NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share

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,
	2025						2024						2023
	Class A		Class B		Class C		Class A		Class B		Class C		Class A		Class B		Class 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, basic	290,892,981		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,
	2025						2024						2023
	Class A		Class B		Class C		Class A		Class B		Class C		Class A		Class B		Class 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 loss	521		(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 computation	290,892,981		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 securities	661,264		—		—		—		—		—		5,740,706		—		—
Weighted-average number of shares outstanding, diluted	291,554,245		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

Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net (Loss) Income Per Share

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 Securities	2025	2024	2023
Stock options to purchase common stock	5,496,232	5,896,256	—
Series N and O Redeemable Preferred Stock	14,271,560	—	—
Shares subject to nonrecourse loans not yet repaid or forgiven	—	—	1,753,388
RSUs	12,500,684	17,340	—
Common stock warrants	—	414,986	—
Total	32,268,476	6,328,582	1,753,388