Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,378	$ 4,019
Restricted cash	273	190
Short-term investments	1,128	1,322
Funds held at payment processors	587	436
Accounts receivable, net	1,108	732
Prepaid expenses and other current assets	1,169	687
Total current assets	8,643	7,386
Long-term investments	837	835
Operating lease right-of-use assets	437	389
Property and equipment, net	1,067	778
Intangible assets, net	2,260	510
Goodwill	5,519	2,315
Other assets	896	632
Total assets	19,659	12,845
Current liabilities:
Accounts payable	397	321
Operating lease liabilities	105	68
Accrued expenses and other current liabilities	5,645	4,049
Total current liabilities	6,147	4,438
Operating lease liabilities	461	468
Convertible notes, net	2,724	0
Other liabilities	281	129
Total liabilities	9,613	5,035
Commitments and contingencies (Note 10)
Redeemable non-controlling interests	13	7
Stockholders’ equity:
Common stock, par value, Class A, Class B and Class C shares authorized, issued and outstanding	0	0
Additional paid-in capital	14,092	13,165
Accumulated other comprehensive income (loss)	261	(107)
Accumulated deficit	(4,320)	(5,255)
Total stockholders’ equity	10,033	7,803
Total liabilities, redeemable non-controlling interests and stockholders’ equity	$ 19,659	$ 12,845