v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt The following table summarizes information regarding the Company’s debt:
June 30,
2026		December 31,
2025
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)(1)
$600,000 $600,000 
5.5% senior unsecured notes due in February 2034 (the 2034 Notes)
850,000 — 
Term Loan A800,000 — 
Term Loan B2,000,000 — 
Total debt4,250,000 600,000 
Less: Unamortized discount and deferred offering costs(63,858)(2,824)
Total debt, net$4,186,142 $597,176 
Fair value of debt(2) :
June 30, 2026
2027 Notes$584,762 
2034 Notes835,176 
Term Loan A796,000 
Term Loan B2,002,500 
Total fair value of debt$4,218,438 
(1)    For additional information related to the Company’s 2027 Notes, see Note 10 - Debt to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
(2)    The fair value of the Company’s debts are based on open-market trades (Level 1 of the fair value hierarchy), except for the Term Loan A Facility, whose fair value was based on observable market inputs for comparable debt instruments (Level 2 of the fair value hierarchy). For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Schedule of Interest Expense on Long-Term Debt
Interest expense related to the Company’s debt and bridge loan commitment consisted of the following: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Coupon interest expense$41,167 $1,875 $49,972 $3,750 
Bridge commitment fee 17,492 — 22,813 — 
Accretion of discount on convertible notes and term loans1,571 485 2,058 970 
Amortization of debt issuance costs498 27 777 53 
Total interest expense on debt
$60,728 $2,387 $75,620 $4,773