FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Derivative Assets and Liability

The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 (in thousands):

	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Fair value
Assets:
Cash and cash equivalents
Money market funds	$	576,361	$	—	$	—	$	576,361
Digital assets	172,772		—		—		172,772
Total assets measured at fair value on a recurring basis	$	749,133	$	—	$	—	$	749,133
Liabilities:
Contingent value rights1	$	3,366	$	—	$	—	$	3,366
Warrants	1,316,690		—		—		1,316,690
Total liabilities measured at fair value on a recurring basis	$	1,320,056	$	—	$	—	$	1,320,056

1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement.

The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 (in thousands):

	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Fair value
Assets:
Cash and cash equivalents
Money market funds	$	832,213	$	—	$	—	$	832,213
Digital assets	23,893		—		—		23,893
Total assets measured at fair value on a recurring basis	$	856,106	$	—	$	—	$	856,106
Liabilities:
Contingent value rights1	$	4,272	$	—	$	—	$	4,272
Warrants	1,097,285		—		—		1,097,285
Total liabilities measured at fair value on a recurring basis	$	1,101,557	$	—	$	—	$	1,101,557

1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement.

Schedule of Carrying Amounts and Estimated Fair Values of the Convertible Notes

The following tables present the carrying amounts and estimated fair values of the Convertible Notes as of June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025

	Carrying Amount		Fair Value		Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029	$	460,000	$	795,101	Level 1
0.00% Convertible Senior Notes due 2031	$	625,000	$	679,666	Level 1

December 31, 2024

	Carrying Amount		Fair Value		Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029	$	460,000	$	703,100	Level 1
0.00% Convertible Senior Notes due 2031	$	625,000	$	615,800	Level 1