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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instrument Components

The following table sets forth the net carrying amounts of the 2027 Notes and the 2031 Notes as of September 30, 2025, and December 31, 2024:

						September 30, 2025						December 31, 2024
						(unaudited)
						(in thousands)
2027 Notes
Outstanding principal amount						$	490,660					$	1,150,000
Less: unamortized debt issuance costs						(2,352)						(7,453)
Net carrying amount						$	488,308					$	1,142,547
2031 Notes
Outstanding principal amount						$	600,000					$	—
Add: unamortized debt premium						37,355						—
Less: unamortized debt issuance costs						(11,069)						—
Net carrying amount						$	626,286					$	—
Total net carrying amount						$	1,114,594					$	1,142,547

Schedule of Interest Expense

The following table sets forth interest expenses recognized and effective interest rates represented related to the 2027 Notes and the 2031 Notes:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
						(unaudited)
						(in thousands)
Coupon interest expense						$	1,875					$	—					$	4,708					$	—
Amortization of debt premium						(1,700)						—						(4,225)						—
Amortization of debt issuance costs						768						645						2,234						1,935
Total interest expense recognized						$	943					$	645					$	2,717					$	1,935
Effective interest rate:
2027 Notes						0.2%						0.2%						0.2%						0.2%
2031 Notes						0.4%						*						0.4%						*

*Not applicable

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Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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