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Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Net Income (Loss)

The following table presents the calculation of segment net income (loss):

			Year ended December 31,
			2025						2024						2023
			(in thousands)
Revenue			$	2,202,506					$	1,300,205					$	804,029
Adjusted cost of revenue(1)			193,341						122,975						110,758
Adjusted gross profit			2,009,165						1,177,230						693,271
Adjusted operating expenses(2)			1,164,092						879,223						762,546
Stock-based compensation and related taxes			387,141						842,932						49,086
Depreciation and amortization			15,948						15,643						13,702
Interest (income) expense, net			(86,722)						(78,121)						(53,281)
Income tax expense (benefit)			(1,031)						(931)						3,801
Other segment expenses(3)			16						2,760						8,241
Segment net income (loss)			$	529,721					$	(484,276)					$	(90,824)
Consolidated net income (loss)			$	529,721					$	(484,276)					$	(90,824)

________________

(1)Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes and depreciation and amortization as follows:

			Year ended December 31,
			2025						2024						2023
			(in thousands)
Cost of revenue			$	194,216					$	123,595					$	111,011
Less:
Stock-based compensation and related taxes			875						620						101
Depreciation and amortization			—						—						152
Adjusted cost of revenue			$	193,341					$	122,975					$	110,758

(2)Adjusted operating expenses is operating expenses (comprised of research and development, sales and marketing, and general and administrative expenses) adjusted for stock-based compensation and related taxes, depreciation and amortization, and restructuring costs as follows:

			Year ended December 31,
			2025						2024						2023
			(in thousands)
Operating expenses			$	1,566,306					$	1,737,178					$	833,179
Less:
Stock-based compensation and related taxes			386,266						842,312						48,985
Depreciation and amortization			15,948						15,643						13,550
Restructuring costs			—						—						8,098
Adjusted operating expenses			$	1,164,092					$	879,223					$	762,546

(3)Other segment expenses primarily includes restructuring costs, realized gains and losses on sales of marketable securities, and foreign currency transaction gains and losses.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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