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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 340,485 $ 486,954
Digital assets 30,320 0
Marketable securities 1,237,048 970,883
Accounts receivable, net 156,004 131,315
Prepaid expenses and other current assets 79,904 48,873
Total current assets 1,843,761 1,638,025
Property and equipment, net 17,946 15,017
Intangible assets, net 16,044 2,511
Goodwill 24,541 11,398
Operating lease right-of-use assets 60,728 28,806
Restricted cash 9,799 3,631
Other assets 100,406 93,760
Total assets 2,073,225 1,793,148
Liabilities and stockholders’ equity    
Accounts payable 13,364 4,163
Accrued and other current liabilities 51,840 31,119
Accrued compensation and benefits 79,031 19,377
Operating lease liabilities, current 4,677 10,937
Deferred revenue 473,567 381,363
Total current liabilities 622,479 446,959
Operating lease liabilities, non-current 56,559 17,833
Other non-current liabilities 5,667 4,303
Total liabilities 684,705 469,095
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Additional paid-in capital 2,601,900 1,186,207
Accumulated other comprehensive income 3,432 1,314
Accumulated deficit (1,216,816) (192,910)
Total stockholders’ equity 1,388,520 1,324,053
Total liabilities and stockholders’ equity 2,073,225 1,793,148
Convertible preferred stock    
Stockholders’ equity:    
Preferred stock, value 0 329,441
Preferred stock    
Stockholders’ equity:    
Preferred stock, value 0 0
Blockchain    
Stockholders’ equity:    
Common stock, value 0 0
Common Class A    
Stockholders’ equity:    
Common stock, value 4 1
Common Class B    
Stockholders’ equity:    
Common stock, value 0 0
Common Class C    
Stockholders’ equity:    
Common stock, value $ 0 $ 0