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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 378,077 $ 969,342
Marketable securities 920,487 1,497,811
Accounts receivable, net 830,381 997,849
Prepaid expenses and other current assets 113,776 90,735
Total current assets 2,242,721 3,555,737
Property and equipment, net 83,132 66,451
Operating lease right-of-use assets 152,336 150,399
Intangible assets, net 87,804 6,083
Goodwill 475,290 100,227
Deferred tax assets 1,581,738 1,592,153
Other assets 22,258 21,082
Total assets 4,645,279 5,492,132
Current liabilities:    
Accounts payable 74,976 129,810
Accrued expenses and other current liabilities 455,780 335,663
Total current liabilities 530,756 465,473
Convertible notes, net [1] 980,169 0
Operating lease liabilities 224,861 220,581
Other liabilities 58,909 60,840
Total liabilities 1,794,695 746,894
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 493,991 and 584,866 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 79,680 and 79,680 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 6 7
Additional paid-in capital 2,795,622 4,612,205
Accumulated other comprehensive income (loss) (150) 4,333
Retained earnings 55,106 128,693
Total stockholders’ equity 2,850,584 4,745,238
Total liabilities and stockholders’ equity $ 4,645,279 $ 5,492,132
[1] Includes amounts attributable to related party transactions. Refer to Note 12 of our condensed consolidated financial statements for further information on related party arrangements.