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NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
The following tables present the calculation of basic and diluted net (loss) income per share attributable to common stockholders (in thousands, except share and per share data):
Year Ended December 31,
202520242023
Class AClass BClass CClass AClass BClass CClass AClass BClass C
Basic net (loss) income per share:
Numerator:
Net (loss) income$(1,740,336)$(148,073)$(17,525)$(2,532)$(228)$(40)$366,195 $33,199 $5,807 
Undeclared cumulative dividends to preferred stockholders(78,945)(6,717)(795)(47,317)(4,254)(744)(45,746)(4,147)(725)
Undistributed income allocated to participating securities— — — — — — (2,783)(253)(45)
Net (loss) income attributable to common stockholders$(1,819,281)$(154,790)$(18,320)$(49,849)$(4,482)$(784)$317,666 $28,799 $5,037 
Denominator:
Weighted-average number of shares outstanding, basic290,892,981 24,750,000 2,929,328 275,281,132 24,750,000 4,328,764 272,996,049 24,750,000 4,328,764 
Basic net (loss) income per share attributable to common stockholders$(6.25)$(6.25)$(6.25)$(0.18)$(0.18)$(0.18)$1.16 $1.16 $1.16 
Year Ended December 31,
202520242023
Class AClass BClass CClass AClass BClass CClass AClass BClass C
Dilutive net (loss) income per share:
Numerator:
Net (loss) income used in basic computation$(1,819,281)$(154,790)$(18,320)$(49,849)$(4,482)$(784)$317,666 $28,799 $5,037 
Reallocation of net income as a result of conversion of Class B to Class A shares— — — — — — 28,799 — — 
Reallocation of undistributed income (loss) allocated to participating securities— — — — — — 150 (533)(93)
Reversal of unrealized gain on preferred stock(10,152)— — — — — — — — 
Reallocation of undistributed loss521 (466)(55)— — — — — — 
Net (loss) income attributable to common stockholders$(1,828,912)$(155,256)$(18,375)$(49,849)$(4,482)$(784)$346,615 $28,266 $4,944 
Denominator:
Weighted-average number of shares used in basic computation290,892,981 24,750,000 2,929,328 275,281,132 24,750,000 4,328,764 272,996,049 24,750,000 4,328,764 
Conversion of Class B to Class A shares outstanding— — — — — — 24,750,000 — — 
Dilutive securities661,264 — — — — — 5,740,706 — — 
Weighted-average number of shares outstanding, diluted291,554,245 24,750,000 2,929,328 275,281,132 24,750,000 4,328,764 303,486,755 24,750,000 4,328,764 
Diluted net (loss) income per share attributable to common stockholders$(6.27)$(6.27)$(6.27)$(0.18)$(0.18)$(0.18)$1.14 $1.14 $1.14 
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net (loss) income per share because including them would have had an anti-dilutive effect:
Year Ended December 31,
Excluded Securities202520242023
Stock options to purchase common stock5,496,232 5,896,256 — 
Series N and O Redeemable Preferred Stock14,271,560 — — 
Shares subject to nonrecourse loans not yet repaid or forgiven— — 1,753,388 
RSUs12,500,684 17,340 — 
Common stock warrants— 414,986 — 
Total32,268,476 6,328,582 1,753,388 
The table above does not include (i) stock options to purchase an aggregate of 9,630,210 shares of Class A Common Stock outstanding as of December 31, 2025, 2024 and 2023, zero, 6,590 and 6,590 shares of restricted stock outstanding as of December 31, 2025, 2024 and 2023, respectively, and 12,410,483, 38,596,213 and 34,072,468 RSUs outstanding as of December 31, 2025, 2024 and 2023, respectively, as these awards are subject to performance conditions that were not probable of vesting as of those dates.