v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income $ 3,076,805 $ 1,023,037
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,031 19,127
Stock-based compensation 785,690 487,628
Unrealized and realized (gain) loss from marketable securities, net (34,997) 5,005
Other operating activities (97,557) (16,220)
Changes in operating assets and liabilities:    
Accounts receivable, net (843,438) (422,977)
Prepaid expenses and other assets (162,110) 50,343
Accounts payable and accrued liabilities 204,240 90,582
Contract liabilities 396,996 160,154
Other liabilities (27,758) (39,501)
Net cash provided by operating activities 3,319,902 1,357,178
Investing activities    
Purchases of property and equipment (29,969) (20,610)
Purchases of marketable securities (5,137,861) (6,091,513)
Proceeds from sales and redemption of marketable securities 4,079,225 4,360,327
Other investing activities (50,000) (73,924)
Net cash used in investing activities (1,138,605) (1,825,720)
Financing activities    
Proceeds from the exercise of common stock options 22,606 120,839
Other financing activities (2,491) (136,851)
Net cash provided by (used in) financing activities 20,115 (16,012)
Effect of foreign exchange on cash, cash equivalents, and restricted cash (20) 9,444
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,201,392 (475,110)
Cash, cash equivalents, and restricted cash - beginning of period 1,451,425 2,119,936
Cash, cash equivalents, and restricted cash - end of period $ 3,652,817 $ 1,644,826