v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2024 258,464,156        
Beginning balance at Dec. 31, 2024 $ 2,890,121        
Ending balance (in shares) at Mar. 31, 2025 258,464,156        
Ending balance at Mar. 31, 2025 $ 2,890,121        
Beginning balance (in shares) at Dec. 31, 2024 [1]   66,950,736      
Beginning balance at Dec. 31, 2024 (1,930,600) $ 2 [1] $ 433,363 $ (2,364,168) $ 203
Total Stockholders’ Equity (Deficit)          
Net income (loss) 12,939     12,939  
Issuance of common stock upon exercise of stock options (in shares) [1]   636,796      
Issuance of common stock upon exercise of stock options 717   717    
Stock-based compensation 8,749   8,749    
Change in accumulated other comprehensive income (loss), net of tax 91       91
Ending balance (in shares) at Mar. 31, 2025 [1]   67,587,532      
Ending balance at Mar. 31, 2025 $ (1,908,104) $ 2 [1] 442,829 (2,351,229) 294
Beginning balance (in shares) at Dec. 31, 2024 258,464,156        
Beginning balance at Dec. 31, 2024 $ 2,890,121        
Ending balance (in shares) at Jun. 30, 2025 0        
Ending balance at Jun. 30, 2025 $ 0        
Beginning balance (in shares) at Dec. 31, 2024 [1]   66,950,736      
Beginning balance at Dec. 31, 2024 (1,930,600) $ 2 [1] 433,363 (2,364,168) 203
Total Stockholders’ Equity (Deficit)          
Net income (loss) (910,437)        
Ending balance (in shares) at Jun. 30, 2025 [1]   370,776,813      
Ending balance at Jun. 30, 2025 $ 1,428,098 $ 31 [1] 4,702,788 (3,274,605) (116)
Beginning balance (in shares) at Mar. 31, 2025 258,464,156        
Beginning balance at Mar. 31, 2025 $ 2,890,121        
Redeemable Convertible Preferred Stock          
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) (258,464,156)        
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ (2,890,121)        
Ending balance (in shares) at Jun. 30, 2025 0        
Ending balance at Jun. 30, 2025 $ 0        
Beginning balance (in shares) at Mar. 31, 2025 [1]   67,587,532      
Beginning balance at Mar. 31, 2025 (1,908,104) $ 2 [1] 442,829 (2,351,229) 294
Total Stockholders’ Equity (Deficit)          
Net income (loss) (923,376)     (923,376)  
Issuance of common stock upon exercise of stock options (in shares) [1]   96,118      
Issuance of common stock upon exercise of stock options 410   410    
Issuance of common stock in connection with initial public offering, net of issuance costs (in shares) [1]   30,700,765      
Issuance of common stock in connection with initial public offering, net of issuance costs 770,588 $ 3 [1] 770,585    
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) [1]   258,667,796      
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 2,890,121 $ 26 [1] 2,890,095    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares) [1]   13,403,583      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (322,619)   (322,619)    
Stock-based charitable contribution (in shares) [1]   321,019      
Stock-based charitable contribution 11,168   11,168    
Stock-based compensation 910,320   910,320    
Change in accumulated other comprehensive income (loss), net of tax (410)       (410)
Ending balance (in shares) at Jun. 30, 2025 [1]   370,776,813      
Ending balance at Jun. 30, 2025 $ 1,428,098 $ 31 [1] 4,702,788 (3,274,605) (116)
Beginning balance (in shares) at Dec. 31, 2025 0        
Beginning balance at Dec. 31, 2025 $ 0        
Ending balance (in shares) at Mar. 31, 2026 0        
Ending balance at Mar. 31, 2026 $ 0        
Beginning balance (in shares) at Dec. 31, 2025 [2]   379,933,372      
Beginning balance at Dec. 31, 2025 1,401,706 $ 31 [2] 4,775,607 (3,374,104) 172
Total Stockholders’ Equity (Deficit)          
Net income (loss) 53,456     53,456  
Issuance of common stock upon exercise of stock options (in shares) [2]   4,880,740      
Issuance of common stock upon exercise of stock options 13,923   13,923    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares) [2]   1,871,134      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (1,540)   (1,540)    
Repurchases of common stock (in shares) [2]   (4,081,127)      
Repurchases of common stock (85,740)   (85,740)    
Stock-based compensation 60,756   60,756    
Change in accumulated other comprehensive income (loss), net of tax (1,119)       (1,119)
Ending balance (in shares) at Mar. 31, 2026 [2]   382,604,119      
Ending balance at Mar. 31, 2026 $ 1,441,442 $ 31 [2] 4,763,006 (3,320,648) (947)
Beginning balance (in shares) at Dec. 31, 2025 0        
Beginning balance at Dec. 31, 2025 $ 0        
Ending balance (in shares) at Jun. 30, 2026 0        
Ending balance at Jun. 30, 2026 $ 0        
Beginning balance (in shares) at Dec. 31, 2025 [2]   379,933,372      
Beginning balance at Dec. 31, 2025 1,401,706 $ 31 [2] 4,775,607 (3,374,104) 172
Total Stockholders’ Equity (Deficit)          
Net income (loss) 81,306        
Ending balance (in shares) at Jun. 30, 2026 [2]   378,671,760      
Ending balance at Jun. 30, 2026 $ 1,404,822 $ 31 [2] 4,698,137 (3,292,798) (548)
Beginning balance (in shares) at Mar. 31, 2026 0        
Beginning balance at Mar. 31, 2026 $ 0        
Ending balance (in shares) at Jun. 30, 2026 0        
Ending balance at Jun. 30, 2026 $ 0        
Beginning balance (in shares) at Mar. 31, 2026 [2]   382,604,119      
Beginning balance at Mar. 31, 2026 1,441,442 $ 31 [2] 4,763,006 (3,320,648) (947)
Total Stockholders’ Equity (Deficit)          
Net income (loss) 27,850     27,850  
Issuance of common stock upon exercise of stock options (in shares) [2]   759,023      
Issuance of common stock upon exercise of stock options 2,037   2,037    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares) [2]   2,551,100      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (1,467)   (1,467)    
Repurchases of common stock (in shares) [2]   (7,322,737)      
Repurchases of common stock (136,334)   (136,334)    
Stock-based charitable contribution (in shares) [2]   80,255      
Stock-based charitable contribution 1,495   1,495    
Stock-based compensation 69,400   69,400    
Change in accumulated other comprehensive income (loss), net of tax 399       399
Ending balance (in shares) at Jun. 30, 2026 [2]   378,671,760      
Ending balance at Jun. 30, 2026 $ 1,404,822 $ 31 [2] $ 4,698,137 $ (3,292,798) $ (548)
[1] The share amounts listed above combine common stock, Class A common stock and Class B common stock. In connection with the completion of our initial public offering, all previously outstanding shares of common stock were reclassified into Class A common stock and Class B common stock. Refer to Note 2 of the Annual Report on Form 10-K for the year ended December 31, 2025 for more information.
[2] The share amounts listed above combine Class A common stock and Class B common stock.