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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (1,023,906) $ (829,927)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,545 6,113
Non-cash operating lease costs 13,194 10,510
Stock-based compensation, net of amounts capitalized 1,145,839 947,400
Amortization of deferred commissions 15,020 10,303
Net accretion of discounts on available-for-sale securities (12,481) (11,285)
Unrealized (gains) losses on equity investments, net (21,569) 927
Other non-cash adjustments (568) (1,845)
Changes in assets and liabilities:    
Accounts receivable, net (25,530) (7,350)
Prepaid expenses and other current assets (29,777) (13,492)
Other assets (15,594) (69,863)
Accounts payable 6,085 434
Accrued and other current liabilities 4,183 (252,381)
Accrued compensation and benefits 57,729 12,457
Deferred revenue 92,204 70,764
Other non-current liabilities (3,579) (7,573)
Net cash provided by (used in) operating activities 210,795 (134,808)
Cash flows from investing activities:    
Purchase of intangible assets (5,064) (195)
Capital expenditures (3,710) (1,315)
Capitalized internal-use software development costs (2,853) (2,920)
Cash paid for business combinations, net of cash acquired (21,004) 0
Purchases of marketable securities (1,014,648) (1,073,771)
Proceeds from maturities of marketable securities 671,550 306,859
Proceeds from sale of marketable securities 112,491 51,332
Purchase of digital assets (30,000) 0
Other cash flows from investing activities (1,210) (782)
Net cash used in investing activities (294,448) (720,792)
Cash flows from financing activities:    
Repurchase of common stock 0 (861)
Payment of deferred offering costs, net of costs reimbursed (2,194) 0
Cash paid for issuance costs on revolving credit facility (1,400) 0
Proceeds from options exercised 48,296 1,184
Proceeds from borrowings under revolving credit facility 330,500 0
Repayments on borrowings under revolving credit facility (330,500) 0
Proceeds from initial public offering, net of underwriting discounts and commissions 393,076 0
Taxes paid related to net share settlement of equity awards (494,649) (418,051)
Proceeds from sale of common stock in connection with May 2024 RSU release primary financing 0 418,968
Other cash flows from financing activities 1,202 0
Net cash provided by (used in) financing activities (55,669) 1,240
Change in cash, cash equivalents, and restricted cash (139,322) (854,360)
Cash, cash equivalents, and restricted cash—beginning of period 490,585 1,274,109
Cash, cash equivalents, and restricted cash—end of period 351,263 419,749
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 340,485 416,118
Restricted cash, including restricted cash in prepaid expenses and other current assets 10,778 3,631
Total cash, cash equivalents and restricted cash 351,263 419,749
Supplemental cash flow data:    
Income taxes 6,535 195,413
Non-cash investing and financing activities:    
Stock-based compensation included in capitalized internal-use software development costs 1,487 2,741
Payments for operating leases included in cash from operating activities 12,650 11,639
Right-of-use assets obtained in exchange for lease liabilities 42,007 27,727
Unpaid deferred offering costs 5,477 0
Conversion of convertible preferred stock to common stock upon initial public offering 329,441 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ 10,825 $ 0