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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 529,721 $ (484,276) $ (90,824)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 15,948 15,643 13,702
Non-cash operating lease cost 6,197 4,110 11,359
Amortization of premium (accretion of discount) on marketable securities, net (28,214) (43,400) (27,442)
Stock-based compensation expense 343,180 801,646 47,598
Other adjustments 848 (4,187) 484
Changes in operating assets and liabilities:      
Accounts receivable (241,356) (104,280) (53,318)
Prepaid expenses and other assets (37,082) (19,485) 3,878
Operating lease right-of-use assets and liabilities (7,224) (2,397) (5,758)
Accounts payable 18,166 (570) 12,470
Accrued expenses and other liabilities 90,691 59,264 12,737
Net cash provided by (used in) operating activities 690,875 222,068 (75,114)
Cash flows from investing activities      
Purchases of property and equipment (6,706) (6,248) (9,724)
Purchases of marketable securities (2,298,397) (1,996,725) (1,259,854)
Maturities of marketable securities 2,065,971 1,573,602 1,273,159
Proceeds from sale of marketable securities 17,234 0 37,538
Cash paid for acquisitions, net of cash acquired 0 (17,137) 0
Other investing activities 3,009 5,821 172
Net cash provided by (used in) investing activities (218,889) (440,687) 41,291
Cash flows from financing activities      
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 0 600,022 0
Proceeds from exercise of employee stock options 25,075 88,972 8,428
Taxes paid related to net share settlement of restricted stock units (104,028) (294,573) (4,320)
Payments of initial public offering costs 0 (8,775) (1,441)
Other financing activities (1,606) (6,111) (3,478)
Net cash provided by (used in) financing activities (80,559) 379,535 (811)
Net increase (decrease) in cash, cash equivalents, and restricted cash 391,427 160,916 (34,634)
Cash, cash equivalents, and restricted cash at the beginning of the period 562,142 401,226 435,860
Cash, cash equivalents, and restricted cash at the end of the period 953,569 562,142 401,226
Cash and cash equivalents 953,569 562,092 401,176
Restricted cash 0 50 50
Total cash, cash equivalents, and restricted cash 953,569 562,142 401,226
Supplemental disclosure of noncash financing and investing activities      
Conversion of convertible preferred stock to common stock upon initial public offering 0 1,853,492 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ 0 $ 23,754 $ 0