CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,241,587	$ 1,000,965
Accounts receivable	6,909	5,473
Inventory	9,228	16,145
Prepaid expenses and other current assets	37,924	28,772
Total current assets	1,295,648	1,051,355
Non-current assets:
Property and equipment, net	73,254	6,514
Trademarks and trade names	864,800	864,800
Other intangible assets, net	38,243	59,855
Goodwill	2,686,701	2,686,701
Restricted cash	17,543	14,634
Deferred tax assets	2,083	248,482
Other non-current assets	75,781	161,244
Total assets	5,054,053	5,093,585
Current liabilities:
Accounts payable	71,087	112,633
Payments due to buyers and sellers	845,892	706,783
Accrued expenses and other current liabilities (including $17,894 and $0 under the fair value option, respectively)	334,305	269,104
Long-term debt obligations, current	0	19,526
Total current liabilities	1,251,284	1,108,046
Non-current liabilities:
Long-term debt obligations, non-current	1,506,957	2,311,981
Deferred tax liabilities	93,226	0
Other non-current liabilities (including $0 and $70,397 under the fair value option, respectively)	260,971	295,816
Total liabilities	3,112,438	3,715,843
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	4,522,498	2,255,500
Accumulated other comprehensive income	71,347	129,430
Accumulated deficit	(3,410,603)	(1,504,669)
Total stockholders’ equity	1,183,588	880,564
Total liabilities, redeemable preferred stock, redeemable common stock, and stockholders’ equity	5,054,053	5,093,585
Redeemable Preferred Stock
Non-current liabilities:
Redeemable stock	758,027	474,920
Redeemable Common Stock
Non-current liabilities:
Redeemable stock	0	22,258
Class A common stock
Stockholders’ equity:
Common stock	321	274
Class B common stock
Stockholders’ equity:
Common stock	25	25
Class C common stock
Stockholders’ equity:
Common stock	$ 0	$ 4