CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,331	$ 4,332
Cash, cash equivalents, and securities segregated under federal and other regulations	8,443	4,724
Receivables from brokers, dealers, and clearing organizations	482	471
Receivables from users, net	14,390	8,239
Securities borrowed	6,607	3,236
Deposits with clearing organizations	1,440	489
User-held fractional shares	3,618	2,530
Held-to-maturity investments	53	398
Prepaid expenses	128	75
Deferred customer match incentives	161	100
Other current assets	326	509
Total current assets	39,979	25,103
Property, software, and equipment, net	150	139
Goodwill	386	179
Intangible assets, net	172	38
Non-current deferred customer match incentives	360	195
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $13 as of September 30, 2025	405	533
Total assets	41,452	26,187
Current liabilities:
Accounts payable and accrued expenses	399	397
Payables to users	12,317	7,448
Securities loaned	15,666	7,463
Fractional shares repurchase obligation	3,618	2,530
Other current liabilities	762	266
Total current liabilities	32,762	18,104
Other non-current liabilities	123	111
Total liabilities	32,885	18,215
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and September 30, 2025.	0	0
Additional paid-in capital	11,317	12,008
Accumulated other comprehensive income (loss)	7	(1)
Accumulated deficit	(2,757)	(4,035)
Total stockholders’ equity	8,567	7,972
Total liabilities and stockholders’ equity	41,452	26,187
Common Class A
Stockholders’ equity:
Common stock, value	0	0
Common Class B
Stockholders’ equity:
Common stock, value	0	0
Common Class C
Stockholders’ equity:
Common stock, value	$ 0	$ 0