v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 422,484 $ 969,342
Marketable securities 852,417 1,497,811
Accounts receivable, net 932,000 997,849
Prepaid expenses and other current assets 116,446 90,735
Total current assets 2,323,347 3,555,737
Property and equipment, net 97,447 66,451
Operating lease right-of-use assets 143,050 150,399
Intangible assets, net 83,037 6,083
Goodwill 475,290 100,227
Deferred tax assets 1,616,367 1,592,153
Other assets 20,840 21,082
Total assets 4,759,378 5,492,132
Current liabilities:    
Accounts payable 145,148 129,810
Accrued expenses and other current liabilities 464,663 335,663
Total current liabilities 609,811 465,473
Convertible notes, net [1] 981,128 0
Operating lease liabilities 215,507 220,581
Other liabilities 59,034 60,840
Total liabilities 1,865,480 746,894
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 490,712 and 584,866 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 74,785 and 79,680 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 6 7
Additional paid-in capital 2,886,635 4,612,205
Accumulated other comprehensive income (loss) (1,180) 4,333
Retained earnings 8,437 128,693
Total stockholders’ equity 2,893,898 4,745,238
Total liabilities and stockholders’ equity $ 4,759,378 $ 5,492,132
[1] Includes amounts attributable to related party transactions. Refer to Note 12 of our condensed consolidated financial statements for further information on related party arrangements.