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Debt (Tables)
9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Notes payable, net, consisted of the following at September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
2030 Notes$1,000,000 $1,000,000 
2031 Notes1,150,000 — 
2033 Notes750,000 750,000 
2027 Notes— 81,110 
Total principal2,900,000 1,831,110 
Unamortized debt issuance costs(31,963)(20,388)
Total carrying amount of notes payable, net2,868,037 1,810,722 
Less: current portion (1)
— (80,552)
Long-term notes payable, net$2,868,037 $1,730,170 
(1)During the nine months ended September 30, 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 September 30,Nine Months Ended September 30,
2026202520262025
Contractual interest expense$27,031 $27,031 $81,094 $60,069 
Amortization of debt issuance costs844 791 2,491 1,741 
Total interest expense$27,875 $27,822 $83,585 $61,810 
Schedule of Conversions of Stock
Maturity DateConversion Price per ShareConversion Rate per $1,000 Par ValueNumber of Shares
2031 NotesSeptember 15, 2031$652.061.5336 shares1,763,640
Schedule of Interest Expense of Convertible Senior Notes
Interest expense related to the 2031 Notes was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
20262026
Contractual interest expense$— $— 
Amortization of debt issuance costs98 98 
Total interest expense$98 $98 
Interest expense related to the 2027 Notes was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Contractual interest expense$— $354 $44 $1,487 
Amortization of debt issuance costs— 332 558 1,411 
Total interest expense$— $686 $602 $2,898 
Schedule of Capped Calls
Purchase Price
(in thousands)
Shares Purchased
Capped Calls$114,885 1,763,640
Schedule of Estimated Fair Value
The estimated fair value of our outstanding debt at September 30, 2026 and December 31, 2025 is as follows (in thousands):
September 30, 2026December 31, 2025
2030 Notes$991,250 $1,036,830 
2031 Notes1,138,420 — 
2033 Notes735,525 779,768 
2027 Notes— 203,956 
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 (the “2027 Option Counterparties”), 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
Proceeds
(in thousands)
Initial SharesStrike PriceFirst Expiration
2027 Warrants$124,269 3,016,680$338.86 March 15, 2028