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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 1,364,676 $ 583,941 $ 3,559,096 $ 1,167,996
Operating expenses:        
Cost of revenue 368,824 143,134 943,885 311,192
Technology and infrastructure 747,479 285,509 1,978,794 561,276
Sales and marketing 44,645 4,554 91,993 12,776
General and administrative 151,878 33,628 500,835 71,068
Total operating expenses 1,312,826 466,825 3,515,507 956,312
Operating income 51,850 117,116 43,589 211,684
Gain (loss) on fair value adjustments 0 (341,133) 26,837 (748,864)
Interest expense, net [1] (310,555) (104,375) (841,356) (211,797)
Other income, net 21,901 10,244 22,787 34,110
Loss before income taxes (236,804) (318,148) (748,143) (714,867)
Provision for (benefit from) income taxes (126,680) 41,659 (32,869) 97,209
Net loss (110,124) (359,807) (715,274) (812,076)
Net loss attributable to common stockholders, basic (110,124) (389,167) (743,996) (857,032)
Net loss attributable to common stockholders, diluted $ (110,124) $ (389,167) $ (770,841) $ (857,032)
Net loss per share attributable to common stockholders, basic (in usd per share) $ (0.22) $ (1.82) $ (1.81) $ (4.06)
Net loss per share attributable to common stockholders, diluted (in usd per share) $ (0.22) $ (1.82) $ (1.87) $ (4.06)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 497,886 213,806 410,954 210,889
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 497,886 213,806 412,178 210,889
[1] Refer to Note 14—Related-Party Transactions for further information on related party arrangements.