Intangible assets, net (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Intangible Asset, Finite-Lived

The useful life of the Company’s finite-lived acquired intangible assets is as follows:


Table 5.1. Acquired Intangible Assets Useful Life
	Useful life (years) at acquisition
Developed technology	2	~	6
Customer relationships	2
Regulatory licenses	5
Patents and trade name	2	~	17

Intangible assets, net consists of the following (in thousands):


Table 5.2. Details of Intangible Assets, net
As of September 30, 2026	Gross carrying amount		Accumulated amortization		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	372,066	$	(239,080)	$	132,986	1.4
Acquired intangible assets	68,309		(21,773)		46,536		6.8
Total amortizing intangible assets	$	440,375	$	(260,853)	$	179,522
Indefinite-lived intangible assets
Acquired intangible assets	266,830		—		266,830
Total intangible assets, net	$	707,205	$	(260,853)	$	446,352


As of December 31, 2025	Gross carrying amount		Accumulated amortization		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	279,472	$	(161,666)	$	117,806	1.5
Acquired intangible assets	38,109		(11,599)		26,510		3.0
Total amortizing intangible assets	$	317,581	$	(173,265)	$	144,316
Indefinite-lived intangible assets
Acquired intangible assets	266,830		—		266,830
Total intangible assets, net	$	584,411	$	(173,265)	$	411,146

Amortization expense of intangible assets, which is included within Depreciation and amortization expenses on the unaudited Condensed Consolidated Statements of Operations, consists of the following (in thousands):


Table 5.3. Details of Amortization Expense of Intangible Assets
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Internally developed software	$	28,217	$	20,688	$	77,562	$	45,092
Acquired intangible assets	4,869		1,342		10,175		4,025
Total amortization expense of intangible assets	$	33,086	$	22,030	$	87,737	$	49,117

Schedule of Intangible Asset, Indefinite-Lived

Intangible assets, net consists of the following (in thousands):


Table 5.2. Details of Intangible Assets, net
As of September 30, 2026	Gross carrying amount		Accumulated amortization		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	372,066	$	(239,080)	$	132,986	1.4
Acquired intangible assets	68,309		(21,773)		46,536		6.8
Total amortizing intangible assets	$	440,375	$	(260,853)	$	179,522
Indefinite-lived intangible assets
Acquired intangible assets	266,830		—		266,830
Total intangible assets, net	$	707,205	$	(260,853)	$	446,352

Schedule of Future Amortization Expense

The expected future amortization expense for intangible assets is as follows (in thousands):


Table 5.4. Future Amortization Expense of Intangible Assets
	Years ending December 31,
2026 (remaining 3 months)	$	34,160
2027	100,941
2028	26,715
2029	1,663
2030	1,663
Thereafter	14,380
Total amortization expense	$179,522