Securities, Available-For-Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1,141,505	$ 1,021,205
Total marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,144,874	1,016,895
Gross Unrealized Gains	688	4,434
Gross Unrealized Losses	(4,057)	(124)
Fair Value	1,141,505	1,021,205
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	228,121	203,175
Gross Unrealized Gains	54	630
Gross Unrealized Losses	(1,003)	(11)
Fair Value	227,172	203,794
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,371	11,459
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(27)	(1)
Fair Value	19,344	11,462
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	897,382	802,261
Gross Unrealized Gains	634	3,800
Gross Unrealized Losses	(3,027)	(112)
Fair Value	894,989	805,949
Total cash equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	84,575	148,268
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(1)
Fair Value	84,575	148,267
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	84,575	142,772
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 84,575	142,772
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		5,496
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Fair Value		$ 5,495

Stock-Based Compensation - Schedule of Restricted Stock Units Activity and Performance Stock Units Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Restricted Stock Units (RSUs)
Number of Restricted Stock Units and Performance Stock Units
Outstanding beginning balance (in shares) \| shares	9,354
Granted (in shares) \| shares	2,240
Vested (in shares) \| shares	(2,089)
Cancelled and forfeited (in shares) \| shares	(325)
Outstanding ending balance (in shares) \| shares	9,180
Weighted Average Grant Date Fair Value (per share)
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.39
Granted (in dollars per share) \| $ / shares	182.89
Vested (in dollars per share) \| $ / shares	36.79
Cancelled and forfeited (in dollars per share) \| $ / shares	94.55
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 85.27
Performance Stock Units (“PSUs)
Number of Restricted Stock Units and Performance Stock Units
Outstanding beginning balance (in shares) \| shares	177
Granted (in shares) \| shares	220
Vested (in shares) \| shares	(4)
Cancelled and forfeited (in shares) \| shares	(18)
Outstanding ending balance (in shares) \| shares	375
Weighted Average Grant Date Fair Value (per share)
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 126.64
Granted (in dollars per share) \| $ / shares	154.08
Vested (in dollars per share) \| $ / shares	152.44
Cancelled and forfeited (in dollars per share) \| $ / shares	126.16
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 142.44

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):


	As of June 30, 2026
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	84,575	$	—	$	84,575



Total cash equivalents	$	84,575	$	—	$	84,575
Marketable securities
U.S. treasury and agency securities	$	—	$	227,172	$	227,172
Commercial paper	—		19,344		19,344
Corporate debt securities	—		894,989		894,989


Total marketable securities	$	—	$	1,141,505	$	1,141,505


	As of December 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	142,772	$	—	$	142,772

Commercial paper	—		5,495		5,495
Total cash equivalents	$	142,772	$	5,495	$	148,267
Marketable securities
U.S. treasury and agency securities	$	—	$	203,794	$	203,794
Commercial paper	—		11,462		11,462
Corporate debt securities	—		805,949		805,949


Total marketable securities	$	—	$	1,021,205	$	1,021,205

Condensed Consolidated Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 42,254	$ 46,510
Accrued software license costs	11,068	7,632
Holdback in connection with acquisitions	6,559	1,559
Accrued production equipment	13,509	13,500
Other current liabilities	36,987	21,479
Total accrued expenses and other current liabilities	$ 110,377	$ 90,680

Business Combinations (Details) - USD ($) $ in Thousands	Feb. 09, 2026	Jun. 30, 2026	Dec. 31, 2025
Business Combination [Line Items]
Goodwill		$ 91,557	$ 19,015
Privately Held Company
Business Combination [Line Items]
Business combination, consideration transferred	$ 74,000
Consideration paid in cash	65,000
Holdback indemnities	5,000
Consideration transferred, equity interest	4,000
Goodwill	$ 68,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2024		162,018
Beginning balance at Dec. 31, 2024	$ 964,799	$ 16	$ 1,173,153	$ 426	$ (208,796)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		896
Issuance of common stock upon exercise of stock options	1,028		1,028
Issuance of common stock upon vesting of restricted stock units (in shares)		3,238
Issuance of common stock upon vesting of restricted stock units	1	$ 1
Shares issued under employee stock purchase plan (in shares)		59
Shares issued under employee stock purchase plan	4,345		4,345
Stock-based compensation	77,920		77,920
Warrants contra revenue	2,135		2,135
Unrealized (loss) gains on marketable securities	2,448			2,448
Net income	83,038				83,038
Ending balance (in shares) at Jun. 30, 2025		166,211
Ending balance at Jun. 30, 2025	1,135,714	$ 17	1,258,581	2,874	(125,758)
Beginning balance (in shares) at Mar. 31, 2025		164,907
Beginning balance at Mar. 31, 2025	1,041,562	$ 16	1,216,495	2,028	(176,977)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		321
Issuance of common stock upon exercise of stock options	506		506
Issuance of common stock upon vesting of restricted stock units (in shares)		924
Issuance of common stock upon vesting of restricted stock units	1	$ 1
Shares issued under employee stock purchase plan (in shares)		59
Shares issued under employee stock purchase plan	4,345		4,345
Stock-based compensation	35,474		35,474
Warrants contra revenue	1,761		1,761
Unrealized (loss) gains on marketable securities	846			846
Net income	51,219				51,219
Ending balance (in shares) at Jun. 30, 2025		166,211
Ending balance at Jun. 30, 2025	$ 1,135,714	$ 17	1,258,581	2,874	(125,758)
Beginning balance (in shares) at Dec. 31, 2025	170,186	170,186
Beginning balance at Dec. 31, 2025	$ 1,363,634	$ 17	1,348,969	4,310	10,338
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)	1,028	1,028
Issuance of common stock upon exercise of stock options	$ 869		869
Issuance of common stock upon vesting of restricted and performance stock units (in shares)		2,093
Issuance of common stock upon vesting of restricted and performance stock units	0
Issuance of common stock upon exercise of warrants (in shares)		126
Issuance of common stock upon exercise of warrants	0
Shares issued under employee stock purchase plan (in shares)		52
Shares issued under employee stock purchase plan	6,294		6,294
Stock-based compensation	116,875		116,875
Warrants contra revenue	12,313		12,313
Unrealized (loss) gains on marketable securities	(7,679)			(7,679)
Net income	$ 233,398				233,398
Ending balance (in shares) at Jun. 30, 2026	173,485	173,485
Ending balance at Jun. 30, 2026	$ 1,725,704	$ 17	1,485,320	(3,369)	243,736
Beginning balance (in shares) at Mar. 31, 2026		171,277
Beginning balance at Mar. 31, 2026	1,493,948	$ 17	1,404,063	(780)	90,648
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		930
Issuance of common stock upon exercise of stock options	755		755
Issuance of common stock upon vesting of restricted and performance stock units (in shares)		1,100
Issuance of common stock upon vesting of restricted and performance stock units	0
Issuance of common stock upon exercise of warrants (in shares)		126
Issuance of common stock upon exercise of warrants	0
Shares issued under employee stock purchase plan (in shares)		52
Shares issued under employee stock purchase plan	6,294		6,294
Stock-based compensation	63,992		63,992
Warrants contra revenue	10,216		10,216
Unrealized (loss) gains on marketable securities	(2,589)			(2,589)
Net income	$ 153,088				153,088
Ending balance (in shares) at Jun. 30, 2026	173,485	173,485
Ending balance at Jun. 30, 2026	$ 1,725,704	$ 17	$ 1,485,320	$ (3,369)	$ 243,736

Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 84,575	$ 148,267
Total marketable securities	1,141,505	1,021,205
U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	227,172	203,794
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	19,344	11,462
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	894,989	805,949
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	84,575	142,772
Total marketable securities	84,575	142,772
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		5,495
Total marketable securities		5,495
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	84,575	142,772
Total marketable securities	0	0
Level 1 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	84,575	142,772
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	5,495
Total marketable securities	1,141,505	1,021,205
Level 2 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	227,172	203,794
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	19,344	11,462
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	894,989	805,949
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		$ 5,495

Stock-Based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) \| shares	2,721
Exercised (in shares) \| shares	(1,028)
Outstanding ending balance (in shares) \| shares	1,693	2,721
Vested and expected to vest (in shares) \| shares	1,693
Exercisable (in shares) \| shares	1,668
Weighted Average Exercise Price
Outstanding beginning balance, Weighted average exercise price (in dollars per share) \| $ / shares	$ 0.89	$ 0.86
Exercised (in dollars per share) \| $ / shares	0.81
Outstanding ending balance, Weighted average exercise price (in dollars per share) \| $ / shares	0.86
Vested and expected to vest (in dollars per share) \| $ / shares	0.89
Exercisable (in dollars per share) \| $ / shares	$ 0.90
Weighted Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Weighted-average remaining contractual term (in years)	5 years	5 years 6 months
Vested and expected to vest, weighted-average remaining contractual term	5 years
Exercisable, weighted-average remaining contractual term	5 years
Aggregate intrinsic value \| $	$ 816,380	$ 450,336
Vested and expected to vest, aggregate intrinsic value \| $	816,380
Exercisable, aggregate intrinsic value \| $	$ 804,240

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):


	As of
	June 30, 2026		December 31, 2025
Assets
Operating lease ROU assets, net	$	36,098	$	22,810
Liabilities
Operating lease liabilities, current	$	6,238	$	4,146
Operating lease liabilities, noncurrent	38,175		26,828
Total lease liabilities	$	44,413	$	30,974

Schedule of Weighted-Average Remaining Lease Term and Discount Rates

The weighted-average remaining lease term and discount rates were as follows:


	As of
	June 30, 2026		December 31, 2025
Weighted average remaining lease term (in years)	6.2		6.4
Weighted average discount rate	6.7	%	7.1	%

Schedule of Future Minimum Operating Lease Payments

The future minimum operating lease payments for each of the next five years and thereafter are as follows (in thousands):


Years ending December 31	Operating Leases
Remainder of 2026	$	4,057
2027	9,595
2028	9,514
2029	8,931
2030	5,945
Thereafter	16,262
Total future minimum lease payments	54,304
Less: Imputed interest	(9,891)
Total operating lease liabilities	$	44,413

Condensed Consolidated Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Raw materials	$	52	$	84
Work-in-progress	98,694		35,752
Finished goods	15,035		23,143
Total inventory	$	113,781	$	58,979

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Income tax receivable	$	60,256	$	7,450
Other	32,431		23,583

Total prepaid expenses and other current assets	$	92,687	$	31,033

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Construction in progress	$	48,365	$	40,510
Laboratory equipment	36,047		21,603
Production and manufacturing equipment	35,000		28,171
Leasehold improvements	15,491		11,439

Other	3,742		2,037
Property and equipment, gross	138,645		103,760
Less: accumulated depreciation	(19,361)		(11,722)
Total property and equipment, net	$	119,284	$	92,038

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	42,254	$	46,510
Accrued software license costs	11,068		7,632
Holdback in connection with acquisitions	6,559		1,559
Accrued production equipment	13,509		13,500
Other current liabilities	36,987		21,479

Total accrued expenses and other current liabilities	$	110,377	$	90,680

Schedule of Supplemental Cash Flow Information

The following table provides supplemental non-cash investing and financing activities (in thousands):


	Six Months Ended June 30,
	2026		2025
Right-of-use (“ROU”) assets obtained in exchange for lease obligations	$	15,980	$	20,968
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	$	27,266	$	14,159

Leases - Schedule of Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Operating lease ROU assets, net	$ 36,098	$ 22,810
Liabilities
Operating lease liabilities, current	6,238	4,146
Operating lease liabilities, noncurrent	38,175	26,828
Total lease liabilities	$ 44,413	$ 30,974

Net Income per Common Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income per Common Share

The following table sets forth the computation of basic and diluted net income per share attributable to the Company’s common stockholders (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Net income attributable to common stockholders	$	153,088	$	51,219	$	233,398	$	83,038

Shares used in net income per share computations:
Weighted-average shares used in computing net income per share attributable to common stockholders, basic	172,378		165,428		171,557		164,316
Effect of potentially dilutive equivalent shares	10,962		12,672		10,697		13,965
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted	183,340		178,100		182,254		178,281

Net income per share attributable to common stockholders, basic	$	0.89	$	0.31	$	1.36	$	0.51
Net income per share attributable to common stockholders, diluted	$	0.83	$	0.29	$	1.28	$	0.47

Potentially dilutive securities include dilutive common stock from assumed exercise of stock options, RSUs, Warrants, and Employee Stock Purchase Plan (“ESPP”) shares using the treasury stock method. Under the treasury stock method, potential shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive. Anti-dilutive potential shares are as follows (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
RSUs	43	1,030	212	1,009


ESPP	13	26	8	13
Total	56	1,056	220	1,022

Business Combinations	6 Months Ended
Business Combinations	Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combinations	Business Combinations On February 9, 2026, the Company acquired certain assets of a privately held company that develops data center acceleration solutions designed to make data storage and processing faster, more efficient, and more cost-effective. In connection with the acquisition, the Company added a highly skilled workforce and technology to enable development of its products and solutions. The total purchase consideration was $74.0 million, which consisted of $65.0 million in cash, $5.0 million in holdback for general indemnities, and $4.0 million in share-based consideration. The transaction has been accounted for as a business combination. The purchase price was allocated on a preliminary basis to goodwill of $68.4 million and an immaterial amount to intangible assets and net identifiable assets acquired. Goodwill primarily relates to expected synergies and assembled workforce and is not deductible for U.S. federal income tax purposes. Additional information related to the acquisition, such as that related to income tax and other contingencies, existing as of the acquisition date may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded. During the six months ended June 30, 2026, the Company had immaterial measurement period adjustments to goodwill. On May 29, 2026, the Company acquired certain assets of a privately held company. The acquisition was not material to the Company’s consolidated financial statements and was accounted for as a business combination. Substantially all of the purchase price was allocated to goodwill.

- Definition

The entire disclosure for business combination.

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+ Details

Segment and Geographical Information - Narrative (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Number of operating segment	1
Number of reportable segments not disclosed flag	segment
United States \| Property, Plant and Equipment \| Geographic Concentration Risk
Segment Reporting [Line Items]
Concentration risk	26.00%	20.00%
Taiwan \| Property, Plant and Equipment \| Geographic Concentration Risk
Segment Reporting [Line Items]
Concentration risk	67.00%	73.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 09, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		$ 63,992	$ 35,474	$ 112,905	$ 77,920
Privately Held Company
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Consideration transferred, equity interest	$ 4,000
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		1,692	353	2,191	315
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		14,468	8,075	23,586	19,054
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		36,413	17,852	65,817	37,038
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		$ 11,419	$ 9,194	$ 21,311	$ 21,513

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

The Company has entered into operating leases primarily for office real estate in the United States and internationally. From time to time, the Company entered into new leases and renewed existing leases in the ordinary course of business to support its ongoing operations and growth. The Company’s lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms for all leases.

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):


	As of
	June 30, 2026		December 31, 2025
Assets
Operating lease ROU assets, net	$	36,098	$	22,810
Liabilities
Operating lease liabilities, current	$	6,238	$	4,146
Operating lease liabilities, noncurrent	38,175		26,828
Total lease liabilities	$	44,413	$	30,974

Operating lease ROU assets, net are included in other assets; operating lease liabilities, current are included in accrued expenses and other current liabilities; and operating lease liabilities, non-current are included in other liabilities, on the condensed consolidated balance sheets.

The weighted-average remaining lease term and discount rates were as follows:


	As of
	June 30, 2026		December 31, 2025
Weighted average remaining lease term (in years)	6.2		6.4
Weighted average discount rate	6.7	%	7.1	%

The future minimum operating lease payments for each of the next five years and thereafter are as follows (in thousands):


Years ending December 31	Operating Leases
Remainder of 2026	$	4,057
2027	9,595
2028	9,514
2029	8,931
2030	5,945
Thereafter	16,262
Total future minimum lease payments	54,304
Less: Imputed interest	(9,891)
Total operating lease liabilities	$	44,413

In February 2026, the Company entered into lease agreements associated with the exercise of an existing expansion option at its headquarters in San Jose, California (the “HQ Expansions”). The lease terms commence at various dates between April 2026 and January 2027 and expire in November 2032. As of June 30, 2026, the HQ Expansions that have not yet commenced result in total estimated future undiscounted lease obligations of $11.7 million.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Commitments

The Company is committed to make the following minimum payments under its purchase commitments as of June 30, 2026 (in thousands):


	Purchase Commitments
Remainder of 2026	$	24,661
2027	66,189
2028	45,340
2029	30,437
2030	15,042
Total purchase commitments	$	181,669

Condensed Consolidated Balance Sheet Components - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Right-of-use (“ROU”) assets obtained in exchange for lease obligations	$ 15,980	$ 20,968
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	$ 27,266	$ 14,159

Segment and Geographical Information - Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total	$ 392,400	$ 191,925	$ 700,761	$ 351,367
China
Segment Reporting [Line Items]
Total	152,696	59,056	242,267	103,694
Singapore
Segment Reporting [Line Items]
Total	113,734	66,447	204,872	97,868
Taiwan
Segment Reporting [Line Items]
Total	105,768	56,644	198,923	133,462
United States
Segment Reporting [Line Items]
Total	5,531	2,218	20,498	5,519
Other
Segment Reporting [Line Items]
Total	$ 14,671	$ 7,560	$ 34,201	$ 10,824

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization	$ 3.9	$ 1.4	$ 7.6	$ 2.5

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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+ Details

Common Stock Warrants - Schedule of Grant Date Fair Values of 2026 Warrant (Details) - 2026 Warrant	Feb. 28, 2026 $ / shares yr
Expected dividend yield
Class of Warrant or Right [Line Items]
Warrants	0
Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants	0.043
Expected volatility
Class of Warrant or Right [Line Items]
Warrants	0.548
Expected term (in years)
Class of Warrant or Right [Line Items]
Warrants \| yr	7.0
Per share fair value of common stock
Class of Warrant or Right [Line Items]
Warrants \| $ / shares	142.82

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax benefit	$ 50,263	$ 560	$ 57,159	$ 10,662
Effective tax rate	(48.90%)	(1.10%)	(32.40%)	(14.70%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Stock-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost	$ 0.5
Unrecognized stock based compensation expense, recognition period	1 year
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period	2 years
Unrecognized stock-based compensation expense	$ 640.1
Performance Stock Units (“PSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period	2 years 1 month 6 days
Unrecognized stock-based compensation expense	$ 40.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Common Stock Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Feb. 28, 2026	Dec. 31, 2025	Oct. 31, 2023	Apr. 30, 2021
Class of Warrant or Right [Line Items]
Warrants issuable (in shares)		1,663,042		1,663,042			1,165,513
Warrant eligible for vesting (in shares)		24,722		24,722			30,589
Warrant exercises (in shares)		0		0
Warrants contra revenue		$ 10,200	$ 1,800	$ 12,313	$ 2,136
2021 Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)									126,185
Class of warrant or right, exercise price (in dollars per share)									$ 0.30
Issuance of common stock upon exercise of warrants (in shares)		125,987		125,987
Customer Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)	1,484,230
Warrant exercisable term	7 years
2023 Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)								831,945
2026 Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)						3,262,299
Class of warrant or right, exercise price (in dollars per share)						$ 142.82
Class of warrants, grant date fair value (in dollars per share)						$ 85.83
Class of warrants, grant date fair value						$ 280,000

Net Income per Common Share - Schedule of Anti-Dilutive Potential Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	56	1,056	220	1,022
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	43	1,030	212	1,009
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive shares (in shares)	13	26	8	13

Common Stock Warrants (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Grant Date Fair Values of 2026 Warrant

The per share grant date fair values of the 2026 Warrant were estimated using the following assumptions:


	2026 Warrant
Expected dividend yield	—		%
Risk-free interest rate	4.3		%
Expected volatility	54.8		%
Expected term (in years)	7.0
Per share fair value of common stock	$	142.82

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	173,485	170,186
Common stock, shares outstanding (in shares)	173,485	170,186

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Segment and Geographical Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment and Geographical Information

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income to monitor budget versus actual results. The Company manages its operations and allocates resources as a single operating segment.

The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	392,400	$	191,925	$	700,761	$	351,367
Less:
Cost of revenue	104,833		46,362		178,053		86,393
Stock-based compensation (1)	62,300		35,121		110,714		77,605
Personnel-related expenses (1)	87,003		43,843		150,308		86,282
Other segment items (2)	(14,824)		15,380		28,288		18,049
Consolidated net income	$	153,088	$	51,219	$	233,398	$	83,038

(1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue.

Revenue by location is determined by the billing address of the Company’s customers, which includes the Company’s end customers’ manufacturing partners and the Company’s distributors.

The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
China	$	152,696	$	59,056	$	242,267	$	103,694
Singapore	113,734		66,447		204,872		97,868
Taiwan	105,768		56,644		198,923		133,462
United States	5,531		2,218		20,498		5,519
Other	14,671		7,560		34,201		10,824
Total	$	392,400	$	191,925	$	700,761	$	351,367

The Company had the following customers that individually comprised 10% or more of its revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer A	29	%	27	%	29	%	20	%
Customer B	25	%	*		21	%	*
Customer C	15	%	13	%	17	%	19	%
Customer D	13	%	24	%	13	%	23	%
Customer E	*		11	%	*		*
Customer F	*		12	%	*		15	%

*Less than 10% of total revenue

Certain of the customers listed above are manufacturing partners that purchase the Company's products on behalf of the Company’s end customers. As end customers may shift production volumes among their manufacturing partners from period to period, the revenue concentration percentages attributable to individual direct customers may fluctuate in a manner that is not necessarily representative of changes in underlying end-customer demand.

The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:


	As of
	June 30, 2026		December 31, 2025
Customer A	30	%	*
Customer B	17	%	14	%
Customer D	12	%	*
Customer E	10	%	28	%
Customer C	*		27	%

*Less than 10% of total accounts receivable, net

The Company did not recognize any material allowance for credit losses as of June 30, 2026 and December 31, 2025.

Property and equipment, net by geographic location is based on the location of the asset. As of June 30, 2026, 26% and 67% of the Company’s property and equipment, net was located in the United States and Taiwan, respectively. As of December 31, 2025, 20% and 73% of the Company’s property and equipment, net was located in the United States and Taiwan, respectively.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Segment and Geographical Information - Schedule of Significant Expense Categories and Amounts Regularly Provided to the CODM (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 392,400	$ 191,925	$ 700,761	$ 351,367
Less:
Cost of revenue	104,833	46,362	178,053	86,393
Net income	153,088	51,219	233,398	83,038
Reportable Segment
Segment Reporting [Line Items]
Revenue	392,400	191,925	700,761	351,367
Less:
Cost of revenue	104,833	46,362	178,053	86,393
Stock-based compensation	62,300	35,121	110,714	77,605
Personnel-related expenses	87,003	43,843	150,308	86,282
Other segment items	(14,824)	15,380	28,288	18,049
Net income	$ 153,088	$ 51,219	$ 233,398	$ 83,038

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Title

Action

Date Adopted

Character of Trading Arrangement (1)

Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to a Trading Arrangement

Expiration Date (2)

Manuel Alba (3)

Chair of the Board

Adoption

5/22/2026

Rule 10b5-1 Trading Arrangement

1,412,000

8/31/2027

(1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as amended (the “Rule”).

(2) Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule and is scheduled to terminate on the earlier of the expiration date or when all shares are sold under such plan, subject to early termination for certain specified events set forth therein.

(3) The shares covered by this trading arrangement include certain shares that are held by trusts and may be deemed to be indirectly beneficially owned by Manuel Alba.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Manuel Alba [Member]

Trading Arrangements, by Individual

Name

Manuel Alba (3)

Title

Chair of the Board

Rule 10b5-1 Arrangement Adopted

true

5/22/2026

8/31/2027

466 days

1,412,000

Marketable Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands):


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	84,575	$	—	$	—	$	84,575



Total cash equivalents	$	84,575	$	—	$	—	$	84,575
Marketable securities
U.S. treasury and agency securities	$	228,121	$	54	$	(1,003)	$	227,172
Commercial paper	19,371		—		(27)		19,344
Corporate debt securities	897,382		634		(3,027)		894,989


Total marketable securities	$	1,144,874	$	688	$	(4,057)	$	1,141,505


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	142,772	$	—	$	—	$	142,772

Commercial paper	5,496		—		(1)		5,495
Total cash equivalents	$	148,268	$	—	$	(1)	$	148,267
Marketable securities
U.S. treasury and agency securities	$	203,175	$	630	$	(11)	$	203,794
Commercial paper	11,459		4		(1)		11,462
Corporate debt securities	802,261		3,800		(112)		805,949


Total marketable securities	$	1,016,895	$	4,434	$	(124)	$	1,021,205

As of June 30, 2026 and December 31, 2025, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material. Unrealized

losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses.

The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands):


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	458,030	$	458,109	$	463,417	$	464,282
Due after one year through five years	771,419		767,971		701,746		705,190
Total available-for-sale securities	$	1,229,449	$	1,226,080	$	1,165,163	$	1,169,472

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The Company did not recognize any material allowance for credit losses as of June 30, 2026 and December 31, 2025 or impairment charges for the three and six months ended June 30, 2026 and 2025.

There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three and six months ended June 30, 2026 and 2025.

Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rates (Details)	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 2 months 12 days	6 years 4 months 24 days
Weighted average discount rate	6.70%	7.10%

Condensed Consolidated Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 138,645	$ 103,760
Less: accumulated depreciation	(19,361)	(11,722)
Total property and equipment, net	119,284	92,038
Construction in progress
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	48,365	40,510
Laboratory equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	36,047	21,603
Production and manufacturing equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	35,000	28,171
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	15,491	11,439
Other
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 3,742	$ 2,037

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

Leases - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Leases [Abstract]
Future undiscounted lease obligations	$ 11.7