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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
Total
Series A Perpetual Strike Preferred Stock
Series A Perpetual Strife Preferred Stock
Series A Perpetual Stride Preferred Stock
Series A Perpetual Stretch Preferred Stock
Perpetual Preferred Stock
Perpetual Preferred Stock
Series A Perpetual Strike Preferred Stock
Perpetual Preferred Stock
Series A Perpetual Strife Preferred Stock
Perpetual Preferred Stock
Series A Perpetual Stride Preferred Stock
Perpetual Preferred Stock
Series A Perpetual Stretch Preferred Stock
Common Stock
Common Class A
Common Stock
Class B Convertible
Common Stock
Series A Perpetual Strike Preferred Stock
Common Stock
Series A Perpetual Strife Preferred Stock
Common Stock
Series A Perpetual Stride Preferred Stock
Common Stock
Series A Perpetual Stretch Preferred Stock
Additional Paid-in Capital
Additional Paid-in Capital
Series A Perpetual Strike Preferred Stock
Additional Paid-in Capital
Series A Perpetual Strife Preferred Stock
Additional Paid-in Capital
Series A Perpetual Stride Preferred Stock
Additional Paid-in Capital
Series A Perpetual Stretch Preferred Stock
Treasury Stock
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Series A Perpetual Strike Preferred Stock
Accumulated Other Comprehensive Loss
Series A Perpetual Strife Preferred Stock
Accumulated Other Comprehensive Loss
Series A Perpetual Stride Preferred Stock
Accumulated Other Comprehensive Loss
Series A Perpetual Stretch Preferred Stock
Retained Earnings (Accumulated Deficit)
Retained Earnings (Accumulated Deficit)
Series A Perpetual Strike Preferred Stock
Retained Earnings (Accumulated Deficit)
Series A Perpetual Strife Preferred Stock
Retained Earnings (Accumulated Deficit)
Series A Perpetual Stride Preferred Stock
Retained Earnings (Accumulated Deficit)
Series A Perpetual Stretch Preferred Stock
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjustment
Perpetual Preferred Stock
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Common Class A
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Class B Convertible
Cumulative Effect, Period of Adoption, Adjustment
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings (Accumulated Deficit)
Beginning balance at Dec. 31, 2023           $ 0                                                                  
Beginning balance (in shares) at Dec. 31, 2023           0                                                                  
Beginning Balance at Dec. 31, 2023 $ 2,164,972,000                   $ 24,000 $ 2,000         $ 3,957,728,000         $ (782,104,000) $ (11,444,000)         $ (999,234,000)                      
Beginning Balance (in shares) at Dec. 31, 2023                     157,725,000 19,640,000                                                      
Beginning balance (in shares) at Dec. 31, 2023                                           (8,684,000)                                  
Net Income (Loss) (53,118,000)                   $ 0 $ 0         0         $ 0 0         (53,118,000)                      
Temporary equity, net loss           $ 0                                                                  
Other comprehensive income (loss) (1,725,000)         0         0 0         0         0 (1,725,000)         0                      
Issuance of class A common stock upon exercise of stock options 136,088,000                   $ 0 $ 0         136,088,000         $ 0 0         0                      
Issuance of class A common stock upon exercise of stock options (in shares)                     5,731,000 0                   0                                  
Temporary equity, issuance of class A common stock upon exercise of stock options           $ 0                                                                  
Temporary equity, issuance of class A common stock upon exercise of stock options, (in shares)           0                                                                  
Issuance of class A common stock under employee stock purchase plan 2,071,000                   $ 0 $ 0         2,071,000         $ 0 0         0                      
Issuance of class A common stock under employee stock purchase plan, (in shares)                     69,000 0                   0                                  
Temporary equity, issuance of class A common stock under employee stock purchase plan           $ 0                                                                  
Temporary equity, issuance of class A common stock under employee stock purchase plan, (in shares)           0                                                                  
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes (1,273,000)                   $ 0 $ 0         (1,273,000)         $ 0 0         0                      
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)                     39,000 0                   0                                  
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes           $ 0                                                                  
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)           0                                                                  
Issuance of stock during period 137,152,000                   $ 0 $ 0         137,152,000         $ 0 0         0                      
Issuance of stock during period (in shares)                     1,952,000 0                   0                                  
Share-based compensation expense 15,938,000         $ 0         $ 0 $ 0         15,938,000         $ 0 0         0                      
Temporary equity, issuance of stock           $ 0                                                                  
Temporary equity, issuance of stock, (in shares)           0                                                                  
Ending Balance at Mar. 31, 2024 2,400,105,000                   $ 24,000 $ 2,000         4,247,704,000         $ (782,104,000) (13,169,000)         (1,052,352,000)                      
Ending Balance (in shares) at Mar. 31, 2024                     165,516,000 19,640,000                                                      
Ending Balance (in shares) at Mar. 31, 2024                                           (8,684,000)                                  
Ending balance at Mar. 31, 2024           $ 0                                                                  
Ending balance (in shares) at Mar. 31, 2024           0                                                                  
Beginning balance at Dec. 31, 2023           $ 0                                                                  
Beginning balance (in shares) at Dec. 31, 2023           0                                                                  
Beginning Balance at Dec. 31, 2023 2,164,972,000                   $ 24,000 $ 2,000         3,957,728,000         $ (782,104,000) (11,444,000)         (999,234,000)                      
Beginning Balance (in shares) at Dec. 31, 2023                     157,725,000 19,640,000                                                      
Beginning balance (in shares) at Dec. 31, 2023                                           (8,684,000)                                  
Net Income (Loss) (495,851,000)                                                                            
Other comprehensive income (loss) 1,864,000                                                                            
Ending Balance at Sep. 30, 2024 3,773,649,000                   $ 192,000 $ 20,000         6,060,206,000         $ (782,104,000) (9,580,000)         (1,495,085,000)                      
Ending Balance (in shares) at Sep. 30, 2024                     191,684,000 19,640,000                                                      
Ending Balance (in shares) at Sep. 30, 2024                                           (8,684,000)                                  
Ending balance at Sep. 30, 2024           $ 0                                                                  
Ending balance (in shares) at Sep. 30, 2024           0                                                                  
Beginning balance at Mar. 31, 2024           $ 0                                                                  
Beginning balance (in shares) at Mar. 31, 2024           0                                                                  
Beginning Balance at Mar. 31, 2024 2,400,105,000                   $ 24,000 $ 2,000         4,247,704,000         $ (782,104,000) (13,169,000)         (1,052,352,000)                      
Beginning Balance (in shares) at Mar. 31, 2024                     165,516,000 19,640,000                                                      
Beginning balance (in shares) at Mar. 31, 2024                                           (8,684,000)                                  
Net Income (Loss) (102,559,000)                   $ 0 $ 0         0         $ 0 0         (102,559,000)                      
Temporary equity, net loss           $ 0                                                                  
Other comprehensive income (loss) (381,000)         0         0 0         0         0 (381,000)         0                      
Issuance of class A common stock upon exercise of stock options 17,261,000                   $ 0 $ 0         17,261,000         $ 0 0         0                      
Issuance of class A common stock upon exercise of stock options (in shares)                     1,215,000 0                   0                                  
Temporary equity, issuance of class A common stock upon exercise of stock options           $ 0                                                                  
Temporary equity, issuance of class A common stock upon exercise of stock options, (in shares)           0                                                                  
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes (932,000)                   $ 0                                                        
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)                     311,000 0                   0                                  
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes           $ 0           $ 0         (932,000)         $ 0 0         0                      
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)           0                                                                  
Issuance of class A common stock upon conversions of convertible senior notes 500,815,000                   $ 2,000 $ 0         500,813,000         $ 0 0         0                      
Issuance of class A common stock upon conversions of convertible senior notes (in shares)                     12,672,000 0                   0                                  
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes           $ 0                                                                  
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes (in shares)           0                                                                  
Share-based compensation expense 20,490,000         $ 0         $ 0 $ 0         20,490,000         $ 0 0         0                      
Ending Balance at Jun. 30, 2024 2,834,799,000                   $ 26,000 $ 2,000         4,785,336,000         $ (782,104,000) (13,550,000)         (1,154,911,000)                      
Ending Balance (in shares) at Jun. 30, 2024                     179,714,000 19,640,000                                                      
Ending Balance (in shares) at Jun. 30, 2024                                           (8,684,000)                                  
Ending balance at Jun. 30, 2024           $ 0                                                                  
Ending balance (in shares) at Jun. 30, 2024           0                                                                  
Net Income (Loss) (340,174,000)                   $ 0 $ 0         0         $ 0 0         (340,174,000)                      
Temporary equity, net loss           $ 0                                                                  
Other comprehensive income (loss) 3,970,000         0         0 0         0         0 3,970,000         0                      
Par value adjustment for class A and B common stock issued upon stock split 0                   $ 157,000 $ 18,000         (175,000)         $ 0 0         0                      
Par value adjustment for class A and B common stock issued upon stock split (in shares)                     0 0                   0                                  
Temporary equity, par value adjustment for class A and B common stock issued upon stock split           $ 0                                                                  
Temporary equity, par value adjustment for class A and B common stock issued upon stock split, (in shares)           0                                                                  
Issuance of class A common stock upon exercise of stock options 4,192,000                   $ 1,000 $ 0         4,191,000         $ 0 0         0                      
Issuance of class A common stock upon exercise of stock options (in shares)                     193,000 0                   0                                  
Temporary equity, issuance of class A common stock upon exercise of stock options           $ 0                                                                  
Temporary equity, issuance of class A common stock upon exercise of stock options, (in shares)           0                                                                  
Issuance of class A common stock under employee stock purchase plan 2,233,000                   $ 0 $ 0         2,233,000         $ 0 0         0                      
Issuance of class A common stock under employee stock purchase plan, (in shares)                     25,000 0                   0                                  
Temporary equity, issuance of class A common stock under employee stock purchase plan           $ 0                                                                  
Temporary equity, issuance of class A common stock under employee stock purchase plan, (in shares)           0                                                                  
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes (1,000)                   $ 0 $ 0         (1,000)         $ 0 0         0                      
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)                     53,000 0                   0                                  
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes           $ 0                                                                  
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)           0                                                                  
Issuance of stock during period 1,105,141,000                   $ 8,000 $ 0         1,105,133,000         $ 0 0         0                      
Issuance of stock during period (in shares)                     8,048,000 0                   0                                  
Issuance of class A common stock upon conversions of convertible senior notes 144,349,000                   $ 0 $ 0         144,349,000         $ 0 0         0                      
Issuance of class A common stock upon conversions of convertible senior notes (in shares)                     3,651,000 0                   0                                  
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes           $ 0                                                                  
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes (in shares)           0                                                                  
Share-based compensation expense 19,140,000         $ 0         $ 0 $ 0         19,140,000         $ 0 0         0                      
Temporary equity, issuance of stock           $ 0                                                                  
Temporary equity, issuance of stock, (in shares)           0                                                                  
Ending Balance at Sep. 30, 2024 3,773,649,000                   $ 192,000 $ 20,000         6,060,206,000         $ (782,104,000) (9,580,000)         (1,495,085,000)                      
Ending Balance (in shares) at Sep. 30, 2024                     191,684,000 19,640,000                                                      
Ending Balance (in shares) at Sep. 30, 2024                                           (8,684,000)                                  
Ending balance at Sep. 30, 2024           $ 0                                                                  
Ending balance (in shares) at Sep. 30, 2024           0                                                                  
Beginning balance at Dec. 31, 2024 0 $ 0 $ 0 $ 0   $ 0                                                       $ 0          
Beginning balance (in shares) at Dec. 31, 2024   0 0 0   0                                                       0          
Beginning Balance at Dec. 31, 2024 $ 18,229,984,000                   $ 226,000 $ 20,000         20,411,998,000           (15,384,000)         (2,166,876,000)         $ 12,746,378,000   $ 0 $ 0 $ 0 $ 0 $ 12,746,378,000
Beginning Balance (in shares) at Dec. 31, 2024                     226,138,000 19,640,000                                             0 0      
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2023-08 [Member]                                                                            
Other $ (1,097,000)                   $ 0 $ 0         0           0         (1,097,000)                      
Temporary equity, other           $ 0                                                                  
Net Income (Loss) (4,217,370,000)                   0 0         0           0         (4,217,370,000)                      
Temporary equity, net loss           0                                                                  
Other comprehensive income (loss) 3,417,000         0         0 0         0           3,417,000         0                      
Preferred stock cash dividends declared (9,188,000)         0         0 0         0           0         (9,188,000)                      
Issuance of class A common stock upon exercise of stock options 9,418,000                   $ 0 $ 0         9,418,000           0         0                      
Issuance of class A common stock upon exercise of stock options (in shares)                     271,000 0                                                      
Temporary equity, issuance of class A common stock upon exercise of stock options           $ 0                                                                  
Temporary equity, issuance of class A common stock upon exercise of stock options, (in shares)           0                                                                  
Issuance of class A common stock under employee stock purchase plan 2,703,000                   $ 0 $ 0         2,703,000           0         0                      
Issuance of class A common stock under employee stock purchase plan, (in shares)                     26,000 0                                                      
Temporary equity, issuance of class A common stock under employee stock purchase plan           $ 0                                                                  
Temporary equity, issuance of class A common stock under employee stock purchase plan, (in shares)           0                                                                  
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes 0                   $ 0 $ 0         0           0         0                      
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)                     104,000 0                                                      
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes           $ 0                                                                  
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)           0                                                                  
Issuance of stock during period 4,399,205,000 $ 0 $ 0               $ 13,000 $ 0 $ 0 $ 0     4,399,192,000 $ 0 $ 0       0 $ 0 $ 0     0 $ 0 $ 0                  
Issuance of stock during period (in shares)                     12,625,000 0 0 0                                                  
Issuance of class A common stock upon conversions of convertible senior notes 1,045,132,000                   $ 8,000 $ 0         1,045,124,000           0         0                      
Issuance of class A common stock upon conversions of convertible senior notes (in shares)                     7,373,000 0                                                      
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes           $ 0                                                                  
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes (in shares)           0                                                                  
Share-based compensation expense 12,654,000         $ 0         $ 0 $ 0         12,654,000           0         0                      
Temporary equity, issuance of stock           $ 0 $ 593,624,000 $ 710,873,000                                                              
Temporary equity, issuance of stock, (in shares)           0 7,650,000 8,500,000                                                              
Ending Balance at Mar. 31, 2025 32,221,236,000                   $ 247,000 $ 20,000         25,881,089,000           (11,967,000)         6,351,847,000                      
Ending Balance (in shares) at Mar. 31, 2025                     246,537,000 19,640,000                                                      
Ending balance at Mar. 31, 2025           $ 1,304,497,000                                                                  
Ending balance (in shares) at Mar. 31, 2025           16,150,000                                                                  
Beginning balance at Dec. 31, 2024 0 $ 0 $ 0 $ 0   $ 0                                                       $ 0          
Beginning balance (in shares) at Dec. 31, 2024   0 0 0   0                                                       0          
Beginning Balance at Dec. 31, 2024 18,229,984,000                   $ 226,000 $ 20,000         20,411,998,000           (15,384,000)         (2,166,876,000)         $ 12,746,378,000   $ 0 $ 0 $ 0 $ 0 $ 12,746,378,000
Beginning Balance (in shares) at Dec. 31, 2024                     226,138,000 19,640,000                                             0 0      
Net Income (Loss) 8,588,500,000                                                                            
Other comprehensive income (loss) 10,271,000                                                                            
Ending Balance at Sep. 30, 2025 52,330,718,000                   $ 267,000 $ 20,000         33,390,487,000           (5,113,000)         18,945,057,000                      
Ending Balance (in shares) at Sep. 30, 2025                     267,468,000 19,640,000                                                      
Ending balance at Sep. 30, 2025 5,786,330,000 $ 1,193,240,000 $ 1,091,342,000 $ 1,027,948,000   $ 5,786,330,000                                                                  
Ending balance (in shares) at Sep. 30, 2025   13,606,000 11,948,000 12,322,000   65,887,000                                                                  
Beginning balance at Mar. 31, 2025           $ 1,304,497,000                                                                  
Beginning balance (in shares) at Mar. 31, 2025           16,150,000                                                                  
Beginning Balance at Mar. 31, 2025 32,221,236,000                   $ 247,000 $ 20,000         25,881,089,000           (11,967,000)         6,351,847,000                      
Beginning Balance (in shares) at Mar. 31, 2025                     246,537,000 19,640,000                                                      
Net Income (Loss) 10,020,846,000                   $ 0 $ 0         0           0         10,020,846,000                      
Temporary equity, net loss           $ 0                                                                  
Other comprehensive income (loss) 6,947,000         0         0 0         0           6,947,000         0                      
Preferred stock cash dividends declared (48,954,000)         0         0 0         0           0         (48,954,000)                      
Issuance of class A common stock upon exercise of stock options 12,451,000                   $ 0 $ 0         12,451,000           0         0                      
Issuance of class A common stock upon exercise of stock options (in shares)                     325,000 0                                                      
Temporary equity, issuance of class A common stock upon exercise of stock options           $ 0                                                                  
Temporary equity, issuance of class A common stock upon exercise of stock options, (in shares)           0                                                                  
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes 0         $ 0         $ 0 $ 0         0           0         0                      
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)           0         230,000 0                                                      
Issuance of stock during period 5,248,692,000 $ 0 $ 0 $ 0             $ 14,000 $ 0 $ 0 $ 0 $ 0   5,248,678,000 0 0 $ 0     0 0 0 $ 0   0 0 0 $ 0                
Issuance of stock during period (in shares)                     14,225,000 0 0 0 0                                                
Issuance of class A common stock upon conversions of convertible senior notes 84,000                   $ 0 $ 0         84,000           0         0                      
Issuance of class A common stock upon conversions of convertible senior notes (in shares)                     1,000 0                                                      
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes           $ 0                                                                  
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes (in shares)           0                                                                  
Share-based compensation expense 15,742,000         $ 0         $ 0 $ 0         15,742,000           0         0                      
Temporary equity, issuance of stock           $ 0 $ 446,770,000 $ 163,168,000 $ 979,486,000                                                            
Temporary equity, issuance of stock, (in shares)           0 4,551,000 1,567,000 11,765,000                                                            
Ending Balance at Jun. 30, 2025 47,477,044,000                   $ 261,000 $ 20,000         31,158,044,000           (5,020,000)         16,323,739,000                      
Ending Balance (in shares) at Jun. 30, 2025                     261,318,000 19,640,000                                                      
Ending balance at Jun. 30, 2025           $ 2,893,921,000                                                                  
Ending balance (in shares) at Jun. 30, 2025           34,033,000                                                                  
Net Income (Loss) 2,785,024,000                   $ 0 $ 0         0           0         2,785,024,000                      
Temporary equity, net loss           $ 0                                                                  
Other comprehensive income (loss) (93,000)         0         0 0         0           (93,000)         0                      
Preferred stock cash dividends declared (163,706,000)         0         0 0         0           0         (163,706,000)                      
Issuance of class A common stock upon exercise of stock options 14,870,000                   $ 0 $ 0         14,870,000           0         0                      
Issuance of class A common stock upon exercise of stock options (in shares)                     389,000 0                                                      
Temporary equity, issuance of class A common stock upon exercise of stock options           $ 0                                                                  
Temporary equity, issuance of class A common stock upon exercise of stock options, (in shares)           0                                                                  
Issuance of class A common stock under employee stock purchase plan 2,732,000                   $ 0 $ 0         2,732,000           0         0                      
Issuance of class A common stock under employee stock purchase plan, (in shares)                     13,000 0                                                      
Temporary equity, issuance of class A common stock under employee stock purchase plan           $ 0                                                                  
Temporary equity, issuance of class A common stock under employee stock purchase plan, (in shares)           0                                                                  
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes 0                   $ 0 $ 0         0           0         0                      
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)                     36,000 0                                                      
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes           $ 0                                                                  
Temporary equity, issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)           0                                                                  
Issuance of stock during period 2,199,360,000 0 0 0 $ 0           $ 6,000 $ 0 $ 0 $ 0 $ 0 $ 0 2,199,354,000 $ 0 $ 0 $ 0 $ 0   0 $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0              
Issuance of stock during period (in shares)                     5,712,000 0 0 0 0 0                                              
Issuance of class A common stock upon conversions of convertible senior notes 4,000                   $ 0 $ 0         4,000           0         0                      
Issuance of class A common stock upon conversions of convertible senior notes (in shares)                     0 0                                                      
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes           $ 0                                                                  
Temporary equity, Issuance of class A common stock upon conversions of convertible senior notes (in shares)           0                                                                  
Share-based compensation expense 15,483,000         $ 0         $ 0 $ 0         15,483,000           0         0                      
Temporary equity, issuance of stock           $ 0 $ 152,846,000 $ 217,301,000 $ 48,462,000 $ 2,473,800,000                                                          
Temporary equity, issuance of stock, (in shares)           0 1,404,000 1,882,000 557,000 28,011,000                                                          
Ending Balance at Sep. 30, 2025 52,330,718,000                   $ 267,000 $ 20,000         $ 33,390,487,000           $ (5,113,000)         $ 18,945,057,000                      
Ending Balance (in shares) at Sep. 30, 2025                     267,468,000 19,640,000                                                      
Ending balance at Sep. 30, 2025 $ 5,786,330,000 $ 1,193,240,000 $ 1,091,342,000 $ 1,027,948,000   $ 5,786,330,000                                                                  
Ending balance (in shares) at Sep. 30, 2025   13,606,000 11,948,000 12,322,000   65,887,000