v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (142,401) $ 44,882
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,097 1,521
Non-cash operating lease costs 4,587 4,105
Stock-based compensation, net of amounts capitalized 168,998 197
Amortization of deferred commissions 6,511 4,706
Net accretion of discounts on available-for-sale securities (2,474) (4,846)
Unrealized losses on equity investments, net 15,611 8,266
Remeasurement loss on digital assets, non-current 3,329 0
Other non-cash adjustments 2,482 (186)
Changes in assets and liabilities:    
Accounts receivable, net 59,512 17,991
Prepaid expenses and other current assets (8,806) (9,164)
Other assets (18,189) (2,434)
Accounts payable 4,160 (883)
Accrued and other current liabilities 9,457 4,386
Accrued compensation and benefits (44,022) 3,289
Deferred revenue 32,330 25,273
Other non-current liabilities 126 74
Net cash provided by operating activities 97,308 97,177
Cash flows from investing activities:    
Capital expenditures (7,812) (874)
Capitalized internal-use software development costs (888) (1,721)
Purchases of marketable securities (262,936) (238,805)
Proceeds from maturities of marketable securities 188,121 255,111
Proceeds from sale of marketable securities 75,749 28,201
Other cash flows from investing activities 317 (661)
Net cash provided by (used in) investing activities (7,449) 41,251
Cash flows from financing activities:    
Proceeds from options exercised 28,851 339
Taxes paid related to net share settlement of equity awards (116,159) 0
Other cash flows from financing activities (228) 0
Net cash provided by (used in) financing activities (87,536) 339
Change in cash, cash equivalents, and restricted cash 2,323 138,767
Cash, cash equivalents, and restricted cash—beginning of period 413,191 490,585
Cash, cash equivalents, and restricted cash—end of period 415,514 629,352
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 405,654 618,581
Restricted cash, including restricted cash in prepaid expenses and other current assets 9,860 10,771
Total cash, cash equivalents and restricted cash 415,514 629,352
Cash paid during the period for income taxes, net of refunds    
Federal 0 0
State (5) 0
Foreign 410 0
Total cash paid during the period for income taxes, net of refunds 405 0
Cash paid during the period for income taxes (prior to ASU 2023-09) 0 1,491
Non-cash investing and financing activities:    
Stock-based compensation included in capitalized internal-use software development costs 1,848 85
Payments for operating leases included in cash from operating activities 3,945 3,974
Right-of-use assets obtained in exchange for lease liabilities $ 679 $ 41,100