CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 466,252	$ 337,697
Restricted cash	14,508	12,303
Marketable securities	587,828	368,889
Product collateral	251,204	181,723
Accounts receivable, net	257,884	216,161
Loans held for investment, net	71,581	99,799
Prepaid expenses and other current assets	106,753	70,464
Total current assets	1,756,010	1,287,036
Property, equipment and software, net	94,320	92,700
Operating lease right of use assets, net	83,429	49,332
Other assets	30,846	31,969
Total assets	1,964,605	1,461,037
Current liabilities:
Accounts payable	38,680	35,846
Accrued and other current liabilities	201,862	224,594
Product obligation	147,382	114,377
Total current liabilities	387,924	374,817
Operating lease liabilities, net of current portion	123,284	80,590
Other non-current liabilities	51,691	46,109
Total liabilities	562,899	501,516
Commitments and contingencies (Note 18)
Redeemable convertible preferred stock, $0.0001 par value: No shares authorized, issued, and outstanding as of December 31, 2025. 258,613,394 shares authorized and 258,464,156 shares issued and outstanding with a liquidation preference of $2,894,515 as of December 31, 2024.	0	2,890,121
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value: 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025. No shares authorized, issued, and outstanding as of December 31, 2024.	0	0
Additional paid-in capital	4,775,607	433,363
Accumulated other comprehensive income	172	203
Accumulated deficit	(3,374,104)	(2,364,168)
Total stockholders’ equity (deficit)	1,401,706	(1,930,600)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	1,964,605	1,461,037
Common Stock
Stockholders’ equity (deficit):
Common stock, issued	0	2
Common Class A
Stockholders’ equity (deficit):
Common stock, issued	28	0
Common Class B
Stockholders’ equity (deficit):
Common stock, issued	3	0
Common Class C
Stockholders’ equity (deficit):
Common stock, issued	$ 0	$ 0