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Funding and dilution
as of 15 Aug 2026 · Derived from disclosed debt less cash — placeholder, verify against the next balance sheet
as of 30 Jun 2026 · Q2 2026 shareholder letter
as of 30 Jun 2026 · Q2 2026 shareholder letter — shares outstanding
Interest: cash vs reported
reported interest expense$295M/yr
cash actually paid$121M/yr
$174M a year of the reported charge is non-cash accretion. Shareholders forgo it entirely if they convert.
as of 15 Aug 2026 · August 2026 convertible offering terms
Balance sheet
Gross debt$6.5B
Cash$5.0B
Net debt$1.5B
Excludes the 2029/2031 notes exchanged for equity in August 2026.
Customer cash held, by quarter
$4.8B2026-03
$6.0B2026-06
Convertible notes
$3.5BConvertible notes due 20300.5% · 15 Aug 2030
converts at $313.46 effective breakeven $345
$2.3BConvertible notes due 20344.5% · 15 Aug 2034
converts at $324.65 effective breakeven $406
as of 30 Jun 2026 · August 2026 convertible offering
ATM issuance ledger
| period | shares | avg price | gross | src |
|---|---|---|---|---|
| 2026-Q2 | 12,700,000 | $223.60 | $2.8B | ↗ |
as of 15 Jul 2026 · Asset-backed facility, July 2026