v3.25.4

Segment and Geographic Information - Schedule of Revenue, Expenses and Consolidated Net Income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
Segment Reporting Information [Line Items] |  |  |
Revenue | $ 731,368 | $ 451,803 | $ 368,168
Provision for (benefit from) income taxes | (9,418) | (457,648) | 217
Tax receivable agreement expense | 0 | 53,181 | 14,396
Depreciation and amortization expense | 85,541 | 12,181 | 9,929
Interest expense | 45,664 | 4,325 | 4,729
Consolidated net income (loss) | (40,254) | 427,585 | (23,083)
Reportable Segment |  |  |
Segment Reporting Information [Line Items] |  |  |
Revenue | 731,368 | 451,803 | 368,168
Employee compensation expense | 324,654 | 208,403 | 184,723
Technology expense | 54,442 | 35,598 | 31,362
Facilities expense | 23,402 | 14,119 | 11,129
Outside services and contractors expense | 25,972 | 15,975 | 10,810
Data costs | 27,605 | 13,553 | 10,585
Provision for (benefit from) income taxes | (9,418) | (457,648) | 217
Equity-based compensation expense and related payroll taxes | 134,533 | 110,961 | 108,078
Tax receivable agreement expense | 0 | 53,181 | 14,396
Depreciation and amortization expense | 85,541 | 12,181 | 9,929
Interest expense | 45,664 | 4,325 | 4,729
Other segment items | 59,227 | 13,570 | 5,293
Consolidated net income (loss) | $ (40,254) | $ 427,585 | $ (23,083)

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