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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):

			September 30, 2025																		December 31, 2024
			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	2,268,416					$	—					$	—					$	857,196					$	—					$	—
U.S. government securities			79,582						—						—						26,951						—						—
Commercial paper			—						1,564						—						—						509						—
Corporate bonds			—						76						—						—						—						—
Restricted cash:
Money market funds			96,641						—						—						319,800						—						—
Customer funds:
Reverse repurchase agreement			1,139,122						—						—						982,974						—						—
Money market funds			4,645						—						—						4,645						—						—
Short-term debt securities:
U.S. government securities			271,717						—						—						206,785						—						—
Corporate bonds			—						65,231						—						—						160,390						—
U.S. agency securities			—						24,029						—						—						34,468						—
Certificates of deposit			—						1,246						—						—						1,051						—
Commercial paper			—						8,418						—						—						333						—
Municipal securities			—						131						—						—						399						—
Long-term debt securities:
U.S. government securities			118,679						—						—						223,258						—						—
Corporate bonds			—						47,557						—						—						195,344						—
U.S. agency securities			—						5,005						—						—						49,030						—
Municipal securities			—						5,543						—						—						4,345						—
Other:
Bitcoin investment (i)			1,001,419						—						—						792,282						—						—
Investment in marketable equity securities			5,808						—						—						5,407						—						—
Total			$	4,986,029					$	158,800					$	—					$	3,419,298					$	445,869					$	—

(i) In addition to the Company's bitcoin investment, an immaterial amount of bitcoin is held for operating purposes and, given the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the fair value approximates carrying value. Refer to Note 11, Bitcoin for more details.

The Company estimates the fair value of its convertible and senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):

			September 30, 2025												December 31, 2024
			Carrying Value						Fair Value (Level 2)						Carrying Value						Fair Value (Level 2)
2026 Senior Notes			$	998,117					$	985,251					$	996,017					$	960,589
2030 Senior Notes			1,184,858						1,201,256						—						—
2031 Senior Notes			992,018						923,827						990,971						873,868
2032 Senior Notes			1,977,040						2,046,612						1,975,026						1,999,220
2033 Senior Notes			987,265						1,011,473						—						—
2025 Convertible Notes			—						—						999,497						991,941
2026 Convertible Notes			574,001						558,503						572,723						533,154
2027 Convertible Notes			572,201						521,847						571,202						497,517
Total			$	7,285,500					$	7,248,769					$	6,105,436					$	5,856,289

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):

			September 30, 2025												December 31, 2024
			Carrying Value						Fair Value (Level 3)						Carrying Value						Fair Value (Level 3)
Loans held for sale			$	778,039					$	803,058					$	1,111,107					$	1,112,746
Loans held for investment			2,203,273						2,258,882						365,062						382,542
Total			$	2,981,312					$	3,061,940					$	1,476,169					$	1,495,288

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- References

No definition available.

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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