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Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization expense	$ 6,829	$ 3,154	$ 1,781

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 manufacturers (“OEMs”) customers.

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Principles of Consolidation

The 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

The preparation of 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 of deferred tax assets, reserves for uncertain tax positions, useful life of tapeout masks, 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 (loss), balance sheets, or cash flows for any of the periods presented.

Revenue Recognition

The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, a performance obligation is satisfied.

The following table presents revenue disaggregated by type (in thousands):


	Years Ended December 31,
	2025		2024		2023
Product sales	$	852,525	$	393,115	$	111,889
Engineering services	—		3,175		3,905
Total revenue	$	852,525	$	396,290	$	115,794

Where an arrangement includes multiple performance obligations, the transaction price is allocated to each performance obligation on a relative standalone selling price (“SSP”) basis. The Company determines the SSP based on an observable standalone selling price when it is available, as well as other factors, including the price charged to customers and the Company’s overall pricing objectives, while maximizing observable inputs.

Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. The Company records deferred revenue when it has received consideration, or an amount of consideration is due from the customer, and the Company has a future obligation to transfer products or services. The Company had immaterial and no deferred revenue as of December 31, 2025 and 2024. From time to time, the Company has contracts with initial terms that include performance obligations that extend beyond one year. As of December 31, 2025, there were no unsatisfied performance obligations for contracts with an original expected term greater than one year.

Product Sales

The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and does not allow customers to cancel or change purchase orders within limited notice periods. The Company recognizes product sales when control transfers to the customer, generally at the time of product shipment from its facilities or at the time when products are received by customers depending on the shipping terms with the customers, in an amount that reflects the consideration the Company expects to receive in exchange for those goods, net of estimated sales returns, distributor price adjustments (“DPA”), rebates, and other customer incentives.

The Company sells its products to distributors at a fixed list price. Distributors are authorized to resell its products to their customers at a range of individually negotiated price points based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. The majority of the distributors’ resales are priced at a discount from list price (the original purchase price). After the resale transaction is completed, the Company issues credit memos to the distributor for the price adjustments.

Sales to most distributors are made under programs common in the semiconductor industry whereby distributors receive certain price adjustments, or DPA, to meet individual competitive opportunities. These programs may include credits granted to distributors or price protection credits when the Company’s standard published prices are lowered from the price the distributor paid for product still in its inventory.

In determining the transaction price, DPAs are considered variable consideration that reduce the amount of revenue recognized. The Company’s policy is to estimate such price adjustments based on the Company’s historical prices and contractual terms using the expected value method. To date, actual DPAs have been materially consistent with the provisions the Company has made, based on its historical estimates. However, because of the inherent nature of estimates, there is always a risk that there could be significant differences between actual amounts and the Company’s estimates. The Company also considers the constraint on estimates of variable consideration when estimating the total transaction price.

The Company’s customer programs involve rebates, which are designed to serve as sales incentives to resellers of the Company’s products in various target markets. The Company accounts for rebates as a reduction to revenue and accrues for estimated rebates based on the amount the Company expects to be claimed by customers.

Revenue is recognized net of taxes collected, which are subsequently remitted to governmental authorities. Shipping and handling fees are included in cost of revenue and are recognized as activities to fulfill the promise to transfer the good.

Consideration payable includes cash amounts that the Company pays, or expects to pay, to a customer, and is included in accrued expenses and other current liabilities. Consideration payable also includes credits or other items. The Company

accounts for consideration payable as a reduction of the transaction price, and therefore, of revenue, unless the payment to the customer is in exchange for a distinct good or service that the customer transfers to the Company.

The Company issued to a customer warrants to purchase shares of the Company’s common stock. The Company accounts for the warrants as consideration payable to a customer as the Company did not receive a distinct good or service in exchange for the warrants. The shares underlying the warrants vest upon the achievement of specified tranches of global payments by the customer and its affiliates. As it becomes probable that the performance-based vesting conditions underlying the warrants will be achieved and the related revenue is recognized, the Company recognizes the related grant date fair value of the warrants as a reduction of revenue for each sales transaction in proportion to total expected cumulative sales volume resulting in achievement of the vesting conditions. See Note 10 - Common Stock Warrants.

The Company applies the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company also applies the practical expedient to expense sales commissions when incurred because the amortization period would have been one year or less.

Product Warranties

The Company’s products are generally subject to a product warranty, which provides for the estimated future costs of replacement upon shipment of the products. The products carry a standard one-year warranty. The warranty accrual is estimated primarily based on historical claims compared to historical revenue and assumes that the Company will have to replace products subject to a claim. Warranty expenses were not material for the years ended December 31, 2025, 2024 and 2023. Accrued warranty was not material as of December 31, 2025, and 2024.

The Company does not allow its distributors to return overstocked, obsolete, and discontinued products.

Cost of Revenue

Cost of revenue includes both cost of product sales and cost of engineering services. Cost of product sales includes the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, shipping, depreciation of equipment associated with manufacturing, warranty cost, amortization of capitalized production equipment, costs of logistics and quality assurance, write-downs for excess and obsolete inventory, royalties on our production products, allocation of general corporate expenses, and personnel costs including salaries, stock-based compensation expense, bonuses, and employee benefits.

Research and Development Expenses

Research and development expenses consist of costs incurred in performing research and development activities and include salaries, stock-based compensation expense, employee benefits, bonuses, pre-production engineering mask costs, software license and cloud hosting services costs, overhead costs and prototype costs, packaging and test costs, professional services fees, and allocated facilities expenses. Research and development costs are expensed as incurred.

Sales and Marketing Expenses

Sales and marketing expenses consist of personnel costs including salaries, stock-based compensation expense, employee bonus and benefits, samples to potential customers, product marketing and conferences, travel and entertainment costs, and allocation of general corporate expenses including allocated facilities expenses. Advertising costs are expensed as incurred and were not material for the years ended December 31, 2025, 2024 and 2023.

General and Administrative Expenses

General and administrative expenses consist primarily of personnel costs including salaries, stock-based compensation, and employee benefits related to corporate, finance, legal and human resource functions, contractor and professional services fees, audit and compliance expenses, insurance costs, and general corporate expenses including allocated facilities expenses.

Stock-Based Compensation

The Company records stock-based compensation expense for all stock-based awards, including stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), and purchase rights issued under the Employee Stock Purchase Plan (“ESPP”), made to employees, non-employees, and directors based on the fair value at the date of grant. The fair value of

RSUs and PSUs is based on the underlying common stock at the date of grant. The fair value of stock options granted and purchase rights issued under the ESPP for purposes of calculating stock-based compensation expense is estimated on the grant date using the Black-Scholes-Merton pricing model.

The Black-Scholes-Merton pricing model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term, the volatility of the Company’s common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that the Company’s stock options and purchase rights under the ESPP are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, exercise terms, and contractual lives of the options and ESPP. For options, the Company estimates the expected volatility by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected term of the awards, as the Company does not have sufficient trading history of its common stock. For ESPP, the expected volatility is based on a blended simple average between historical volatility of a group of comparable publicly traded companies and our common stock price over a period equal to the expected term of the awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the options and ESPP. The Company’s expected dividend yield input is zero as it has not historically paid, nor does it expect in the future to pay, cash dividends on its common stock.

Stock-based compensation expense for options, service-based RSUs, and purchase rights issued under the ESPP Plan are recognized as expense on a straight-line basis over the requisite service or offering period. Stock-based compensation expense with performance condition is recognized in the period in which vesting becomes probable using the accelerated attribution method over the requisite service period for each separately vesting portion of the award. The Company accounts for forfeitures as they occur.

Cash and Cash Equivalents

The Company classifies all highly liquid instruments purchased, such as sweep accounts, checking accounts, U.S. treasury securities, money market funds, and commercial paper with an original maturity of three months or less at the date of purchase, to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates their fair value.

Marketable Securities

Marketable securities consist of instruments with an original maturity of more than three months, primarily including U.S. treasury and agency securities, corporate debt securities, and commercial paper. The Company’s investments are all highly liquid and available for use in current operations, including those with maturity dates beyond one year, and therefore the Company classifies these securities within current assets on its consolidated balance sheet.

The Company classifies and accounts for its marketable securities as available-for-sale, and it carries such securities at fair value with unrealized gains and losses excluded from earnings and reported net of tax as a separate component of stockholders’ equity in accumulated other comprehensive income until the security is sold or matures. During the years ended December 31, 2025, 2024, and 2023, in connection with its available-for-sale securities, the Company recorded pretax unrealized gains of $3.9 million, $0.2 million, and $0.5 million, respectively, with no associated tax benefit in other comprehensive income or loss.

If an available-for-sale debt security’s fair value declines below its amortized cost basis, the Company evaluates whether it intends to sell the security, or whether it more-likely-than-not will be required to sell the security before the recovery of its amortized cost basis. If either condition is met, the Company records an impairment loss on the security. If neither condition is met, the Company evaluates whether the decline is the result of credit-related factors, in which case the Company records the credit-related portion of the impairment loss. There were no impairment charges for the years ended December 31, 2025, 2024, and 2023.

Accounts Receivable, Net

Accounts receivable are recorded at the invoiced amount, net of DPAs, and allowance for credit losses. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral from them. Amounts considered uncollectible are charged against the allowance account in the period they are deemed uncollectible. As of December 31, 2025 and 2024, the allowance for credit losses was not material to the consolidated financial statements. There was no impairment charges for the years ended December 31, 2025, 2024, and 2023.

The Company regularly monitors collections and payments from customers and maintains an allowance for credit losses for estimated losses resulting from the inability of customers to make required payments. Management estimates its

allowance for credit losses by considering factors including historical credit loss experience and current conditions, such as the length of time accounts receivable are past due, customer payment histories, any specific customer collection issues identified, current market conditions, which may affect customer financial condition, and reasonable and supportable forecasts of future credit losses. The Company writes off accounts receivable that have become uncollectible.

Inventory

The Company’s inventory, which includes raw materials, work-in-progress, and finished goods, is stated at the lower of cost or net realizable value. Inventory cost, which includes materials purchase cost, inbound freight and capitalized overhead, is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. Net realizable value is the estimated selling price of the Company’s products in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The carrying value of inventory is reduced for estimated excess and obsolete inventory. Excess and obsolete inventory reductions are determined based on assumptions about product expiration, future demand, and market conditions, and are included in cost of revenue in the consolidated statements of operations and comprehensive income (loss).

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets included prepayments for technology subscription service, cloud computing arrangements, insurance premiums, restricted cash, and accrued interest income. As of December 31, 2025 and 2024, the Company’s restricted cash balance was not material and is primarily associated with collateral for the Company’s credit card.

Property and Equipment, Net

Property and equipment is stated at cost, net of accumulated depreciation. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of the Company’s property and equipment are as follows:


Asset Category			Estimated Useful Life
Production equipment			5 years
Office furniture			5 years
Laboratory equipment			3 years
Servers and workstations			3 years
Leasehold improvements			Lesser of asset useful life or remaining lease term

Business Combination

The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations. The Company allocates the fair value of the purchase consideration of a business acquisition to the tangible and intangible assets acquired, including in-process research and development (“IPR&D”), and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. IPR&D is initially capitalized at fair value of an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable purchased intangible asset and amortized over the asset’s estimated useful life.

The valuation of acquired assets and assumed liabilities requires significant estimates, especially with respect to intangible assets. The valuation of intangible assets, in particular, requires the use of valuation techniques such as the income approach. The income approach includes the use of a discounted cash flow model, which includes discounted cash flow scenarios and requires the following significant assumptions: future expected revenue, expected average selling unit price, obsolescence curve and technology life, and discount rates. The Company estimates the fair value based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed.

The results of operations of an acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Acquisition-related costs are expensed as incurred and are included in general and administrative expenses on the consolidated statements of operations.

Impairment of Goodwill, Intangible Assets, and Other Long-lived Assets

Goodwill is evaluated for impairment on an annual basis in the fourth quarter of the year, and whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value is less than its carrying amount, the quantitative impairment test will then be performed. Under the quantitative impairment test, if the carrying amount exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. Goodwill is included in other assets on the consolidated balance sheets.

The Company assesses the impairment of intangible assets and other long-lived assets, which consist primarily of property and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model, or strategy and competitive forces.

If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is generally determined based on the present value of estimated expected future cash flows using a discount rate commensurate with the risk involved, quoted market prices or appraised values, depending on the nature of the asset.

There were no impairments charges of goodwill, intangible assets, and other long-lived assets for the years ended December 31, 2025, 2024, and 2023.

Leases

The Company determines at contract inception whether an arrangement is a lease based on its ability to control a physically distinct asset and determines the classification of the lease as either operating or finance. For all leases, the Company combines all components of the lease including related non-lease components as a single component. The Company’s operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments related to the lease. The Company has also elected to utilize the short-term lease recognition exemption and, for those leases that qualify, the Company has not recognized operating lease ROU assets or operating lease liabilities. The Company does not have any finance leases as of December 31, 2025 and 2024. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. As the Company’s leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments.

Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise the option. Lease expense is recognized on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive income (loss). Certain lease agreements may contain variable costs such as utilities and common area maintenance. Variable lease costs are expensed when the cost is incurred.

Income Taxes

The Company is subject to income taxes in the United States and certain foreign jurisdictions. Significant judgment is required in determining the Company’s provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws.

The Company uses the asset and liability method to account for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases

of assets and liabilities and net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if such position is more-likely-than-not to be sustained based solely on its technical merits as of the reporting date and only in an amount more-likely-than-not to be sustained upon review by the tax authorities. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.

Net Income (Loss) per Share

The Company follows the two-class method when computing net income (loss) per common share when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per share of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income (loss) for the period had been distributed. Prior to the automatic conversion into shares of common stock as a result of the Company’s IPO, the Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in the Company’s losses. Subsequent to the IPO, the Company has no participating securities.

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net income per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method. For periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible. However, if the Company determines that a contingent loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the consolidated financial statements. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Foreign Currency Transactions

The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in U.S. dollars using the exchange rate on the date of the transaction. Foreign currency denominated monetary assets and liabilities are remeasured and recorded at the end of each reporting period using the exchange rate at that date. Foreign exchange gains and losses were not material for the years ended December 31, 2025, 2024, and 2023.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1. Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified contractual term, a Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3. Inputs are unobservable and reflect the Company’s assumptions, consistent with reasonably available information, about the assumptions that market participants would use in pricing the asset or liability. These inputs are used when observable inputs are not available and require significant judgment.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.

Concentrations of Credit Risk and Major Customers

Revenue by location is determined by the billing address of the Company’s customers, which include distributors who purchase the Company’s products and resell them.

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


	Years Ended December 31,
	2025		2024		2023
Customer A	20	%	*		*
Customer B	20	%	11	%	*
Customer C	17	%	*		*
Customer D	16	%	24	%	37	%
Customer E	11	%	*		*
Customer F	*		36	%	24	%
Customer G	*		*		18	%

*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
	December 31, 2025		December 31, 2024
Customer B	*		22	%
Customer C	14	%	*
Customer D	27	%	13	%
Customer E	28	%	31	%
Customer F	*		24	%

*Less than 10% of total accounts receivable, net

Concentration of Supply Risk

The Company relies on a single manufacturing partner for integrated circuits. The Company also relies on a limited number of other manufacturing partners for its modules, boards, and integrated circuit substrates. While alternative providers could be identified, the Company is subject to supply and pricing risks.

Accounting Pronouncements Recently Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The Company adopted ASU 2023-09 in the fourth quarter of 2025 and applied the amendments retrospectively to all prior periods presented in the consolidated financial statements (see Note 13 - Income Taxes). The adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements.

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 Standard Update No. 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 2020-40): 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 is evaluating the impact that this new standard will have on the Company’s 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.

Net Income (Loss) per Common Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) attributable to common stockholders	$ 219,134	$ (83,421)	$ (26,257)
Shares used in net income (loss) per share computations:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	166,408	131,262	37,131
Effect of potentially dilutive equivalent shares (in shares)	13,143	0	0
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares)	179,551	131,262	37,131
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ 1.32	$ (0.64)	$ (0.71)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ 1.22	$ (0.64)	$ (0.71)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
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+ Details

Income Taxes - Schedule of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory income tax	$ 45,812	$ (17,163)	$ (4,819)
Research & development tax credits	(65,713)	(50,306)	(3,369)
Other	0	0	(30)
Non-deductible compensation (stock-based compensation and officer compensation limitation)	78,681	31,717	(145)
Excess tax benefits of stock-based compensation	(171,198)	(75,491)	(4,472)
R&D credit add-back	12,625	0	0
Capitalized US R&D costs	0	2,585	0
Other nontaxable or nondeductible items	(252)	200	121
Foreign-derived intangible income and other prior year adjustments	3,624	(8,325)	0
Other	0	49	78
Changes in valuation allowance	87,167	112,297	15,636
Other	(4)	102	0
Domestic state and local income taxes, net of federal effect	(6,900)	(5,140)	(263)
Changes in unrecognized tax benefits	20,988	17,567	762
Total income tax (benefit) expense	$ (981)	$ 1,643	$ 3,309
%
U.S. federal statutory income tax	21.00%	21.00%	21.00%
Research & development tax credits	30.10%	(61.50%)	(14.70%)
Other	0.00%	0.00%	0.10%
Non-deductible compensation (stock-based compensation and officer compensation limitation)	36.10%	(38.80%)	0.60%
Excess tax benefits of stock-based compensation	(78.50%)	92.30%	19.50%
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount	$ (6,862)	$ (6,587)	$ 0
Incentive stock options /ESPP disqualifying disposition	(3.10%)	8.10%	0.00%
R&D credit add-back	5.80%	0.00%	0.00%
Capitalized US R&D costs	0.00%	(3.20%)	0.00%
Other nontaxable or nondeductible items	(0.10%)	(0.20%)	(0.50%)
Foreign-derived intangible income and other prior year adjustments	1.70%	10.20%	0.00%
Other	0.00%	(0.10%)	(0.40%)
Changes in valuation allowance	40.00%	(137.30%)	(68.10%)
Other	0.00%	(0.10%)	0.00%
Domestic state and local income taxes, net of federal effect	(3.20%)	6.30%	1.10%
Research and development tax credits	(30.10%)	61.50%	14.70%
Changes in unrecognized tax benefits	9.60%	(21.50%)	(3.30%)
Effective Tax Rate	(0.40%)	(2.00%)	(14.50%)
Canada
Amount
Research & development tax credits	$ (1,741)	$ (1,143)	$ (588)
Other	$ 1,411	$ 922	$ 442
%
Research & development tax credits	0.80%	(1.40%)	(2.50%)
Other	0.60%	(1.10%)	(1.90%)
Research and development tax credits	(0.80%)	1.40%	2.50%
Other foreign jurisdictions
Amount
Other foreign jurisdictions	$ 1,381	$ 359	$ (44)
%
Other foreign jurisdictions	0.60%	(0.50%)	0.20%

Business combination	12 Months Ended
Business combination	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business combination	Business combination On November 10, 2025, the Company acquired 100% of the voting equity interest of aiXscale Photonics GmbH (“aiXscale”), a privately held company specializing in fiber-chip coupling technologies. The acquisition is expected to help enable the Company to further develop its products and solutions by integrating aiXscale’s technology. The total purchase consideration transferred, entirely in cash, was $31.1 million. The acquisition was accounted for as a business combination and the purchase consideration was allocated as follows: $14.5 million to an in‑process research and development (“IPR&D”) intangible asset, $(0.3) million to net identifiable assets acquired and liabilities assumed, and the excess of purchase consideration over fair value of $16.9 million recorded as goodwill, which was allocated to the Company’s single reporting unit and operating segment. Goodwill generated from this business combination is primarily attributable to the assembled workforce and expected post-acquisition synergies from integrating the technology into the Company's platforms. Goodwill recognized is not deductible for tax purposes. The IPR&D intangible asset will not be amortized until the related projects are completed or abandoned and will be tested for impairment at least annually, or more frequently if events or changes in circumstances indicate impairment. The IPR&D intangible asset was valued based on an income approach. Pro forma results of operations have not been presented because the effects of the acquisitions were not material to the Company’s consolidated statements of operations and comprehensive income (loss). 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.

- Definition

The entire disclosure for business combination.

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+ Details

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2025
2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	12,362,662	16,900,000
Annual automatic increases in the number of shares					5.00%
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total intrinsic value		$ 370,100,000	$ 379,300,000	$ 25,800,000
Weighted average granted fair value (in dollars per share)			$ 47.04	$ 15.48
Unrecognized stock based compensation		$ 1,000,000.0
Unrecognized stock based compensation expense, recognition period		10 months 24 days
Options to purchase common stock \| 2018 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		10 years
Vesting period		4 years
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period		1 year 9 months 18 days
Fair value of RSUs vested		$ 677,500,000	$ 241,000,000.0
Unrecognized stock based compensation expenses		$ 358,300,000
Restricted Stock Units (RSUs) \| 2018 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued under employee stock purchase plan (in shares)		100,000
Sale of stock, price (in dollars per share)		$ 75.63
ESPP \| 2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	3,090,666
Number of additional shares allowable under the plan (in shares)	3,090,666
Percent of outstanding shares	1.00%
Maximum employee subscription amount, percent of salary		15.00%
ESPP purchase price of common stock, percent of market price		85.00%
Maximum contribution amount		$ 25,000
Maximum number of shares per employee (in shares)		3,000
Shares issues from inception (in shares)		200,000
Performance Shares Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period		2 years 10 months 24 days
Unrecognized stock based compensation expenses		$ 16,100,000

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

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)

Stefan Dyckerhoff(3)

Director

Adoption

12/1/2025

Rule 10b5-1 Trading Arrangement

150,000

2/26/2027

Jitendra Mohan(4)

CEO, Director

Adoption

12/1/2025

Rule 10b5-1 Trading Arrangement

900,000(5)

3/16/2027

Sanjay Gajendra(6)

President, COO, Director

Adoption

12/2/2025

Rule 10b5-1 Trading Arrangement

960,000(5)

12/31/2026

Jack Lazar

Director

Adoption

12/2/2025

Rule 10b5-1 Trading Arrangement

20,000

3/3/2027

(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, limited partnerships and individual retirement accounts and may be deemed to be indirectly beneficially owned by Stefan Dyckerhoff.

(4) 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 Jitendra Mohan.

(5) The shares subject to this trading arrangement also include certain shares subject to time-based RSUs that will be sold to satisfy applicable tax withholding and remittance obligations upon vesting of the RSUs during the applicable period. The total number of such shares that may be sold pursuant to such arrangement is not currently determinable, as the number of shares required to be sold will vary based on, among other things, the market price of our common stock at the time of settlement, the applicable withholding taxes at the time of settlement, and the potential future grant of additional equity awards subject to this arrangement. This trading arrangement, which also applies to RSUs held by the individual, provides for the automatic sale of shares that would otherwise be issuable on each settlement date of a covered RSU in an amount sufficient to satisfy the applicable withholding obligation with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation, in accordance with the Company’s mandatory sell to cover policy.

(6) 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 Sanjay Gajendra.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Stefan Dyckerhoff [Member]

Trading Arrangements, by Individual

Name

Stefan Dyckerhoff

Title

Director

Rule 10b5-1 Arrangement Adopted

true

12/1/2025

2/26/2027

452 days

150,000

Jitendra Mohan [Member]

Trading Arrangements, by Individual

Name

Jitendra Mohan

Title

CEO, Director

Rule 10b5-1 Arrangement Adopted

true

12/1/2025

3/16/2027

470 days

900,000

Sanjay Gajendra [Member]

Trading Arrangements, by Individual

Name

Sanjay Gajendra

Title

President, COO, Director

Rule 10b5-1 Arrangement Adopted

true

12/2/2025

12/31/2026

394 days

960,000

Trading Arrangements, by Individual

Name

Jack Lazar

Title

Director

Rule 10b5-1 Arrangement Adopted

true

12/2/2025

3/3/2027

456 days

20,000

Stock-Based Compensation - ESPP Fair Value Assumption (Details )	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)			6 years 1 month 6 days
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	0.00%	0.00%
Risk- free interest rate, minimum	3.80%	4.40%
Risk- free interest rate, maximum	4.30%	5.20%
Expected volatility, minimum	69.70%	46.60%
Expected volatility, maximum	83.90%	70.80%
ESPP \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	6 months	6 months
ESPP \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)		8 months 12 days

Nature of Business and Summary of Significant Accounting Policies - Schedule of Revenue Concentration Risk (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer A \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	20.00%
Customer B \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	20.00%	11.00%
Customer B \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk		22.00%
Customer C \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	17.00%
Customer C \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk	14.00%
Customer D \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	16.00%	24.00%	37.00%
Customer D \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk	27.00%	13.00%
Customer E \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	11.00%
Customer E \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk	28.00%	31.00%
Customer F \| Revenue
Segment Reporting Information [Line Items]
Concentration risk		36.00%	24.00%
Customer F \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk		24.00%
Customer G \| Revenue
Segment Reporting Information [Line Items]
Concentration risk			18.00%

Fair Value of Assets and Liabilities - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 148,267
Marketable securities	1,021,205	$ 834,750
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	142,772	59,595
Marketable securities	142,772	59,595
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,495
Marketable securities	5,495
U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	203,794	202,469
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	11,462	103,233
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	805,949	512,925
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		16,123
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	142,772
Marketable securities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	142,772	59,595
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 1 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,495
Marketable securities	1,021,205	834,750
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,495
Level 2 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	203,794	202,469
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	11,462	103,233
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 805,949	512,925
Level 2 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		$ 16,123

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease ROU assets, net	$ 22,810	$ 2,983
Liabilities
Operating lease liabilities, current	4,146	1,286
Operating lease liabilities, noncurrent	26,828	1,788
Total lease liabilities	$ 30,974	$ 3,074
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

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 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 December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	59,595



Marketable securities
U.S. treasury and agency securities	$	—	$	202,469	$	202,469
Commercial paper	—		103,233		103,233
Corporate debt securities	—		512,925		512,925

Asset-backed securities	—		16,123		16,123
Total marketable securities	$	—	$	834,750	$	834,750

As of December 31, 2025 and 2024, 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, and property, plant and equipment, 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 years ended December 31, 2025, 2024, and 2023.

As of December 31, 2025 and 2024, 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
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-Paragraph 2
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Net Income (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

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 (loss) per share attributable to the Company’s common stockholders (in thousands, except per share data):


	Years Ended December 31,
	2025		2024		2023

Net income (loss) attributable to common stockholders	$	219,134	$	(83,421)	$	(26,257)

Shares used in net income (loss) per share computations:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	166,408		131,262		37,131
Effect of potentially dilutive equivalent shares	13,143		—		—
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	179,551		131,262		37,131

Net income (loss) per share attributable to common stockholders, basic	$	1.32	$	(0.64)	$	(0.71)
Net income (loss) per share attributable to common stockholders, diluted	$	1.22	$	(0.64)	$	(0.71)

Potentially dilutive securities include dilutive common stock from assumed exercise of stock options, RSUs, Warrants, and 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):

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Years Ended December 31,
	2025	2024	2023
Options to purchase common stock	—	5,233	10,050
Redeemable convertible preferred stock	—	—	90,891
Unvested RSUs	62	13,620	8,583
Unvested PSUs	—	155	—
Warrants for common stock	—	2,442	2,442
ESPP	6	60	—
Total	68	21,510	111,966

Segment and Geographical Information - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 852,525	$ 396,290	$ 115,794
Singapore
Segment Reporting Information [Line Items]
Revenue	276,989	29,056	0
China
Segment Reporting Information [Line Items]
Revenue	256,276	72,672	5,540
Taiwan
Segment Reporting Information [Line Items]
Revenue	247,448	269,935	72,174
United States
Segment Reporting Information [Line Items]
Revenue	27,428	11,296	30,664
Other
Segment Reporting Information [Line Items]
Revenue	$ 44,384	$ 13,331	$ 7,416

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


	Years Ended December 31,
	2025		2024		2023
Cost of revenue	$	1,123	$	845	$	24
Research and development	81,843		76,427		7,360
Sales and marketing	39,903		95,887		2,067
General and administrative	37,164		61,429		1,228
Total	$	160,033	$	234,588	$	10,679

Schedule of Estimated Grant Date Fair Values

The estimated grant date fair values of the employee stock options granted during the years ended December 31, 2024 and 2023 were calculated using the Black-Scholes-Merton Option-pricing model, based on the following minimum and maximum assumptions:


	Years Ended December 31,
	2024		2023
Expected dividend yield	0.0	%	0.0	%
Risk-free interest rate	4.2	%	3.9% - 4.7%
Expected volatility	52.3	%	48.8% - 49.1%
Expected term (in years)	6.1		6.1

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 (per share)		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2024	5,285	$	0.83	6.5	$	695,689
Granted	—	—
Exercised	(2,454)	0.75
Cancelled and forfeited	(110)	1.66
Outstanding as of December 31, 2025	2,721	$	0.86	5.5	$	450,336
Vested and expected to vest as of December 31, 2025	2,721	$	0.86	5.5	$	450,336
Exercisable as of December 31, 2025	2,651	$	0.86	5.5	$	438,676

Schedule of Estimated Grant Date Fair Values of ESPP Granted

The estimated grant date fair values of ESPP shares granted during the years ended December 31, 2025 and 2024 were calculated using the Black-Scholes-Merton Option-pricing model, based on the following minimum and maximum assumptions:


	Year Ended December 31,
	2025		2024
Expected dividend yield	0.0	%	0.0	%
Risk-free interest rate	3.8% - 4.3%		4.4% - 5.2%
Expected volatility	69.7% - 83.9%		46.6% - 70.8%
Expected term (in years)	0.5 - 0.5		0.5 - 0.7

Schedule of Restricted Stock Unit 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, 2024	13,620	$	33.49
Granted	1,893	117.28
Vested	(5,572)	30.81
Cancelled and forfeited	(587)	43.91
Outstanding as of December 31, 2025	9,354	$	51.39

Schedule of Nonvested Performance-Based 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
Outstanding as of December 31, 2024	155	$	125.28
Granted	22	136.32
Vested	—	—
Cancelled and forfeited	—	—
Outstanding as of December 31, 2025	177	$	126.64

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of period	$ 23,070	$ 3,993	$ 3,162
Decreases related to prior year tax positions	(1,104)	0	(1,024)
Increases related to current year tax positions	23,921	18,608	1,855
Increases related to prior year tax positions	0	469	0
Balance, end of period	$ 45,887	$ 23,070	$ 3,993

Leases - Future Minimum Operating Lease Payment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 6,153
2027	6,466
2028	6,268
2029	5,798
2030	2,808
Thereafter	10,924
Total future minimum lease payment	38,417
Less: Imputed interest	(7,443)
Total operating lease liabilities	$ 30,974	$ 3,074

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities

Net income (loss)

$ 219,134

$ (83,421)

$ (26,257)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Stock-based compensation

160,033

234,588

10,679

Depreciation and amortization

6,829

3,154

1,781

Non-cash operating lease expense

2,933

2,428

1,232

Warrants contra revenue

5,514

1,395

805

Accretion of discounts on marketable securities

(7,932)

(8,436)

(1,658)

Other

(1,241)

263

10,377

Changes in operating assets and liabilities

Accounts receivable, net

(44,343)

(30,480)

2,386

Inventory

(12,950)

(19,287)

(5,564)

Prepaid expenses and other assets

(33,757)

(13,031)

(720)

Accounts payable

14,194

20,887

(4,264)

Accrued expenses and other liabilities

15,770

31,018

(167)

Operating lease liability

(4,878)

(2,402)

(1,346)

Net cash provided by (used in) operating activities

319,306

136,676

(12,716)

Cash flows from investing activities

Purchases of property and equipment

(37,544)

(34,245)

(2,761)

Purchases of marketable securities

(857,753)

(930,575)

(126,225)

Sales and maturities of marketable securities

683,114

208,665

111,214

Payments for business combinations, net of cash acquired

(28,786)

Other investment activities

(500)

(1,413)

Net cash used in investing activities

(241,469)

(757,568)

(17,772)

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 exercises of stock options

1,825

5,458

1,115

Proceeds from employee stock purchase plan

7,978

4,160

Tax withholding related to net share settlements of restricted stock units

(20,111)

Repurchase of common stock upon termination

(1,066)

(210)

Net cash provided by (used in) financing activities

9,803

655,838

(502)

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

87,640

34,946

(30,990)

Cash, cash equivalents, and restricted cash

Beginning of the year

^[1]

80,044

45,098

76,088

End of the year

^[1]

$ 167,684

$ 80,044

$ 45,098

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

Leases (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31,
	2025		2024
Assets
Operating lease ROU assets, net	$	22,810	$	2,983
Liabilities
Operating lease liabilities, current	$	4,146	$	1,286
Operating lease liabilities, noncurrent	26,828		1,788
Total lease liabilities	$	30,974	$	3,074

Schedule of Lease Cost

The components of lease expense, included in operating expenses, were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Operating lease expense	$	5,879	$	2,633	$	1,640
Short-term lease expense	368		229		200
Variable lease expense	1,608		284		310
Total lease expense	$	7,855	$	3,146	$	2,150

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


	As of December 31,
	2025		2024
Weighted average remaining lease term (in years)	6.4		3.2
Weighted average discount rate	7.1	%	11.1	%

Schedule of Future Minimum Operating Lease Payment

The future minimum operating lease payments for each of the next five years and thereafter are as follows as of December 31, 2025 (in thousands):


Years ending December 31	Operating Leases
2026	$	6,153
2027	6,466
2028	6,268
2029	5,798
2030	2,808
Thereafter	10,924
Total future minimum lease payments	38,417
Less: Imputed interest	(7,443)
Total operating lease liabilities	$	30,974

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes, Domestic and Foreign

The U.S. and non-U.S. components of income (loss) before income taxes consist of the following (in thousands):


	Years Ended December 31,
	2025		2024		2023
United States	$	217,937	$	(83,550)	$	(23,655)
International	216		1,772		707
Income (loss) before incomes taxes	$	218,153	$	(81,778)	$	(22,948)

Schedule of Provision for Income Taxes

The income tax (benefit) provision consists of the following (in thousands):


	Years Ended December 31,
	2025		2024		2023
Current
U.S. Federal	$	(2,051)	$	1,141	$	3,144
State	(21)		(8)		206
International	1,072		510		(41)
Total current tax expense	(1,000)		1,643		3,309
Deferred
U.S. Federal	—		—		—
State	—		—		—
International	19		—		—
Total deferred tax expense	19		—		—
Total income tax (benefit) expense	$	(981)	$	1,643	$	3,309

Schedule of Effective Income Tax Rate

The tax (benefit) expense differs from the U.S. federal statutory tax expenses as follows:


	Years Ended December 31,
	2025				2024				2023
	(in thousands, except percentages)
	Amount		%		Amount		%		Amount		%
U.S. federal statutory income tax	$	45,812	21.0	%	$	(17,163)	21.0	%	$	(4,819)	21.0	%
Domestic federal
Tax credits
Research & development tax credits	(65,713)		(30.1)		(50,306)		61.5		(3,369)		14.7
Other	—		—		—		—		(30)		0.1
Nontaxable or nondeductible items
Non-deductible compensation (stock-based compensation and officer compensation limitation)	78,681		36.1		31,717		(38.8)		(145)		0.6
Excess tax benefits of stock-based compensation	(171,198)		(78.5)		(75,491)		92.3		(4,472)		19.5
Incentive stock options /ESPP disqualifying disposition	(6,862)		(3.1)		(6,587)		8.1		—		—
R&D credit add-back	12,625		5.8		—		—		—		—
Capitalized US R&D costs	—		—		2,585		(3.2)		—		—
Other nontaxable or nondeductible items	(252)		(0.1)		200		(0.2)		121		(0.5)
Cross-border tax laws
Foreign-derived intangible income	3,624		1.7		(8,325)		10.2		—		—
Other	—		—		49		(0.1)		78		(0.4)
Effect of changes in tax laws or rates enacted in the current period
Changes in valuation allowance	87,167		40.0		112,297		(137.3)		15,636		(68.1)
Other	(4)		—		102		(0.1)		—		—
Domestic state and local income taxes, net of federal effect (1)	(6,900)		(3.2)		(5,140)		6.3		(263)		1.1
Foreign tax effects
Canada
Research and development tax credits	(1,741)		(0.8)		(1,143)		1.4		(588)		2.5
Other	1,411		0.6		922		(1.1)		442		(1.9)
Other foreign jurisdictions	1,381		0.6		359		(0.5)		(44)		0.2
Changes in unrecognized tax benefits	20,988		9.6		17,567		(21.5)		762		(3.3)
(Benefit) provision for income taxes/ effective tax rate	$	(981)	(0.4)	%	$	1,643	(2.0)	%	$	3,309	(14.5)	%

__________________

(1) State taxes in California comprise the majority of the state and local income taxes, net of federal effect category.

Schedule of Temporary Differences and Carryforwards Deferred Tax Assets and Liabilities

The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets and liabilities consist of the following (in thousands):


	As of December 31,
	2025		2024
Deferred tax assets
Net operating losses	$	59,316	$	1,115
General business credits	120,753		48,512
Intangibles	71,301		98,754
Stock-based compensation	14,855		14,874
Lease Liabilities	5,988		167
Other	4,359		6,873
Total deferred tax assets before valuation allowance	276,572		170,295
Deferred tax liabilities
ROU assets	(5,991)		(179)
Fixed assets	(2,349)		(1,206)
Stock-based compensation – Section 83(b) elections	(23)		(502)
Others	(1,316)		(115)
Total deferred tax liabilities	(9,679)		(2,002)
Less: valuation allowance	(270,299)		(168,293)
Net deferred tax assets after valuation allowance	$	(3,406)	$	—

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the Company’s unrecognized tax benefits is as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Balance, beginning of period	$	23,070	$	3,993	$	3,162
Decreases related to prior year tax positions	(1,104)		—		(1,024)
Increases related to current year tax positions	23,921		18,608		1,855
Increases related to prior year tax positions	—		469		—
Balance, end of period	$	45,887	$	23,070	$	3,993

Schedule of Income Taxes Paid, Net of Refunds

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


	Years Ended December 31,
	2025		2024		2023
ROU assets obtained in exchange for lease obligations	$	23,980	$	2,542	$	2,336
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	$	15,516	$	173	$	325
Property and equipment acquired through tenant improvement allowance	$	8,483	$	—	$	—

Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	$	—	$	255,127	$	—

The income taxes paid, net of refunds as follows:


	Years Ended December 31,
	2025		2024		2023

U.S. federal	$	500	$	6,583	$	2,450
U.S. state and local

Oregon	*		598		*

Other	30		234		27
	530		7,415		2,477
Foreign

India	626		*		*
Israel	262		*		*
China	159		*		*
Taiwan	88		*		*


Other *	(26)		378		*
	1,109		378		*
Total	$	1,639	$	7,793	$	2,477

* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold and therefore included in “Other” category.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 852,525	$ 396,290	$ 115,794
Cost of revenue	207,264	93,591	35,967
Gross profit	645,261	302,699	79,827
Operating expenses
Research and development	303,998	200,830	73,407
Sales and marketing	79,774	123,652	19,992
General and administrative	88,066	94,283	15,925
Total operating expenses	471,838	418,765	109,324
Operating income (loss)	173,423	(116,066)	(29,497)
Interest income	44,730	34,288	6,549
Income (loss) before income taxes	218,153	(81,778)	(22,948)
Income tax (benefit) provision	(981)	1,643	3,309
Net income (loss)	$ 219,134	$ (83,421)	$ (26,257)
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 1.32	$ (0.64)	$ (0.71)
Diluted (in dollars per share)	$ 1.22	$ (0.64)	$ (0.71)
Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders:
Basic (in shares)	166,408	131,262	37,131
Diluted (in shares)	179,551	131,262	37,131
Other comprehensive income
Unrealized gain on marketable securities, net of taxes	$ 3,884	$ 167	$ 488
Total comprehensive income (loss)	$ 223,018	$ (83,254)	$ (25,769)

Consolidated Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2025		2024
Raw materials	$	84	$	229
Work-in-progress	35,752		26,695
Finished goods	23,143		16,291
Total inventory	$	58,979	$	43,215

Schedule of Property and Equipment, Net

The estimated useful lives of the Company’s property and equipment are as follows:


Asset Category			Estimated Useful Life
Production equipment			5 years
Office furniture			5 years
Laboratory equipment			3 years
Servers and workstations			3 years
Leasehold improvements			Lesser of asset useful life or remaining lease term

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


	As of December 31,
	2025		2024
Construction in progress	$	40,510	$	29,064
Production equipment	28,171		—
Laboratory equipment	21,603		10,467
Leasehold improvements	11,439		1,159
Other	2,037		794
Property and equipment, gross	103,760		41,484
Less: accumulated depreciation	(11,722)		(5,833)
Total property and equipment, net	$	92,038	$	35,651

Schedule of Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2025		2024
Accrued compensation and benefits	$	46,510	$	29,516
Construction in progress	13,500		—
Customer deposits	—		15,000

Accrued software license costs	7,632		5,418

Other current liabilities	23,038		9,690
Total accrued expenses and other current liabilities	$	90,680	$	59,624

Schedule of Income Taxes Paid, Net of Refunds

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


	Years Ended December 31,
	2025		2024		2023
ROU assets obtained in exchange for lease obligations	$	23,980	$	2,542	$	2,336
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	$	15,516	$	173	$	325
Property and equipment acquired through tenant improvement allowance	$	8,483	$	—	$	—

Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	$	—	$	255,127	$	—

The income taxes paid, net of refunds as follows:


	Years Ended December 31,
	2025		2024		2023

U.S. federal	$	500	$	6,583	$	2,450
U.S. state and local

Oregon	*		598		*

Other	30		234		27
	530		7,415		2,477
Foreign

India	626		*		*
Israel	262		*		*
China	159		*		*
Taiwan	88		*		*


Other *	(26)		378		*
	1,109		378		*
Total	$	1,639	$	7,793	$	2,477

* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold and therefore included in “Other” category.

Common Stock Warrants

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock Warrants

Undesignated Preferred Stock and Common Stock

Undesignated Preferred Stock

On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which authorized 100,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share, with rights and preferences, including voting rights, designated from time to time by the Company’s Board of Directors. As of December 31, 2025 and 2024, no undesignated preferred stock has been issued.

Common Stock

On January 22, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which resulted in an increase to the authorized shares of the Company’s Common Stock from 162,641,331 shares to 163,375,000 shares. On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware that resulted in an increase to the authorized shares of the Company’s Common Stock from 163,375,000 shares to 1,000,000,000 shares. As of December 31, 2025 and 2024, the Company had authorized 1.0 billion shares of Common Stock with a $0.0001 per share par value. Common stockholders are entitled to one vote for each share held.

Common Stock Warrants

In October 2022, the Company issued a warrant to Amazon NV Investment Holdings LLC (“Holder”) to purchase an aggregate of up to 1,484,230 shares of Common Stock at an exercise price of $20.34 per share (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seventh anniversary of the issue date. Upon issuance of the Customer Warrant, 14,844 shares issuable underlying the Customer Warrant were immediately vested and exercisable. The remainder of the shares underlying the Customer Warrant may vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of global payments by the Holder and its affiliates to the Company.

In October 2023, the Company amended the warrant agreement and issued an additional warrant to the Holder to purchase an aggregate of up to 831,945 shares of Common Stock at an exercise price of $20.34 per share (the “2023 Warrant”, and together with the Customer Warrant, the “Warrants”), 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 payments by the Holder and its affiliates to the Company. As of December 31, 2025 and 2024, an aggregate of 1,165,513 shares and 474,029 shares, respectively, underlying the Warrants vested and are exercisable. Additionally, an aggregate of 30,589 and 50,439 shares were probable of vesting as of December 31, 2025 and 2024, respectively. As of December 31, 2025, there was no exercise of the Warrants.

The grant date fair values of the Customer Warrant and the 2023 Warrant were determined to be $4.78, and $10.04, per share, respectively, using the Black-Scholes-Merton option pricing model, for maximum total Customer Warrant and 2023 Warrant fair values of $7.1 million and $8.4 million, respectively. The per share grant date fair values of the Customer Warrant and 2023 Warrant were estimated using the following assumptions:


	Customer Warrant			2023 Warrant
Expected dividend yield	0.0 %			0.0 %
Risk-free interest rate	4.2		%	4.9		%
Expected volatility	55.0		%	60.0		%
Expected term (in years)	7.0			6.0
Per share fair value of common stock	$	10.64		$	17.62

The Company recognized $5.5 million, $1.4 million and $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, as a reduction of revenue in the consolidated statements of operations and comprehensive income (loss) 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 October 14, 2029.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation - Restricted Stock Units And Performance Stock Units (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Units (RSUs)
Number of Restricted Stock Units
Outstanding beginning balance (in shares) \| shares	13,620
Granted (in shares) \| shares	1,893
Vested (in shares) \| shares	(5,572)
Cancelled and forfeited (in shares) \| shares	(587)
Outstanding ending balance (in shares) \| shares	9,354
Weighted Average Grant Date Fair Value
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 33.49
Granted (in dollars per share) \| $ / shares	117.28
Vested (in dollars per share) \| $ / shares	30.81
Cancelled and forfeited (in dollars per share) \| $ / shares	43.91
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.39
Performance Shares Units (RSUs)
Number of Restricted Stock Units
Outstanding beginning balance (in shares) \| shares	155
Granted (in shares) \| shares	22
Vested (in shares) \| shares	0
Cancelled and forfeited (in shares) \| shares	0
Outstanding ending balance (in shares) \| shares	177
Weighted Average Grant Date Fair Value
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 125.28
Granted (in dollars per share) \| $ / shares	136.32
Vested (in dollars per share) \| $ / shares	0
Cancelled and forfeited (in dollars per share) \| $ / shares	0
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 126.64

Consolidated Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 103,760	$ 41,484
Less: accumulated depreciation	(11,722)	(5,833)
Total property and equipment, net	92,038	35,651
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	40,510	29,064
Production equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,171	0
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,603	10,467
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,439	1,159
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,037	$ 794

Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 84	$ 229
Work-in-progress	35,752	26,695
Finished goods	23,143	16,291
Total inventory	$ 58,979	$ 43,215

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 167,611	$ 79,551
Marketable securities	1,021,205	834,750
Accounts receivable, net	83,202	38,811
Inventory	58,979	43,215
Prepaid expenses and other current assets	31,033	16,652
Total current assets	1,362,030	1,012,979
Property and equipment, net	92,038	35,651
Other assets	77,755	5,878
Total assets	1,531,823	1,054,508
Current liabilities
Accounts payable	42,362	26,918
Accrued expenses and other current liabilities	90,680	59,624
Total current liabilities	133,042	86,542
Other liabilities	35,147	3,167
Total liabilities	168,189	89,709
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value; 1,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 170,186 and 162,018 shares issued and outstanding as of December 31, 2025 and 2024, respectively	17	16
Additional paid-in capital	1,348,969	1,173,153
Accumulated other comprehensive income	4,310	426
Retained earnings (accumulated deficit)	10,338	(208,796)
Total stockholders’ equity	1,363,634	964,799
Total liabilities and stockholders’ equity	$ 1,531,823	$ 1,054,508

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Amended and Restated 2018 Equity Incentive Plan

Prior to the IPO, the Company historically granted stock-based compensation awards under its Amended and restated 2018 Equity Incentive Plan (as amended, “2018 Plan”). The 2018 Plan provided for the grant of incentive and nonqualified stock options and RSUs to qualified employees, nonemployee directors, and consultants. Options granted under the 2018 Plan generally expire within 10 years from the date of grant, vest over four years and are exercisable for shares of the Company’s Common Stock. The RSUs vest upon the satisfaction of both a service condition and a liquidity event condition. The service condition for the RSUs is generally satisfied over a four-year vesting period. The liquidity event vesting condition for the RSUs was satisfied in connection with the IPO.

The 2018 Plan was terminated in March 2024. Any shares of the Company’s Common Stock that would have otherwise returned to the 2018 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder, including, for the avoidance of doubt, any shares of Common Stock withheld by the Company to satisfy any tax withholding obligations that arose upon vesting or settlement of awards in connection with the IPO were returned to the share reserve under the 2024 Plan. All future equity grants will be made pursuant to the 2024 Plan.

2024 Stock Option and Incentive Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Stock Option and Incentive Plan (“2024 Plan”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. Under the 2024 Plan, the Company initially reserved 12,362,662 shares of the Common Stock for issuance thereunder. The 2024 Plan provides for annual automatic increases in the number of shares of the Company’s Common Stock reserved thereunder on January 1, 2025 and each January 1 thereafter, by up to 5% of the issued and outstanding number of shares of Common Stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee of the Company’s board of directors. As of December 31, 2025, 16.9 million shares remained available to be issued under the Plan.

2024 Employee Stock Purchase Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Employee Stock Purchase Plan, which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. The Company initially reserved 3,090,666 shares of the Common Stock for future issuance. The number of shares of the Common Stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2025 through January 1, 2034, by the lesser of (i) 3,090,666 shares of common stock, (ii) 1% of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31st, or (iii) such number of shares of Common Stock as determined by the compensation committee of the Company’s board of directors.

Under the ESPP, participants can purchase the Company’s Common Stock using payroll deductions, which may not exceed 15% of their salary. Participants will be granted the right to purchase shares of Common Stock at a price per share that is equal to 85% of the lesser of (i) the closing price on the first day of the applicable offering under the ESPP or, for the first offering period, the “Price to Public” set forth on the cover page for the Prospectus or (ii) the closing price on the last day of the applicable offering period under the ESPP. No participant has the right to purchase shares of Common Stock in an amount, when aggregated with purchase rights under all of the Company’s employee stock purchase plans that are also in effect in the same calendar year(s), that has a fair market value of more than $25,000, determined as of the first day of the applicable offering period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 3,000 shares during any applicable offering period. As of December 31, 2025, there was 0.2 million shares issued under the ESPP.

Summary of Employee Stock-Based Compensation Expense

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


	Years Ended December 31,
	2025		2024		2023
Cost of revenue	$	1,123	$	845	$	24
Research and development	81,843		76,427		7,360
Sales and marketing	39,903		95,887		2,067
General and administrative	37,164		61,429		1,228
Total	$	160,033	$	234,588	$	10,679

Stock Option


	Years Ended December 31,
	2024		2023
Expected dividend yield	0.0	%	0.0	%
Risk-free interest rate	4.2	%	3.9% - 4.7%
Expected volatility	52.3	%	48.8% - 49.1%
Expected term (in years)	6.1		6.1

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 (per share)		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2024	5,285	$	0.83	6.5	$	695,689
Granted	—	—
Exercised	(2,454)	0.75
Cancelled and forfeited	(110)	1.66
Outstanding as of December 31, 2025	2,721	$	0.86	5.5	$	450,336
Vested and expected to vest as of December 31, 2025	2,721	$	0.86	5.5	$	450,336
Exercisable as of December 31, 2025	2,651	$	0.86	5.5	$	438,676

The intrinsic value of a stock option is calculated as the difference between the per share exercise price of the underlying stock option award and the estimated per share fair value of the Company’s common stock at the measurement date. The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was $370.1 million, $379.3 million, and $25.8 million, respectively.

The weighted-average grant date fair value of stock options granted during the years ended December 31, 2024, and 2023 was $47.04 and $15.48 per share, respectively.

As of December 31, 2025, there was approximately $1.0 million of total unrecognized compensation cost, related to unvested options, which is expected to be recognized over a weighted-average remaining requisite service period of 0.9 years, using the straight-line method.

ESPP


	Year Ended December 31,
	2025		2024
Expected dividend yield	0.0	%	0.0	%
Risk-free interest rate	3.8% - 4.3%		4.4% - 5.2%
Expected volatility	69.7% - 83.9%		46.6% - 70.8%
Expected term (in years)	0.5 - 0.5		0.5 - 0.7

During the year ended December 31, 2025, employees purchased 0.1 million shares of common stock through the ESPP at an average purchase price of $75.63 per share.

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, 2024	13,620	$	33.49
Granted	1,893	117.28
Vested	(5,572)	30.81
Cancelled and forfeited	(587)	43.91
Outstanding as of December 31, 2025	9,354	$	51.39

The aggregate fair values of RSUs that vested and settled during the years ended December 31, 2025 and 2024 were $677.5 million and $241.0 million, respectively.

As of December 31, 2025, there was $358.3 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.8 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
Outstanding as of December 31, 2024	155	$	125.28
Granted	22	136.32
Vested	—	—
Cancelled and forfeited	—	—
Outstanding as of December 31, 2025	177	$	126.64

The Company granted PSUs that vest on the satisfaction of continuous employment and achievement of certain financial and operational performance goals established by the Compensation Committee of the Company’s Board of Directors. As of December 31, 2025, there was $16.1 million of unrecognized stock-based compensation expense related to the PSUs, which is expected to be recognized over a weighted-average period of 2.9 years.

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information for Reportable Segments and Reconciliation to Consolidated Financial Results

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


	Years Ended December 31,
	2025		2024		2023
Revenue	$	852,525	$	396,290	$	115,794
Less:
Cost of revenue	207,264		93,591		35,967
Stock-based compensation (1)	158,910		233,743		10,655
Personnel-related expenses (1)	192,926		117,366		65,327


Other segment items (2)	74,291		35,011		30,102


Consolidated net income (loss)	$	219,134	$	(83,421)	$	(26,257)

(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 interest income, income tax (benefit) provision, engineering design related costs, and professional and consulting services fees.

Schedule of Revenue from External Customers by Geographic Areas

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


	Years Ended December 31,
	2025		2024		2023
Singapore	$	276,989	$	29,056	$	—
China	256,276		72,672		5,540
Taiwan	247,448		269,935		72,174
United States	27,428		11,296		30,664
Other	44,384		13,331		7,416
Total	$	852,525	$	396,290	$	115,794

Consolidated Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Balance Sheet Components

Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2025		2024
Raw materials	$	84	$	229
Work-in-progress	35,752		26,695
Finished goods	23,143		16,291
Total inventory	$	58,979	$	43,215

Property and Equipment, Net

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


	As of December 31,
	2025		2024
Construction in progress	$	40,510	$	29,064
Production equipment	28,171		—
Laboratory equipment	21,603		10,467
Leasehold improvements	11,439		1,159
Other	2,037		794
Property and equipment, gross	103,760		41,484
Less: accumulated depreciation	(11,722)		(5,833)
Total property and equipment, net	$	92,038	$	35,651

Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $6.8 million, $3.2 million, and $1.8 million, respectively. Construction in progress primarily includes production equipment costs capitalized relating to the Company’s future products and will be placed in service and begin to depreciate when related manufacturing commences. Production equipment has been placed into service for the manufacturing of released products.

Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2025		2024
Accrued compensation and benefits	$	46,510	$	29,516
Construction in progress	13,500		—
Customer deposits	—		15,000

Accrued software license costs	7,632		5,418

Other current liabilities	23,038		9,690
Total accrued expenses and other current liabilities	$	90,680	$	59,624

Supplemental Cash Flow Information

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


	Years Ended December 31,
	2025		2024		2023
ROU assets obtained in exchange for lease obligations	$	23,980	$	2,542	$	2,336
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	$	15,516	$	173	$	325
Property and equipment acquired through tenant improvement allowance	$	8,483	$	—	$	—

Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	$	—	$	255,127	$	—

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events from December 31, 2025, the date of the consolidated financial statements, through February 20, 2026, the date the consolidated financial statements were issued. On February 5, 2026, the Company entered into a Warrant Agreement with Amazon.com NV Investment Holdings LLC, 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”). See Note 10 - Common Stock Warrants. In February 2026, the Company entered into an agreement with a privately held company to acquire certain tangible assets, including laboratory equipment as well as a non‑exclusive IP license to all of the acquiree’s intellectual property existing prior to the closing date. The transaction closed in February 2026. The aggregate purchase price is approximately $70 million. In connection with the transaction, certain employees of the acquiree were hired by the Company, which the Company granted RSU awards subsequent to their employment start dates after the close of the transaction. The Company is in the process of evaluating the accounting of this transaction and related impacts on its financial statements.

Leases - Weighted-average Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 4 months 24 days	3 years 2 months 12 days
Weighted average discount rate	7.10%	11.10%

Commitment and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

The Company depends upon third-party subcontractors to manufacture wafers and other inventory parts or to perform certain services. 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 December 31, 2025 (in thousands):


Years ending December 31	Purchase Commitments
2026	$	29,629
2027	30,282
2028	14,678
2029	316
2030	4
Total purchase commitments	$	74,909

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 December 31, 2025 and 2024.

Income Taxes - Schedule of Loss Before Income Taxes, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 217,937	$ (83,550)	$ (23,655)
International	216	1,772	707
Income (loss) before income taxes	$ 218,153	$ (81,778)	$ (22,948)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Leases - Narrative (Details)	Dec. 16, 2024 ft² consecutiveTerm
Leases [Abstract]
Area of land \| ft²	154,231
Lease term	7 years 6 months
Number of consecutive terms \| consecutiveTerm	2
Renewal term	60 months

Undesignated Preferred Stock and Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Undesignated Preferred Stock and Common Stock

Undesignated Preferred Stock

Common Stock

Common Stock Warrants


	Customer Warrant			2023 Warrant
Expected dividend yield	0.0 %			0.0 %
Risk-free interest rate	4.2		%	4.9		%
Expected volatility	55.0		%	60.0		%
Expected term (in years)	7.0			6.0
Per share fair value of common stock	$	10.64		$	17.62

- Definition

The entire disclosure for equity.

+ References

+ Details

Segment and Geographical Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of reportable segments	1
United States \| Property, Plant and Equipment \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk	20.00%	17.00%
Taiwan \| Property, Plant and Equipment \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk	73.00%	82.00%

- 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

Income Taxes - Schedule of Income Taxes Paid, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. federal	$ 500	$ 6,583	$ 2,450
Federal, state and local taxes paid	530	7,415	2,477
Foreign	1,109	378
Income taxes paid	1,639	7,793	2,477
Oregon
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state and local		598
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state and local	30	234	$ 27
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	626
Israel
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	262
China
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	159
Taiwan
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	88
Other foreign jurisdictions
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ (26)	$ 378

Net Loss per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

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


	Years Ended December 31,
	2025		2024		2023

Net income (loss) attributable to common stockholders	$	219,134	$	(83,421)	$	(26,257)

Shares used in net income (loss) per share computations:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	166,408		131,262		37,131
Effect of potentially dilutive equivalent shares	13,143		—		—
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	179,551		131,262		37,131

Net income (loss) per share attributable to common stockholders, basic	$	1.32	$	(0.64)	$	(0.71)
Net income (loss) per share attributable to common stockholders, diluted	$	1.22	$	(0.64)	$	(0.71)


	Years Ended December 31,
	2025	2024	2023
Options to purchase common stock	—	5,233	10,050
Redeemable convertible preferred stock	—	—	90,891
Unvested RSUs	62	13,620	8,583
Unvested PSUs	—	155	—
Warrants for common stock	—	2,442	2,442
ESPP	6	60	—
Total	68	21,510	111,966

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have established policies and processes designed to identify, assess, and mitigate cybersecurity risks. These policies and processes are intended to protect the confidentiality, integrity, and availability of our critical information systems and our critical data, including intellectual property and confidential information that is proprietary, strategic, or competitive in nature. They include the deployment of third-party security solutions and tools designed to monitor, identify, and address cybersecurity risks, as well as the development of an incident response plan informed by the National Institute of Standards and Technology (“NIST”) framework that is designed to identify and manage significant events that may impact our information technology infrastructure, including those arising from or related to cybersecurity threats. As part of our cybersecurity risk management, we conduct periodic risk assessments designed to identify reasonably foreseeable potential internal and external risks, the likelihood of occurrence and any potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, controls, and other safeguards in place to manage such risks. We also maintain risk-based processes to assess and review the cybersecurity practices of certain of our third-party vendors and services providers prior to onboarding, including through review of System and Organization (SOC) reports provided by potential vendors and the inclusion of security requirements in contracts, as appropriate. Employees are required to complete annual cybersecurity awareness training designed to raise awareness of cybersecurity threats. While we have not, as of the date of this Form 10-K, experienced a cybersecurity threat or incident that resulted in a material adverse impact to our business or operations, there can be no guarantee that we will not experience such an incident in the future. For more information about the risks from cybersecurity threats, see the risk factors entitled “Cybersecurity risks, including cyber-attacks, data breaches, and system vulnerabilities could adversely affect our business and disrupt our operations” and “An impairment of the confidentiality, integrity, or availability of our IT systems, or those of one or more of our IT vendors could have a material adverse effect on our business.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	These policies and processes are intended to protect the confidentiality, integrity, and availability of our critical information systems and our critical data, including intellectual property and confidential information that is proprietary, strategic, or competitive in nature.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors (“Board”) considers cybersecurity risk as part of its overall risk oversight function and has delegated to the Audit Committee of the Board (the “Audit Committee”) oversight of cybersecurity matters, cybersecurity risk management, disclosure obligations with respect to cybersecurity incidents, and compliance with SEC rules applicable to cybersecurity risk management. The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee regularly reports to the full Board regarding its activities, including those related to cybersecurity risk. Our Chief Executive Officer is currently serving as interim Chief Information Security Officer (“CISO”) while we conduct a search for a successor following the departure of our CISO in January 2026. Our CISO, in connection with our IT personnel, is responsible for day-to-day implementation, management and evaluation of our cybersecurity risk assessment and management processes. This team has primary responsibility for our overall cybersecurity risk management program, including monitoring the detection, prevention, mitigation, and remediation of cybersecurity incidents, and works in partnership with our other business leaders, including our Chief Financial Officer and General Counsel. Our CISO supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants. Our interim CISO has over two decades of engineering and general management experience in various technical roles, including oversight of functions into which the CISO reported. Our interim CISO was also previously responsible for setting up our IT and our IT security from its founding until June 2022. Our cybersecurity incident response process is designed to escalate significant cybersecurity incidents to a team of business leaders, including, but not limited to, our Chief Financial Officer and General Counsel. In the case of a cybersecurity incident, this team of business leaders will work with our incident response team to help determine the severity of the impact of a cybersecurity incident, as well as to help mitigate and remediate cybersecurity incidents of which they are notified. The incident response team will also work under the oversight of legal counsel and the Audit Committee to determine whether an incident is material for disclosure purposes under applicable law.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee regularly reports to the full Board regarding its activities, including those related to cybersecurity risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Chief Executive Officer is currently serving as interim Chief Information Security Officer (“CISO”) while we conduct a search for a successor following the departure of our CISO in January 2026. Our CISO, in connection with our IT personnel, is responsible for day-to-day implementation, management and evaluation of our cybersecurity risk assessment and management processes. This team has primary responsibility for our overall cybersecurity risk management program, including monitoring the detection, prevention, mitigation, and remediation of cybersecurity incidents, and works in partnership with our other business leaders, including our Chief Financial Officer and General Counsel. Our CISO supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants. Our interim CISO has over two decades of engineering and general management experience in various technical roles, including oversight of functions into which the CISO reported. Our interim CISO was also previously responsible for setting up our IT and our IT security from its founding until June 2022.
Cybersecurity Risk Role of Management [Text Block]	Our board of directors (“Board”) considers cybersecurity risk as part of its overall risk oversight function and has delegated to the Audit Committee of the Board (the “Audit Committee”) oversight of cybersecurity matters, cybersecurity risk management, disclosure obligations with respect to cybersecurity incidents, and compliance with SEC rules applicable to cybersecurity risk management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Executive Officer is currently serving as interim Chief Information Security Officer (“CISO”) while we conduct a search for a successor following the departure of our CISO in January 2026. Our CISO, in connection with our IT personnel, is responsible for day-to-day implementation, management and evaluation of our cybersecurity risk assessment and management processes.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our interim CISO has over two decades of engineering and general management experience in various technical roles, including oversight of functions into which the CISO reported. Our interim CISO was also previously responsible for setting up our IT and our IT security from its founding until June 2022.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee regularly reports to the full Board regarding its activities, including those related to cybersecurity risk.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue Disaggregated

The following table presents revenue disaggregated by type (in thousands):


	Years Ended December 31,
	2025		2024		2023
Product sales	$	852,525	$	393,115	$	111,889
Engineering services	—		3,175		3,905
Total revenue	$	852,525	$	396,290	$	115,794

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Asset Category			Estimated Useful Life
Production equipment			5 years
Office furniture			5 years
Laboratory equipment			3 years
Servers and workstations			3 years
Leasehold improvements			Lesser of asset useful life or remaining lease term

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


	As of December 31,
	2025		2024
Construction in progress	$	40,510	$	29,064
Production equipment	28,171		—
Laboratory equipment	21,603		10,467
Leasehold improvements	11,439		1,159
Other	2,037		794
Property and equipment, gross	103,760		41,484
Less: accumulated depreciation	(11,722)		(5,833)
Total property and equipment, net	$	92,038	$	35,651

Schedules of Concentration of Risk, by Risk Factor

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


	Years Ended December 31,
	2025		2024		2023
Customer A	20	%	*		*
Customer B	20	%	11	%	*
Customer C	17	%	*		*
Customer D	16	%	24	%	37	%
Customer E	11	%	*		*
Customer F	*		36	%	24	%
Customer G	*		*		18	%

*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
	December 31, 2025		December 31, 2024
Customer B	*		22	%
Customer C	14	%	*
Customer D	27	%	13	%
Customer E	28	%	31	%
Customer F	*		24	%

*Less than 10% of total accounts receivable, net

Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 46,510	$ 29,516
Construction in progress	13,500	0
Customer deposits	0	15,000
Accrued software license costs	7,632	5,418
Other current liabilities	23,038	9,690
Total accrued expenses and other current liabilities	$ 90,680	$ 59,624

Stock-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Outstanding beginning balance (in shares)	5,285
Granted (in shares)	0
Exercised (in shares)	(2,454)
Cancelled and forfeited (in shares)	(110)
Outstanding ending balance (in shares)	2,721	5,285
Weighted-Average Exercise Price (per share)
Outstanding beginning balance, Weighted average exercise price (in dollars per share)	$ 0.86	$ 0.83
Granted (in dollars per share)	0
Exercised (in dollars per share)	0.75
Cancelled and forfeited (in dollars per share)	1.66
Outstanding ending balance, Weighted average exercise price (in dollars per share)	$ 0.83
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term	5 years 6 months	6 years 6 months
Aggregate intrinsic value	$ 450,336	$ 695,689
Vested and expected to vest (in shares)	2,721
Exercisable (in shares)	2,651
Vested and expected to vest (in dollars per share)	$ 0.86
Exercisable (in dollars per share)	$ 0.86
Vested and expected to vest, weighted-average remaining contractual term	5 years 6 months
Exercisable, weighted-average remaining contractual term	5 years 6 months
Vested and expected to vest, aggregate intrinsic value	$ 450,336
Exercisable, aggregate intrinsic value	$ 438,676

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 160,033	$ 234,588	$ 10,679
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,123	845	24
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	81,843	76,427	7,360
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	39,903	95,887	2,067
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 37,164	$ 61,429	$ 1,228

Net Income (Loss) per Common Share - Antidilutive Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	68	21,510	111,966
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	0	5,233	10,050
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	0	0	90,891
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	62	13,620	8,583
Unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	0	155	0
Warrants for common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	0	2,442	2,442
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	6	60	0

Commitment and Contingencies - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Estimate of possible loss	$ 0	$ 0

Nature of Business and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Production equipment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	5 years
Office furniture
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	5 years
Laboratory equipment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	3 years
Servers and workstations
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	3 years

Stock-Based Compensation - Stock Option Fair Value Assumption (Details )	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)		6 years 1 month 6 days
Stock option
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	4.20%
Risk- free interest rate, minimum		3.90%
Risk- free interest rate, maximum		4.70%
Expected volatility	52.30%
Expected volatility, minimum		48.80%
Expected volatility, maximum		49.10%
Expected term (in years)	6 years 1 month 6 days

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Phoenix, Arizona

Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

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 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 December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	59,595



Marketable securities
U.S. treasury and agency securities	$	—	$	202,469	$	202,469
Commercial paper	—		103,233		103,233
Corporate debt securities	—		512,925		512,925

Asset-backed securities	—		16,123		16,123
Total marketable securities	$	—	$	834,750	$	834,750

Marketable Securities

12 Months Ended

Dec. 31, 2025

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 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 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, 2025 and 2024, 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.

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


	As of December 31, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	463,417	$	464,282	$	425,733	$	426,257
Due after one year through five years	701,746		705,190		468,186		468,088
Total available-for-sale securities	$	1,165,163	$	1,169,472	$	893,919	$	894,345

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 December 31, 2025 and 2024 or impairment charges for the years ended December 31, 2025, 2024 and 2023.

There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2025, 2024, and 2023.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Valuation allowance	$ 270,299,000	$ 168,293,000
Increase valuation allowance	102,000,000.0	129,000,000.0
Unrecognized tax benefits	45,887,000	23,070,000	$ 3,993,000	$ 3,162,000
Unrecognized tax benefits, accrual for interest and penalties	0	0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	269,600,000	1,800,000
Research and development credits	109,300,000	43,600,000		$ 200,000
U.S. state and local
Income Taxes [Line Items]
Net operating loss carryforwards	19,100,000	10,400,000
Research and development credits	68,100,000	33,200,000
Foreign
Income Taxes [Line Items]
Research and development credits	$ 2,700,000	$ 2,000,000.0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The U.S. and non-U.S. components of income (loss) before income taxes consist of the following (in thousands):


	Years Ended December 31,
	2025		2024		2023
United States	$	217,937	$	(83,550)	$	(23,655)
International	216		1,772		707
Income (loss) before incomes taxes	$	218,153	$	(81,778)	$	(22,948)

The income tax (benefit) provision consists of the following (in thousands):


	Years Ended December 31,
	2025		2024		2023
Current
U.S. Federal	$	(2,051)	$	1,141	$	3,144
State	(21)		(8)		206
International	1,072		510		(41)
Total current tax expense	(1,000)		1,643		3,309
Deferred
U.S. Federal	—		—		—
State	—		—		—
International	19		—		—
Total deferred tax expense	19		—		—
Total income tax (benefit) expense	$	(981)	$	1,643	$	3,309

The tax (benefit) expense differs from the U.S. federal statutory tax expenses as follows:


	Years Ended December 31,
	2025				2024				2023
	(in thousands, except percentages)
	Amount		%		Amount		%		Amount		%
U.S. federal statutory income tax	$	45,812	21.0	%	$	(17,163)	21.0	%	$	(4,819)	21.0	%
Domestic federal
Tax credits
Research & development tax credits	(65,713)		(30.1)		(50,306)		61.5		(3,369)		14.7
Other	—		—		—		—		(30)		0.1
Nontaxable or nondeductible items
Non-deductible compensation (stock-based compensation and officer compensation limitation)	78,681		36.1		31,717		(38.8)		(145)		0.6
Excess tax benefits of stock-based compensation	(171,198)		(78.5)		(75,491)		92.3		(4,472)		19.5
Incentive stock options /ESPP disqualifying disposition	(6,862)		(3.1)		(6,587)		8.1		—		—
R&D credit add-back	12,625		5.8		—		—		—		—
Capitalized US R&D costs	—		—		2,585		(3.2)		—		—
Other nontaxable or nondeductible items	(252)		(0.1)		200		(0.2)		121		(0.5)
Cross-border tax laws
Foreign-derived intangible income	3,624		1.7		(8,325)		10.2		—		—
Other	—		—		49		(0.1)		78		(0.4)
Effect of changes in tax laws or rates enacted in the current period
Changes in valuation allowance	87,167		40.0		112,297		(137.3)		15,636		(68.1)
Other	(4)		—		102		(0.1)		—		—
Domestic state and local income taxes, net of federal effect (1)	(6,900)		(3.2)		(5,140)		6.3		(263)		1.1
Foreign tax effects
Canada
Research and development tax credits	(1,741)		(0.8)		(1,143)		1.4		(588)		2.5
Other	1,411		0.6		922		(1.1)		442		(1.9)
Other foreign jurisdictions	1,381		0.6		359		(0.5)		(44)		0.2
Changes in unrecognized tax benefits	20,988		9.6		17,567		(21.5)		762		(3.3)
(Benefit) provision for income taxes/ effective tax rate	$	(981)	(0.4)	%	$	1,643	(2.0)	%	$	3,309	(14.5)	%

__________________

(1) State taxes in California comprise the majority of the state and local income taxes, net of federal effect category.

The income taxes paid, net of refunds as follows:


	Years Ended December 31,
	2025		2024		2023

U.S. federal	$	500	$	6,583	$	2,450
U.S. state and local

Oregon	*		598		*

Other	30		234		27
	530		7,415		2,477
Foreign

India	626		*		*
Israel	262		*		*
China	159		*		*
Taiwan	88		*		*


Other *	(26)		378		*
	1,109		378		*
Total	$	1,639	$	7,793	$	2,477

* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold and therefore included in “Other” category.

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets and liabilities consist of the following (in thousands):


	As of December 31,
	2025		2024
Deferred tax assets
Net operating losses	$	59,316	$	1,115
General business credits	120,753		48,512
Intangibles	71,301		98,754
Stock-based compensation	14,855		14,874
Lease Liabilities	5,988		167
Other	4,359		6,873
Total deferred tax assets before valuation allowance	276,572		170,295
Deferred tax liabilities
ROU assets	(5,991)		(179)
Fixed assets	(2,349)		(1,206)
Stock-based compensation – Section 83(b) elections	(23)		(502)
Others	(1,316)		(115)
Total deferred tax liabilities	(9,679)		(2,002)
Less: valuation allowance	(270,299)		(168,293)
Net deferred tax assets after valuation allowance	$	(3,406)	$	—

In determining the need for a valuation allowance, the Company reviewed both positive and negative evidence pursuant to the requirements of ASC 740, Income Taxes, including current and historical results of operations, future income projections, and potential tax planning strategies. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the 3-year period ended December 31, 2025. Such objective evidence limits the ability to consider other subjective evidence such as its projections for future growth. On the basis of this evaluation, as of December 31, 2025, a valuation allowance of $270.3 million has been recorded, which reflects an increase in the valuation allowance of $102.0 million for the year ended December 31, 2025. As of December 31, 2024, a valuation allowance of $168.3 million has been recorded, which reflects an increase in the valuation allowance of $129.0 million for the year ended December 31, 2024. 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. If we continue to achieve positive operating results, we may release the valuation allowance associated with our 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.

As of December 31, 2025 and 2024, the Company had gross federal net operating loss carryforwards of approximately $269.6 million and $1.8 million, respectively, which can be carried forward indefinitely, and state net operating loss carryforwards of $19.1 million and $10.4 million, respectively, which begin to expire in 2039. In addition, as of December 31, 2025 and 2024 the Company had federal research credit carryforwards of approximately $109.3 million and $43.6 million, respectively, which begin to expire in 2039, California research credit carryforwards of $68.1 million and $33.2 million, respectively, which can be carried forward indefinitely, and Canadian research credit carryforwards of $2.7 million and $2.0 million, respectively, which begin to expire in 2042. Net operating losses and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has performed a preliminary Section 382 analysis through December 31, 2022 and based on this analysis, approximately $0.2 million of its federal R&D credits will expire unutilized and has therefore removed them from the deferred tax asset and related carryforward disclosures as of December 31, 2022. No further Section 382 analysis was performed for 2024 and 2025 as the Company does not expect any limitation relating to ownership change due to the increased valuation of the Company.

The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the Company has taken or expects to take in its tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized tax benefits.” A liability is recognized (or amount of the tax attribute carry forward reduced) for unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.

The Company had approximately $45.9 million and $23.1 million unrecognized tax benefits as of December 31, 2025 and 2024, respectively. The unrecognized tax benefits, if recognized, would not have an impact on the Company’s effective tax rate due to the valuation allowance position.

A reconciliation of the beginning and ending amount of the Company’s unrecognized tax benefits is as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Balance, beginning of period	$	23,070	$	3,993	$	3,162
Decreases related to prior year tax positions	(1,104)		—		(1,024)
Increases related to current year tax positions	23,921		18,608		1,855
Increases related to prior year tax positions	—		469		—
Balance, end of period	$	45,887	$	23,070	$	3,993

It is the Company’s policy to include penalties and interest expense related to income taxes as a component of income tax provision. The Company determined that no interest and penalties related to unrecognized tax benefits was required as of December 31, 2025 and 2024, respectively.

The Company is not currently under examination by the United States Internal Revenue Service or any other state, city, local or foreign jurisdiction. The Company’s tax years from inception are subject to examination by the Internal Revenue Service and state taxing authorities.

Deferred income taxes have not been provided for undistributed earnings of the Company’s consolidated foreign subsidiaries because of the Company’s intent to reinvest such earnings indefinitely in active foreign operations. The Company believes that future domestic cash generation will be sufficient to meet future domestic cash needs. The Company has not recorded a deferred tax liability on the undistributed earnings of non-U.S. subsidiaries.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law. The legislation includes a broad range of tax reform provisions affecting businesses including, but not limited to, the reinstatement of 100% bonus depreciation, immediate expensing of domestic R&D costs, and revisions to the U.S. taxation of profits derived from international operations. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has assessed the effects of the new tax legislation, including immediate expensing of domestic research and development expenditures for the calendar year, and the results have been reflected in the Form 10-K for the year ended December 31, 2025.

- Definition

The entire disclosure for income tax.

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+ Details

Nature of Business and Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	$ 852,525	$ 396,290	$ 115,794
Product sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	852,525	393,115	111,889
Engineering services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	$ 0	$ 3,175	$ 3,905

- Definition

+ References

+ Details

Business combination - Narrative (Details) - aiXscale Photonics GmbH $ in Millions	Nov. 10, 2025 USD ($)
Business Combination [Line Items]
Percentage of business acquired	100.00%
Total purchase consideration	$ 31.1
Net identifiable assets acquired and liabilities assumed	0.3
Goodwill	16.9
In Process Research and Development
Business Combination [Line Items]
In‑process research and development	$ 14.5

- Definition

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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Common Stock Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Grant Date Fair Values of Customer Warrant and 2023 Warrant

The per share grant date fair values of the Customer Warrant and 2023 Warrant were estimated using the following assumptions:


	Customer Warrant			2023 Warrant
Expected dividend yield	0.0 %			0.0 %
Risk-free interest rate	4.2		%	4.9		%
Expected volatility	55.0		%	60.0		%
Expected term (in years)	7.0			6.0
Per share fair value of common stock	$	10.64		$	17.62

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has operating leases in various locations. 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.

On December 16, 2024, the Company entered into a lease agreement with a lessor to lease approximately 154,231 square feet of office space for its new headquarters located in San Jose, California. The lease has a term of approximately 7.5 years and commenced in June 2025. The Company has the option to extend the lease for up to two consecutive terms of 60 months each, subject to the terms therein. The option to renew the term was not included for purposes of determining the ROU and associated lease liabilities as the Company determined that the renewal of the lease is not reasonably certain to be exercised as of the lease commencement date.

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


	As of December 31,
	2025		2024
Assets
Operating lease ROU assets, net	$	22,810	$	2,983
Liabilities
Operating lease liabilities, current	$	4,146	$	1,286
Operating lease liabilities, noncurrent	26,828		1,788
Total lease liabilities	$	30,974	$	3,074

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 consolidated balance sheets.

The components of lease expense, included in operating expenses, were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Operating lease expense	$	5,879	$	2,633	$	1,640
Short-term lease expense	368		229		200
Variable lease expense	1,608		284		310
Total lease expense	$	7,855	$	3,146	$	2,150

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


	As of December 31,
	2025		2024
Weighted average remaining lease term (in years)	6.4		3.2
Weighted average discount rate	7.1	%	11.1	%

The future minimum operating lease payments for each of the next five years and thereafter are as follows as of December 31, 2025 (in thousands):


Years ending December 31	Operating Leases
2026	$	6,153
2027	6,466
2028	6,268
2029	5,798
2030	2,808
Thereafter	10,924
Total future minimum lease payments	38,417
Less: Imputed interest	(7,443)
Total operating lease liabilities	$	30,974

Undesignated Preferred Stock and Common Stock (Details)	Dec. 31, 2025 vote $ / shares shares	Dec. 31, 2024 $ / shares shares	Mar. 22, 2024 $ / shares shares	Jan. 22, 2024 shares	Dec. 31, 2023 shares
Equity [Abstract]
Undesignated preferred stock, authorized (in shares)			100,000,000
Undesignated preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Undesignated preferred stock, issued (in shares)	0	0
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000.0	1,000,000,000	163,375,000	162,641,331
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Voting right \| vote	1

Marketable Securities - Investment by Maturity Dates (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value
Total available-for-sale securities	$ 1,021,205	$ 834,750
Cash Equivalents And Marketable Securities
Amortized Cost
Due within one year	463,417	425,733
Due after one year through five years	701,746	468,186
Amortized Cost	1,165,163	893,919
Fair Value
Due within one year	464,282	426,257
Due after one year through five years	705,190	468,088
Total available-for-sale securities	$ 1,169,472	$ 894,345

- Definition

Amount 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 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-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 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
U.S. Federal	$ (2,051)	$ 1,141	$ 3,144
State	(21)	(8)	206
International	1,072	510	(41)
Total current tax expense	(1,000)	1,643	3,309
Deferred
U.S. Federal	0	0	0
State	0	0	0
International	19	0	0
Total deferred tax expense	19	0	0
Total income tax (benefit) expense	$ (981)	$ 1,643	$ 3,309

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000.0
Common stock, shares issued (in shares)	170,186,000	162,018,000
Common stock, shares outstanding (in shares)	170,186,000	162,018,000

Common Stock Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2023
Class of Warrant or Right [Line Items]
Warrants contra revenue		$ 5,514	$ 1,395	$ 805
Customer Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)	1,484,230
Class of warrant or right, exercise price (in dollars per share)	$ 20.34
Warrant exercisable term	7 years
Warrant shares issuable vested (in shares)	14,844
Class of warrants, grant date fair value (in dollars per share)	$ 4.78
Class of warrants, grant date fair value	$ 7,100
2023 Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)					831,945
Class of warrant or right, exercise price (in dollars per share)					$ 20.34
Class of warrants, grant date fair value (in dollars per share)					$ 10.04
Class of warrants, grant date fair value					$ 8,400
Warrants
Class of Warrant or Right [Line Items]
Warrants issuable (in shares)		1,165,513	474,029
Warrant eligible for vesting (in shares)		30,589	50,439
Warrants contra revenue		$ 5,500	$ 1,400	$ 800

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Feb. 20, 2026	Feb. 05, 2026
Subsequent Event [Line Items]
Aggregate purchase price	$ 70
2026 Warrant
Subsequent Event [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

Marketable Securities - Amortized Cost vs. Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1,021,205	$ 834,750
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,016,895	834,324
Gross Unrealized Gains	4,434	1,803
Gross Unrealized Losses	(124)	(1,377)
Fair Value	1,021,205	834,750
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	203,175	202,506
Gross Unrealized Gains	630	338
Gross Unrealized Losses	(11)	(375)
Fair Value	203,794	202,469
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,459	103,219
Gross Unrealized Gains	4	51
Gross Unrealized Losses	(1)	(37)
Fair Value	11,462	103,233
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	802,261	512,531
Gross Unrealized Gains	3,800	1,351
Gross Unrealized Losses	(112)	(957)
Fair Value	805,949	512,925
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		16,068
Gross Unrealized Gains		63
Gross Unrealized Losses		(8)
Fair Value		16,123
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	148,268	59,595
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	0
Fair Value	148,267	59,595
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	142,772	59,595
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	142,772	$ 59,595
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

Segment and Geographical Information - Schedule of Financial Information for Reportable Segments and Reconciliation to Consolidated Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 852,525	$ 396,290	$ 115,794
Less:
Cost of revenue	207,264	93,591	35,967
Stock-based compensation	160,033	234,588	10,679
Consolidated net income (loss)	219,134	(83,421)	(26,257)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	852,525	396,290	115,794
Less:
Cost of revenue	207,264	93,591	35,967
Stock-based compensation	158,910	233,743	10,655
Personnel-related expenses	192,926	117,366	65,327
Other segment items	74,291	35,011	30,102
Consolidated net income (loss)	$ 219,134	$ (83,421)	$ (26,257)

- 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.

Condensed Consolidated Balance Sheet Components - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ROU assets obtained in exchange for lease obligations	$ 23,980	$ 2,542	$ 2,336
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	15,516	173	325
Property and equipment acquired through tenant improvement allowance	8,483	0	0
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	$ 0	$ 255,127	$ 0

Nature of Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Product warranty period	1 year
Pretax unrealized gain (loss)	$ 3,900,000	$ 200,000	$ 500,000
Asset impairment charges	$ 0	$ 0	$ 0

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

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 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 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

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 December 31, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	463,417	$	464,282	$	425,733	$	426,257
Due after one year through five years	701,746		705,190		468,186		468,088
Total available-for-sale securities	$	1,165,163	$	1,169,472	$	893,919	$	894,345

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 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 December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	59,595



Marketable securities
U.S. treasury and agency securities	$	—	$	202,469	$	202,469
Commercial paper	—		103,233		103,233
Corporate debt securities	—		512,925		512,925

Asset-backed securities	—		16,123		16,123
Total marketable securities	$	—	$	834,750	$	834,750

- 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 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: 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 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

Income Taxes - Schedule of Temporary Differences and Carryforwards Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating losses	$ 59,316	$ 1,115
General business credits	120,753	48,512
Intangibles	71,301	98,754
Stock-based compensation	14,855	14,874
Lease Liabilities	5,988	167
Other	4,359	6,873
Total deferred tax assets before valuation allowance	276,572	170,295
Deferred tax liabilities
ROU assets	(5,991)	(179)
Fixed assets	(2,349)	(1,206)
Stock-based compensation – Section 83(b) elections	(23)	(502)
Others	(1,316)	(115)
Total deferred tax liabilities	(9,679)	(2,002)
Less: valuation allowance	(270,299)	(168,293)
Net deferred tax assets after valuation allowance	$ (3,406)
Net deferred tax assets after valuation allowance		$ 0

Common Stock Warrants - Schedule of Grant Date Fair Values of Customer Warrant and 2023 Warrant (Details)	Oct. 31, 2023 yr	Oct. 31, 2022 yr
Customer Warrant \| Expected dividend yield
Class of Warrant or Right [Line Items]
Warrants		0.000
Customer Warrant \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants		0.042
Customer Warrant \| Expected volatility
Class of Warrant or Right [Line Items]
Warrants		0.550
Customer Warrant \| Expected term (in years)
Class of Warrant or Right [Line Items]
Warrants		7.0
Customer Warrant \| Per share fair value of common stock
Class of Warrant or Right [Line Items]
Warrants		10.64
2023 Warrant \| Expected dividend yield
Class of Warrant or Right [Line Items]
Warrants	0.000
2023 Warrant \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants	0.049
2023 Warrant \| Expected volatility
Class of Warrant or Right [Line Items]
Warrants	0.600
2023 Warrant \| Expected term (in years)
Class of Warrant or Right [Line Items]
Warrants	6.0
2023 Warrant \| Per share fair value of common stock
Class of Warrant or Right [Line Items]
Warrants	17.62

Nature of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Principles of Consolidation	Principles of Consolidation The 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 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 of deferred tax assets, reserves for uncertain tax positions, useful life of tapeout masks, 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 (loss), balance sheets, or cash flows for any of the periods presented.
Revenue Recognition	Revenue Recognition The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, a performance obligation is satisfied. Where an arrangement includes multiple performance obligations, the transaction price is allocated to each performance obligation on a relative standalone selling price (“SSP”) basis. The Company determines the SSP based on an observable standalone selling price when it is available, as well as other factors, including the price charged to customers and the Company’s overall pricing objectives, while maximizing observable inputs. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. The Company records deferred revenue when it has received consideration, or an amount of consideration is due from the customer, and the Company has a future obligation to transfer products or services. The Company had immaterial and no deferred revenue as of December 31, 2025 and 2024. From time to time, the Company has contracts with initial terms that include performance obligations that extend beyond one year. As of December 31, 2025, there were no unsatisfied performance obligations for contracts with an original expected term greater than one year. Product Sales The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and does not allow customers to cancel or change purchase orders within limited notice periods. The Company recognizes product sales when control transfers to the customer, generally at the time of product shipment from its facilities or at the time when products are received by customers depending on the shipping terms with the customers, in an amount that reflects the consideration the Company expects to receive in exchange for those goods, net of estimated sales returns, distributor price adjustments (“DPA”), rebates, and other customer incentives. The Company sells its products to distributors at a fixed list price. Distributors are authorized to resell its products to their customers at a range of individually negotiated price points based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. The majority of the distributors’ resales are priced at a discount from list price (the original purchase price). After the resale transaction is completed, the Company issues credit memos to the distributor for the price adjustments. Sales to most distributors are made under programs common in the semiconductor industry whereby distributors receive certain price adjustments, or DPA, to meet individual competitive opportunities. These programs may include credits granted to distributors or price protection credits when the Company’s standard published prices are lowered from the price the distributor paid for product still in its inventory. In determining the transaction price, DPAs are considered variable consideration that reduce the amount of revenue recognized. The Company’s policy is to estimate such price adjustments based on the Company’s historical prices and contractual terms using the expected value method. To date, actual DPAs have been materially consistent with the provisions the Company has made, based on its historical estimates. However, because of the inherent nature of estimates, there is always a risk that there could be significant differences between actual amounts and the Company’s estimates. The Company also considers the constraint on estimates of variable consideration when estimating the total transaction price. The Company’s customer programs involve rebates, which are designed to serve as sales incentives to resellers of the Company’s products in various target markets. The Company accounts for rebates as a reduction to revenue and accrues for estimated rebates based on the amount the Company expects to be claimed by customers. Revenue is recognized net of taxes collected, which are subsequently remitted to governmental authorities. Shipping and handling fees are included in cost of revenue and are recognized as activities to fulfill the promise to transfer the good. Consideration payable includes cash amounts that the Company pays, or expects to pay, to a customer, and is included in accrued expenses and other current liabilities. Consideration payable also includes credits or other items. The Company accounts for consideration payable as a reduction of the transaction price, and therefore, of revenue, unless the payment to the customer is in exchange for a distinct good or service that the customer transfers to the Company. The Company issued to a customer warrants to purchase shares of the Company’s common stock. The Company accounts for the warrants as consideration payable to a customer as the Company did not receive a distinct good or service in exchange for the warrants. The shares underlying the warrants vest upon the achievement of specified tranches of global payments by the customer and its affiliates. As it becomes probable that the performance-based vesting conditions underlying the warrants will be achieved and the related revenue is recognized, the Company recognizes the related grant date fair value of the warrants as a reduction of revenue for each sales transaction in proportion to total expected cumulative sales volume resulting in achievement of the vesting conditions. See Note 10 - Common Stock Warrants. The Company applies the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company also applies the practical expedient to expense sales commissions when incurred because the amortization period would have been one year or less. Product Warranties The Company’s products are generally subject to a product warranty, which provides for the estimated future costs of replacement upon shipment of the products. The products carry a standard one-year warranty. The warranty accrual is estimated primarily based on historical claims compared to historical revenue and assumes that the Company will have to replace products subject to a claim. Warranty expenses were not material for the years ended December 31, 2025, 2024 and 2023. Accrued warranty was not material as of December 31, 2025, and 2024. The Company does not allow its distributors to return overstocked, obsolete, and discontinued products.
Cost of Revenue	Cost of Revenue Cost of revenue includes both cost of product sales and cost of engineering services. Cost of product sales includes the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, shipping, depreciation of equipment associated with manufacturing, warranty cost, amortization of capitalized production equipment, costs of logistics and quality assurance, write-downs for excess and obsolete inventory, royalties on our production products, allocation of general corporate expenses, and personnel costs including salaries, stock-based compensation expense, bonuses, and employee benefits.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist of costs incurred in performing research and development activities and include salaries, stock-based compensation expense, employee benefits, bonuses, pre-production engineering mask costs, software license and cloud hosting services costs, overhead costs and prototype costs, packaging and test costs, professional services fees, and allocated facilities expenses. Research and development costs are expensed as incurred.
Sales and Marketing Expenses	Sales and Marketing Expenses Sales and marketing expenses consist of personnel costs including salaries, stock-based compensation expense, employee bonus and benefits, samples to potential customers, product marketing and conferences, travel and entertainment costs, and allocation of general corporate expenses including allocated facilities expenses. Advertising costs are expensed as incurred and were not material for the years ended December 31, 2025, 2024 and 2023.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of personnel costs including salaries, stock-based compensation, and employee benefits related to corporate, finance, legal and human resource functions, contractor and professional services fees, audit and compliance expenses, insurance costs, and general corporate expenses including allocated facilities expenses.
Stock-Based Compensation	Stock-Based Compensation The Company records stock-based compensation expense for all stock-based awards, including stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), and purchase rights issued under the Employee Stock Purchase Plan (“ESPP”), made to employees, non-employees, and directors based on the fair value at the date of grant. The fair value of RSUs and PSUs is based on the underlying common stock at the date of grant. The fair value of stock options granted and purchase rights issued under the ESPP for purposes of calculating stock-based compensation expense is estimated on the grant date using the Black-Scholes-Merton pricing model. The Black-Scholes-Merton pricing model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term, the volatility of the Company’s common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that the Company’s stock options and purchase rights under the ESPP are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, exercise terms, and contractual lives of the options and ESPP. For options, the Company estimates the expected volatility by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected term of the awards, as the Company does not have sufficient trading history of its common stock. For ESPP, the expected volatility is based on a blended simple average between historical volatility of a group of comparable publicly traded companies and our common stock price over a period equal to the expected term of the awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the options and ESPP. The Company’s expected dividend yield input is zero as it has not historically paid, nor does it expect in the future to pay, cash dividends on its common stock. Stock-based compensation expense for options, service-based RSUs, and purchase rights issued under the ESPP Plan are recognized as expense on a straight-line basis over the requisite service or offering period. Stock-based compensation expense with performance condition is recognized in the period in which vesting becomes probable using the accelerated attribution method over the requisite service period for each separately vesting portion of the award. The Company accounts for forfeitures as they occur.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company classifies all highly liquid instruments purchased, such as sweep accounts, checking accounts, U.S. treasury securities, money market funds, and commercial paper with an original maturity of three months or less at the date of purchase, to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates their fair value.
Marketable Securities	Marketable Securities Marketable securities consist of instruments with an original maturity of more than three months, primarily including U.S. treasury and agency securities, corporate debt securities, and commercial paper. The Company’s investments are all highly liquid and available for use in current operations, including those with maturity dates beyond one year, and therefore the Company classifies these securities within current assets on its consolidated balance sheet. The Company classifies and accounts for its marketable securities as available-for-sale, and it carries such securities at fair value with unrealized gains and losses excluded from earnings and reported net of tax as a separate component of stockholders’ equity in accumulated other comprehensive income until the security is sold or matures. During the years ended December 31, 2025, 2024, and 2023, in connection with its available-for-sale securities, the Company recorded pretax unrealized gains of $3.9 million, $0.2 million, and $0.5 million, respectively, with no associated tax benefit in other comprehensive income or loss. If an available-for-sale debt security’s fair value declines below its amortized cost basis, the Company evaluates whether it intends to sell the security, or whether it more-likely-than-not will be required to sell the security before the recovery of its amortized cost basis. If either condition is met, the Company records an impairment loss on the security. If neither condition is met, the Company evaluates whether the decline is the result of credit-related factors, in which case the Company records the credit-related portion of the impairment loss. There were no impairment charges for the years ended December 31, 2025, 2024, and 2023.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable are recorded at the invoiced amount, net of DPAs, and allowance for credit losses. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral from them. Amounts considered uncollectible are charged against the allowance account in the period they are deemed uncollectible. As of December 31, 2025 and 2024, the allowance for credit losses was not material to the consolidated financial statements. There was no impairment charges for the years ended December 31, 2025, 2024, and 2023. The Company regularly monitors collections and payments from customers and maintains an allowance for credit losses for estimated losses resulting from the inability of customers to make required payments. Management estimates its allowance for credit losses by considering factors including historical credit loss experience and current conditions, such as the length of time accounts receivable are past due, customer payment histories, any specific customer collection issues identified, current market conditions, which may affect customer financial condition, and reasonable and supportable forecasts of future credit losses. The Company writes off accounts receivable that have become uncollectible.
Inventory	Inventory The Company’s inventory, which includes raw materials, work-in-progress, and finished goods, is stated at the lower of cost or net realizable value. Inventory cost, which includes materials purchase cost, inbound freight and capitalized overhead, is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. Net realizable value is the estimated selling price of the Company’s products in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The carrying value of inventory is reduced for estimated excess and obsolete inventory. Excess and obsolete inventory reductions are determined based on assumptions about product expiration, future demand, and market conditions, and are included in cost of revenue in the consolidated statements of operations and comprehensive income (loss).
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets included prepayments for technology subscription service, cloud computing arrangements, insurance premiums, restricted cash, and accrued interest income. As of December 31, 2025 and 2024, the Company’s restricted cash balance was not material and is primarily associated with collateral for the Company’s credit card.
Property and Equipment, Net	Property and Equipment, Net Property and equipment is stated at cost, net of accumulated depreciation. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the assets.
Business Combinations	Business Combination The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations. The Company allocates the fair value of the purchase consideration of a business acquisition to the tangible and intangible assets acquired, including in-process research and development (“IPR&D”), and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. IPR&D is initially capitalized at fair value of an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable purchased intangible asset and amortized over the asset’s estimated useful life. The valuation of acquired assets and assumed liabilities requires significant estimates, especially with respect to intangible assets. The valuation of intangible assets, in particular, requires the use of valuation techniques such as the income approach. The income approach includes the use of a discounted cash flow model, which includes discounted cash flow scenarios and requires the following significant assumptions: future expected revenue, expected average selling unit price, obsolescence curve and technology life, and discount rates. The Company estimates the fair value based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed. The results of operations of an acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Acquisition-related costs are expensed as incurred and are included in general and administrative expenses on the consolidated statements of operations.
Impairment of Goodwill, Intangible Assets, and Other Long-lived Assets	Impairment of Goodwill, Intangible Assets, and Other Long-lived Assets Goodwill is evaluated for impairment on an annual basis in the fourth quarter of the year, and whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value is less than its carrying amount, the quantitative impairment test will then be performed. Under the quantitative impairment test, if the carrying amount exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. Goodwill is included in other assets on the consolidated balance sheets. The Company assesses the impairment of intangible assets and other long-lived assets, which consist primarily of property and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model, or strategy and competitive forces. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is generally determined based on the present value of estimated expected future cash flows using a discount rate commensurate with the risk involved, quoted market prices or appraised values, depending on the nature of the asset. There were no impairments charges of goodwill, intangible assets, and other long-lived assets for the years ended December 31, 2025, 2024, and 2023.
Leases	Leases The Company determines at contract inception whether an arrangement is a lease based on its ability to control a physically distinct asset and determines the classification of the lease as either operating or finance. For all leases, the Company combines all components of the lease including related non-lease components as a single component. The Company’s operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments related to the lease. The Company has also elected to utilize the short-term lease recognition exemption and, for those leases that qualify, the Company has not recognized operating lease ROU assets or operating lease liabilities. The Company does not have any finance leases as of December 31, 2025 and 2024. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. As the Company’s leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise the option. Lease expense is recognized on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive income (loss). Certain lease agreements may contain variable costs such as utilities and common area maintenance. Variable lease costs are expensed when the cost is incurred.
Income Taxes	Income Taxes The Company is subject to income taxes in the United States and certain foreign jurisdictions. Significant judgment is required in determining the Company’s provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company uses the asset and liability method to account for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if such position is more-likely-than-not to be sustained based solely on its technical merits as of the reporting date and only in an amount more-likely-than-not to be sustained upon review by the tax authorities. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Net Income (Loss) per Share	Net Income (Loss) per Share The Company follows the two-class method when computing net income (loss) per common share when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per share of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income (loss) for the period had been distributed. Prior to the automatic conversion into shares of common stock as a result of the Company’s IPO, the Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in the Company’s losses. Subsequent to the IPO, the Company has no participating securities. Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net income per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method. For periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive.
Commitments and Contingencies	Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible. However, if the Company determines that a contingent loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the consolidated financial statements. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Foreign Currency Transactions	Foreign Currency Transactions The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in U.S. dollars using the exchange rate on the date of the transaction. Foreign currency denominated monetary assets and liabilities are remeasured and recorded at the end of each reporting period using the exchange rate at that date. Foreign exchange gains and losses were not material for the years ended December 31, 2025, 2024, and 2023.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1. Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified contractual term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 3. Inputs are unobservable and reflect the Company’s assumptions, consistent with reasonably available information, about the assumptions that market participants would use in pricing the asset or liability. These inputs are used when observable inputs are not available and require significant judgment. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.
Concentration of Supply Risk	Concentration of Supply Risk The Company relies on a single manufacturing partner for integrated circuits. The Company also relies on a limited number of other manufacturing partners for its modules, boards, and integrated circuit substrates. While alternative providers could be identified, the Company is subject to supply and pricing risks.
Accounting Pronouncements Recently Adopted and Issued Not Yet Adopted	Accounting Pronouncements Recently Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The Company adopted ASU 2023-09 in the fourth quarter of 2025 and applied the amendments retrospectively to all prior periods presented in the consolidated financial statements (see Note 13 - Income Taxes). The adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements. 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 Standard Update No. 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 2020-40): 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 is evaluating the impact that this new standard will have on the Company’s 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.

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Accumulated Deficit)	Redeemable Convertible Preferred Stock
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2022						90,891
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2022						$ 255,127
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2023						90,891
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2023						$ 255,127
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022		40,629
Beginning balance at Dec. 31, 2022	$ (85,292)	$ 4	$ 14,051	$ (229)	$ (99,118)
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)		1,624
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	2,050		2,050
Repurchase of common stock upon termination (in shares)		(207)
Repurchase of common stock upon termination	(174)		(174)
Stock-based compensation	10,679		10,679
Warrants contra revenue	805		805
Unrealized (losses) gains on marketable securities	488			488
Net income (loss)	(26,257)				(26,257)
Ending balance, shares outstanding (in shares) at Dec. 31, 2023		42,046
Ending balance at Dec. 31, 2023	(97,701)	$ 4	27,411	259	(125,375)
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)						(90,891)
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering						$ (255,127)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2024						0
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2024						$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)		90,891
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	255,127	$ 9	255,118
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)		19,759
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions	665,990	$ 2	665,988
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		4,682
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	5,670		5,670
Issuance of common stock upon vesting of restricted stock units (in shares)		5,103
Issuance of common stock upon vesting of restricted stock units	1	$ 1
Shares issued under employee stock purchase plan (in shares)		136
Shares issued under employee stock purchase plan	4,160		4,160
Shares of common stock withheld related to net settlement of restricted stock units (in shares)		(559)
Shares of common stock withheld related to net settlement of restricted stock units	(20,111)		(20,111)
Repurchase of common stock upon termination (in shares)		(40)
Repurchase of common stock upon termination	(1,066)		(1,066)
Stock-based compensation	234,588		234,588
Warrants contra revenue	1,395		1,395
Unrealized (losses) gains on marketable securities	167			167
Net income (loss)	$ (83,421)				(83,421)
Ending balance, shares outstanding (in shares) at Dec. 31, 2024	162,018	162,018
Ending balance at Dec. 31, 2024	$ 964,799	$ 16	1,173,153	426	(208,796)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2025						0
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2025						$ 0
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)	2,454	2,454
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	$ 2,292		2,292
Issuance of common stock upon vesting of restricted stock units (in shares)		5,572
Issuance of common stock upon vesting of restricted stock units	0	$ 1	(1)
Shares issued under employee stock purchase plan (in shares)		106
Shares issued under employee stock purchase plan	7,978		7,978
Shares issued related acquisition (in shares)		36
Stock-based compensation	160,033		160,033
Warrants contra revenue	5,514		5,514
Unrealized (losses) gains on marketable securities	3,884			3,884
Net income (loss)	$ 219,134				219,134
Ending balance, shares outstanding (in shares) at Dec. 31, 2025	170,186	170,186
Ending balance at Dec. 31, 2025	$ 1,363,634	$ 17	$ 1,348,969	$ 4,310	$ 10,338

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 5,879	$ 2,633	$ 1,640
Short-term lease expense	368	229	200
Variable lease expense	1,608	284	310
Total lease expense	$ 7,855	$ 3,146	$ 2,150

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 (in thousands):


Years ending December 31	Purchase Commitments
2026	$	29,629
2027	30,282
2028	14,678
2029	316
2030	4
Total purchase commitments	$	74,909

Commitment and Contingencies - Purchase Commitments (Details) - License $ in Thousands	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
2026	$ 29,629
2027	30,282
2028	14,678
2029	316
2030	4
Total purchase commitments	$ 74,909

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Fiscal Year End Date	--12-31
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 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 13.2
Entity Common Stock, Shares Outstanding		170,214,503
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2026 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K. Except with respect to information specifically incorporated by reference in this Form 10-K, the proxy statement is not deemed to be filed as part of this Form 10-K.
Entity Central Index Key	0001736297
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Segment and Geographical Information

12 Months Ended

Dec. 31, 2025

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 or loss 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 or loss 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):


	Years Ended December 31,
	2025		2024		2023
Revenue	$	852,525	$	396,290	$	115,794
Less:
Cost of revenue	207,264		93,591		35,967
Stock-based compensation (1)	158,910		233,743		10,655
Personnel-related expenses (1)	192,926		117,366		65,327


Other segment items (2)	74,291		35,011		30,102


Consolidated net income (loss)	$	219,134	$	(83,421)	$	(26,257)

(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 interest income, income tax (benefit) provision, engineering design related costs, and professional and consulting services fees.

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):


	Years Ended December 31,
	2025		2024		2023
Singapore	$	276,989	$	29,056	$	—
China	256,276		72,672		5,540
Taiwan	247,448		269,935		72,174
United States	27,428		11,296		30,664
Other	44,384		13,331		7,416
Total	$	852,525	$	396,290	$	115,794

Property and equipment by geographic location is based on the location of the asset. As of December 31, 2025, 20% and 73% of the Company’s property and equipment was located in the United States and Taiwan, respectively. As of December 31, 2024, 17% and 82% of the Company’s property and equipment was located in the United States and Taiwan, respectively. As of December 31, 2023, substantially all of the Company’s property and equipment was located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true