Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Notes payable, net, consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
2030 Notes	$	1,000,000	$	1,000,000
2033 Notes	750,000		750,000
2027 Notes	—		81,110
Total principal	1,750,000		1,831,110
Unamortized debt issuance costs	(19,013)		(20,388)
Total carrying amount of notes payable, net	1,730,987		1,810,722
Less: current portion (1)	—		(80,552)
Long-term notes payable, net	$	1,730,987	$	1,730,170

(1)During the three months ended March 31, 2026, we redeemed and settled conversions in respect of all of our remaining outstanding 2027 Notes.

Interest expense related to the Senior Notes was as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	27,031	$	6,007
Amortization of debt issuance costs	817		171
Total interest expense	$	27,848	$	6,178

The estimated fair value of our outstanding Senior Notes at March 31, 2026 and December 31, 2025 is as follows (in thousands):

	March 31, 2026		December 31, 2025
2030 Notes	$	1,018,600	$	1,036,830
2033 Notes	765,908		779,768

Schedule of Interest Expense of Convertible Senior Notes

Interest expense related to the 2027 Notes was as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	44	$	780
Amortization of debt issuance costs	558		747
Total interest expense	$	602	$	1,527

Schedule of Convertible Note Hedge Transaction

To reduce the impact of potential economic dilution upon conversion of the 2027 Notes, in December 2022, we entered into a convertible note hedge transaction (the “Note Hedge” or “2027 Note Hedge”) with certain investment banks, with respect to our common stock, concurrently with the issuance of the 2027 Notes.

	Purchase Price (in thousands)		Shares Purchased
2027 Note Hedge	$	194,994	3,016,680

Schedule of Warrants Details of Convertible Senior Notes

Convertible Note Warrants

	Proceeds (in thousands)		Initial Shares	Strike Price		First Expiration
2027 Warrants	$	124,269	3,016,680	$	338.86	March 15, 2028