| Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flows from operating activities | Net loss | $ | (83,421) | $ | (26,257) | $ | (58,345) | Adjustments to reconcile net loss to net cash provided by (used in) operating activities | Stock-based compensation | 234,588 | 10,679 | 30,235 | Depreciation | 3,154 | 1,781 | 807 | Non-cash operating lease expense | 2,428 | 1,232 | 1,448 | Warrants contra revenue | 1,395 | 805 | 343 | Inventory write-downs | 168 | 10,343 | 110 | Accretion of discounts on marketable securities and other | (8,341) | (1,624) | (525) | Changes in operating assets and liabilities | Accounts receivable, net | (30,480) | 2,386 | (6,037) | Inventory | (19,287) | (5,564) | (19,358) | Prepaid expenses and other assets | (13,031) | (720) | (1,332) | Accounts payable | 20,887 | (4,264) | 2,126 | Accrued expenses and other liabilities | 31,018 | (167) | 15,950 | Operating lease liability | (2,402) | (1,346) | (1,320) | Net cash provided by (used in) operating activities | 136,676 | (12,716) | (35,898) | Cash flows from investing activities | Purchases of property and equipment | (34,245) | (2,761) | (3,873) | Purchases of marketable securities | (930,575) | (126,225) | (88,713) | Sales and maturities of marketable securities | 208,665 | 111,214 | 1,996 | Other investing activities | (1,413) | — | — | Net cash used in investing activities | (757,568) | (17,772) | (90,590) | Cash flows from financing activities | Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 672,198 | — | — | Payment of deferred offering costs | (4,801) | (1,407) | — | Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | — | — | 149,866 | Proceeds from exercises of stock options | 5,458 | 1,115 | 2,115 | Proceeds from employee stock purchase plan | 4,160 | — | — | Tax withholding related to net share settlements of restricted stock units | (20,111) | — | — | Repurchase of common stock upon termination | (1,066) | (210) | (313) | Net cash provided by (used in) financing activities | 655,838 | (502) | 151,668 | Net increase (decrease) in cash, cash equivalents, and restricted cash (1) | 34,946 | (30,990) | 25,180 | Cash, cash equivalents, and restricted cash (1) | Beginning of the year | 45,098 | 76,088 | 50,908 | End of the year | $ | 80,044 | $ | 45,098 | $ | 76,088 | Supplemental cash flow information: | Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering | $ | 255,127 | $ | — | $ | — | Exchange of common stock to Series D redeemable convertible preferred stock | $ | — | $ | — | $ | 18,572 | Income taxes paid | $ | 7,793 | $ | 2,477 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Money market funds | $ | 59,595 | $ | — | $ | — | $ | 59,595 | Total cash equivalents | $ | 59,595 | $ | — | $ | — | $ | 59,595 | Marketable securities | U.S. treasury and agency securities | $ | 202,506 | $ | 338 | $ | (375) | $ | 202,469 | Commercial paper | 103,219 | 51 | (37) | 103,233 | Corporate debt securities | 512,531 | 1,351 | (957) | 512,925 | Asset-backed securities | 16,068 | 63 | (8) | 16,123 | Total marketable securities | $ | 834,324 | $ | 1,803 | $ | (1,377) | $ | 834,750 | ||||||||
| As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash equivalents | Money market funds | $ | 757 | $ | — | $ | — | $ | 757 | U.S. treasury and agency securities | 472 | — | — | 472 | Commercial paper | 250 | — | — | 250 | Total cash equivalents | $ | 1,479 | $ | — | $ | — | $ | 1,479 | Marketable securities | U.S. treasury and agency securities | $ | 59,856 | $ | 211 | $ | (64) | $ | 60,003 | Commercial paper | 8,513 | — | (5) | 8,508 | Corporate debt securities | 23,552 | 96 | (9) | 23,639 | Asset-backed securities | 12,059 | 14 | (8) | 12,065 | Total marketable securities | $ | 103,980 | $ | 321 | $ | (86) | $ | 104,215 | ||||||||||||
| As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Total Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash equivalents | Money market funds | $ | 757 | $ | — | $ | 757 | U.S. treasury and agency securities | — | 472 | 472 | Commercial paper | — | 250 | 250 | Total cash equivalents | $ | 757 | $ | 722 | $ | 1,479 | Marketable securities | U.S. treasury and agency securities | $ | — | $ | 60,003 | $ | 60,003 | Commercial paper | — | 8,508 | 8,508 | Corporate debt securities | — | 23,639 | 23,639 | Asset-backed securities | — | 12,065 | 12,065 | Total marketable securities | $ | — | $ | 104,215 | $ | 104,215 | ||||||||||||
| As of December 31, | ||||||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||||||
| Accrued compensation and benefits | $ | 29,516 | $ | 14,923 | Customer deposits | 15,000 | — | Accrued software license costs | 5,418 | 3,224 | Operating lease liabilities, current | 1,286 | 2,156 | Other current liabilities | 8,404 | 8,439 | Total accrued expenses and other current liabilities | $ | 59,624 | $ | 28,742 | |||||||
