v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (254,553) $ 73,109
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 10,323 5,132
Non-cash operating lease costs 10,873 8,699
Stock-based compensation, net of amounts capitalized 316,552 7,507
Amortization of deferred commissions 13,495 9,698
Net accretion of discounts on available-for-sale securities (4,733) (8,981)
Unrealized (gains) losses on equity investments, net 20,019 (13,855)
Remeasurement loss on digital assets, non-current 5,001 0
Other non-cash adjustments 1,802 1,343
Changes in assets and liabilities:    
Accounts receivable, net 56,594 5,784
Prepaid expenses and other current assets (17,398) (2,871)
Other assets (27,075) (10,271)
Accounts payable 21,565 7,711
Accrued and other current liabilities 15,938 8,652
Accrued compensation and benefits (43,635) 19,848
Deferred revenue 31,449 51,784
Other non-current liabilities 1,984 (3,657)
Net cash provided by operating activities 158,201 159,632
Cash flows from investing activities:    
Purchase of intangible assets (2,780) 0
Capital expenditures (14,500) (2,008)
Capitalized internal-use software development costs (1,883) (2,439)
Cash paid for business combinations, net of cash acquired 0 (21,004)
Purchases of marketable securities (420,646) (525,632)
Proceeds from maturities of marketable securities 345,173 475,836
Proceeds from sales of marketable securities 81,119 72,483
Purchase of digital assets 0 (30,000)
Other cash flows from investing activities (183) (811)
Net cash used in investing activities (13,700) (33,575)
Cash flows from financing activities:    
Payment of deferred offering costs, net of costs reimbursed 0 (3,454)
Cash paid for issuance costs on revolving credit facility 0 (1,400)
Proceeds from options exercised 47,316 20,650
Proceeds from issuance of common stock under employee stock purchase plan 13,205 0
Taxes paid related to net share settlement of equity awards (161,648) 0
Other cash flows from financing activities (128) (12)
Net cash provided by (used in) financing activities (101,255) 15,784
Change in cash, cash equivalents, and restricted cash 43,246 141,841
Cash, cash equivalents, and restricted cash—beginning of period 413,191 490,585
Cash, cash equivalents, and restricted cash—end of period 456,437 632,426
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 445,845 621,619
Restricted cash, included in prepaid expenses and other current assets 10,592 10,807
Total cash, cash equivalents and restricted cash 456,437 632,426
Cash paid during the period for income taxes, net of refunds    
Federal 0 0
State 1,192 0
Foreign 2,063 0
Total cash paid during the period for income taxes, net of refunds 3,255 0
Cash paid during the period for income taxes (prior to ASU 2023-09) 0 6,440
Additional Cash Flow Elements    
Payments for operating leases included in cash flows from operating activities 6,506 8,226
Right-of-use assets obtained in exchange for lease liabilities 12,671 42,007
Non-cash investing and financing activities:    
Stock-based compensation included in capitalized internal-use software development costs 3,485 119
Unpaid deferred offering costs $ 0 $ 3,555