v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 81,306 $ (910,437)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 15,222 14,669
Non-cash lease expense 4,565 3,058
Stock-based compensation 130,052 918,843
Stock-based charitable contribution 1,495 11,168
Provision for transaction dispute losses 43,725 31,045
Change in fair value of product obligation (52,282) 43,579
Provision for credit losses 29,362 44,096
Amortization of premium on marketable securities (129) (2,365)
Other 3,197 208
Changes in operating assets and liabilities:    
Product collateral 46,381 (31,260)
Accounts receivable, net (31,170) (14,342)
Prepaid expenses and other assets 35,831 (1,432)
Accounts payable (2,425) 15,954
Accrued and other liabilities (45,614) (93,291)
Operating lease liabilities (3,784) (7,773)
Settlements of the product obligation 39,224 (18,977)
Cash flows provided by operating activities 294,956 2,743
Investing activities:    
Purchase of marketable securities (235,641) (234,050)
Proceeds from sales of marketable securities 0 256,514
Proceeds from maturities of marketable securities 292,300 123,200
Purchases of loans held for investment (2,706,364) (2,368,152)
Repayments of loans held for investment 2,652,466 2,311,634
Purchase of property, equipment and software (16,560) (3,631)
Capitalization of internal-use software (832) (6,389)
Cash flows provided by (used in) investing activities (14,631) 79,126
Financing activities:    
Payment of debt issuance costs (905) (1,134)
Proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts and offering costs paid 0 772,556
Taxes paid related to net share settlement of restricted stock units (3,007) (322,619)
Proceeds from borrowings under the warehouse facility 50,000 0
Proceeds from exercise of stock options 15,960 1,127
Repurchases of common stock (222,074) 0
Cash flows provided by (used in) financing activities (160,026) 449,930
Net increase in cash and cash equivalents and restricted cash 120,299 531,799
Cash, cash equivalents, and restricted cash, beginning of period 480,760 350,000
Cash, cash equivalents, and restricted cash, end of period 601,059 881,799
Cash and cash equivalents, end of the period 536,045 868,284
Restricted cash, end of the period 65,014 13,515
Cash, cash equivalents, and restricted cash, end of the period 601,059 881,799
Supplementary cash flow disclosure:    
Cash paid for interest 246 140
Cash paid for income taxes, net of refunds received 1,020 1,043
Supplemental disclosures of noncash investing and financing activities:    
Deferred offering costs not yet paid 0 1,968
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering 0 14,815
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 0 2,890,121
Purchases of property, equipment and software in accounts payable $ 0 $ 294