v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:              
Net income (loss) $ 14,607 $ 48,045 $ (53,829) $ (22,183) $ 62,652 $ (76,012)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation 4,200   600   6,403 1,235  
Amortization of intangible assets 5,600   5,800   11,305 11,521  
Stock-based compensation         100,014 7,531  
Amortization of debt issuance costs         2,403 4,255  
Losses on derivatives         12,059 6,689  
Amortization of unrealized losses on cash flow hedge         (16,219) (3,659)  
Unrealized foreign exchange (gains) losses         (26,625) 86,898  
Loss on extinguishment of debt 1,877   0   1,877 0  
Deferred income taxes         (7,926) (30,670)  
Fair value change for preferred stocks and preferred stock bifurcated derivatives         (8,031) 4,375  
Other         2,155 7,466  
Changes in operating assets and liabilities:              
Accounts receivable         (7,142) (2,573)  
Inventory         4,261 743  
Prepaid expenses and other current assets         (30,709) (9,329)  
Other non-current assets         16,493 (8,252)  
Operating lease right-of-use assets         2,241 2,181  
Accounts payable         (15,328) (15,892)  
Payments due to buyers and sellers         472,491 160,720  
Accrued expenses and other current liabilities         23,954 (10,735)  
Other non-current liabilities         16,607 42,701  
Operating lease liabilities         (2,660) (1,552)  
Net cash provided by operating activities         620,275 177,641  
Cash flows from investing activities:              
Capitalized software development costs         (19,414) (15,075)  
Purchases of property and equipment         (585) (798)  
Purchases of intangible assets         (44) (942)  
Net cash used in investing activities         (20,043) (16,815)  
Cash flows from financing activities:              
Proceeds from issuance of Class A common stock upon exercise of stock options and warrants         142 53  
Repurchase and retirement of Class A common stock         0 (1,000)  
Repayment of long-term debt obligations         (100,000) (9,763)  
Payments of tax withholding obligations on vested equity awards         (36,251) 0  
Payments of deferred offering costs         (2,407) (1,845)  
Net cash (used in) provided by financing activities         (138,516) 67,920  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash         (2,273) 14,288  
Net increase in cash, cash equivalents, and restricted cash         459,443 243,034  
Cash, cash equivalents, and restricted cash at beginning of period   $ 1,259,130   $ 1,015,911 1,259,130 1,015,911 $ 1,015,911
Cash, cash equivalents, and restricted cash at end of period 1,718,573   1,258,945   1,718,573 1,258,945 1,259,130
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:              
Cash and cash equivalents 1,693,051   1,242,010   1,693,051 1,242,010 1,241,587
Restricted cash in prepaid expenses and other current assets 0   352   0 352  
Restricted cash 25,522   16,583   25,522 16,583 17,543
Total cash, cash equivalents, and restricted cash $ 1,718,573   $ 1,258,945   1,718,573 1,258,945 $ 1,259,130
Cash paid for:              
Interest         60,872 106,059  
Non-cash investing and financing activities:              
Stock-based compensation capitalized in development of capitalized software         34,451 183  
Deferred offering costs accrued, unpaid         0 7,149  
Series N redeemable preferred stock              
Cash flows from financing activities:              
Proceeds from issuance of redeemable preferred stock         0 50,000  
Series O redeemable preferred stock              
Cash flows from financing activities:              
Proceeds from issuance of redeemable preferred stock         $ 0 $ 30,475