v3.26.3
CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Perpetual Preferred Stock
Common Stock
Class A Common Stock
Common Stock
Class B Convertible Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2024   0          
Beginning balance at Dec. 31, 2024   $ 0          
Mezzanine Equity              
Issuance of preferred stock (in shares)   65,887          
Issuance of preferred stock   $ 5,786,330          
Ending balance (in shares) at Sep. 30, 2025   65,887          
Ending balance at Sep. 30, 2025   $ 5,786,330          
Beginning balance at Dec. 31, 2024 $ 30,976,362   $ 226 $ 20 $ 20,411,998 $ (15,384) $ 10,579,502
Beginning balance (in shares) at Dec. 31, 2024     226,138 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 8,588,500           8,588,500
Other (1,097)           (1,097)
Other comprehensive income (loss) 10,271         10,271  
Preferred stock cash dividends declared (221,848)           (221,848)
Issuance of class A common stock under stock incentive plans 42,175   $ 1   42,174    
Issuance of class A common stock under stock incentive plans (in shares)     1,394        
Issuance of class A common stock under public offerings, net of issuance costs 11,847,257   $ 33   11,847,224    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     32,562        
Issuance of class A common stock upon conversions of convertible senior notes 1,045,219   $ 7   1,045,212    
Issuance of class A common stock upon conversions of convertible senior notes (in shares)     7,374        
Share-based compensation expense 43,879       43,879    
Ending balance at Sep. 30, 2025 52,330,718   $ 267 $ 20 33,390,487 (5,113) 18,945,057
Ending balance (in shares) at Sep. 30, 2025     267,468 19,640      
Beginning balance (in shares) at Jun. 30, 2025   34,033          
Beginning balance at Jun. 30, 2025   $ 2,893,921          
Mezzanine Equity              
Issuance of preferred stock (in shares)   31,854          
Issuance of preferred stock   $ 2,892,409          
Ending balance (in shares) at Sep. 30, 2025   65,887          
Ending balance at Sep. 30, 2025   $ 5,786,330          
Beginning balance at Jun. 30, 2025 47,477,044   $ 261 $ 20 31,158,044 (5,020) 16,323,739
Beginning balance (in shares) at Jun. 30, 2025     261,318 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 2,785,024           2,785,024
Other comprehensive income (loss) (93)         (93)  
Preferred stock cash dividends declared (163,706)           (163,706)
Issuance of class A common stock under stock incentive plans 17,602       17,602    
Issuance of class A common stock under stock incentive plans (in shares)     438        
Issuance of class A common stock under public offerings, net of issuance costs 2,199,360   $ 6   2,199,354    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     5,712        
Issuance of class A common stock upon conversions of convertible senior notes 4       4    
Share-based compensation expense 15,483       15,483    
Ending balance at Sep. 30, 2025 52,330,718   $ 267 $ 20 33,390,487 (5,113) 18,945,057
Ending balance (in shares) at Sep. 30, 2025     267,468 19,640      
Beginning balance (in shares) at Dec. 31, 2025   78,183          
Beginning balance at Dec. 31, 2025 6,919,514 $ 6,919,514          
Mezzanine Equity              
Issuance of preferred stock (in shares)   75,346          
Issuance of preferred stock   $ 7,521,381          
Repurchase of preferred stock (in shares)   (13,930)          
Repurchase of preferred stock   $ (1,384,645)          
Ending balance (in shares) at Sep. 30, 2026   139,599          
Ending balance at Sep. 30, 2026 13,056,250 $ 13,056,250          
Beginning balance at Dec. 31, 2025 44,123,458   $ 292 $ 20 37,806,554 (5,171) 6,321,763
Beginning balance (in shares) at Dec. 31, 2025     292,422 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (1,229,326)           (1,229,326)
Other comprehensive income (loss) (9,102)         (9,102)  
Preferred stock cash dividends declared (1,159,069)           (1,159,069)
Issuance of class A common stock under stock incentive plans 26,686   $ 1   26,685    
Issuance of class A common stock under stock incentive plans (in shares)     1,163        
Issuance of class A common stock under public offerings, net of issuance costs 13,642,442   $ 109   13,642,333    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     108,753        
Share-based compensation expense 40,620       40,620    
Deemed contribution on repurchase of preferred stock 5,517           5,517
Ending balance at Sep. 30, 2026 55,441,226   $ 402 $ 20 51,516,192 (14,273) 3,938,885
Ending balance (in shares) at Sep. 30, 2026     402,338 19,640      
Beginning balance (in shares) at Jun. 30, 2026   153,529          
Beginning balance at Jun. 30, 2026   $ 14,440,895          
Mezzanine Equity              
Repurchase of preferred stock (in shares)   (13,930)          
Repurchase of preferred stock   $ (1,384,645)          
Ending balance (in shares) at Sep. 30, 2026   139,599          
Ending balance at Sep. 30, 2026 13,056,250 $ 13,056,250          
Beginning balance at Jun. 30, 2026 30,886,088   $ 352 $ 20 46,092,908 (8,433) (15,198,759)
Beginning balance (in shares) at Jun. 30, 2026     351,963 19,640      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 19,532,972           19,532,972
Other comprehensive income (loss) (5,840)         (5,840)  
Preferred stock cash dividends declared (400,845)           (400,845)
Issuance of class A common stock under stock incentive plans 3,265       3,265    
Issuance of class A common stock under stock incentive plans (in shares)     77        
Issuance of class A common stock under public offerings, net of issuance costs 5,406,890   $ 50   5,406,840    
Issuance of class A common stock under public offerings, net of issuance costs (in shares)     50,298        
Share-based compensation expense 13,179       13,179    
Deemed contribution on repurchase of preferred stock 5,517           5,517
Ending balance at Sep. 30, 2026 $ 55,441,226   $ 402 $ 20 $ 51,516,192 $ (14,273) $ 3,938,885
Ending balance (in shares) at Sep. 30, 2026     402,338 19,640