CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,526,237	$ 1,241,587
Accounts receivable	9,615	6,909
Inventory	8,819	9,228
Prepaid expenses and other current assets	78,025	37,924
Total current assets	1,622,696	1,295,648
Non-current assets:
Property and equipment, net	87,337	73,254
Trademarks and trade names	864,800	864,800
Other intangible assets, net	32,609	38,243
Goodwill	2,686,701	2,686,701
Restricted cash	17,329	17,543
Deferred tax assets	1,863	2,083
Other non-current assets	40,306	75,781
Total assets	5,353,641	5,054,053
Current liabilities:
Accounts payable	63,966	71,087
Payments due to buyers and sellers	1,111,677	845,892
Accrued expenses and other current liabilities (including zero and $17,894 under the fair value option, respectively)	296,622	334,305
Total current liabilities	1,472,265	1,251,284
Non-current liabilities:
Long-term debt obligations, non-current	1,496,227	1,506,957
Deferred tax liabilities	98,200	93,226
Other non-current liabilities	269,006	260,971
Total liabilities	3,335,698	3,112,438
Commitments and contingencies
Redeemable preferred stock, $0.001 par value; 100,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 490,000 and 794,893 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; aggregate liquidation preference of $706,493 and $1,027,583 as of March 31, 2026 and December 31, 2025, respectively	454,350	758,027
Stockholders’ equity:
Additional paid-in capital	4,871,163	4,522,498
Accumulated other comprehensive income	54,614	71,347
Accumulated deficit	(3,362,558)	(3,410,603)
Total stockholders’ equity	1,563,593	1,183,588
Total liabilities, redeemable preferred stock, and stockholders’ equity	5,353,641	5,054,053
Class A common stock
Stockholders’ equity:
Common stock	349	321
Class B common stock
Stockholders’ equity:
Common stock	$ 25	$ 25