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OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables) | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Other Non-Current Assets | The following table presents the detail of other non-current assets (in thousands):
| September 30, 2025 |  | December 31, 2024
Bitcoin investment (i) | $ | 1,001,419 |  |  | $ | 792,282 |
Investment in non-marketable equity securities (ii) | 418,198 |  |  | 245,557 |
Property and equipment, net | 343,222 |  |  | 314,432 |
Operating lease right-of-use assets | 213,944 |  |  | 219,954 |
Investments in long-term debt securities | 176,784 |  |  | 471,977 |
Restricted cash | 73,786 |  |  | 69,915 |
Other | 211,432 |  |  | 131,794 |
Total | $ | 2,438,785 |  |  | $ | 2,245,911 |
(i) Refer to Note 11, Bitcoin for further details. (ii) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. During the quarter ended September 30, 2025, one of the Company's investments closed on an additional financing round, which the Company assessed as an observable price change in an orderly transaction. The Company recorded a $171.6 million upward adjustment to the carrying value of this investment, resulting in a carrying value of $329.8 million as of September 30, 2025. Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.
Schedule of Non-Marketable Equity Securities | The adjustments to the carrying value of the Company's non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Carrying amount, beginning of period | $ | 246,558 |  |  | $ | 213,315 |  |  | $ | 245,557 |  |  | $ | 205,268 |  |  |  |  |
Net additions (reductions) | — |  |  | 500 |  |  | 1,001 |  |  | 4,500 |  |  |  |  |
Gross unrealized gains | 171,640 |  |  | — |  |  | 171,640 |  |  | 4,145 |  |  |  |  |
Gross unrealized losses and impairments | — |  |  | (2,250) |  |  | — |  |  | (2,348) |  |  |  |  |
Carrying amount, end of period | $ | 418,198 |  |  | $ | 211,565 |  |  | $ | 418,198 |  |  | $ | 211,565 |  |  |  |  |
The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):
| September 30, 2025 |  | December 31, 2024
Upward adjustments | $ | 326,969 |  |  | $ | 155,329 |
Downward adjustments (including impairment) | $ | (2,061) |  |  | $ | (2,061) |
Schedule of Other Non-Current Liabilities | The following table presents the detail of other non-current liabilities (in thousands):
| September 30, 2025 |  | December 31, 2024
Operating lease liabilities, non-current | $ | 259,469 |  |  | $ | 278,617 |
Deferred tax liabilities | 162,335 |  |  | 162,435 |
Other | 122,810 |  |  | 152,164 |
Total | $ | 544,614 |  |  | $ | 593,216 |

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