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Fair Value Measurements - Schedule of Estimated Fair Values of our Financial Assets and Financial Liabilities Measured At Amortized Cost (Details) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Financial Assets: |  |
Cash and cash equivalents | $ 362,357 |
Restricted cash and cash equivalents | 1,658 | $ 1,607
Accounts receivable, net: | 385 | 307
Total assets | 1,223,267 | 662,937
Financial Liabilities: |  |
Related party loans: | 487,053 | 413,700
Total liabilities | 509,209 | 685,378
Level 1 |  |
Financial Assets: |  |
Cash and cash equivalents | 362,357 |
Restricted cash and cash equivalents | 1,658 | 1,607
Accounts receivable, net: | 0 | 0
Total assets | 1,016,307 | 431,503
Financial Liabilities: |  |
Related party loans: | 0 | 0
Total liabilities | 0 | 0
Level 2 |  |
Financial Assets: |  |
Cash and cash equivalents | 0 |
Restricted cash and cash equivalents | 0 | 0
Accounts receivable, net: | 385 | 307
Total assets | 205,301 | 231,434
Financial Liabilities: |  |
Related party loans: | 487,053 | 413,700
Total liabilities | 509,209 | 436,595
Level 3 |  |
Financial Assets: |  |
Cash and cash equivalents | 0 |
Restricted cash and cash equivalents | 0 | 0
Accounts receivable, net: | 0 | 0
Total assets | 1,659 | 0
Financial Liabilities: |  |
Related party loans: | 0 | 0
Total liabilities | 0 | 248,783
Portion at Other than Fair Value Measurement |  |
Financial Assets: |  |
Cash and cash equivalents | 487,462 | 42,847
Restricted cash and cash equivalents | 86,073 | 26,776
Customer custodial funds | 532,804 | 575,628
Accounts receivable, net: | 83,830 | 65,061
Total assets | 1,190,169 | 710,312
Financial Liabilities: |  |
Custodial funds due to customer | 532,676 | 574,080
Third party loans | 192,507 | 117,612
Related party loans: | 290,226 | 385,671
Funding debt | 49,204 |
Total liabilities | 1,064,613 | 1,077,363
Portion at Other than Fair Value Measurement | Level 1 |  |
Financial Assets: |  |
Cash and cash equivalents | 487,462 | 42,847
Restricted cash and cash equivalents | 86,073 | 26,776
Customer custodial funds | 532,804 | 575,628
Accounts receivable, net: | 9,793 | 5,802
Total assets | 1,116,132 | 651,053
Financial Liabilities: |  |
Custodial funds due to customer | 532,676 | 574,080
Third party loans | 0 | 0
Related party loans: | 0 | 0
Funding debt | 0 |
Total liabilities | 532,676 | 574,080
Portion at Other than Fair Value Measurement | Level 2 |  |
Financial Assets: |  |
Cash and cash equivalents | 0 | 0
Restricted cash and cash equivalents | 0 | 0
Customer custodial funds | 0 | 0
Accounts receivable, net: | 0 | 0
Total assets | 0 | 0
Financial Liabilities: |  |
Custodial funds due to customer | 0 | 0
Third party loans | 192,507 | 117,612
Related party loans: | 290,226 | 385,671
Funding debt | 49,204 |
Total liabilities | 531,937 | 503,283
Portion at Other than Fair Value Measurement | Level 3 |  |
Financial Assets: |  |
Cash and cash equivalents | 0 | 0
Restricted cash and cash equivalents | 0 | 0
Customer custodial funds | 0 | 0
Accounts receivable, net: | 74,037 | 59,259
Total assets | 74,037 | 59,259
Financial Liabilities: |  |
Custodial funds due to customer | 0 | 0
Third party loans | 0 | 0
Related party loans: | 0 | 0
Funding debt | 0 |
Total liabilities | $ 0 | $ 0

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