v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (unaudited) - USD ($)
$ in Thousands
Total
IPO
Treasury Stock
Additional paid-in capital
Additional paid-in capital
IPO
Accumulated deficit
Accumulated other comprehensive income
Noncontrolling interests
Class A common stock
Class A common stock
Common Stock
Class A common stock
Common Stock
IPO
Class B common stock
Class B common stock
Common Stock
Class B common stock
Common Stock
IPO
Temporary equity, beginning balance (in shares) at Dec. 31, 2024 139,762,000                          
Temporary equity, beginning balance at Dec. 31, 2024 $ 1,139,765                          
Temporary Equity                            
Issuance of common stock and preferred stock upon exercise of warrants (in shares) 45,000                          
Issuance of common stock and preferred stock upon exercise of warrants $ 737                          
Temporary equity, ending balance (in shares) at Mar. 31, 2025 139,807,000                          
Temporary equity, ending balance at Mar. 31, 2025 $ 1,140,502                          
Common stock, beginning balance (in shares) at Dec. 31, 2024                   61,313,000     0  
Beginning balance at Dec. 31, 2024 570,529   $ (2,877) $ 1,792,969   $ (1,223,213) $ 3,644 $ 0   $ 6     $ 0  
Treasury stock, beginning balance (in shares) at Dec. 31, 2024     4,960,000                      
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares)                   1,009,000        
Issuance of common stock upon exercise of stock options 642     642                    
Issuance of common stock and preferred stock upon exercise of warrants, net of provision for warrants in common stock (in shares)                   1,130,000        
Issuance of common stock and preferred stock upon exercise of warrants, net of provision for warrants in common stock 854     854                    
Provision for warrants in common stock 1,064     1,064                    
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                   1,000        
Issuance of common stock in connection with business combinations (in shares)                   3,857,000        
Issuance of common stock in connection with business combinations 89,919     89,919                    
Stock-based compensation 15,440     15,440                    
Other comprehensive income (loss), net of tax 1,725           1,725              
Other 12         12                
Net income (loss) 64,791         64,791                
Common stock, ending balance (in shares) at Mar. 31, 2025                   67,310,000     0  
Ending balance at Mar. 31, 2025 $ 744,976   $ (2,877) 1,900,888   (1,158,410) 5,369 0   $ 6     $ 0  
Treasury stock, ending balance (in shares) at Mar. 31, 2025     4,960,000                      
Temporary equity, beginning balance (in shares) at Dec. 31, 2024 139,762,000                          
Temporary equity, beginning balance at Dec. 31, 2024 $ 1,139,765                          
Temporary equity, ending balance (in shares) at Sep. 30, 2025 0                          
Temporary equity, ending balance at Sep. 30, 2025 $ 0                          
Common stock, beginning balance (in shares) at Dec. 31, 2024                   61,313,000     0  
Beginning balance at Dec. 31, 2024 $ 570,529   $ (2,877) 1,792,969   (1,223,213) 3,644 0   $ 6     $ 0  
Treasury stock, beginning balance (in shares) at Dec. 31, 2024     4,960,000                      
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares) 2,974,000                          
Re-issuance of treasury stock to Circle Foundation $ 0                          
Other comprehensive income (loss), net of tax 11,095                          
Net income (loss) (202,924)                          
Common stock, ending balance (in shares) at Sep. 30, 2025                   220,170,000     18,979,000  
Ending balance at Sep. 30, 2025 $ 3,023,356   $ (2,877) 4,437,594   (1,426,125) 14,739 0   $ 23     $ 2  
Treasury stock, ending balance (in shares) at Sep. 30, 2025     4,960,000                      
Temporary equity, beginning balance (in shares) at Mar. 31, 2025 139,807,000                          
Temporary equity, beginning balance at Mar. 31, 2025 $ 1,140,502                          
Temporary Equity                            
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) (139,807,000)                          
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ (1,140,502)                          
Temporary equity, ending balance (in shares) at Jun. 30, 2025 0                          
Temporary equity, ending balance at Jun. 30, 2025 $ 0                          
Common stock, beginning balance (in shares) at Mar. 31, 2025                   67,310,000     0  
Beginning balance at Mar. 31, 2025 744,976   $ (2,877) 1,900,888   (1,158,410) 5,369 0   $ 6     $ 0  
Treasury stock, beginning balance (in shares) at Mar. 31, 2025     4,960,000                      
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares)                   946,000        
Issuance of common stock upon exercise of stock options 6,157     6,157                    
Issuance of common stock during period (in shares)                     19,900,000      
Issuance of common stock during period   $ 570,129     $ 570,127           $ 2      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)                   5,518,000        
Issuance of common stock upon settlement of restricted stock units, net of shares withheld 362,191     362,191                    
Conversion of common stock (in shares)                     (19,580,000)     19,580,000
Conversion of common stock                     $ (2)     $ 2
Conversion of convertible debt, net (in shares)                     139,807,000      
Conversion of convertible debt, net   1,140,502     1,140,488           $ 14      
Provision for warrants in common stock 4,501     4,501                    
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                   13,000        
Stock-based compensation 14,474     14,474                    
Other comprehensive income (loss), net of tax 9,997           9,997              
Other 4     1   0       $ 3        
Net income (loss) (482,100)         (482,100)                
Common stock, ending balance (in shares) at Jun. 30, 2025                   213,914,000     19,580,000  
Ending balance at Jun. 30, 2025 $ 2,370,831   $ (2,877) 3,998,827   (1,640,510) 15,366 0   $ 23     $ 2  
Treasury stock, ending balance (in shares) at Jun. 30, 2025     4,960,000                      
Temporary equity, ending balance (in shares) at Sep. 30, 2025 0                          
Temporary equity, ending balance at Sep. 30, 2025 $ 0                          
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares)                   1,019,000        
Issuance of common stock upon exercise of stock options 9,512     9,512                    
Issuance of common stock during period (in shares)                     3,500,000      
Issuance of common stock during period   $ 442,968     $ 442,968           $ 0      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)                   822,000     17,000  
Issuance of common stock upon settlement of restricted stock units, net of shares withheld $ (89,921)     (89,921)                    
Conversion of common stock (in shares) (618,000)                 618,000        
Provision for warrants in common stock $ 8,231     8,231                    
Vesting of restricted stock units and common stock in connection with business combinations (in shares) 0                 275,000        
Issuance of common stock in connection with business combinations (in shares)                   22,000        
Stock-based compensation $ 67,977     67,977                    
Other comprehensive income (loss), net of tax (627)           (627)              
Net income (loss) 214,385         214,385                
Common stock, ending balance (in shares) at Sep. 30, 2025                   220,170,000     18,979,000  
Ending balance at Sep. 30, 2025 $ 3,023,356   $ (2,877) 4,437,594   (1,426,125) 14,739 0   $ 23     $ 2  
Treasury stock, ending balance (in shares) at Sep. 30, 2025     4,960,000                      
Temporary equity, beginning balance (in shares) at Dec. 31, 2025 0                          
Temporary equity, beginning balance at Dec. 31, 2025 $ 0                          
Temporary equity, ending balance (in shares) at Mar. 31, 2026 0                          
Temporary equity, ending balance at Mar. 31, 2026 $ 0                          
Common stock, beginning balance (in shares) at Dec. 31, 2025                 223,600,000 228,286,000   19,100,000 18,665,000  
Beginning balance at Dec. 31, 2025 $ 3,330,773   $ (2,721) 4,610,216   (1,292,709) 14,515 1,446   $ 24     $ 2  
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 4,700,000   4,692,000                      
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares)                   2,483,000     60,000  
Issuance of common stock upon exercise of stock options $ 14,412     14,411           $ 1        
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)                   1,688,000     60,000  
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (80,453)     (80,453)                    
Issuance of common stock and preferred stock upon exercise of warrants, net of provision for warrants in common stock (in shares)                   525,000        
Issuance of common stock and preferred stock upon exercise of warrants, net of provision for warrants in common stock 4,659     4,659                    
Re-issuance of treasury stock to Circle Foundation (in shares)     (67,000)                      
Re-issuance of treasury stock to Circle Foundation 7,737   $ 38 7,699                    
Conversion of common stock (in shares)                   70,000     (70,000)  
Conversion of convertible debt, net (in shares)                   465,000        
Conversion of convertible debt, net 39,382     39,382                    
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                   37,000        
Stock-based compensation 61,279     61,279                    
Other comprehensive income (loss), net of tax (6,172)           (6,148) (24)            
Capital contribution from noncontrolling interest 0     (12)       12            
Other 1,768     1,768                    
Net income (loss) 55,246         55,253   (7)            
Common stock, ending balance (in shares) at Mar. 31, 2026                   233,554,000     18,715,000  
Ending balance at Mar. 31, 2026 $ 3,428,631   $ (2,683) 4,658,949   (1,237,456) 8,367 1,427   $ 25     $ 2  
Treasury stock, ending balance (in shares) at Mar. 31, 2026     4,625,000                      
Temporary equity, beginning balance (in shares) at Dec. 31, 2025 0                          
Temporary equity, beginning balance at Dec. 31, 2025 $ 0                          
Temporary equity, ending balance (in shares) at Sep. 30, 2026 0                          
Temporary equity, ending balance at Sep. 30, 2026 $ 0                          
Common stock, beginning balance (in shares) at Dec. 31, 2025                 223,600,000 228,286,000   19,100,000 18,665,000  
Beginning balance at Dec. 31, 2025 $ 3,330,773   $ (2,721) 4,610,216   (1,292,709) 14,515 1,446   $ 24     $ 2  
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 4,700,000   4,692,000                      
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares) 6,562,000                          
Re-issuance of treasury stock to Circle Foundation (in shares)     (201,180)                      
Re-issuance of treasury stock to Circle Foundation $ 17,777                          
Other comprehensive income (loss), net of tax (9,381)                          
Net income (loss) 329,472                          
Common stock, ending balance (in shares) at Sep. 30, 2026                 237,100,000 241,587,000   19,100,000 19,104,000  
Ending balance at Sep. 30, 2026 $ 3,863,888   $ (2,607) 4,823,113   (963,211) 5,138 1,428   $ 25     $ 2  
Treasury stock, ending balance (in shares) at Sep. 30, 2026 4,500,000   4,491,000                      
Temporary equity, beginning balance (in shares) at Mar. 31, 2026 0                          
Temporary equity, beginning balance at Mar. 31, 2026 $ 0                          
Temporary equity, ending balance (in shares) at Jun. 30, 2026 0                          
Temporary equity, ending balance at Jun. 30, 2026 $ 0                          
Common stock, beginning balance (in shares) at Mar. 31, 2026                   233,554,000     18,715,000  
Beginning balance at Mar. 31, 2026 3,428,631   $ (2,683) 4,658,949   (1,237,456) 8,367 1,427   $ 25     $ 2  
Treasury stock, beginning balance (in shares) at Mar. 31, 2026     4,625,000                      
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares)                   1,737,000     1,969,000  
Issuance of common stock upon exercise of stock options 27,216     27,216                    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)                   1,092,000     20,000  
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (69,392)     (69,392)                    
Issuance of common stock and preferred stock upon exercise of warrants, net of provision for warrants in common stock (in shares)                   195,000        
Issuance of common stock and preferred stock upon exercise of warrants, net of provision for warrants in common stock 4,502     4,502                    
Re-issuance of treasury stock to Circle Foundation (in shares)     (67,000)                      
Re-issuance of treasury stock to Circle Foundation 5,411   $ 38 5,373                    
Conversion of common stock (in shares)                   1,470,000     (1,470,000)  
Conversion of convertible debt, net 0                          
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                   16,000        
Stock-based compensation 67,367     67,367                    
Other comprehensive income (loss), net of tax (1,945)           (1,918) (27)            
Other (29)     (29)                    
Net income (loss) 48,214         48,221   (7)            
Common stock, ending balance (in shares) at Jun. 30, 2026                   238,064,000     19,234,000  
Ending balance at Jun. 30, 2026 $ 3,509,975   $ (2,645) 4,693,986   (1,189,235) 6,449 1,393   $ 25     $ 2  
Treasury stock, ending balance (in shares) at Jun. 30, 2026     4,558,000                      
Temporary equity, ending balance (in shares) at Sep. 30, 2026 0                          
Temporary equity, ending balance at Sep. 30, 2026 $ 0                          
Permanent Equity                            
Issuance of common stock upon exercise of stock options (in shares)                   313,000     0  
Issuance of common stock upon exercise of stock options 4,089     4,089                    
Issuance of common stock during period (in shares)                   1,237,000        
Issuance of common stock during period 100,000     100,000                    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)                   925,000     20,000  
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (48,348)     (48,348)                    
Issuance of common stock and preferred stock upon exercise of warrants, net of provision for warrants in common stock 4,503     4,503                    
Re-issuance of treasury stock to Circle Foundation (in shares)     (67,060)                      
Re-issuance of treasury stock to Circle Foundation 4,629   $ 38 4,591                    
Conversion of common stock (in shares)                   150,000     (150,000)  
Conversion of convertible debt, net 0                          
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                   278,000        
Issuance of common stock in connection with business combinations (in shares)                   546,000        
Issuance of common stock in connection with business combinations 4,200     4,200                    
Issuance of common stock under Employee Stock Purchase Plan (in shares)                   74,000        
Issuance of common stock under Employee Stock Purchase Plan, net of shares withheld 6,399     6,399                    
Stock-based compensation 53,701     53,701                    
Other comprehensive income (loss), net of tax (1,264)           (1,311) 47            
Other (8)     (8)                    
Net income (loss) 226,012         226,024   (12)            
Common stock, ending balance (in shares) at Sep. 30, 2026                 237,100,000 241,587,000   19,100,000 19,104,000  
Ending balance at Sep. 30, 2026 $ 3,863,888   $ (2,607) $ 4,823,113   $ (963,211) $ 5,138 $ 1,428   $ 25     $ 2  
Treasury stock, ending balance (in shares) at Sep. 30, 2026 4,500,000   4,491,000