FIGMA, INC., 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-42761    
Registrant Name FIGMA, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 46-2843087    
Entity Address, Address Line One 760 Market Street, Floor 10    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94102    
City Area Code (415)    
Local Phone Number 890-5404    
Title of 12(b) Security Class A common stock, par value $0.00001    
Trading Symbol FIG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 0
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Central Index Key 0001579878    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   441,125,332  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   80,590,776  
Common Class C      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   0  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
Auditor Firm ID 42
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 403,469 $ 486,954
Digital assets, current 15,575 0
Marketable securities 1,252,474 970,883
Accounts receivable, net 247,915 131,315
Prepaid expenses and other current assets 85,267 48,873
Total current assets 2,004,700 1,638,025
Property and equipment, net 19,996 15,017
Intangible assets, net 19,083 2,511
Digital assets, non-current 15,116 0
Goodwill 101,396 11,398
Operating lease right-of-use assets 57,411 28,806
Restricted cash 9,799 3,631
Other assets 120,706 93,760
Total assets 2,348,207 1,793,148
Liabilities and stockholders’ equity    
Accounts payable 4,502 4,163
Accrued and other current liabilities 66,535 31,119
Accrued compensation and benefits 107,105 19,377
Operating lease liabilities, current 2,630 10,937
Deferred revenue 595,334 381,363
Total current liabilities 776,106 446,959
Operating lease liabilities, non-current 55,845 17,833
Other non-current liabilities 5,615 4,303
Total liabilities 837,566 469,095
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Preferred stock, value   329,441
Additional paid-in capital 2,950,007 1,186,207
Accumulated other comprehensive income 4,003 1,314
Accumulated deficit (1,443,373) (192,910)
Total stockholders’ equity 1,510,641 1,324,053
Total liabilities and stockholders’ equity 2,348,207 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
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Preferred stock, shares authorized (in shares)   247,861,000
Preferred stock, shares issued (in shares) 0 245,999,000
Preferred stock, shares outstanding (in shares) 0 245,999,000
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Convertible Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 0 247,861,000
Preferred stock, shares issued (in shares) 0 245,999,000
Preferred stock, shares outstanding (in shares) 0 245,999,000
Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 200,000,000 0
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Blockchain    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 100,000,000 0
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 10,000,000,000 571,000,000
Common stock, shares issued (in shares) 432,140,000 124,159,000
Common stock, shares outstanding (in shares) 432,140,000 124,159,000
Common Class B    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 350,000,000 118,956,000
Common stock, shares issued (in shares) 80,903,000 90,747,000
Common stock, shares outstanding (in shares) 80,903,000 90,747,000
Common Class C    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 1,000,000,000 0
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 1,055,788 $ 749,011 $ 504,874
Cost of revenue [1] 185,527 87,514 44,500
Gross profit 870,261 661,497 460,374
Operating expenses      
Research and development [1] 1,029,700 751,120 164,774
Sales and marketing [1] 575,508 472,076 201,377
General and administrative [1] 555,510 315,734 167,679
Total operating expenses [1] 2,160,718 1,538,930 533,830
Loss from operations (1,290,457) (877,433) (73,456)
Other income, net 64,815 84,362 1,019,375
Income (loss) before income taxes (1,225,642) (793,071) 945,919
Provision for (benefit from) income taxes 24,821 (60,951) 208,078
Net income (loss) (1,250,463) (732,120) 737,841
Less: net income attributable to participating securities 0 0 (451,982)
Net income (loss) attributable to common stockholders $ (1,250,463) $ (732,120) $ 285,859
Net income (loss) per share, basic and diluted:      
Net income (loss) per share, basic (in usd per share) $ (3.71) $ (3.74) $ 1.70
Net income (loss) per share, diluted (in usd per share) $ (3.71) $ (3.74) $ 1.62
Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, basic (in shares) 337,044 195,612 168,399
Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) 337,044 195,612 187,207
[1] Includes stock-based compensation, net of amounts capitalized, as follows:
Year Ended December 31,
202520242023
Cost of revenue$50,979 $27,893 $37 
Research and development697,676 511,259 1,890 
Sales and marketing218,823 206,830 253 
General and administrative396,655 201,571 523 
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cost of revenue      
Stock-based compensation expense $ 50,979 $ 27,893 $ 37
Research and development      
Stock-based compensation expense 697,676 511,259 1,890
Sales and marketing      
Stock-based compensation expense 218,823 206,830 253
General and administrative      
Stock-based compensation expense $ 396,655 $ 201,571 $ 523
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (1,250,463) $ (732,120) $ 737,841
Other comprehensive income (loss), net of tax:      
Change in unrealized gains on available-for-sale securities 2,689 1,049 706
Comprehensive income (loss) $ (1,247,774) $ (731,071) $ 738,547
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock [Member]
Common Stock
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Dec. 31, 2022     247,819,000          
Beginning Balance (in shares) at Dec. 31, 2022       170,377,000        
Beginning Balance at Dec. 31, 2022 $ 286,132 $ (352) $ 332,185 $ 0 $ 151,809 $ (441) $ (197,421) $ (352)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-13 [Member]              
Exercise of stock options and warrants (in shares)       7,000        
Exercise of stock options and warrants $ 2       2      
Vesting of early exercised stock options 1,131       1,131      
Repurchases of common stock (in shares)       (9,000)        
Repurchases of common stock 0              
Stock issued in connection with acquisitions/business combination (in shares)       623,000        
Stock issued in connection with acquisitions/business combination 14,887       14,887      
Stock-based compensation 2,799       2,799      
Other comprehensive income 706         706    
Net income (loss) 737,841           737,841  
Ending Balance (in shares) at Dec. 31, 2023     247,819,000          
Ending Balance (in shares) at Dec. 31, 2023       170,998,000        
Ending Balance at Dec. 31, 2023 1,043,146   $ 332,185 $ 0 170,628 265 540,068  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options and warrants (in shares)       5,116,000        
Exercise of stock options and warrants 2,394       2,394      
Vesting of early exercised stock options 139       139      
Repurchases of common stock (in shares)       (131,000)        
Repurchases of common stock (861)       (3)   (858)  
Stock-based compensation 950,427       950,427      
Other comprehensive income 1,049         1,049    
Net income (loss) (732,120)           (732,120)  
Issuance of common stock upon release / vesting of restricted stock units (in shares)       34,614,000        
Shares withheld for taxes upon release/ vesting of restricted stock units (in shares)       (18,067,000)        
Shares withheld for taxes upon release/ vesting of restricted stock units (419,032)       (419,032)      
Issuance of common stock to investors upon closing of May 2024 RSU release primary financing (in shares)       18,064,000        
Issuance of common stock to investors upon closing of May 2024 RSU release primary financing 418,968     $ 1 418,967      
Conversion of convertible preferred stock to Class A common stock in connection with tender offer (in shares)     (1,820,000) 1,820,000        
Conversion of convertible preferred stock to Class A common stock in connection with tender offer 0   $ (2,744)   2,744      
Proceeds from issuance of common stock, net of issuance costs (in shares)       2,492,000        
Proceeds from issuance of common stock, net of issuance costs $ 59,943       59,943      
Ending Balance (in shares) at Dec. 31, 2024 245,999,000   245,999,000          
Ending Balance (in shares) at Dec. 31, 2024       214,906,000        
Ending Balance at Dec. 31, 2024 $ 1,324,053   $ 329,441 $ 1 1,186,207 1,314 (192,910)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options and warrants (in shares)       11,011,000        
Exercise of stock options and warrants 122,231       122,231      
Stock issued in connection with acquisitions/business combination (in shares)       2,070,000        
Stock issued in connection with acquisitions/business combination 32,653       32,653      
Stock-based compensation 1,367,510       1,367,510      
Other comprehensive income 2,689         2,689    
Net income (loss) (1,250,463)           (1,250,463)  
Issuance of common stock upon release / vesting of restricted stock units (in shares)       38,953,000        
Shares withheld for taxes upon release/ vesting of restricted stock units (in shares)       (13,310,000)        
Shares withheld for taxes upon release/ vesting of restricted stock units (499,807)       (499,807)      
Conversion of convertible preferred stock to Class A common stock in connection with tender offer (in shares)     (245,999,000) 245,999,000        
Conversion of convertible preferred stock to Class A common stock in connection with tender offer 0   $ (329,441) $ 3 329,438      
Proceeds from issuance of common stock, net of issuance costs (in shares)       12,473,000        
Proceeds from issuance of common stock, net of issuance costs 385,405       385,405      
Other (12)       (12)      
Issuance of common stock under employee stock purchase plan (in shares)       941,000        
Issuance of common stock under employee stock purchase plan $ 26,382       26,382      
Ending Balance (in shares) at Dec. 31, 2025 0   0          
Ending Balance (in shares) at Dec. 31, 2025       513,043,000        
Ending Balance at Dec. 31, 2025 $ 1,510,641   $ 0 $ 4 $ 2,950,007 $ 4,003 $ (1,443,373)  
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (1,250,463) $ (732,120) $ 737,841
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 15,594 7,691 8,497
Non-cash operating lease costs 17,984 14,130 12,432
Stock-based compensation, net of amounts capitalized 1,364,133 947,553 2,703
Amortization of deferred commissions 20,886 14,820 8,666
Net accretion of discounts on available-for-sale securities (15,935) (17,059) (3,957)
Unrealized (gains) losses on equity investments, net 797 (24,177) 0
Other non-cash adjustments (517) (2,590) 148
Changes in assets and liabilities:      
Accounts receivable, net (117,721) (42,668) (39,578)
Prepaid expenses and other current assets (35,867) (20,567) 450
Other assets (36,212) (86,632) (14,036)
Accounts payable 154 525 (2,673)
Accrued and other current liabilities 2,186 (252,530) 232,489
Accrued compensation and benefits 77,007 11,447 695
Deferred revenue 213,971 127,728 92,086
Other non-current liabilities (5,316) (7,268) 11,571
Net cash provided by (used in) operating activities 250,681 (61,717) 1,047,334
Cash flows from investing activities:      
Purchase of intangible assets (5,244) (920) (88)
Capital expenditures (4,444) (1,977) (3,737)
Capitalized internal-use software development costs (3,553) (4,524) (2,630)
Cash paid for business combinations, net of cash acquired (58,343) 0 0
Purchases of marketable securities (1,248,095) (1,323,305) (223,869)
Proceeds from maturities of marketable securities 839,537 447,562 156,374
Proceeds from sale of marketable securities 145,189 99,889 16,810
Proceeds from sale of digital assets 15,000 0 0
Purchases of digital assets (45,000) 0 0
Other cash flows from investing activities (6,460) (982) (196)
Net cash used in investing activities (371,413) (784,257) (57,336)
Cash flows from financing activities:      
Repurchase of common stock 0 (861) (2)
Payment of deferred offering costs, net of costs reimbursed (7,371) 0 0
Cash paid for issuance costs on revolving credit facility (1,400) 0 0
Proceeds from options exercised 131,661 2,394 2
Proceeds from issuance of common stock under employee stock purchase plan 26,382 0 0
Proceeds from issuance of common stock 0 60,000 0
Proceeds from borrowings under revolving credit facility 330,500 0 0
Repayments on borrowings under revolving credit facility (330,500) 0 0
Proceeds from initial public offering, net of underwriting discounts and commissions 393,076 0 0
Taxes paid related to net share settlement of equity awards (499,807) (418,051) 0
Proceeds from sale of common stock in connection with May 2024 RSU release primary financing 0 418,968 0
Other cash flows from financing activities 797 0 0
Net cash provided by financing activities 43,338 62,450 0
Change in cash, cash equivalents, and restricted cash (77,394) (783,524) 989,998
Cash, cash equivalents, and restricted cash—beginning of period 490,585 1,274,109 284,111
Cash, cash equivalents, and restricted cash—end of period 413,191 490,585 1,274,109
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 403,469 486,954 1,270,178
Restricted cash, including restricted cash in prepaid expenses and other current assets 9,722 3,631 3,931
Total cash, cash equivalents and restricted cash 413,191 490,585 1,274,109
Cash paid during the period for income taxes, net of refunds:      
Federal 3,890 0 0
State (672) 0 0
Total cash paid during the period for income taxes, net of refunds 28,639    
Cash paid during the period for income taxes (prior to ASU 2023-09)   195,757 7,041
Payments for operating leases included in cash from operating activities 16,884 15,088 13,677
Operating lease right-of-use assets obtained in exchange for lease liabilities 42,321 27,727 9,653
Non-cash investing and financing activities:      
Stock-based compensation included in capitalized internal-use software development costs 3,378 2,874 96
Fair value of shares issued in connection with business combination 32,653 0 12,847
Conversion of convertible preferred stock to common stock upon initial public offering 329,441 0 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering 10,825 0 0
Israel      
Cash paid during the period for income taxes, net of refunds:      
Foreign 24,500 0 0
Other      
Cash paid during the period for income taxes, net of refunds:      
Foreign $ 921 $ 0 $ 0
v3.25.4
Description of the Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Description of the Business and Summary of Significant Accounting Policies Description of the Business and Summary of Significant Accounting Policies
Business
Figma, Inc. and its subsidiaries (together, the “Company” or “Figma”) is where teams come together to design and build the world’s best digital products and experiences. Figma was incorporated in October of 2012 as a Delaware corporation. The Company is headquartered in San Francisco, California.
Abandoned merger with Adobe, Inc.
On September 15, 2022, Figma, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Adobe, Inc. (“Adobe”) and certain of Adobe’s wholly-owned subsidiaries.
On December 17, 2023, Figma mutually agreed with Adobe to terminate the Merger Agreement based on the joint assessment that there was no clear path to obtain the required regulatory approvals for the transaction to close (“Abandoned Merger with Adobe”). On December 20, 2023, Figma received $1.0 billion in termination fees per the terms of the Merger Agreement from Adobe which was recorded within other income, net on the Company’s consolidated statements of operations.
For the year ended December 31, 2023, the Company incurred $97.9 million in transaction costs related to the Abandoned Merger with Adobe, of which $95.8 million is recorded in general and administrative expense, with the remainder recorded in sales and marketing expense and research and development expense in the accompanying consolidated statements of operations. The Company incurred no expenses related to the Abandoned Merger with Adobe for the year ended December 31, 2025, and only immaterial expenses for the year ended December 31, 2024.
Basis of presentation and consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements include the accounts of Figma, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Initial Public Offering
On August 1, 2025, the Company completed its initial public offering (the “IPO”), in which the Company issued 12.5 million shares of its Class A common stock at a public offering price of $33.00 per share, which resulted in net proceeds of $393.1 million after deducting underwriting discounts and commissions and before deducting offering costs payable by the Company. In addition, selling stockholders sold 30.0 million shares of Class A common stock in the IPO, including 5.5 million shares of Class A common stock in connection with the full exercise of the underwriters’ over-allotment option to purchase shares of Class A common stock, at the public offering price of $33.00 per share. The Company did not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders.
In connection with the IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 246.0 million shares of Class A common stock on a one-to-one basis. Refer to Note 13 “Stockholders’ Equity” for additional information.
In connection with the IPO, the Company recognized a one-time cumulative stock-based compensation expense of $975.7 million associated with the vested restricted stock units (“RSUs”) with a liquidity-event performance-based vesting condition, which was satisfied in connection with the IPO and for which the service-based vesting condition had also been satisfied as of that date. Concurrently with the IPO, the Company issued 9.6 million shares of its Class A common stock and 3.9 million shares of its Class B common stock upon settlement of the RSUs vested in connection with the IPO, net of 12.5 million shares withheld to satisfy related tax withholding and remittance obligations. The Company’s related tax withholding obligations were $411.4 million, which were paid during the year ended December 31, 2025. Refer to Note 13 “Stockholders’ Equity” for additional information.
Prior to the IPO, deferred offering costs, which consisted of direct incremental legal, accounting, consulting, and other fees relating to the IPO were capitalized within prepaid expenses and other current assets on the Company’s consolidated balance sheets. In connection with the IPO, deferred offering costs of $10.8 million were reclassified to stockholders’ equity as a reduction of the net proceeds received from the IPO within additional paid-in capital. There were no deferred offering costs incurred as of December 31, 2024.
Use of estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the consolidated financial statements. Management evaluates these estimates and assumptions on a regular basis. Actual results may differ materially from these estimates.
The Company’s most significant estimates and judgments involved the measurement of the Company’s stock-based compensation, including the estimation of the fair value of the underlying common stock in periods prior to the date of the IPO, the estimation of the fair value of market-based awards, the determination of the fair value of assets and liabilities assumed in business combinations, reserves for uncertain tax positions, and the realizability of deferred tax assets.
Foreign currency transactions
The functional currency of each of the Company’s foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on the balance sheet date. Non-monetary assets and liabilities are remeasured at the historical rate. Revenue and expenses are remeasured at the average exchange rate for the period. Remeasurement adjustments are recognized in the accompanying consolidated statements of operations as transaction gains or losses in the year of occurrence as part of other income, net. Foreign currency transaction gains or losses were immaterial for all periods presented.
Financial information about segments and geographic areas
The Company manages its operations and allocated resources as a single operating segment. Further, the Company manages, monitors, and reports its financial information as a single reportable segment. See Note 17 “Segment and Geographic Information” for additional information.
Revenue recognition
The Company primarily derives its revenue from sales of subscriptions for access to its platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its
subscription agreements. The Company accounts for revenue contracts with customers by applying the requirements of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Access to the platform represents a series of distinct services as the Company continually provides access to and fulfills its obligation to the customer over the subscription term. The series of distinct services represent a single performance obligation that is satisfied over time. The Company recognizes revenue ratably over the contract term, beginning on the date that the platform is made available to the customer, because the customer receives and consumes the benefits of the platform throughout the contract period. The price of subscriptions is dependent on the number of seats and the subscription plan. The Company’s contracts typically do not contain variable consideration given the price is fixed at contract inception.
The Company’s subscription agreements generally have monthly or annual contractual terms. The Company typically invoices in advance for contracts, and payment terms and conditions vary by contract type although terms generally include a requirement of payment within 30 to 60 days of the invoice date. At the end of each monthly or quarterly period of the contract, the Company invoices customers for additional seats added during the respective month or quarter, inclusive of amounts due for services delivered and amounts due for the remaining term of the subscription. The Company records deferred revenue when cash payments are received or due in advance of its performance and revenue is recognized ratably over the related contractual term. The timing of revenue recognition may differ from the timing of invoicing customers, and these timing differences result in accounts receivables, contract assets, or deferred revenue on the consolidated balance sheets. Accounts receivable consists of amounts the Company has invoiced or for which it has an unconditional right to consideration. Contract assets consists of amounts the Company has recognized as revenue in advance of invoicing customers. Deferred revenue represents amounts that the Company has an unconditional right to invoice in advance of revenue recognition. The Company applied the practical expedient in ASC 606 and did not adjust for the effects of a significant financing component as the period between the time of service and time of payment is typically one year or less.
Stock-based compensation
The Company grants stock options, RSUs, and rights to acquire stock under the Company’s Employee Stock Purchase Plan (the “2025 ESPP”). The Company measures compensation for all categories of equity awards based on the estimated fair value of the award on the date of grant.
The fair value of each stock option and right to acquire stock under the 2025 ESPP is estimated using the Black-Scholes option pricing model. Estimating the grant date fair value of stock options and rights to acquire stock under the 2025 ESPP requires the Company to make assumptions and judgments regarding the variables used in the calculation. Stock-based compensation for stock options is recognized on a straight-line basis over the requisite service period of each award. Stock-based compensation for rights to acquire stock under the 2025 ESPP is recognized on a straight-line basis over the applicable offering period.
The Company measures compensation for RSUs based on the estimated fair value of the Company’s Class A common stock on the date of grant. Prior to the IPO, the Company granted RSUs to its employees and directors with service-based and performance-based vesting conditions. The service-based vesting period for these awards is typically four years, subject to a one-year cliff for new hire grants. The performance-based vesting condition, for those RSUs with both service-based and performance-based vesting conditions, was deemed probable of being satisfied upon the Company’s IPO in July 2025. Due to the performance-based vesting condition, stock-based compensation related to these RSUs is recognized over the requisite service period using the accelerated attribution method. The Company also began to grant RSUs with only a service-based vesting condition during the year ended December 31, 2025. Stock-based compensation related to RSUs with only a service-based vesting condition is recognized over the requisite service period of each award on a straight-line basis.
The Company also has granted certain RSUs with both market-based and service-based vesting conditions. The market-based vesting conditions resulted in implied performance-based vesting conditions that were satisfied upon the IPO. The Company estimated the grant date fair value of the market-based awards using a Monte Carlo simulation that incorporates into the valuation the possibility that the market conditions may not be satisfied. The Company will recognize stock-based compensation expense over the requisite service period of each tranche using the accelerated attribution method, regardless of whether the market conditions are achieved.
The Company’s accounting policy with respect to stock-based compensation expense is to account for forfeitures in the period in which they occur.
Net income (loss) per share
The Company computes earnings per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Prior to the IPO, the outstanding convertible preferred stock were deemed to be participating securities. The Company’s participating securities did not have a legal obligation to share in the Company’s losses.
Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of total common stock outstanding.
Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding preferred stock, and by application of the treasury stock method for the Company’s other potentially dilutive securities.
Cost of revenue
Cost of revenue consists primarily of expenses related to third-party hosting and infrastructure-related costs. This includes AI inference, payment processing fees, amortization of capitalized internal-use software development costs, amortization of acquired developed technology, and allocated overhead. Cost of revenue also includes employee-related costs for technical operations staff that support paid users, including salaries, benefits, and stock-based compensation expense.
Research and development
Research and development costs are expensed as incurred, unless they qualify as capitalizable internal-use software development costs. Research and development expense consists primarily of employee-related costs such as salaries, benefits, and stock-based compensation expense for employees that are engaged in the research and development of new and existing products, technical infrastructure and hosting costs, professional services fees, software subscription fees, and allocated overhead.
Advertising costs
Advertising costs are expensed as incurred and were $21.8 million, $19.9 million, and $15.8 million for the years ended December 31, 2025, 2024, and 2023 respectively. Advertising costs are included in sales and marketing expense in the accompanying consolidated statements of operations.
Income taxes
The Company uses the asset and liability method of accounting for income taxes. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the consolidated statements of operations in the period that includes the enactment date.
A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets.
The Company uses a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense.
Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax positions on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit, and effective settlement of audit issues.
To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and results of operations.
Cash, cash equivalents, and restricted cash
Cash and cash equivalents consists of cash on deposit with banks, amounts in transit from payment processors, and highly liquid investments with an original maturity of three months or less from the date of purchase. The Company defines restricted cash as cash that cannot be withdrawn or used for general operating activities. Restricted cash balances consist of cash deposited with financial institutions as collateral for the Company’s obligations under its facility leases, cash deposited with financial institutions as collateral for the Company’s credit card limit, and cash deposits for the Company’s self-funded health insurance plan.
The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts.
Marketable securities
The Company’s marketable securities are comprised of debt and equity securities.
The Company’s debt securities are primarily comprised of commercial paper, corporate bonds, U.S. treasury securities, and U.S. agency securities. The Company has classified and accounted for its debt securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. The Company determines the appropriate classification of its debt securities at the time of purchase and reevaluates such designation at each balance sheet date.
The Company carries its available-for-sale debt securities at fair value and reports the unrealized gains and losses as a component of stockholders’ equity through accumulated other comprehensive income (loss) each reporting period. Realized gains and losses related to sales of available-for-sale debt securities are determined based on the specific identification method and are recorded as part of other income, net. Unrealized losses for any debt securities that management intends to sell or it is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in other income, net. The Company regularly reviews the securities in an unrealized loss position and evaluates whether a portion of the unrealized loss is a result of a credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts.
The Company holds an investment of $73.7 million in a Bitcoin exchange traded fund investment fund operated by Bitwise, Inc. The investment is classified as an equity security within marketable securities for the periods presented. The Company’s equity securities are initially measured at the transaction price plus transaction costs. Equity securities with readily determinable fair values are subsequently measured at fair value, with unrealized gains and losses recognized in other income, net.
The Company classifies its marketable securities, including securities with stated maturities beyond twelve months, within current assets in the consolidated balance sheets.
Strategic investments
As of December 31, 2025, the Company holds $13.0 million of strategic investments, which are included in other assets on the consolidated balance sheets, that consist of non-marketable equity investments of privately held companies in which the Company does not have a controlling interest. These investments do not have readily determinable fair values and are measured in accordance with the measurement alternative at cost, less impairment, if any, plus or minus changes resulting from observable price changes from orderly transactions for the identical or a similar investment of the same issuer in the period of occurrence and are classified within Level 3 in the fair value hierarchy. Changes to the carrying value of strategic investments are recorded through other income, net in the consolidated statements of operations. The Company’s strategic investments were not material as of December 31, 2024.
Digital assets
USDC
The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars. The Company accounts for USDC as a financial instrument, presented as digital assets, current on the consolidated balance sheets. The Company has elected to carry USDC at fair value using the fair value option. Income from USDC is recognized within other income, net in the consolidated statements of operations.
In May 2025, the Company purchased $30.0 million of USDC. In November 2025, the Company sold and reinvested $15.0 million of USDC into Bitcoin. As of December 31, 2025 the Company holds $15.6 million of USDC.
Bitcoin
The Company holds Bitcoin for long term investment purposes ("Bitcoin investment"). The Company accounts for its Bitcoin investment as an indefinite-lived intangible asset in accordance with ASC 350-60, Intangibles—Goodwill and Other - Crypto Assets, presented within as digital assets, non-current on the consolidated balance sheets. The Company has control over the Bitcoin investment and uses a third-party custodial service to secure it. The Company’s Bitcoin investment was initially recorded at cost, inclusive of transaction costs, and the Company uses the ‘first-in, first-out’ method to determine the cost basis. Subsequently, the Company
remeasures its Bitcoin investment at fair value based on quoted prices on the active exchange that the Company has determined to be the principal market for the asset. Realized and unrealized gains and losses are recorded to other income, net in the consolidated statements of operations. As of December 31, 2025 the Company holds $15.1 million in its Bitcoin investment.
Refer to Note 4. “Digital Assets” for additional information.
Concentrations of risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, digital assets, current, marketable securities, and accounts receivable. The Company places its cash, cash equivalents, restricted cash, digital assets, current, and marketable securities with financial institutions that management believes are of high credit quality, although such deposits may at times exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and restricted cash to date. Cash equivalents and marketable debt securities are invested in highly rated investments. Digital assets, current represents the Company’s investment in USDC. The underlying reserves of USDC are held in cash, short-duration U.S Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.
No customer accounted for 10% or greater of total accounts receivable as of each of December 31, 2025 and 2024. There were no customers representing 10% or greater of revenue for any of the years ended December 31, 2025, 2024, and 2023.
The Company relies upon a third-party hosted infrastructure partner globally to serve customers and operate certain aspects of its services, such as environments for development testing, training, sales demonstrations, and production usage. Accordingly, any disruption of or interference at its hosted infrastructure partner would impact its operations and its business could be adversely impacted.
Fair value of financial instruments
The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Measurements are classified in the following three-tiered hierarchy based on the lowest level input that is available and significant to the fair value measurement:
•Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
•Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
•Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
The carrying amounts of the Company’s cash, restricted cash, accounts receivable, and accounts payable approximate their fair values due to their short-term nature. See Note 5 “Fair Value Measurements” for information regarding the fair value of the instruments measured at fair value.
Accounts receivable, net
Accounts receivable, net are recorded at invoiced amounts, net of an allowance for expected credit losses, and do not bear interest. The Company regularly monitors collections and payments from customers and maintains an allowance for expected credit losses for estimated losses resulting from the inability of customers to make required payments. The allowance for expected credit losses reflects the Company’s consideration of current market conditions which may affect customer financial condition, and reasonable and supportable forecasts of future credit losses. Additionally, management considered factors such as historical credit loss experience and current conditions, such as the length of time accounts receivable were past due, customer payment histories, and any specific customer collection issues identified. The Company writes off accounts receivable that have become uncollectible. To date, the allowances for credit losses and related activity were not material to the consolidated financial statements.
Property and equipment, net
Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset, which is generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the related lease. Expenditures for repairs and maintenance are charged to expense as incurred.
The following table presents the estimated useful lives of property and equipment:
Property and equipmentUseful life
Computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Internal-use software development costs
The Company capitalizes qualifying internal and external software development costs that are incurred during and directly related to the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.
Capitalized internal-use software costs are included in property and equipment, net. These costs are amortized over the estimated useful life of the internal-use software (generally three years) on a straight-line basis. The amortization of internal-use software development costs related to capitalized projects is included in cost of revenue.
Business combinations
The Company uses best estimates and assumptions, including but not limited to, the selection of valuation methodologies, future expected cash flows, costs to recreate developed technology, expected asset useful lives, and discount rates, to assign fair values to tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final
determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.
Long-lived assets, including intangible assets, net
Intangible assets, other than those with indefinite useful lives, are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets’ useful life. The Company evaluates long-lived assets, such as property and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by comparing the carrying amount of an asset or an asset group to the estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If such review determines that the carrying amount of specific property and equipment or intangible assets is not recoverable, the carrying amount of such assets is reduced to its fair value. The Company did not record any impairment charges on its long-lived assets for the years ended December 31, 2025, 2024, and 2023.
Goodwill
Goodwill is not amortized, but rather is tested for impairment at least annually in the fourth quarter or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. The Company did not recognize any impairment of goodwill during the years ended December 31, 2025, 2024, and 2023.
Lease obligations
The Company’s lease obligations relate to operating leases pertaining to the Company’s corporate office space.
Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use assets include minimum lease payments and are reduced by lease incentives. Variable lease payments that are not based on an index or a rate are expensed as incurred. The incremental borrowing rate is used in determining the present value of future payments. The Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term of an amount equal to the lease payments in a similar economic environment, as the interest rate implicit in the lease is typically not readily determinable. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The Company factors in publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Lease terms may include options to extend or terminate the lease. The Company generally uses the non-cancelable lease term when determining its lease liabilities, unless it is reasonably certain that the option will be exercised. The Company reassesses the lease term if and when a significant event or change in circumstances occurs within the control of the Company.
Lease incentives, rent concession, and rent escalation provisions are considered in determining the single lease cost to be recorded on a straight-line basis over the non-cancellable lease term, commencing on the date the Company has the right to use the leased property.
The Company’s operating leases have typically not included material non-lease components. The Company elected the practical expedient to combine lease and non-lease components for purposes of calculating the corresponding lease right-of-use assets and liabilities.
The Company applies the practical expedient to not recognize a right-of-use asset and lease liability for short-term leases. A short-term lease is a lease with an expected lease term of twelve months or less and which does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.
Defined Contribution Plan
The Company maintains a tax-qualified retirement plan that provides eligible U.S. employees with an opportunity to save for retirement on a tax-advantaged basis. Plan participants are able to defer eligible compensation subject to applicable annual Internal Revenue Code of 1986, as amended (the “Code”), limits. The plan is a non-elective employer contribution per the safe harbor clause. The Company contributes to each employee’s plan at a rate of 3% of the employee’s total salary, up to a maximum annual contribution of $10,500, $10,350 and $9,900 per employee for the years ended December 31, 2025, 2024, and 2023, respectively, which is 50% vested after one year of service and 100% vested after two years of service. The plan is intended to be qualified under Section 401(a) of the Code with the plan’s related trust intended to be tax exempt under Section 501(a) of the Code. As a tax-qualified retirement plan, contributions to the plan and earnings on those contributions are not taxable to the employees until distributed from the plan. The Company’s contributions to its plan were $11.4 million and not material for the years ended December 31, 2025 and 2024, respectively.
Deferred commissions, net
Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales commissions earned by the Company’s sales force and related expenses, including associated payroll taxes and 401(k) contributions attributable to earned sales commissions, are deferred when they are considered to be incremental and recoverable costs of obtaining customer contracts. Deferred commissions, net of accumulated amortization, are included within prepaid expenses and other current assets and other assets on the consolidated balance sheets.
The Company capitalized incremental costs of obtaining a contract of $37.1 million, $34.1 million and $17.2 million during the years ended December 31, 2025, 2024, and 2023, respectively.
Deferred commissions, net included in prepaid and other current assets were $24.2 million and $17.9 million as of December 31, 2025 and 2024, respectively. Deferred commissions, net included in other assets were $41.0 million and $31.0 million as of December 31, 2025 and 2024, respectively.
Deferred commissions, net are amortized over a period of benefit of four years. The period of benefit is estimated by considering factors such as the length of the Company’s customer contracts, the impact of competition in the Company’s industry, historical attrition rates, and the useful life of the Company’s technology, among other factors. Amortization of deferred commissions totaled $20.9 million, $14.8 million, and $8.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in sales and marketing expense in the accompanying consolidated statements of operations. There was no impairment loss in relation to deferred commissions, net for any period presented.
Recently adopted accounting pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance income tax disclosures primarily through changes in rate reconciliation and income taxes paid disclosures. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 16 “Income Taxes” for additional information.
Recently issued accounting pronouncements not yet adopted
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software (referred to as "internal-use software"). Upon adoption, registrants will be required to account for internal-use software using updated capitalization criteria, which no longer make reference to software development stages and include the addition of a probable-to-complete recognition threshold. ASU 2025-06 is effective for annual periods, including interim reporting periods, beginning after December 15, 2027, with early adoption permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income — Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, to expand expense disclosures by requiring disaggregated disclosure of certain income statement line items, including those that contain purchases of inventory, employee compensation, depreciation, and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied prospectively. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement disclosures.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Deferred revenue
The changes in deferred revenue were as follows for the periods presented:
Year Ended December 31,
202520242023
Balance, beginning of period$381,363 $253,635 $161,549 
Billings and other(1)
1,269,759 876,739 596,960 
Revenue(1,055,788)(749,011)(504,874)
Balance, end of period$595,334 $381,363 $253,635 
__________________
(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.
Approximately 36%, 34%, and 32% of revenue recognized during the years ended December 31, 2025, 2024, and 2023, respectively, was from the deferred revenue balance as of December 31, 2024, 2023, and 2022, respectively.
Remaining performance obligations
As of December 31, 2025, the aggregate balance of remaining performance obligations that were unsatisfied or partially unsatisfied was $647.9 million. The substantial majority of the remaining performance obligations will be satisfied over the twelve months following December 31, 2025, with the balance to be recognized as revenue thereafter.
v3.25.4
Cash, Cash Equivalents, and Marketable Securities
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Marketable Securities Cash, Cash Equivalents, and Marketable Securities
The amortized cost, unrealized gains and losses and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of December 31, 2025 and 2024 consisted of the following:
As of December 31, 2025Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$318,304 $— $— $318,304 
Money market funds9,543 — — 9,543 
Commercial paper69,846 2 (4)69,844 
Corporate bonds5,778 — — 5,778 
Total cash and cash equivalents403,471 2 (4)403,469 
Debt securities:
U.S. agency securities93,467 288 (1)93,754 
U.S. treasury securities513,335 2,025 (1)515,359 
Commercial paper123,465 60 (8)123,517 
Corporate bonds444,515 1,654 (14)446,155 
Total debt securities1,174,782 4,027 (24)1,178,785 
Total cash, cash equivalent, and debt securities$1,578,253 $4,029 $(28)$1,582,254 
Other:
Bitcoin exchange traded fund(1)
73,689 
Total cash, cash equivalents, and marketable securities$1,655,943 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
As of December 31, 2024Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$398,910 $— $— $398,910 
Money market funds1,865 — — 1,865 
Commercial paper86,184 2 (7)86,179 
Total cash and cash equivalents486,959 2 (7)486,954 
Debt securities:
U.S. agency securities100,793 285 (18)101,060 
U.S. treasury securities371,209 915 (200)371,924 
Commercial paper190,072 93 (10)190,155 
Corporate bonds228,706 555 (308)228,953 
Total debt securities890,780 1,848 (536)892,092 
Total cash, cash equivalent, and debt securities$1,377,739 $1,850 $(543)$1,379,046 
Other:
Bitcoin exchange traded fund(1)
78,791 
Total cash, cash equivalents, and marketable securities$1,457,837 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
Debt securities were designated as available-for-sale and the Company’s Bitcoin exchange traded fund had a readily determinable fair value as of each of December 31, 2025 and 2024.
Debt securities
The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
As of December 31, 2025
Amortized Cost Fair Value
Due within one year$654,048 $655,302 
Due in one year through five years596,358 599,105 
Total$1,250,406 $1,254,407 
As of December 31, 2024
Amortized Cost Fair Value
Due within one year$624,748 $625,326 
Due in one year through five years352,216 352,945 
Total$976,964 $978,271 
The Company had 33 and 117 marketable debt securities in unrealized loss positions as of December 31, 2025 and 2024, respectively. There were no material gains or losses that were reclassified out of accumulated other comprehensive income for any period presented.
As of December 31, 2025 and 2024, the Company’s marketable debt securities portfolio consisted of four security types, all of which contained investments that were in an unrealized loss position. The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash
equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of December 31, 2025 and 2024:
As of December 31, 2025
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$3,267 $(1)$— $— $3,267 $(1)
U.S. treasury securities959 — — — 959 — 
Commercial paper58,091 (12)— — 58,091 (12)
Corporate bonds27,027 (15)— — 27,027 (15)
Total
$89,344 $(28)$— $— $89,344 $(28)
As of December 31, 2024
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$11,892 $(18)$— $— $11,892 $(18)
U.S. treasury securities68,843 (195)7,527 (5)76,370 (200)
Commercial paper131,268 (17)— — 131,268 (17)
Corporate bonds71,854 (308)— — 71,854 (308)
Total
$283,857 $(538)$7,527 $(5)$291,384 $(543)
The Company periodically evaluates its debt securities for expected credit losses. The unrealized losses on the debt securities were largely due to changes in interest rates. The credit ratings associated with corporate notes and obligations are highly rated and in line with the Company’s investment policy and the issuers continue to make timely principal and interest payments. The Company expects to recover the full carrying value of the debt securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses, and expects any credit losses would be immaterial based on the high-grade credit rating for the investments. As a result, the Company does not consider any portion of the unrealized losses on debt securities as of December 31, 2025 and 2024 to be unrecoverable.
Interest income from cash, cash equivalents, and marketable securities was $62.2 million, $63.7 million, and $19.9 million for the years ended December 31, 2025, 2024, and 2023 respectively. Interest income is included in other income, net in the accompanying consolidated statements of operations.
Equity securities
Bitcoin exchange traded fund
Any unrealized losses on the Company’s Bitcoin exchange traded fund, classified as an equity security, are attributable to decreases in the fair value of Bitcoin. The fair market value of this investment is directly driven by the price of Bitcoin and therefore is more volatile in nature, but is not driven by credit specific factors and thus no expected credit losses have been recorded on the investment in any period presented.
Unrealized gains (losses) recognized on the Bitcoin exchange traded fund equity investment held were $(5.1) million, $23.8 million, and zero for the years ended December 31, 2025, 2024, and 2023 respectively.
v3.25.4
Digital Assets
 12 Months Ended
Dec. 31, 2025
Digital Assets [Abstract]  
Digital Assets Digital Assets
Bitcoin investment
The Company's Bitcoin investment, which is included within digital assets, non-current on the consolidated balance sheets, is remeasured at fair value at the end of each reporting period. The cost basis of the Company’s Bitcoin investment as of December 31, 2025 was $15.0 million. The following table summarizes the changes in the fair value of the Company’s Bitcoin investment during the year ended December 31, 2025:
UnitsFair Value
Balance at December 31, 2024— — 
Additions173 $15,000 
Remeasurement gains (losses) — 116 
Balance at December 31, 2025173 $15,116 
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of December 31, 2025 and 2024:
As of December 31, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$9,543 $— $— $9,543 
Commercial paper— 69,844 — 69,844 
Corporate bonds— 5,778 — 5,778 
Total cash equivalents$9,543 $75,622 $— $85,165 
Marketable securities:
U.S. agency securities$— $93,754 $— $93,754 
U.S. treasury securities— 515,359 — 515,359 
Commercial paper— 123,517 — 123,517 
Corporate bonds— 446,155 — 446,155 
Bitcoin exchange traded fund73,689 — — 73,689 
Total marketable securities$73,689 $1,178,785 $— $1,252,474 
Digital assets, current
USDC$15,575 $— $— $15,575 
Digital assets, non-current
Bitcoin$15,116 $— $— $15,116 
As of December 31, 2024Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,865 $— $— $1,865 
Commercial paper— 86,179 — 86,179 
Total cash equivalents$1,865 $86,179 $— $88,044 
Marketable securities:
U.S. agency securities$— $101,060 $— $101,060 
U.S. treasury securities— 371,924 — 371,924 
Commercial paper— 190,155 — 190,155 
Corporate bonds— 228,953 — 228,953 
Bitcoin exchange traded fund78,791 — — 78,791 
Total marketable securities$78,791 $892,092 $— $970,883 
The Company had no transfers between levels of the fair value hierarchy during any period presented. The tables above exclude strategic investments which had a carrying value of $13.0 million as of December 31, 2025, and were not material as of December 31, 2024.
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following:
As of December 31,
20252024
Computer equipment$6,158 $5,327 
Furniture and fixtures6,241 5,752 
Leasehold improvements5,487 5,272 
Capitalized internal-use software development costs18,687 11,755 
Construction in progress1,433 — 
Total property and equipment38,006 28,106 
Accumulated depreciation and amortization(18,010)(13,089)
Property and equipment, net$19,996 $15,017 
Depreciation expense related to property and equipment, amounts capitalized as internal-use software development costs, and the related amortization expense were not material for each of the years ended December 31, 2025, 2024, and 2023.
The net carrying value of capitalized internal-use software development costs was $12.8 million as of December 31, 2025, and was not material as of December 31, 2024.
v3.25.4
Revolving Credit Facility
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On June 27, 2025, the Company entered into a new credit agreement (the “Revolving Credit Agreement”) which provides for a revolving credit facility (the “Revolving Credit Facility”) of up to $500.0 million and a subfacility of up to $150.0 million for letters of credit.
Pursuant to the terms of the Revolving Credit Agreement, loans under the Revolving Credit Facility will incur interest at a rate per annum equal to either (i) a base rate determined by reference to the highest of (x) the prime rate, (y) the federal funds effective rate plus 0.5%, and (z) the one month term Secured Overnight Financing Rate (“SOFR”) plus 1.0% or (ii) term SOFR plus 1.0%. Additionally, the Company is required to pay commitment fees of 0.15% per annum on the undrawn portion of the commitments under the Revolving Credit Facility, which decreases to 0.1% per annum upon achievement of an enhanced debt to EBITDA ratio.
The Revolving Credit Agreement contains customary affirmative and negative covenants and customary events of default. The obligations under the Revolving Credit Agreement are secured by liens on substantially all of the Company’s assets. The Revolving Credit Facility matures on June 27, 2030.
On July 30, 2025, the Company drew $330.5 million under the Revolving Credit Facility in order to pay a portion of the anticipated withholding and remittance obligations related to the vesting and settlement of RSUs for which the performance-based vesting condition had been satisfied in connection with the IPO and used a portion of the net proceeds from the IPO to repay such indebtedness in full on August 1, 2025.
As of December 31, 2025, the Company had no amounts or letters of credit issued and outstanding under the Revolving Credit Facility. The Company’s total available borrowing capacity under the Revolving Credit Facility was $500.0 million as of December 31, 2025. As of December 31, 2025, the Company was in compliance with all covenants under the Revolving Credit Agreement.
v3.25.4
Business Combinations
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Acquisitions
October 2025
On October 3, 2025, the Company acquired all outstanding equity interests of Weavy Inc. (“Weavy”) which offers an AI-powered media editing tool, pursuant to an agreement and plan of merger. The Company acquired Weavy for its developed technology and talent. The purchase consideration transferred consisted of the following:
Purchase consideration
Cash$39,642 
Cash holdback(1)
13,000 
Class A common stock(2)
32,053 
Transaction costs paid627 
Total purchase consideration
$85,322 
__________________
(1)The cash holdback is payable 12 months from the acquisition date and is subject to offset by the Company for any indemnification obligations that arise in connection with the acquisition during the period.
(2)Represents 0.6 million shares of the Company’s Class A common stock, valued using the Company’s closing stock price on the acquisition date.
The merger was accounted for as a business combination under ASC 805, Business Combinations, and the allocation of the purchase consideration resulted in the recognition of acquired net assets of $8.5 million and goodwill of $76.9 million. The goodwill is primarily attributed to the value of the assembled workforce and expected synergies. No portion of the goodwill is deductible for income tax purposes.
In addition to the total purchase consideration described above, the Company issued approximately $43.8 million of its Class A common stock in the form of restricted stock awards (“RSAs”) and RSUs that will vest
subject to the recipients’ continued service to the Company. The related stock-based compensation expense will be recognized within research and development and sales and marketing expense on a straight-line basis over the requisite service period of four years. Stock-based compensation expense attributable to the RSA and RSU awards that was recognized during the year ended December 31, 2025 was not material.
Revenue and net loss attributable to Weavy from the acquisition date through December 31, 2025 were included in the Company’s consolidated statements of operations for the year ended December 31, 2025 and were not material. Acquisition related costs, recorded as general and administrative expenses, associated with the acquisition of Weavy were not material during the year ended December 31, 2025.
April 2025
On April 17, 2025, the Company acquired all outstanding equity interests of a technology company that is a self-hosted headless content management system and application framework, pursuant to an agreement and plan of merger. The purchase consideration of $10.4 million, consisted of cash and shares of the Company’s Class A common stock. The merger was accounted for as a business combination under ASC 805, Business Combinations, and the allocation of the purchase consideration resulted in the recognition of acquired net assets of $6.5 million and goodwill of $3.9 million. The goodwill is primarily attributed to the value of the assembled workforce and is not deductible for tax purposes.
In addition to the total purchase consideration described above, the Company issued approximately $22.2 million of its Class A common stock, which will continue to vest subject to the recipients’ continued service to the Company. The related stock-based compensation expense is recognized within research and development expense on a straight-line basis over the requisite service period of four years.
Asset purchase
On April 7, 2025, the Company acquired the intellectual property assets and assembled workforce of a technology company for $14.0 million in cash. The technology company acquired offers an AI-based visual design and motion design platform for image editing. The acquisition was accounted for as a business combination under ASC 805, Business Combinations, and the allocation of the purchase consideration resulted in the recognition of acquired net assets of $4.8 million and goodwill of $9.2 million. The goodwill is primarily attributed to the value of the assembled workforce and is deductible for income tax purposes and will be amortized over 15 years.
v3.25.4
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Intangible assets, net consisted of the following:
December 31, 2025
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(265)$460 1.9
Licenses, domain names and other474 (323)151 1.4
Customer relationships1,000 (351)649 1.3
Developed technology26,054 (8,231)17,823 1.9
Total intangible assets$28,253 $(9,170)$19,083 
December 31, 2024
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(24)$701 2.9
Licenses, domain names and other474 (170)304 2.2
Developed technology1,810 (304)1,506 2.5
Total intangible assets$3,009 $(498)$2,511 
Amortization expense was not material for the years ended December 31, 2025, 2024, and 2023.
As of December 31, 2025, future amortization expense by year is expected to be as follows:
Amount
2026$11,145 
20275,440 
20282,498 
Total
$19,083 
Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. The changes in the carrying amounts of goodwill were as follows:
December 31, 2023$11,398 
Additions during the period— 
December 31, 202411,398 
Additions during the period (Note 8)
89,998 
December 31, 2025$101,396 
Goodwill is not amortized, but rather is tested for impairment at least annually in the fourth quarter or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. The Company did not recognize any impairment of goodwill for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Operating leases
The Company has non-cancelable operating leases for its corporate offices. Certain of these leases include options to extend or terminate the lease term. As of December 31, 2025, the Company’s operating leases had remaining lease terms of under one year to 7.6 years. The components of lease costs were as follows for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Operating lease costs$17,558 $14,405 $12,612 
Short-term lease costs730 1,050 1,828 
Variable lease costs2,314 2,386 1,777 
Total lease costs$20,602 $17,841 $16,217 
The following tables set forth a summary of other information pertaining to the Company’s operating leases:
As of December 31,
20252024
Weighted-average remaining lease term (in years)6.003.13
Weighted-average discount rate5.83 %6.29 %
Future minimum lease payments as of December 31, 2025 were as follows:
Year ending December 31,Amount
2026$14,432 
202713,974 
202813,632 
20298,014 
20308,194 
Thereafter22,022 
Total undiscounted future minimum lease payments80,268 
Less: present value discount(13,572)
Total discounted future minimum lease payments66,696 
Less: prepaid rent(1,081)
Less: tenant improvement allowances
(7,140)
Total operating lease liabilities$58,475 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Hosting commitments and other significant non-cancelable purchase commitments
As of December 31, 2025, the Company had significant non-cancellable purchase commitments which primarily consist of future minimum non-cancellable payment obligations related to hosting, technical infrastructure and other service arrangements that support the general business operations of the Company.
Future minimum payments under the Company’s non-cancellable purchase commitments as of December 31, 2025 were as follows:
Year ending December 31,Amount
2026$74,272 
2027134,782 
2028126,375 
2029115,000 
203047,917 
Total$498,346 
Letters of credit
As of December 31, 2025 the Company had a total of $9.8 million in unsecured letters of credit outstanding related to leased office spaces. The letters of credit renew annually and mature in 2026.
Legal matters
From time to time, the Company may become a party to a variety of claims, lawsuits, and proceedings which arise in the ordinary course of business, including claims of alleged infringement of intellectual property rights. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. The Company believes that resolution of pending matters is not likely to have a material adverse impact on its consolidated results of operations, cash flows, or its financial position. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company reassesses the potential liability and may revise its estimates. The Company did not have any material liabilities in the consolidated financial statements as a result of legal matters as of December 31, 2025 and 2024.
Indemnification and warranties
The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products infringe a third party’s intellectual property rights. To date, the Company has not incurred any material costs nor has it accrued any liabilities in its consolidated financial statements as a result of these obligations.
Certain of the Company’s product offerings include service-level agreements warranting defined levels of uptime reliability and performance, which permit those customers to receive credits for future services in the event that the Company fails to meet those levels.
As of December 31, 2025 and 2024, the Company has not accrued for any liabilities in the consolidated financial statements as a result of these service-level agreements.
In addition, the Company has agreed to indemnify its directors and officers for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable the Company to recover a portion of any future amounts paid.
v3.25.4
Accrued and Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued and Other Current Liabilities Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following:
As of
December 31,
2025		December 31,
2024
Non-income based taxes payable$12,674 $9,562 
Income taxes payable787 511 
Customer deposits5,713 4,507 
Acquisition-related indemnification holdbacks15,535 — 
Other current liabilities31,826 16,539 
Total accrued and other current liabilities$66,535 $31,119 
v3.25.4
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Convertible preferred stock
In connection with the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock automatically converted into a total of 246.0 million shares of the Company’s Class A common stock. The holders of convertible preferred stock had certain voting, dividend, liquidation preferences, and conversion privileges that terminated at the closing of the IPO. As of December 31, 2025, there were no shares of convertible preferred stock issued and outstanding.
Convertible preferred stock issued and outstanding consisted of the following as of December 31, 2024:
Shares authorizedShares issued and outstandingOriginal issue price per sharesLiquidation preferenceNet carrying value
Series Seed
45,56944,309$0.0878 $3,889 $3,845 
Series A
70,26269,812$0.1993 13,910 13,852 
Series B
75,37875,365$0.3317 24,995 24,897 
Series C
36,43536,435$1.0978 40,000 39,884 
Series D
10,82610,801$4.6185 49,883 49,692 
Series E
9,3919,277$21.2967 197,574 197,271 
Total
247,861245,999$330,251 $329,441 
The holders of convertible preferred stock had various rights and preferences, including the following:
Liquidation preference
Upon a liquidation event, as defined in the Company’s restated certificate of incorporation, the holders of Series Seed, Series A, Series B, Series C, Series D, and Series E convertible preferred stock were entitled to receive, prior to and in preference to any distribution of the proceeds of such liquidation to common stockholders, an amount per share equal to $0.0878, $0.1993, $0.3317, $1.0978, $4.6185 and $21.2967, respectively, plus any declared but unpaid dividends on such shares. If the proceeds distributed among the holders of the preferred stock were insufficient to permit the holders of Series Seed, Series A, Series B, Series C, Series D, and Series
E convertible preferred stock to receive the full payment noted above, then the entire proceeds legally available for distribution would have been distributed ratably among the holders of the preferred stock in proportion to the full preferential amount that each such holder was otherwise entitled to receive.
Dividends
Holders of the Company’s preferred stock were entitled to receive dividends, when, as, and if declared by the Board of Directors (the “Board”), at the applicable dividend rate of $0.0070, $0.0159, $0.0265, $0.0878, $0.3695, and $1.7037 for each share of Series Seed, Series A, Series B, Series C, Series D, and Series E convertible preferred stock, respectively, prior to and in preference of any dividend paid to holders of the Company’s common stock (other than those payable in common stock or other securities and rights convertible into or entitling the holder thereof to receive additional shares of common stock). Such dividends were not cumulative. After payment of such dividends, any additional dividends or distributions of the Company would have been distributed among all holders of common stock and preferred stock in proportion to the number of shares of common stock that would have been held by each such holder if all shares of preferred stock were converted to common stock at the then effective conversion rate.
Voting
Each holder of convertible preferred stock had the right to one vote for each share of Class A common stock into which the shares of preferred stock held by such holder could then be converted. In addition, (i) so long as at least 5.7 million shares of Series Seed preferred stock remained outstanding, the holders of the Series Seed preferred stock, exclusively and as a separate class, were entitled to elect one director of the Company; (ii) so long as at least 10.4 million shares of Series A preferred stock remained outstanding, the holders of the Series A preferred stock, exclusively and as a separate class, were entitled to elect one director of the Company; (iii) so long as at least 11.3 million shares of Series B preferred stock remained outstanding, the holders of the Series B preferred stock, exclusively and as a separate class, were entitled to elect one director of the Company; and (iv) the holders of outstanding common stock, exclusively and as a separate class, were entitled to elect two directors of the Company. The holders of the preferred stock and common stock, voting together as a single class and on an as-converted basis, were entitled to elect any remaining directors of the Company. On matters voted upon by the Board, one of the common stock directors (currently the Company’s Chief Executive Officer) was entitled to nine votes, while the Series Seed, Series A, and Series B preferred directors and the other common stock director, as well as any directors elected by preferred and common holders together, were each entitled to one vote.
Conversion
At the option of the holder thereof, each share of preferred stock was convertible into a number of shares of Class A common stock that resulted from dividing the applicable original issue price for such series by the applicable conversion price in effect on the date of conversion (the “Conversion Rate”). Each share of preferred stock was automatically convertible into shares of Class A common stock at the Conversion Rate at the time in effect for such series of preferred stock upon the earlier of (i) the closing of the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended (the “Securities Act”), resulting in gross proceeds of no less than $30.0 million in the aggregate (a “Qualified Initial Public Offering”), (ii) the effectiveness of the registration statement filed under the Securities Act in connection with a direct listing, as defined in the restated certificate of incorporation, that is approved by the Board, or (iii) the date, or the occurrence of an event, specified by vote or written consent or agreement of the holders of a majority of the then outstanding preferred stock, voting together as a single class and on an as-converted basis.
Preferred stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 200.0 million shares of preferred stock with a par value of $0.00001 per share with rights and preferences, including, without limitation, voting powers, dividend rights, liquidation rights, redemption rights, and conversion rights, designated from time to time by the Board. As of December 31, 2025, there were no shares of preferred stock issued and outstanding.
Blockchain common stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100.0 million shares of blockchain common stock with a par value of $0.00001 per share with rights and preferences, including, without limitation, voting powers, dividend rights, liquidation rights, redemption rights, and conversion rights, designated from time to time by the Board. As of December 31, 2025, there were no shares of blockchain common stock issued and outstanding.
Class A, Class B, and Class C common stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized three classes of common stock: 10.0 billion shares of Class A common stock, 350.0 million shares of Class B common stock, and 1.0 billion shares of Class C common stock each at a par value of $0.00001 per share, of which 432.1 million shares of Class A common stock, 80.9 million shares of Class B common stock, and no shares of Class C common stock were issued and outstanding as of December 31, 2025. Included in the total number of common stock outstanding as of December 31, 2025 are 1.5 million shares of Class A common stock subject to vesting, which are not considered outstanding for accounting purposes.
As of December 31, 2024, the Company was authorized to issue 571.0 million shares of Class A common stock and 119.0 million shares of Class B common stock, each at a par value of $0.00001 per share, of which 124.2 million shares of Class A common stock and 90.7 million shares of Class B common stock were issued and outstanding. Included in the total number of shares of Class A common stock outstanding as of December 31, 2024 are 0.1 million shares of Class A common stock subject to vesting, which are not considered outstanding for accounting purposes.
Holders of the Company’s common stock are entitled to dividends, if and when declared by the Board. The holders of all classes of common stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends. As of December 31, 2025, no dividends were declared.
Holders of Class A common stock are entitled to one vote per share, holders of Class B common stock are entitled to fifteen votes per share, and, except as otherwise required by law, holders of Class C common stock are entitled to no votes per share. The holders of all classes of common stock vote together as a single class on all matters, except where otherwise required by law. Each share of Class B common stock may be converted into one share of Class A common stock at any time at the option of the holder. Each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer by the holder, whether or not for value, except for certain permitted transfers described in the Company’s restated certificate of incorporation. Further, each share of Class B common stock will convert automatically into one share of Class A common stock upon the earlier to occur of (a) the date fixed by the Board that is no less than 61 days and no more than 180 days following the date on which the Company’s co-founders each fail to satisfy the requirement that the applicable co-founder, his family members, and certain of his permitted entities and transferees hold at least 30% of the issued and outstanding shares of Class B common stock (excluding any shares of Class B common stock that remain subject to vesting requirements at such time) owned of record thereby on July 30, 2025, (b) the date that is 24 months after the death or disability of Dylan Field, subject to
extension as described in the Company’s restated certificate of incorporation, (c) the date specified by the holders of at least 80% of the then-outstanding shares of Class B common stock, voting as a separate class, or (d) the date that is 24 months following the date on which the Company’s co-founders each have ceased providing services to the Company as a director, officer, employee, or consultant on a continuous basis for a period of more than three consecutive years.
During the year ended December 31, 2025, 4.4 million shares of Class B common stock were converted into shares of Class A common stock.
All shares of Class C common stock will automatically convert into one share of Class A common stock following both (i) the earliest to occur of (a) the conversion of all then-outstanding shares of Class B common stock into shares of Class A common stock, (b) the automatic conversion of all outstanding shares of Class B common stock into shares of Class A common stock, (c) the affirmative vote of the holders of a majority of the then-outstanding shares of Class B common stock, voting separately as a single class, and (ii) upon the date and time, or occurrence of an event, specified by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A common stock, voting separately as a single class.
Following such conversions, each share of Class A common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. Once converted into Class A common stock, the Class B common stock, and Class C common stock may not be reissued.
As of December 31, 2025, the Company had reserved shares of common stock for future issuance, on an as converted basis, as follows:
As of December 31, 2025
RSUs (including CEO Equity Awards) outstanding87,825 
Stock options outstanding13,272 
Remaining shares authorized for future issuance66,797 
Total
167,894 
Equity incentive plans
Prior to the IPO, the Company maintained two equity incentive plans: the 2012 Equity Incentive Plan (the “2012 Plan”) and the 2021 Executive Equity Incentive Plan (the “2021 Plan”). The 2012 Plan allowed the Company to grant stock options, RSUs, and RSAs to employees, directors, and consultants of the Company. The 2021 Plan was established in June 2021 to allow the Company to grant stock options, RSUs, stock appreciation rights, and RSAs to the Company’s Chief Executive Officer (“CEO”).
In connection with the IPO and the adoption of the 2025 Equity Incentive Plan (the “2025 Plan”), the Company ceased granting awards under the 2012 Plan and the 2021 Plan. Any outstanding awards granted under the 2012 Plan and 2021 Plan remain subject to the terms of the 2012 Plan and 2021 Plan, as applicable, and any shares that are forfeited or repurchased by the Company under the 2012 Plan or 2021 Plan will automatically become available for issuance again under the 2025 Plan. The Company initially reserved 58.0 million shares of Class A common stock, plus (i) any reserved shares of Class A common stock not issued or subject to outstanding grants under the 2012 Plan on the effective date of the 2025 Plan and (ii) any reserved shares of Class B common stock not issued or subject to outstanding grants under the 2021 Plan on the effective date of the 2025 Plan, for issuance as Class A common stock pursuant to awards granted under the 2025 Plan. The 2025 Plan allows the Company to grant stock options, RSUs, RSAs, stock bonus awards, stock appreciation rights, and performance awards to employees, directors, and consultants of the Company. Stock options granted under the 2025 Plan expire no later than ten years from the date of grant. Awards granted under the
2025 Plan have a service-based vesting period that is typically four years, subject to a one-year cliff for new hire grants.
The number of shares reserved for issuance and sale under the 2025 Plan increases automatically on the first day of each calendar year beginning on January 1, 2026 and ending with January 1, 2035. Such annual increase will be equal to the lesser of (i) 5% of the aggregate number of shares outstanding of all classes of the Company’s common stock on the December 31 immediately prior to the date of the increase and (ii) such shares determined by the Board (the “2025 Plan Evergreen Provision”). The 2025 Plan Evergreen Provision is calculated using the number of legally outstanding shares of common stock and may include unvested shares that are not considered outstanding for accounting purposes.
As of December 31, 2025, there were 66.8 million shares available for issuance under the 2025 Plan.
Employee stock purchase plan
On June 26, 2025, the Board approved the 2025 ESPP, which became effective on July 30, 2025 in connection with the IPO. The purpose of the 2025 ESPP is to enable eligible employees to purchase shares of the Company’s Class A common stock at a discount through payroll deductions of their eligible compensation. The purchase price for shares purchased under the 2025 ESPP during any given purchase period is 85% of the lesser of the fair market value of the Company’s Class A common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of the applicable purchase period. During any offering period, contribution rates may be decreased once, and participants may withdraw from the current offering period up until two weeks from the end of the offering period and receive a full refund. As of December 31, 2025, a total of 11.6 million shares of the Company’s Class A common stock have been reserved for issuance under the 2025 ESPP.
The number of shares reserved for issuance and sale under the 2025 ESPP will increase automatically on the first day of each calendar year beginning on January 1, 2026 and ending with January 1, 2035. Such annual increase will be equal to the lesser of (i) 1% of the aggregate number of outstanding shares of all classes of the Company’s common stock on each December 31 immediately prior to the date of the increase and (ii) such shares determined by the Board (the “ESPP Evergreen Provision”). The ESPP Evergreen Provision is calculated using the number of legally outstanding shares of common stock and may include unvested shares that are not considered outstanding for accounting purposes. No more than 100.0 million shares of Class A common stock may be issued under the 2025 ESPP.
The 2025 ESPP had an initial offering period beginning on July 30, 2025 and ending on November 14, 2025, with a purchase date of November 14, 2025. The enrollment window for the initial offering period began on July 30, 2025 and ended on August 15, 2025, which is considered the grant date for the initial offering period. For the initial offering period, the fair market value of the Class A common stock on the offering date was equal to the IPO price of $33.00 per share, and the fair market value of the Class A common stock on the grant date was $79.42. Following the initial offering period, the 2025 ESPP provides for six-month offering periods and provides that participants may make one purchase at the end of each six-month offering period.
The fair value of each right to acquire stock under the 2025 ESPP is estimated using the Black-Scholes option pricing model. Estimating the grant date fair value of rights to acquire stock under the 2025 ESPP requires the Company to make assumptions and judgments regarding the variables used in the calculation as follows:
Expected term - Approximates the offering period.
Expected volatility - The Company uses the average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company.
Risk-free interest rate - Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the length of the offering period.
Expected dividend yield - Because the Company has never paid, and does not expect to pay, cash dividends in the near future, the expected dividend yield is 0%.
The following table summarizes the significant assumptions used in estimating the fair value of the rights to acquire stock under the ESPP using the Black-Scholes option-pricing model during the year ended December 31, 2025:
Year Ended December 31,
2025
Expected term (in years)
0.3 - 0.5
Expected volatility
42.49% - 44.57%
Risk free interest rate
3.81% - 4.30%
Dividend yield — %
The Company recognized $51.1 million of stock-based compensation expense related to the 2025 ESPP during the year ended December 31, 2025. As of December 31, 2025, there was approximately $5.7 million of unrecognized stock-based compensation expense related to the 2025 ESPP, which is expected to be recognized over a remaining period of 0.4 years.
As of December 31, 2025, $5.1 million has been withheld on behalf of employees for future purchases under the 2025 ESPP due to the timing of payroll deductions. During the year ended December 31, 2025, the Company’s employees purchased 0.9 million shares of its Class A common stock under the 2025 ESPP. The shares were purchased at a purchase price of $28.05 per share, with net proceeds of $25.9 million.
Fair value of common stock
Prior to the IPO, the fair value of common stock underlying stock options and RSUs was historically determined by the Board. Because there was no public market for the Company’s common stock prior to the IPO, the Board determined the fair value of the common stock at the time of grant of the option or RSU by considering a number of objective and subjective factors including important developments in the Company’s operations, valuations performed by an independent third party, the prices paid for common stock and convertible preferred stock sold to third-party investors by us, secondary market transactions, actual operating results and financial performance, the conditions in the industry and the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity of the Company’s common stock, among other factors.
RSU releases
IPO RSU release
On July 30, 2025, the Board approved the acceleration of the performance-based vesting condition for awards for which the service-based vesting condition was satisfied as of the IPO date, to occur upon the effectiveness of the registration statement related to the IPO instead of on the earlier of (a) six months after the IPO or (b) March 15 of the calendar year following the IPO. As a result, the Company issued shares of its Class A common stock upon settlement of RSUs that remained subject to the performance-based vesting condition but had already satisfied the applicable service-based vesting conditions (the “IPO RSU Release”). To meet the related tax withholding requirements for the net settlement of the vested RSUs, the Company withheld 12.5 million shares underlying such equity awards, resulting in the net issuance of 9.6 million shares of Class A
common stock and 3.9 million shares of Class B common stock. The withheld shares were returned to the Company’s available reserve under the 2025 Plan. The Company’s related employee tax withholding obligations owed to federal, state, and foreign tax jurisdictions was $411.4 million. The Company drew approximately $330.5 million on the Revolving Credit Facility in order to pay a portion of the withholding and remittance obligations related to the IPO RSU Release. The proceeds from the Revolving Credit Facility together with cash on hand were used to pay the tax withholding obligations in full during the year ended December 31, 2025. Subsequently, on August 1, 2025, the closing date of the IPO, the Company issued and sold 12.5 million shares of Class A common stock to investors in connection with the IPO at a purchase price of $33.00 per share. The Company received net proceeds of $393.1 million after deducting underwriting discounts and commissions and before deducting offering costs payable by the Company. The net proceeds from the IPO were used to repay the amounts borrowed on the Revolving Credit Facility on August 1, 2025.
The Company recognized $975.7 million of stock-based compensation expense associated with the IPO RSU Release during the year ended December 31, 2025.
May 2024 RSU release and primary financing
In May 2024, the Company modified and released 34.6 million RSUs held by employees and former employees (including the 2021 CEO Market Award and the 2021 CEO Service Award, each as defined and further described below in the section titled “—CEO equity awards”) to remove the performance-based vesting condition (“the May 2024 RSU Release”), resulting in their remeasurement as of the modification date. The service-based vesting condition related to such RSUs had been met as of the modification date. Accordingly, these RSUs were fully vested as of the modification date, resulting in the recognition of stock-based compensation expense, net of amounts capitalized, of $801.2 million, and the release of the underlying common stock during the year ended December 31, 2024. A total of 1,486 grantees were affected by this modification. The remaining outstanding RSU awards were not modified and continued to be subject to both service-based and performance-based vesting conditions.
In connection with the May 2024 RSU Release, during the year ended December 31, 2024, the Company withheld approximately 18.1 million shares from the RSU holders to cover federal, state, and foreign withholding tax obligations. These withheld shares were returned to the Company’s available reserve under the 2012 Plan and the 2021 Plan, as applicable. The Company simultaneously issued and sold 18.1 million shares of Class A common stock to new and existing investors to cover the respective employee tax liability owed to federal, state, and foreign tax jurisdictions as a result of the May 2024 RSU Release. The Company received proceeds of approximately $419.0 million based on a purchase price of $23.19 per share.
2024 tender offer
In order to provide its employees with liquidity subsequent to the Abandoned Merger with Adobe (as defined below), the Company facilitated a tender offer (the “2024 Tender Offer”), which opened on June 5, 2024 and closed on July 3, 2024, under which new and existing investors purchased an aggregate of 24.4 million shares of Class A common stock from investors, employees, and former employees of the Company at a purchase price of $23.19 per share for an aggregate purchase price of $566.7 million. Included in the shares of Class A common stock sold were 1.8 million shares of convertible preferred stock which were converted to Class A common stock at a 1:1 ratio immediately prior to closing. The Company determined that as a result of this transaction it had established a pattern of cash settlement of immature shares and stock options, resulting in a modification to its equity incentive plans. The Company made this determination when considering that it had previously facilitated two prior tender offer transactions in its fiscal years ended December 31, 2021 and December 31, 2020. The ability for employees to cash settle equity awards is contingent on the Company facilitating a third-party tender offer. As such, as of the date of the opening of the 2024 Tender Offer, the fair value of the maximum number of immature shares of common stock and stock options eligible to participate in the 2024 Tender Offer was reclassified from additional paid-in-capital and recorded as a liability as of the date of the opening of the 2024 Tender Offer. To the extent that the fair value of the immature shares of common
stock and stock options exceeded the amount of stock-based compensation expense previously recognized, the excess was recognized as additional stock-based compensation expense. Accordingly, the Company recorded incremental stock-based compensation expense of $56.6 million in connection with this Tender Offer during the year ended December 31, 2024. The Company did not recognize any other stock-based compensation expense related to the 2024 Tender Offer as the purchase price was equal to the fair value of the common stock on the date of the transaction.
A summary of stock-based compensation expense recognized in the consolidated statements of operations related to the May 2024 RSU Release and the incremental stock-based compensation expense from the 2024 Tender Offer is as follows, net of amounts capitalized as internal-use software:
Year Ended December 31,
2024
Cost of revenue$24,858 
Research and development462,683 
Sales and marketing186,659 
General and administrative183,618 
Total$857,818 
December 2024 financing
In December 2024, the Company issued 2.5 million shares of Class A common stock to existing investors for proceeds of $60.0 million based on a purchase price of $24.0751 per share.
Stock options
2024 Stock Option Grants
In August 2024, the Company granted 10.5 million stock options in connection with the 2024 Tender Offer (the “2024 Stock Option Grants”) with a grant date fair value of $8.50 per share, which expire on the earlier of five years after the grant date or one year after the Company’s IPO. The options were granted to eligible employees that elected to not tender all of their common stock received by them in connection with the May 2024 RSU Release as part of the Company’s 2024 Tender Offer. These stock options were fully vested at the time of grant and therefore the related stock-based compensation expense was recognized on the grant date. A summary of the related stock-based compensation expense recognized in the consolidated statements of operations related to the issuance of these stock option awards, net of amounts capitalized as internal-use software is as follows:
Year Ended December 31,
2024
Cost of revenue$3,034 
Research and development47,024 
Sales and marketing20,160 
General and administrative17,901 
Total$88,119 
Valuation assumptions
Estimating the grant date fair value of stock options requires the Company to make assumptions and judgments regarding the variables used in the calculation. These variables include the expected term (weighted-average period of time that the stock options granted are expected to be outstanding), the expected volatility of the Company’s common stock, expected risk-free interest rate, expected dividends, and the fair value of the Company’s common stock.
The Company uses the simplified calculation of expected term, based on the midpoint between the vesting date and the end of the contractual term, as the Company does not have sufficient historical data to use any other method to estimate expected term. Expected volatility is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company. The expected risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected dividend yield is 0% as the Company has not paid, and does not expect to pay, cash dividends in the near future.
The following table summarizes the assumptions used in the valuation of the 2024 Stock Option Grants to employees during the year ended December 31, 2024:
Year Ended December 31,
2024
Expected term (in years)2.5
Expected volatility54.61 %
Risk free interest rate3.87 %
Dividend yield — %
Fair value of common stock on grant date$23.19
As discussed above, in connection with the IPO and adoption of the 2025 Plan in July 2025, the Company ceased granting awards under both the 2012 Plan and 2021 Plan. No stock options were granted under the 2012 Plan, the 2021 Plan, or the 2025 Plan during the year ended December 31, 2025. A summary of stock option activity and weighted-average exercise prices under the 2012 Plan and related information for all periods presented is as follows:
Number of stock options outstanding under the 2012 PlanWeighted-average exercise price per shareWeighted-average remaining contractual term (in years)Aggregate intrinsic value
Outstanding as of December 31, 202218,760 $0.19 6.2$711,477 
Options exercised(7)0.31 
Options forfeited(101)0.30 
Outstanding as of December 31, 202318,652 $0.19 5.2$428,955 
Options granted10,490 23.19 
Options exercised(5,116)0.47 
Options forfeited(3)0.34 
Outstanding as of December 31, 202424,023 $10.18 4.4$333,861 
Options exercised (10,751)11.37 
Outstanding as of December 31, 202513,272 $9.21 1.1$373,724 
Vested and exercisable as of December 31, 202513,272 $9.21 1.1$373,724 
As of December 31, 2025 and 2024, there was no unrecognized stock-based compensation related to outstanding stock options.
The following table summarizes information about the value of options exercised and total fair value of options vested during the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
Intrinsic value of options exercised$328,997 $111,789 $290 
Total fair value of options vested$— $89,759 $1,676 
RSUs
The fair value of RSUs is determined using the fair value of the Company’s stock on the date of grant. As discussed above, in connection with the IPO and effectiveness of the 2025 Plan in July 2025, the Company ceased granting awards under the 2012 Plan. The following table summarizes the activity for the Company’s unvested RSUs under the 2012 Plan and the 2025 Plan during the years ended December 31, 2025, 2024, and 2023, excluding the CEO equity awards described below:
Number of RSUs outstanding under the 2012 Plan and 2025 PlanWeighted-average grant date fair value per share
Unvested at December 31, 202244,506 $13.42 
RSUs granted11,308 $23.19 
RSUs released— $— 
RSUs forfeited(3,059)$13.81 
Unvested at December 31, 202352,755 $12.96 
RSUs granted38,012 $25.33 
RSUs released(1)
(31,239)$23.19 
RSUs forfeited(4,702)$20.93 
Unvested at December 31, 202454,826 $22.80 
RSUs granted 29,522 $38.98 
RSUs released/settled(25,452)$20.83 
RSUs forfeited(5,656)$26.50 
Unvested at December 31, 202553,240 $32.32 
__________________
(1)These shares represent the shares for which the performance-based vesting condition was removed as part of the May 2024 RSU Release (excluding the CEO Equity Awards). As a result, these shares were remeasured based on the modification date fair value of $23.19. Please refer above for further discussion of the May 2024 RSU Release.
Excluding the CEO equity awards described below, the total fair value of RSUs vested as of their respective vesting dates, was $1.1 billion and $724.5 million, for the years ended December 31, 2025 and 2024, respectively. No RSUs vested during the year ended December 31, 2023.
Excluding the CEO equity awards described below, the Company had total unrecognized stock-based compensation expense related to RSUs of $1.2 billion as of December 31, 2025, which will be recognized over a weighted-average remaining requisite service period of 3.5 years.
CEO equity awards
2021 CEO Market Award
In October 2021, the Board approved a grant to Mr. Field, of RSUs, with respect to 11.3 million shares of Class B common stock (the “2021 CEO Market Award”). The grant has service-based, market-based, and performance-based vesting conditions.
The award is comprised of three tranches that are eligible to vest based on the achievement of certain public market capitalization targets as follows:
TranchePublic market capitalization targetsShares of Class B common stock vested (thousands)
1$15  billion1,875
2$20  billion3,750
3$25  billion5,625
11,250
The performance period for each tranche began on the first trading day following the later of (a) the Company’s IPO date, or (b) October 27, 2021 and ends on the earliest to occur of (i) the date on which all shares subject to the 2021 CEO Market Award vests, (ii) the date Mr. Field ceases to satisfy the service-based vesting condition, (iii) the seventh anniversary of the grant date, or (iv) the occurrence of an acquisition of the Company prior to the Company’s IPO date. Public market capitalization is calculated on a fully-diluted basis implied by the volume weighted-average price for any 30-day trading period after the completion of an initial public offering, or in the case of an acquisition of the Company, the aggregate amount actually distributed to holders of the Company’s capital stock.
The Company estimated the grant date fair value of the 2021 CEO Market Award using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporated into the valuation the possibility that the public market capitalization targets may not be satisfied. The weighted-average grant date fair value of the award was estimated to be $6.42 per share.
The 2021 CEO Market Award contains an implied performance-based vesting condition satisfied upon the IPO or change in control date because no shares subject to the grant will vest unless one of these two events occurs. The performance-based vesting condition on the 2021 CEO Market Award was not modified as part of the May 2024 RSU Release and therefore expense continued to be deferred on the award until the Company completed its IPO. In connection with the Company’s IPO, on July 30, 2025, the performance-based vesting condition was satisfied and the Company recognized cumulative unrecognized stock-based compensation expense of $72.2 million during the year ended December 31, 2025. As of December 31, 2025, there was no remaining unrecognized stock-based compensation expense related to the 2021 CEO Market Award.
The performance period for each tranche of the 2021 CEO Market Award began in connection with the IPO. In August 2025, the settlement terms of the 2021 CEO Market Award were modified so that (i) in the event of a vesting event that occurs during a lock-up period, 50% of the RSUs vesting on that vesting event shall be settled upon the earlier to occur of (a) the tenth calendar day after the expiration of such lock-up period and (b) March 15th of the calendar year following the calendar year in which such vesting event occurs or (ii) in the event of a vesting event that occurs following the expiration of a lock-up period, 50% of the RSUs vesting on that vesting event shall be settled on the tenth calendar day after each vesting event. Further, the remaining 50% of the vested portion of the RSUs shall be settled upon the earlier to occur of (a) the date that is 91 calendar days after the first settlement date for a vesting event and (b) March 15th of the calendar year following the calendar year in which each vesting event occurs.
The Company determined that each of the three public market capitalization targets were achieved in September 2025, and therefore 11.3 million shares were vested upon the achievement date as the service-based vesting condition for the award had been met prior to the IPO. The fair value of the awards vested was equal to $629.6 million on the achievement date. Although the vesting conditions were satisfied in September 2025, only 50% of the vested shares were settled during the year ended December 31, 2025 due to the settlement terms discussed above. However, because all vesting conditions for the 2021 CEO Market Award were satisfied during the year ended December 31, 2025, the respective Class B common shares underlying the award are considered outstanding for accounting purposes and are included in the Company’s determination of calculating basic earnings per share. With respect to the timing of settlement for the award, the remaining 50% of the RSUs will be settled in the three months ending March 31, 2026.
2021 CEO Service Award
In October 2021, the Board approved a grant to Mr. Field, of RSUs, with respect to 11.3 million shares of Class B common stock (the “2021 CEO Service Award”). The grant has service-based and performance-based vesting conditions.
The award is comprised of four tranches that vest annually beginning on July 1, 2022 so long as the CEO is in continuous service with the Company through each applicable vesting date.
In May 2024, the 2021 CEO Service Award was modified to remove the performance-based vesting condition satisfied upon the Company’s IPO or change in control date for RSUs for which the service-based vesting condition had been met as of the modification date. Accordingly, these RSUs were remeasured and fully vested as of the modification date, resulting in the recognition of stock-based compensation expense of $78.3 million, and the gross release of 3.4 million shares of Class B common stock. The remaining outstanding RSU awards were not modified and continued to be subject to both service-based and performance-based vesting conditions. The performance-based vesting condition was satisfied in connection with the Company’s IPO on July 30, 2025 resulting in the Company recognizing the total remaining stock-based compensation expense on the award of $84.1 million and the gross release of 7.9 million shares of Class B common stock during the year ended December 31, 2025. The fair value of the shares vested and released on the IPO was equal to $259.9 million. As of December 31, 2025, there was no remaining unrecognized stock-based compensation expense related to the 2021 CEO Service Award.
2025 CEO Stock Price Award
In June 2025, the Board approved a grant to Mr. Field of RSUs with respect to 14.5 million shares of Class B common stock (the “2025 CEO Stock Price Award”). The grant has service-based, market-based, and performance-based vesting conditions.
The award is comprised of seven tranches that are eligible to vest based on the achievement of certain stock price targets as follows:
TrancheStock price targetsPercentage of shares of Class B common stock vested
1$60 per share15%
2$70 per share15%
3$80 per share15%
4$90 per share15%
5$100 per share14.5%
6$110 per share13.5%
7$130 per share12%
100%
The performance period for each tranche begins upon the IPO and ends on the earlier of (i) the tenth anniversary of the IPO, or (ii) the occurrence of a change in control. As to any portion of the 2025 CEO Stock Price Award that satisfies the market-based vesting condition, the service-based vesting condition will be satisfied in seven substantially equal installments on each of the first seven anniversaries of the vesting commencement date, as long as the CEO is in continuous service with the Company through the applicable vesting date. The stock price targets are calculated based on the volume-weighted average trading price (“VWAP”) of the Company’s Class A common stock over any consecutive 60-day period during the term of the 2025 CEO Stock Price Award. The 60-day average VWAP shall be reported on such reasonable resource designated by the Company. In the event that a stock price target is achieved, the Compensation Committee of the Board in its sole and absolute discretion shall determine and certify achievement of the stock price target.
The Company estimated the grant date fair value of the 2025 CEO Stock Price Award using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the stock price targets may not be satisfied. The weighted-average grant date fair value of the award was estimated to be $27.45 per share. At the grant date, the requisite service period for each individual tranche of the award was equal to the longer of the explicit, implicit, or derived service period for each tranche.
The 2025 CEO Stock Price Award contained an implied performance-based vesting condition that was satisfied upon the IPO on July 30, 2025 and therefore any expense was deferred until the achievement of the IPO. The Company recognized a total of $55.5 million of stock-based compensation expense during the year ended December 31, 2025 related to the 2025 CEO Stock Price Award.
The Company has determined that the stock price targets with respect to the first three tranches of the 2025 CEO Stock Price Award were achieved during the year ended December 31, 2025. The award is subject to an on-going service requirement and will vest and be settled in seven substantially equal installments on each of the first seven anniversaries of the vesting commencement date, as long as the CEO is in continuous service with the Company through the applicable vesting date.
The Company had $342.0 million of total unrecognized stock-based compensation related to the 2025 CEO Stock Price Award as of December 31, 2025 that will be recognized on an accelerated attribution basis over a remaining weighted-average service period of approximately 4.0 years.
2025 CEO Service Award
In June 2025, the Board approved a grant to Mr. Field, of RSUs, with respect to 14.5 million shares of Class B common stock (the “2025 CEO Service Award”). The grant has only service-based vesting conditions. The award is comprised of five tranches that vest on the anniversary of the vesting commencement date, of 10%, 20%, 20%, 20%, and 30%, so long as the CEO is in continuous service with the Company through each applicable vesting date.
In August 2025, the settlement terms of the 2025 CEO Service Award were modified such that (a) with respect to the RSUs that will vest subject to the CEO’s continuous service on July 1, 2026, such initial RSUs shall be settled on the tenth calendar day after vesting and (b) with respect to all other RSU tranches other than the initial RSUs vesting on July 1, 2026, vested RSUs shall be settled as soon as administratively practicable, but no later than 60 calendar days after vesting.
During the year ended December 31, 2025, the Company recognized $47.2 million in stock-based compensation related to the 2025 CEO Service Award. As of December 31, 2025, the Company had $417.2 million in remaining unrecognized stock-based compensation related to the award that will be recognized over the remaining requisite service period of 4.5 years.
v3.25.4
Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Net Income (Loss) per Share
The Company computes earnings per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Prior to the IPO, the outstanding convertible preferred stock were deemed to be participating securities. The Company’s participating securities do not have a legal obligation to share in the Company’s losses.
In connection with the IPO, the Company amended its certificate of incorporation and authorized the issuance of multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock, Class B common stock, and Class C common stock are the same, other than voting rights. Accordingly, the Class A common stock, Class B common stock, and Class C common stock share equally in the Company’s net income (losses), and as such have been combined for the purpose of calculating net income (loss) per share.
Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of total common stock outstanding.
For the years ended December 31, 2025 and 2024, diluted net loss per share is the same as basic net loss per share as there was no net income attributable to common stockholders for either period, and, as a result, the inclusion of all potential common shares outstanding would have been antidilutive. For the year ended December 31, 2023, diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding.
The following table sets forth the computation of the basic and diluted net income (loss) per share attributable to common stockholders during the periods presented.
Year Ended December 31,
202520242023
Basic and diluted net loss per share:
Numerator:
Net income (loss) attributable to common stockholders$(1,250,463)$(732,120)$285,859 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic337,044 195,612 168,399 
Net income (loss) per share, basic$(3.71)$(3.74)$1.70 
Diluted net loss per share:
Numerator:
Net income (loss) attributable to common stockholders$(1,250,463)$(732,120)$285,859 
Reallocation of net income to common stockholders considering potentially dilutive securities— — 18,274 
Net income (loss) attributable to common stockholders considering potentially dilutive securities$(1,250,463)$(732,120)$304,133 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic337,044 195,612 168,399 
Effect of dilutive securities:
Stock options— — 18,548 
Warrants— — 260 
Weighted-average shares outstanding used in computing net income (loss) per share, diluted337,044 195,612 187,207 
Net income (loss) per share, diluted$(3.71)$(3.74)$1.62 
The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive, or the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods, was as follows:
Year Ended December 31,
202520242023
RSUs(1)
27,778 49,748 47,589 
Unvested RSAs670 262 — 
CEO Equity Awards(2)
13,503 20,679 22,500 
Convertible preferred stock(3)
142,882 246,993 — 
Stock options21,668 19,823 — 
Warrants(4)
151 261 — 
Total206,652 337,766 70,089 
__________________
(1)For the year ended December 31, 2025, RSUs excluded in the diluted per share calculations under the two class method include RSUs subject to only a service condition because the impact would be anti-dilutive. For the year ended December 31, 2024, RSUs excluded in the dilutive per share calculation include only RSUs subject to both a service and performance condition which were excluded due to RSUs being contingently issuable as of December 31, 2024.
(2)In October 2021, the Board approved a grant to the Company’s CEO of RSUs with respect to 22.5 million shares of Class B common stock. In June 2025, the Board approved a grant to the Company’s CEO of RSUs with respect to 29.0 million shares of Class B common stock. See Note 13 “Stockholders’ Equity” for further details.
(3)For the years ended December 31, 2025 and 2024, convertible preferred stock was not included in the dilutive per share calculation under the two class method, as the convertible preferred stockholders were not legally obligated to share in the Company’s losses. For the year ended December 31, 2023, convertible preferred stock was included in in the dilutive per share calculation under the two class method. Upon the IPO, all convertible preferred stock converted into shares of Class A common stock. Therefore, there are no potentially dilutive shares of common stock related to convertible preferred stock as of December 31, 2025.
(4)Upon the IPO, all warrants were fully exercised and converted into shares of Class A common stock. Therefore, there are no potentially dilutive shares of common stock related to warrants as of December 31, 2025.
v3.25.4
Other Income, Net
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other Income, Net Other Income, Net
Other income, net consisted of the following:
Year Ended December 31,
202520242023
Interest income$62,199 $63,701 $19,853 
Unrealized gains (losses) on equity securities(797)23,766 — 
Other income(1)
6,745 — 1,000,036 
Other expense, net(3,332)(3,105)(514)
Total other income, net$64,815 $84,362 $1,019,375 

__________________
(1)On December 17, 2023, the Company abandoned its Merger Agreement with Adobe. Subject to the terms of the Merger Agreement, upon abandonment of the deal, Adobe was required to pay the Company a termination fee of $1.0 billion.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the years ended December 31, 2025, 2024, and 2023 the Company’s income (loss) before provision for income taxes was as follows:
Year Ended December 31,
202520242023
Domestic$(1,235,143)$(801,821)$942,722 
Foreign9,501 8,750 3,197 
Income (loss) before income taxes$(1,225,642)$(793,071)$945,919 
For the years ended December 31, 2025, 2024, and 2023, the provision for (benefit from) income taxes consisted of the following:
Year Ended December 31,
202520242023
Current:
Federal$819 $(57,990)$186,475 
State1,553 (4,322)20,759 
Foreign24,592 2,531 844 
Total$26,964 $(59,781)$208,078 
Deferred:
Federal$(1,647)$— $— 
State(257)— — 
Foreign(239)(1,170)— 
Total(2,143)(1,170)— 
Provision for (benefit from) income taxes$24,821 $(60,951)$208,078 
The Company’s income tax expense for the year ended December 31, 2025 was primarily due to the impact of a non-recurring intragroup transfer of certain intellectual property (“IP”) rights to the United States as a result of the Company’s acquisition of Weavy. As a result, the Israeli subsidiary of the Company recognized a taxable gain for local statutory purposes of approximately $24.5 million. The Company evaluated the tax consequences of the intercompany transfer, including the valuation of the IP and the application of relevant Israeli and U.S. tax laws, and believes the transaction was completed in accordance with applicable transfer pricing and tax regulations. No material reserves for uncertain tax positions were recorded in connection with the transfer as of December 31, 2025.
The table below provides the updated requirements of ASU 2023-09 for the Company’s effective tax rate for the year ended December 31, 2025. See Note 1 “Description of the Business and Summary of Significant Accounting Policies” for additional details on the adoption of ASU 2023-09.
Year Ended December 31,
2025
Provision at federal statutory rate$(257,385)21.0 %
State and local income tax, net of federal income tax effect(1)
(13)— %
Foreign tax effects
Israel
Transfer of intellectual property23,091 (1.9)%
Other foreign jurisdictions241 — %
Effect of changes in tax laws or rates enacted in the current period— — %
Effect of cross-border tax laws— — %
Tax credits
Research credits(96,193)7.8 %
Changes in valuation allowance389,932 (31.8)%
Nontaxable or nondeductible items
Stock-based compensation(118,966)9.8 %
Officer compensation71,802 (5.9)%
Other1,054 (0.1)%
Changes in unrecognized tax benefits29,900 (2.4)%
Other
IP onshore(20,979)1.7 %
Other2,338 (0.2)%
Provision for (benefit from) income taxes$24,821 (2.0)%
__________________
(1)State taxes in Massachusetts and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
The Company’s effective tax rate of (2.0)% for the year ended December 31, 2025 was primarily due to the impact of the Israel IP transfer.
As previously disclosed, for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the Company’s effective income tax rate differed from the statutory federal income tax rate as follows:
Year Ended December 31,
20242023
Expected tax provision at statutory income tax rate21.0 %21.0 %
Research & development credits7.4 %(1.3)%
Stock-based compensation(0.1)%— %
State taxes6.0 %2.1 %
Foreign rate differential0.1 %— %
Transaction costs— %(0.2)%
US taxation on foreign operations— %(0.6)%
Other(0.3)%0.1 %
Change in valuation allowance(26.4)%0.9 %
Provision for income taxes7.7 %22.0 %
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at the enacted rates. The significant components of the Company’s deferred tax assets and liabilities were as follows:
Year Ended December 31,
20252024
Deferred tax assets:
Operating lease liabilities$13,230 $6,129 
Stock based compensation121,627 16,264 
Net operating loss carryforwards144,998 49,484 
Research and development tax credits116,462 17,354 
Capitalized research expenditures317,753 179,787 
Accrued Bonus12,488 — 
Intangibles25,576 1,279 
Other timing differences1,418 1,007 
Gross deferred tax assets753,552 271,304 
Valuation allowance(726,188)(251,172)
Total deferred tax assets, net of valuation allowance27,364 20,132 
Deferred tax liabilities:
Operating lease right-of-use assets(13,004)(6,095)
Capitalized expenses(8,626)(6,962)
Other(5,734)(5,904)
Total deferred tax liability(27,364)(18,961)
Net deferred tax assets$— $1,171 
Based on the evaluation of positive and negative evidence as of the balance sheet date, the Company applied a full valuation allowance against all of its worldwide net deferred taxes.
The Company considers its non-U.S. earnings to be indefinitely reinvested outside of the United States to the extent these earnings are not subject to the U.S. income tax under an anti-deferral tax regime. Given the Company’s intent to reinvest these earnings for an indefinite period of time, the Company has not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable.
As of December 31, 2025, the Company had gross federal, state, and foreign net operating loss (“NOL”) carryforwards of approximately $508.9 million, $427.5 million and $15.5 million, respectively. The federal and foreign NOLs do not expire and the state NOLs begin to expire in 2029.
As of December 31, 2025, the Company also had federal research and development credit carryforwards of approximately $96.3 million which begin to expire in 2041 and state research and development credit carryforwards of approximately $68.9 million which begin to expire in 2029.
Federal and state tax laws impose restrictions on utilization of NOL and tax credit carryforwards in the event of an ownership change, as defined in Section 382 of the Code. The Company’s ability to utilize its NOL and tax credit carryforwards are subject to limitation under these provisions.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows for both periods presented:
Year Ended December 31,
202520242023
Balance at beginning of year$45,195 $12,401 $11,909 
Additions based on tax positions related to the current year40,795 32,804 5,052 
Additions (reductions) for tax positions of prior years2,287 (10)(4,560)
Balance at end of year$88,277 $45,195 $12,401 
The Company recognizes the effect of uncertain income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition are reflected in the period in which the change in judgment occurs. Included in the balance of uncertain income tax positions are tax benefits of $38.6 million and $37.5 million as of December 31, 2025 and 2024, respectively, that, if recognized, would affect the effective tax rate.
The Company recognizes interest and penalties related to its uncertain tax positions as a component of its provision for income taxes. As of and for the years ended December 31, 2025, 2024, and 2023, accrued interest and penalties related to unrecognized tax benefits were not material.
The Company’s primary tax jurisdiction is the United States. The Company is subject to U.S. federal, state, and foreign income tax. Generally, in the U.S. federal and state jurisdictions, tax periods in which certain loss and credit carryforwards are generated remain open for audit until such time as the limitation period ends for the year in which such losses or credits are utilized. All tax periods remain open to examination by major taxing jurisdictions to which the Company is subject. The Company is not currently under examination by income tax authorities for federal or state purposes.
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment information
The Company’s chief operating decision maker (“CODM”) is the CEO. The Company manages its operations and allocates resources as a single operating segment at the consolidated level. Accordingly, the CODM uses consolidated net income (loss), as reported on the consolidated statements of operations, to assess performance of the Company and to allocate resources as part of the annual reporting process and to assess the performance of the Company’s single reportable segment, primarily by monitoring actual results versus the actual plan.
The significant expenses reviewed by the CODM are consolidated operating expenses and stock-based compensation, as presented in the consolidated statements of operations. Consolidated operating expenses include research and development, sales and marketing, and general and administrative expenses. Research and development, sales and marketing, and general and administrative expenses include depreciation and amortization expense. Other segment items consist of other income, net and provision for (benefit from) income taxes, as presented in the consolidated statements of operations.
The CODM does not evaluate segment performance using balance sheet information.
Geographic areas
Long-lived assets and revenue by geographic region, based on the physical location of the operations recording the asset or the sale, are as follows:
Long-lived assets
The following table sets forth long-lived assets by geographic area which primarily consist of property and equipment, net and operating lease right-of-use assets, and are attributed to a country based on the physical location of the assets. Aggregate property and equipment, net and operating lease right-of-use assets by geographic area was as follows:
As of December 31,
20252024
United States$73,548 $39,606 
International3,859 4,217 
Total$77,407 $43,823 
No single country outside of the United States accounted for more than 10% of total long-lived assets as of either of December 31, 2025 and 2024.
Revenue
The following table shows the Company’s revenue by geographic areas, as determined based on the billing address of its customers:
Year Ended December 31,
202520242023
United States$491,548 $359,406 $252,289 
International564,240 389,605 252,585 
Total$1,055,788 $749,011 $504,874 
No single country outside of the United States accounted for more than 10% of total revenue for any of the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, and we maintain a robust cybersecurity risk management program. The cross-functional group responsible for our cybersecurity risk management includes members of our governance, risk, and compliance (“GRC”) team, legal, information technology, procurement, security engineering, and internal audit teams, including members of our senior management team. Our cybersecurity program is designed to anticipate, identify, monitor, evaluate, respond to, and protect against cybersecurity risks, threats, and incidents, including those associated with our products and platform, as well as our use of software, applications, services, and cloud infrastructure developed or provided by third-party vendors and service providers, and to protect the confidentiality, integrity, and availability of our systems and data, including customer information and our intellectual property. This program is informed in part by industry standards and best practices, such as the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework.
We have established a comprehensive set of information security policies, which include policies for the mitigation of risks related to cybersecurity threats, as well as an incident management policy, which outlines the procedures for our response to potential cybersecurity incidents. This framework is intended to identify cybersecurity threats and incidents, assess the severity and overall risk of any cybersecurity threat or attack, implement countermeasures and mitigation or remediation strategies, and inform the relevant members of our senior management team, who inform the Audit Committee and our Board of Directors of material cybersecurity threats or incidents. We regularly review and update these policies to account for changes in the threat and operational landscapes and in response to legal and regulatory developments. Our incident response team is responsible for the assessment, monitoring, and disposition of potential security incidents and implementing an incident response plan. A cross functional incident management policy includes processes and procedures for assessing and classifying potential incidents by severity and priority, defining roles among the cross-functional incident response team, communicating details of potential incidents to internal stakeholders, advisors, and external authorities, including law enforcement when necessary, and developing a plan for mitigation, containment, remediation, disclosure, and/or notification, in each case to the extent applicable, as well as post-incident recovery designed to safeguard the confidentiality, availability, and integrity of the data and information assets that we store or process.
In addition to our information security policy, our security and legal teams work with our product, design, and engineering teams to identify areas of potential cybersecurity and data privacy risk and implement mitigation or remediation measures with respect to the development of our platform, products, and features. We also require mandatory cybersecurity and data privacy training for all employees and any contractor with access to our information technology systems, as well as additional training for members of our incident response teams. In
addition, we engage third parties, including counsel, auditors, consultants, vendors, and other external service providers, to support our cybersecurity and data privacy programs. For example, we regularly engage independent third parties for penetration testing and evaluation of our compliance with various security standards, including SOC 2 Type II, ISO 27001, ISO 27701, ISO 27017, and ISO 27018. We also have processes to oversee and identify risks from cybersecurity threats associated with our use of third-party service providers, including performing due diligence and review of our vendors’ and prospective vendors' cybersecurity risk profile.
Despite significant investments in our cybersecurity risk management program, there can be no assurance that we can prevent or mitigate a cybersecurity incident that could have a material adverse effect on us. However, to date we are not aware of any such incidents that have had a material impact on our offerings, systems or business. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For additional information about these risks, see Part I, Item 1A, “Risk Factors” in this Annual Report on Form 10-K, including “Security and privacy breaches may adversely impact our business, operating results, and financial condition.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our cybersecurity program is designed to anticipate, identify, monitor, evaluate, respond to, and protect against cybersecurity risks, threats, and incidents, including those associated with our products and platform, as well as our use of software, applications, services, and cloud infrastructure developed or provided by third-party vendors and service providers, and to protect the confidentiality, integrity, and availability of our systems and data, including customer information and our intellectual property.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors oversees our overall enterprise risk management, and our Audit Committee specifically oversees and regularly reviews cybersecurity risk management. The Audit Committee provides oversight and reviews management policies, processes, and procedures related to the cybersecurity risks to which we are exposed. Management regularly reports to the Audit Committee regarding its process and procedures to mitigate or remediate cybersecurity risks, threats, and incidents, along with results of our cybersecurity monitoring activities.
We also have established a cross-functional team that is responsible for our information security and privacy programs and practices, as well as assessing, identifying, managing, and mitigating security and privacy risks. Members of this team report periodically to the Board of Directors, Audit Committee, and our senior leadership. This team includes senior leaders from our GRC, legal, information technology, procurement, security engineering, and internal audit teams, and is overseen by our Chief Technology Officer, Chief Financial Officer, and our General Counsel. Our Chief Technology Officer has been with us since 2017, having served as our VP of Engineering or Chief Technology Officer for a total of over eight years, and has over two decades of experience in the engineering and security profession. Our Chief Financial Officer has been with us since 2017, having served as our Head of Business Operations and Finance or Chief Financial Officer for a total of over eight years, and has over ten years of experience in finance and business operations at technology companies. Our General Counsel has been with us since 2019, having served as our Director of Legal, VP of Legal, or General Counsel for a total of over six years, and has over 15 years of experience in the legal profession advising companies in the technology space.
Management is responsible for day-to-day risk management activities, including identifying and assessing cybersecurity risks, establishing processes to ensure that potential cybersecurity risk exposures are mitigated and monitored, implementing appropriate mitigation or remediation measures, and maintaining cybersecurity programs. Members of senior leadership are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through their management of, and participation in, the cybersecurity risk management program described herein.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors oversees our overall enterprise risk management, and our Audit Committee specifically oversees and regularly reviews cybersecurity risk management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee provides oversight and reviews management policies, processes, and procedures related to the cybersecurity risks to which we are exposed. Management regularly reports to the Audit Committee regarding its process and procedures to mitigate or remediate cybersecurity risks, threats, and incidents, along with results of our cybersecurity monitoring activities.
Cybersecurity Risk Role of Management [Text Block] Management regularly reports to the Audit Committee regarding its process and procedures to mitigate or remediate cybersecurity risks, threats, and incidents, along with results of our cybersecurity monitoring activities.
We also have established a cross-functional team that is responsible for our information security and privacy programs and practices, as well as assessing, identifying, managing, and mitigating security and privacy risks. Members of this team report periodically to the Board of Directors, Audit Committee, and our senior leadership. This team includes senior leaders from our GRC, legal, information technology, procurement, security engineering, and internal audit teams, and is overseen by our Chief Technology Officer, Chief Financial Officer, and our General Counsel. Our Chief Technology Officer has been with us since 2017, having served as our VP of Engineering or Chief Technology Officer for a total of over eight years, and has over two decades of experience in the engineering and security profession. Our Chief Financial Officer has been with us since 2017, having served as our Head of Business Operations and Finance or Chief Financial Officer for a total of over eight years, and has over ten years of experience in finance and business operations at technology companies. Our General Counsel has been with us since 2019, having served as our Director of Legal, VP of Legal, or General Counsel for a total of over six years, and has over 15 years of experience in the legal profession advising companies in the technology space.
Management is responsible for day-to-day risk management activities, including identifying and assessing cybersecurity risks, establishing processes to ensure that potential cybersecurity risk exposures are mitigated and monitored, implementing appropriate mitigation or remediation measures, and maintaining cybersecurity programs. Members of senior leadership are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through their management of, and participation in, the cybersecurity risk management program described herein.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] We also have established a cross-functional team that is responsible for our information security and privacy programs and practices, as well as assessing, identifying, managing, and mitigating security and privacy risks. Members of this team report periodically to the Board of Directors, Audit Committee, and our senior leadership. This team includes senior leaders from our GRC, legal, information technology, procurement, security engineering, and internal audit teams, and is overseen by our Chief Technology Officer, Chief Financial Officer, and our General Counsel.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Chief Technology Officer has been with us since 2017, having served as our VP of Engineering or Chief Technology Officer for a total of over eight years, and has over two decades of experience in the engineering and security profession. Our Chief Financial Officer has been with us since 2017, having served as our Head of Business Operations and Finance or Chief Financial Officer for a total of over eight years, and has over ten years of experience in finance and business operations at technology companies. Our General Counsel has been with us since 2019, having served as our Director of Legal, VP of Legal, or General Counsel for a total of over six years, and has over 15 years of experience in the legal profession advising companies in the technology space.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Management is responsible for day-to-day risk management activities, including identifying and assessing cybersecurity risks, establishing processes to ensure that potential cybersecurity risk exposures are mitigated and monitored, implementing appropriate mitigation or remediation measures, and maintaining cybersecurity programs. Members of senior leadership are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through their management of, and participation in, the cybersecurity risk management program described herein.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of the Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements include the accounts of Figma, Inc. and its wholly owned subsidiaries.
Consolidation All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates
Use of estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the consolidated financial statements. Management evaluates these estimates and assumptions on a regular basis. Actual results may differ materially from these estimates.
The Company’s most significant estimates and judgments involved the measurement of the Company’s stock-based compensation, including the estimation of the fair value of the underlying common stock in periods prior to the date of the IPO, the estimation of the fair value of market-based awards, the determination of the fair value of assets and liabilities assumed in business combinations, reserves for uncertain tax positions, and the realizability of deferred tax assets.
Foreign currency transactions
Foreign currency transactions
The functional currency of each of the Company’s foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on the balance sheet date. Non-monetary assets and liabilities are remeasured at the historical rate. Revenue and expenses are remeasured at the average exchange rate for the period. Remeasurement adjustments are recognized in the accompanying consolidated statements of operations as transaction gains or losses in the year of occurrence as part of other income, net. Foreign currency transaction gains or losses were immaterial for all periods presented.
Financial information about segments and geographic areas
Financial information about segments and geographic areas
The Company manages its operations and allocated resources as a single operating segment. Further, the Company manages, monitors, and reports its financial information as a single reportable segment. See Note 17 “Segment and Geographic Information” for additional information.
Revenue recognition
Revenue recognition
The Company primarily derives its revenue from sales of subscriptions for access to its platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its
subscription agreements. The Company accounts for revenue contracts with customers by applying the requirements of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Access to the platform represents a series of distinct services as the Company continually provides access to and fulfills its obligation to the customer over the subscription term. The series of distinct services represent a single performance obligation that is satisfied over time. The Company recognizes revenue ratably over the contract term, beginning on the date that the platform is made available to the customer, because the customer receives and consumes the benefits of the platform throughout the contract period. The price of subscriptions is dependent on the number of seats and the subscription plan. The Company’s contracts typically do not contain variable consideration given the price is fixed at contract inception.
The Company’s subscription agreements generally have monthly or annual contractual terms. The Company typically invoices in advance for contracts, and payment terms and conditions vary by contract type although terms generally include a requirement of payment within 30 to 60 days of the invoice date. At the end of each monthly or quarterly period of the contract, the Company invoices customers for additional seats added during the respective month or quarter, inclusive of amounts due for services delivered and amounts due for the remaining term of the subscription. The Company records deferred revenue when cash payments are received or due in advance of its performance and revenue is recognized ratably over the related contractual term. The timing of revenue recognition may differ from the timing of invoicing customers, and these timing differences result in accounts receivables, contract assets, or deferred revenue on the consolidated balance sheets. Accounts receivable consists of amounts the Company has invoiced or for which it has an unconditional right to consideration. Contract assets consists of amounts the Company has recognized as revenue in advance of invoicing customers. Deferred revenue represents amounts that the Company has an unconditional right to invoice in advance of revenue recognition. The Company applied the practical expedient in ASC 606 and did not adjust for the effects of a significant financing component as the period between the time of service and time of payment is typically one year or less.
Stock-based compensation
Stock-based compensation
The Company grants stock options, RSUs, and rights to acquire stock under the Company’s Employee Stock Purchase Plan (the “2025 ESPP”). The Company measures compensation for all categories of equity awards based on the estimated fair value of the award on the date of grant.
The fair value of each stock option and right to acquire stock under the 2025 ESPP is estimated using the Black-Scholes option pricing model. Estimating the grant date fair value of stock options and rights to acquire stock under the 2025 ESPP requires the Company to make assumptions and judgments regarding the variables used in the calculation. Stock-based compensation for stock options is recognized on a straight-line basis over the requisite service period of each award. Stock-based compensation for rights to acquire stock under the 2025 ESPP is recognized on a straight-line basis over the applicable offering period.
The Company measures compensation for RSUs based on the estimated fair value of the Company’s Class A common stock on the date of grant. Prior to the IPO, the Company granted RSUs to its employees and directors with service-based and performance-based vesting conditions. The service-based vesting period for these awards is typically four years, subject to a one-year cliff for new hire grants. The performance-based vesting condition, for those RSUs with both service-based and performance-based vesting conditions, was deemed probable of being satisfied upon the Company’s IPO in July 2025. Due to the performance-based vesting condition, stock-based compensation related to these RSUs is recognized over the requisite service period using the accelerated attribution method. The Company also began to grant RSUs with only a service-based vesting condition during the year ended December 31, 2025. Stock-based compensation related to RSUs with only a service-based vesting condition is recognized over the requisite service period of each award on a straight-line basis.
The Company also has granted certain RSUs with both market-based and service-based vesting conditions. The market-based vesting conditions resulted in implied performance-based vesting conditions that were satisfied upon the IPO. The Company estimated the grant date fair value of the market-based awards using a Monte Carlo simulation that incorporates into the valuation the possibility that the market conditions may not be satisfied. The Company will recognize stock-based compensation expense over the requisite service period of each tranche using the accelerated attribution method, regardless of whether the market conditions are achieved.
The Company’s accounting policy with respect to stock-based compensation expense is to account for forfeitures in the period in which they occur.
Net income (loss) per share
Net income (loss) per share
The Company computes earnings per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Prior to the IPO, the outstanding convertible preferred stock were deemed to be participating securities. The Company’s participating securities did not have a legal obligation to share in the Company’s losses.
Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of total common stock outstanding.
Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding preferred stock, and by application of the treasury stock method for the Company’s other potentially dilutive securities.
Cost of revenue
Cost of revenue
Cost of revenue consists primarily of expenses related to third-party hosting and infrastructure-related costs. This includes AI inference, payment processing fees, amortization of capitalized internal-use software development costs, amortization of acquired developed technology, and allocated overhead. Cost of revenue also includes employee-related costs for technical operations staff that support paid users, including salaries, benefits, and stock-based compensation expense.
Research and development
Research and development
Research and development costs are expensed as incurred, unless they qualify as capitalizable internal-use software development costs. Research and development expense consists primarily of employee-related costs such as salaries, benefits, and stock-based compensation expense for employees that are engaged in the research and development of new and existing products, technical infrastructure and hosting costs, professional services fees, software subscription fees, and allocated overhead.
Advertising costs
Advertising costs
Advertising costs are expensed as incurred and were $21.8 million, $19.9 million, and $15.8 million for the years ended December 31, 2025, 2024, and 2023 respectively. Advertising costs are included in sales and marketing expense in the accompanying consolidated statements of operations.
Income taxes
Income taxes
The Company uses the asset and liability method of accounting for income taxes. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the consolidated statements of operations in the period that includes the enactment date.
A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets.
The Company uses a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense.
Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax positions on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit, and effective settlement of audit issues.
To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and results of operations.
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash
Cash and cash equivalents consists of cash on deposit with banks, amounts in transit from payment processors, and highly liquid investments with an original maturity of three months or less from the date of purchase. The Company defines restricted cash as cash that cannot be withdrawn or used for general operating activities. Restricted cash balances consist of cash deposited with financial institutions as collateral for the Company’s obligations under its facility leases, cash deposited with financial institutions as collateral for the Company’s credit card limit, and cash deposits for the Company’s self-funded health insurance plan.
The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts.
Marketable securities
Marketable securities
The Company’s marketable securities are comprised of debt and equity securities.
The Company’s debt securities are primarily comprised of commercial paper, corporate bonds, U.S. treasury securities, and U.S. agency securities. The Company has classified and accounted for its debt securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. The Company determines the appropriate classification of its debt securities at the time of purchase and reevaluates such designation at each balance sheet date.
The Company carries its available-for-sale debt securities at fair value and reports the unrealized gains and losses as a component of stockholders’ equity through accumulated other comprehensive income (loss) each reporting period. Realized gains and losses related to sales of available-for-sale debt securities are determined based on the specific identification method and are recorded as part of other income, net. Unrealized losses for any debt securities that management intends to sell or it is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in other income, net. The Company regularly reviews the securities in an unrealized loss position and evaluates whether a portion of the unrealized loss is a result of a credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts.
The Company holds an investment of $73.7 million in a Bitcoin exchange traded fund investment fund operated by Bitwise, Inc. The investment is classified as an equity security within marketable securities for the periods presented. The Company’s equity securities are initially measured at the transaction price plus transaction costs. Equity securities with readily determinable fair values are subsequently measured at fair value, with unrealized gains and losses recognized in other income, net.
The Company classifies its marketable securities, including securities with stated maturities beyond twelve months, within current assets in the consolidated balance sheets.
Strategic investments
Strategic investments
As of December 31, 2025, the Company holds $13.0 million of strategic investments, which are included in other assets on the consolidated balance sheets, that consist of non-marketable equity investments of privately held companies in which the Company does not have a controlling interest. These investments do not have readily determinable fair values and are measured in accordance with the measurement alternative at cost, less impairment, if any, plus or minus changes resulting from observable price changes from orderly transactions for the identical or a similar investment of the same issuer in the period of occurrence and are classified within Level 3 in the fair value hierarchy. Changes to the carrying value of strategic investments are recorded through other income, net in the consolidated statements of operations. The Company’s strategic investments were not material as of December 31, 2024.
Digital assets
Digital assets
USDC
The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars. The Company accounts for USDC as a financial instrument, presented as digital assets, current on the consolidated balance sheets. The Company has elected to carry USDC at fair value using the fair value option. Income from USDC is recognized within other income, net in the consolidated statements of operations.
In May 2025, the Company purchased $30.0 million of USDC. In November 2025, the Company sold and reinvested $15.0 million of USDC into Bitcoin. As of December 31, 2025 the Company holds $15.6 million of USDC.
Bitcoin
The Company holds Bitcoin for long term investment purposes ("Bitcoin investment"). The Company accounts for its Bitcoin investment as an indefinite-lived intangible asset in accordance with ASC 350-60, Intangibles—Goodwill and Other - Crypto Assets, presented within as digital assets, non-current on the consolidated balance sheets. The Company has control over the Bitcoin investment and uses a third-party custodial service to secure it. The Company’s Bitcoin investment was initially recorded at cost, inclusive of transaction costs, and the Company uses the ‘first-in, first-out’ method to determine the cost basis. Subsequently, the Company
remeasures its Bitcoin investment at fair value based on quoted prices on the active exchange that the Company has determined to be the principal market for the asset. Realized and unrealized gains and losses are recorded to other income, net in the consolidated statements of operations. As of December 31, 2025 the Company holds $15.1 million in its Bitcoin investment.
Refer to Note 4. “Digital Assets” for additional information.
Concentrations of risk
Concentrations of risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, digital assets, current, marketable securities, and accounts receivable. The Company places its cash, cash equivalents, restricted cash, digital assets, current, and marketable securities with financial institutions that management believes are of high credit quality, although such deposits may at times exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and restricted cash to date. Cash equivalents and marketable debt securities are invested in highly rated investments. Digital assets, current represents the Company’s investment in USDC. The underlying reserves of USDC are held in cash, short-duration U.S Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.
No customer accounted for 10% or greater of total accounts receivable as of each of December 31, 2025 and 2024. There were no customers representing 10% or greater of revenue for any of the years ended December 31, 2025, 2024, and 2023.
The Company relies upon a third-party hosted infrastructure partner globally to serve customers and operate certain aspects of its services, such as environments for development testing, training, sales demonstrations, and production usage. Accordingly, any disruption of or interference at its hosted infrastructure partner would impact its operations and its business could be adversely impacted.
Fair value of financial instruments
Fair value of financial instruments
The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Measurements are classified in the following three-tiered hierarchy based on the lowest level input that is available and significant to the fair value measurement:
•Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
•Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
•Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
The carrying amounts of the Company’s cash, restricted cash, accounts receivable, and accounts payable approximate their fair values due to their short-term nature. See Note 5 “Fair Value Measurements” for information regarding the fair value of the instruments measured at fair value.
Accounts receivable, net
Accounts receivable, net
Accounts receivable, net are recorded at invoiced amounts, net of an allowance for expected credit losses, and do not bear interest. The Company regularly monitors collections and payments from customers and maintains an allowance for expected credit losses for estimated losses resulting from the inability of customers to make required payments. The allowance for expected credit losses reflects the Company’s consideration of current market conditions which may affect customer financial condition, and reasonable and supportable forecasts of future credit losses. Additionally, management considered factors such as historical credit loss experience and current conditions, such as the length of time accounts receivable were past due, customer payment histories, and any specific customer collection issues identified. The Company writes off accounts receivable that have become uncollectible. To date, the allowances for credit losses and related activity were not material to the consolidated financial statements.
Property and equipment, net
Property and equipment, net
Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset, which is generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the related lease. Expenditures for repairs and maintenance are charged to expense as incurred.
The following table presents the estimated useful lives of property and equipment:
Property and equipmentUseful life
Computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Internal-use software development costs
Internal-use software development costs
The Company capitalizes qualifying internal and external software development costs that are incurred during and directly related to the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.
Capitalized internal-use software costs are included in property and equipment, net. These costs are amortized over the estimated useful life of the internal-use software (generally three years) on a straight-line basis. The amortization of internal-use software development costs related to capitalized projects is included in cost of revenue.
Business combinations
Business combinations
The Company uses best estimates and assumptions, including but not limited to, the selection of valuation methodologies, future expected cash flows, costs to recreate developed technology, expected asset useful lives, and discount rates, to assign fair values to tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final
determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.
Long-lived assets, including intangible assets, net
Long-lived assets, including intangible assets, net
Intangible assets, other than those with indefinite useful lives, are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets’ useful life. The Company evaluates long-lived assets, such as property and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by comparing the carrying amount of an asset or an asset group to the estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If such review determines that the carrying amount of specific property and equipment or intangible assets is not recoverable, the carrying amount of such assets is reduced to its fair value. The Company did not record any impairment charges on its long-lived assets for the years ended December 31, 2025, 2024, and 2023.
Goodwill
Goodwill
Goodwill is not amortized, but rather is tested for impairment at least annually in the fourth quarter or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. The Company did not recognize any impairment of goodwill during the years ended December 31, 2025, 2024, and 2023.
Lease obligations
Lease obligations
The Company’s lease obligations relate to operating leases pertaining to the Company’s corporate office space.
Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use assets include minimum lease payments and are reduced by lease incentives. Variable lease payments that are not based on an index or a rate are expensed as incurred. The incremental borrowing rate is used in determining the present value of future payments. The Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term of an amount equal to the lease payments in a similar economic environment, as the interest rate implicit in the lease is typically not readily determinable. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The Company factors in publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Lease terms may include options to extend or terminate the lease. The Company generally uses the non-cancelable lease term when determining its lease liabilities, unless it is reasonably certain that the option will be exercised. The Company reassesses the lease term if and when a significant event or change in circumstances occurs within the control of the Company.
Lease incentives, rent concession, and rent escalation provisions are considered in determining the single lease cost to be recorded on a straight-line basis over the non-cancellable lease term, commencing on the date the Company has the right to use the leased property.
The Company’s operating leases have typically not included material non-lease components. The Company elected the practical expedient to combine lease and non-lease components for purposes of calculating the corresponding lease right-of-use assets and liabilities.
The Company applies the practical expedient to not recognize a right-of-use asset and lease liability for short-term leases. A short-term lease is a lease with an expected lease term of twelve months or less and which does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.
Defined Contribution Plan
Defined Contribution Plan
The Company maintains a tax-qualified retirement plan that provides eligible U.S. employees with an opportunity to save for retirement on a tax-advantaged basis. Plan participants are able to defer eligible compensation subject to applicable annual Internal Revenue Code of 1986, as amended (the “Code”), limits. The plan is a non-elective employer contribution per the safe harbor clause. The Company contributes to each employee’s plan at a rate of 3% of the employee’s total salary, up to a maximum annual contribution of $10,500, $10,350 and $9,900 per employee for the years ended December 31, 2025, 2024, and 2023, respectively, which is 50% vested after one year of service and 100% vested after two years of service. The plan is intended to be qualified under Section 401(a) of the Code with the plan’s related trust intended to be tax exempt under Section 501(a) of the Code. As a tax-qualified retirement plan, contributions to the plan and earnings on those contributions are not taxable to the employees until distributed from the plan. The Company’s contributions to its plan were $11.4 million and not material for the years ended December 31, 2025 and 2024, respectively.
Deferred commissions, net
Deferred commissions, net
Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales commissions earned by the Company’s sales force and related expenses, including associated payroll taxes and 401(k) contributions attributable to earned sales commissions, are deferred when they are considered to be incremental and recoverable costs of obtaining customer contracts. Deferred commissions, net of accumulated amortization, are included within prepaid expenses and other current assets and other assets on the consolidated balance sheets.
The Company capitalized incremental costs of obtaining a contract of $37.1 million, $34.1 million and $17.2 million during the years ended December 31, 2025, 2024, and 2023, respectively.
Deferred commissions, net included in prepaid and other current assets were $24.2 million and $17.9 million as of December 31, 2025 and 2024, respectively. Deferred commissions, net included in other assets were $41.0 million and $31.0 million as of December 31, 2025 and 2024, respectively.
Deferred commissions, net are amortized over a period of benefit of four years. The period of benefit is estimated by considering factors such as the length of the Company’s customer contracts, the impact of competition in the Company’s industry, historical attrition rates, and the useful life of the Company’s technology, among other factors. Amortization of deferred commissions totaled $20.9 million, $14.8 million, and $8.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in sales and marketing expense in the accompanying consolidated statements of operations. There was no impairment loss in relation to deferred commissions, net for any period presented.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted
Recently adopted accounting pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance income tax disclosures primarily through changes in rate reconciliation and income taxes paid disclosures. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 16 “Income Taxes” for additional information.
Recently issued accounting pronouncements not yet adopted
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software (referred to as "internal-use software"). Upon adoption, registrants will be required to account for internal-use software using updated capitalization criteria, which no longer make reference to software development stages and include the addition of a probable-to-complete recognition threshold. ASU 2025-06 is effective for annual periods, including interim reporting periods, beginning after December 15, 2027, with early adoption permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income — Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, to expand expense disclosures by requiring disaggregated disclosure of certain income statement line items, including those that contain purchases of inventory, employee compensation, depreciation, and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied prospectively. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement disclosures.
v3.25.4
Description of the Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Estimated useful lives of property and equipment
The following table presents the estimated useful lives of property and equipment:
Property and equipmentUseful life
Computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Property and equipment, net consisted of the following:
As of December 31,
20252024
Computer equipment$6,158 $5,327 
Furniture and fixtures6,241 5,752 
Leasehold improvements5,487 5,272 
Capitalized internal-use software development costs18,687 11,755 
Construction in progress1,433 — 
Total property and equipment38,006 28,106 
Accumulated depreciation and amortization(18,010)(13,089)
Property and equipment, net$19,996 $15,017 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Deferred Revenue
The changes in deferred revenue were as follows for the periods presented:
Year Ended December 31,
202520242023
Balance, beginning of period$381,363 $253,635 $161,549 
Billings and other(1)
1,269,759 876,739 596,960 
Revenue(1,055,788)(749,011)(504,874)
Balance, end of period$595,334 $381,363 $253,635 
__________________
(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.
v3.25.4
Cash, Cash Equivalents, and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of the Cash, Cash Equivalents and Marketable Securities
The amortized cost, unrealized gains and losses and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of December 31, 2025 and 2024 consisted of the following:
As of December 31, 2025Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$318,304 $— $— $318,304 
Money market funds9,543 — — 9,543 
Commercial paper69,846 2 (4)69,844 
Corporate bonds5,778 — — 5,778 
Total cash and cash equivalents403,471 2 (4)403,469 
Debt securities:
U.S. agency securities93,467 288 (1)93,754 
U.S. treasury securities513,335 2,025 (1)515,359 
Commercial paper123,465 60 (8)123,517 
Corporate bonds444,515 1,654 (14)446,155 
Total debt securities1,174,782 4,027 (24)1,178,785 
Total cash, cash equivalent, and debt securities$1,578,253 $4,029 $(28)$1,582,254 
Other:
Bitcoin exchange traded fund(1)
73,689 
Total cash, cash equivalents, and marketable securities$1,655,943 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
As of December 31, 2024Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$398,910 $— $— $398,910 
Money market funds1,865 — — 1,865 
Commercial paper86,184 2 (7)86,179 
Total cash and cash equivalents486,959 2 (7)486,954 
Debt securities:
U.S. agency securities100,793 285 (18)101,060 
U.S. treasury securities371,209 915 (200)371,924 
Commercial paper190,072 93 (10)190,155 
Corporate bonds228,706 555 (308)228,953 
Total debt securities890,780 1,848 (536)892,092 
Total cash, cash equivalent, and debt securities$1,377,739 $1,850 $(543)$1,379,046 
Other:
Bitcoin exchange traded fund(1)
78,791 
Total cash, cash equivalents, and marketable securities$1,457,837 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
Schedule of Debt Securities
The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
As of December 31, 2025
Amortized Cost Fair Value
Due within one year$654,048 $655,302 
Due in one year through five years596,358 599,105 
Total$1,250,406 $1,254,407 
As of December 31, 2024
Amortized Cost Fair Value
Due within one year$624,748 $625,326 
Due in one year through five years352,216 352,945 
Total$976,964 $978,271 
Schedule of Unrealized Loss Position on Investments The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash
equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of December 31, 2025 and 2024:
As of December 31, 2025
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$3,267 $(1)$— $— $3,267 $(1)
U.S. treasury securities959 — — — 959 — 
Commercial paper58,091 (12)— — 58,091 (12)
Corporate bonds27,027 (15)— — 27,027 (15)
Total
$89,344 $(28)$— $— $89,344 $(28)
As of December 31, 2024
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$11,892 $(18)$— $— $11,892 $(18)
U.S. treasury securities68,843 (195)7,527 (5)76,370 (200)
Commercial paper131,268 (17)— — 131,268 (17)
Corporate bonds71,854 (308)— — 71,854 (308)
Total
$283,857 $(538)$7,527 $(5)$291,384 $(543)
v3.25.4
Digital Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Digital Assets [Abstract]  
Schedule of Changes in Bitcoin Investment The following table summarizes the changes in the fair value of the Company’s Bitcoin investment during the year ended December 31, 2025:
UnitsFair Value
Balance at December 31, 2024— — 
Additions173 $15,000 
Remeasurement gains (losses) — 116 
Balance at December 31, 2025173 $15,116 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value on Recurring Basis
The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of December 31, 2025 and 2024:
As of December 31, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$9,543 $— $— $9,543 
Commercial paper— 69,844 — 69,844 
Corporate bonds— 5,778 — 5,778 
Total cash equivalents$9,543 $75,622 $— $85,165 
Marketable securities:
U.S. agency securities$— $93,754 $— $93,754 
U.S. treasury securities— 515,359 — 515,359 
Commercial paper— 123,517 — 123,517 
Corporate bonds— 446,155 — 446,155 
Bitcoin exchange traded fund73,689 — — 73,689 
Total marketable securities$73,689 $1,178,785 $— $1,252,474 
Digital assets, current
USDC$15,575 $— $— $15,575 
Digital assets, non-current
Bitcoin$15,116 $— $— $15,116 
As of December 31, 2024Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,865 $— $— $1,865 
Commercial paper— 86,179 — 86,179 
Total cash equivalents$1,865 $86,179 $— $88,044 
Marketable securities:
U.S. agency securities$— $101,060 $— $101,060 
U.S. treasury securities— 371,924 — 371,924 
Commercial paper— 190,155 — 190,155 
Corporate bonds— 228,953 — 228,953 
Bitcoin exchange traded fund78,791 — — 78,791 
Total marketable securities$78,791 $892,092 $— $970,883 
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
The following table presents the estimated useful lives of property and equipment:
Property and equipmentUseful life
Computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Property and equipment, net consisted of the following:
As of December 31,
20252024
Computer equipment$6,158 $5,327 
Furniture and fixtures6,241 5,752 
Leasehold improvements5,487 5,272 
Capitalized internal-use software development costs18,687 11,755 
Construction in progress1,433 — 
Total property and equipment38,006 28,106 
Accumulated depreciation and amortization(18,010)(13,089)
Property and equipment, net$19,996 $15,017 
v3.25.4
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Consideration Transferred The purchase consideration transferred consisted of the following:
Purchase consideration
Cash$39,642 
Cash holdback(1)
13,000 
Class A common stock(2)
32,053 
Transaction costs paid627 
Total purchase consideration
$85,322 
__________________
(1)The cash holdback is payable 12 months from the acquisition date and is subject to offset by the Company for any indemnification obligations that arise in connection with the acquisition during the period.
(2)Represents 0.6 million shares of the Company’s Class A common stock, valued using the Company’s closing stock price on the acquisition date.
v3.25.4
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following:
December 31, 2025
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(265)$460 1.9
Licenses, domain names and other474 (323)151 1.4
Customer relationships1,000 (351)649 1.3
Developed technology26,054 (8,231)17,823 1.9
Total intangible assets$28,253 $(9,170)$19,083 
December 31, 2024
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(24)$701 2.9
Licenses, domain names and other474 (170)304 2.2
Developed technology1,810 (304)1,506 2.5
Total intangible assets$3,009 $(498)$2,511 
Schedule of Future Amortization Expense
As of December 31, 2025, future amortization expense by year is expected to be as follows:
Amount
2026$11,145 
20275,440 
20282,498 
Total
$19,083 
Schedule of Goodwill The changes in the carrying amounts of goodwill were as follows:
December 31, 2023$11,398 
Additions during the period— 
December 31, 202411,398 
Additions during the period (Note 8)
89,998 
December 31, 2025$101,396 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Cost The components of lease costs were as follows for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Operating lease costs$17,558 $14,405 $12,612 
Short-term lease costs730 1,050 1,828 
Variable lease costs2,314 2,386 1,777 
Total lease costs$20,602 $17,841 $16,217 
The following tables set forth a summary of other information pertaining to the Company’s operating leases:
As of December 31,
20252024
Weighted-average remaining lease term (in years)6.003.13
Weighted-average discount rate5.83 %6.29 %
Schedule of Future Minimum Lease Payments
Future minimum lease payments as of December 31, 2025 were as follows:
Year ending December 31,Amount
2026$14,432 
202713,974 
202813,632 
20298,014 
20308,194 
Thereafter22,022 
Total undiscounted future minimum lease payments80,268 
Less: present value discount(13,572)
Total discounted future minimum lease payments66,696 
Less: prepaid rent(1,081)
Less: tenant improvement allowances
(7,140)
Total operating lease liabilities$58,475 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Long-Term Purchase Commitment
Future minimum payments under the Company’s non-cancellable purchase commitments as of December 31, 2025 were as follows:
Year ending December 31,Amount
2026$74,272 
2027134,782 
2028126,375 
2029115,000 
203047,917 
Total$498,346 
v3.25.4
Accrued and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued and other current liabilities consisted of the following:
As of
December 31,
2025		December 31,
2024
Non-income based taxes payable$12,674 $9,562 
Income taxes payable787 511 
Customer deposits5,713 4,507 
Acquisition-related indemnification holdbacks15,535 — 
Other current liabilities31,826 16,539 
Total accrued and other current liabilities$66,535 $31,119 
Schedule of Other Current Liabilities
Accrued and other current liabilities consisted of the following:
As of
December 31,
2025		December 31,
2024
Non-income based taxes payable$12,674 $9,562 
Income taxes payable787 511 
Customer deposits5,713 4,507 
Acquisition-related indemnification holdbacks15,535 — 
Other current liabilities31,826 16,539 
Total accrued and other current liabilities$66,535 $31,119 
v3.25.4
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Stock by Class
Convertible preferred stock issued and outstanding consisted of the following as of December 31, 2024:
Shares authorizedShares issued and outstandingOriginal issue price per sharesLiquidation preferenceNet carrying value
Series Seed
45,56944,309$0.0878 $3,889 $3,845 
Series A
70,26269,812$0.1993 13,910 13,852 
Series B
75,37875,365$0.3317 24,995 24,897 
Series C
36,43536,435$1.0978 40,000 39,884 
Series D
10,82610,801$4.6185 49,883 49,692 
Series E
9,3919,277$21.2967 197,574 197,271 
Total
247,861245,999$330,251 $329,441 
As of December 31, 2025, the Company had reserved shares of common stock for future issuance, on an as converted basis, as follows:
As of December 31, 2025
RSUs (including CEO Equity Awards) outstanding87,825 
Stock options outstanding13,272 
Remaining shares authorized for future issuance66,797 
Total
167,894 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the significant assumptions used in estimating the fair value of the rights to acquire stock under the ESPP using the Black-Scholes option-pricing model during the year ended December 31, 2025:
Year Ended December 31,
2025
Expected term (in years)
0.3 - 0.5
Expected volatility
42.49% - 44.57%
Risk free interest rate
3.81% - 4.30%
Dividend yield — %
The following table summarizes the assumptions used in the valuation of the 2024 Stock Option Grants to employees during the year ended December 31, 2024:
Year Ended December 31,
2024
Expected term (in years)2.5
Expected volatility54.61 %
Risk free interest rate3.87 %
Dividend yield — %
Fair value of common stock on grant date$23.19
Schedule of Incremental Stock-Based Compensation Expense
A summary of stock-based compensation expense recognized in the consolidated statements of operations related to the May 2024 RSU Release and the incremental stock-based compensation expense from the 2024 Tender Offer is as follows, net of amounts capitalized as internal-use software:
Year Ended December 31,
2024
Cost of revenue$24,858 
Research and development462,683 
Sales and marketing186,659 
General and administrative183,618 
Total$857,818 
A summary of the related stock-based compensation expense recognized in the consolidated statements of operations related to the issuance of these stock option awards, net of amounts capitalized as internal-use software is as follows:
Year Ended December 31,
2024
Cost of revenue$3,034 
Research and development47,024 
Sales and marketing20,160 
General and administrative17,901 
Total$88,119 
Schedule of Stock Option Activity and Weighted-average Exercise Prices A summary of stock option activity and weighted-average exercise prices under the 2012 Plan and related information for all periods presented is as follows:
Number of stock options outstanding under the 2012 PlanWeighted-average exercise price per shareWeighted-average remaining contractual term (in years)Aggregate intrinsic value
Outstanding as of December 31, 202218,760 $0.19 6.2$711,477 
Options exercised(7)0.31 
Options forfeited(101)0.30 
Outstanding as of December 31, 202318,652 $0.19 5.2$428,955 
Options granted10,490 23.19 
Options exercised(5,116)0.47 
Options forfeited(3)0.34 
Outstanding as of December 31, 202424,023 $10.18 4.4$333,861 
Options exercised (10,751)11.37 
Outstanding as of December 31, 202513,272 $9.21 1.1$373,724 
Vested and exercisable as of December 31, 202513,272 $9.21 1.1$373,724 
Schedule of Value of Options Exercised and Total Fair Value of Options
The following table summarizes information about the value of options exercised and total fair value of options vested during the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
Intrinsic value of options exercised$328,997 $111,789 $290 
Total fair value of options vested$— $89,759 $1,676 
Schedule of Activity for Unvested RSUs The following table summarizes the activity for the Company’s unvested RSUs under the 2012 Plan and the 2025 Plan during the years ended December 31, 2025, 2024, and 2023, excluding the CEO equity awards described below:
Number of RSUs outstanding under the 2012 Plan and 2025 PlanWeighted-average grant date fair value per share
Unvested at December 31, 202244,506 $13.42 
RSUs granted11,308 $23.19 
RSUs released— $— 
RSUs forfeited(3,059)$13.81 
Unvested at December 31, 202352,755 $12.96 
RSUs granted38,012 $25.33 
RSUs released(1)
(31,239)$23.19 
RSUs forfeited(4,702)$20.93 
Unvested at December 31, 202454,826 $22.80 
RSUs granted 29,522 $38.98 
RSUs released/settled(25,452)$20.83 
RSUs forfeited(5,656)$26.50 
Unvested at December 31, 202553,240 $32.32 
__________________
(1)These shares represent the shares for which the performance-based vesting condition was removed as part of the May 2024 RSU Release (excluding the CEO Equity Awards). As a result, these shares were remeasured based on the modification date fair value of $23.19. Please refer above for further discussion of the May 2024 RSU Release.
Schedule of Tranches Eligible to Vest Based on Achievement of Certain Public Market Capitalization Targets
The award is comprised of three tranches that are eligible to vest based on the achievement of certain public market capitalization targets as follows:
TranchePublic market capitalization targetsShares of Class B common stock vested (thousands)
1$15  billion1,875
2$20  billion3,750
3$25  billion5,625
11,250
The award is comprised of seven tranches that are eligible to vest based on the achievement of certain stock price targets as follows:
TrancheStock price targetsPercentage of shares of Class B common stock vested
1$60 per share15%
2$70 per share15%
3$80 per share15%
4$90 per share15%
5$100 per share14.5%
6$110 per share13.5%
7$130 per share12%
100%
v3.25.4
Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders
The following table sets forth the computation of the basic and diluted net income (loss) per share attributable to common stockholders during the periods presented.
Year Ended December 31,
202520242023
Basic and diluted net loss per share:
Numerator:
Net income (loss) attributable to common stockholders$(1,250,463)$(732,120)$285,859 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic337,044 195,612 168,399 
Net income (loss) per share, basic$(3.71)$(3.74)$1.70 
Diluted net loss per share:
Numerator:
Net income (loss) attributable to common stockholders$(1,250,463)$(732,120)$285,859 
Reallocation of net income to common stockholders considering potentially dilutive securities— — 18,274 
Net income (loss) attributable to common stockholders considering potentially dilutive securities$(1,250,463)$(732,120)$304,133 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic337,044 195,612 168,399 
Effect of dilutive securities:
Stock options— — 18,548 
Warrants— — 260 
Weighted-average shares outstanding used in computing net income (loss) per share, diluted337,044 195,612 187,207 
Net income (loss) per share, diluted$(3.71)$(3.74)$1.62 
Schedule of Weighted Average Impact of Potentially Dilutive Securities
The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive, or the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods, was as follows:
Year Ended December 31,
202520242023
RSUs(1)
27,778 49,748 47,589 
Unvested RSAs670 262 — 
CEO Equity Awards(2)
13,503 20,679 22,500 
Convertible preferred stock(3)
142,882 246,993 — 
Stock options21,668 19,823 — 
Warrants(4)
151 261 — 
Total206,652 337,766 70,089 
__________________
(1)For the year ended December 31, 2025, RSUs excluded in the diluted per share calculations under the two class method include RSUs subject to only a service condition because the impact would be anti-dilutive. For the year ended December 31, 2024, RSUs excluded in the dilutive per share calculation include only RSUs subject to both a service and performance condition which were excluded due to RSUs being contingently issuable as of December 31, 2024.
(2)In October 2021, the Board approved a grant to the Company’s CEO of RSUs with respect to 22.5 million shares of Class B common stock. In June 2025, the Board approved a grant to the Company’s CEO of RSUs with respect to 29.0 million shares of Class B common stock. See Note 13 “Stockholders’ Equity” for further details.
(3)For the years ended December 31, 2025 and 2024, convertible preferred stock was not included in the dilutive per share calculation under the two class method, as the convertible preferred stockholders were not legally obligated to share in the Company’s losses. For the year ended December 31, 2023, convertible preferred stock was included in in the dilutive per share calculation under the two class method. Upon the IPO, all convertible preferred stock converted into shares of Class A common stock. Therefore, there are no potentially dilutive shares of common stock related to convertible preferred stock as of December 31, 2025.
(4)Upon the IPO, all warrants were fully exercised and converted into shares of Class A common stock. Therefore, there are no potentially dilutive shares of common stock related to warrants as of December 31, 2025.
v3.25.4
Other Income, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Income, Net
Other income, net consisted of the following:
Year Ended December 31,
202520242023
Interest income$62,199 $63,701 $19,853 
Unrealized gains (losses) on equity securities(797)23,766 — 
Other income(1)
6,745 — 1,000,036 
Other expense, net(3,332)(3,105)(514)
Total other income, net$64,815 $84,362 $1,019,375 

__________________
(1)On December 17, 2023, the Company abandoned its Merger Agreement with Adobe. Subject to the terms of the Merger Agreement, upon abandonment of the deal, Adobe was required to pay the Company a termination fee of $1.0 billion.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Provision for Income Taxes
For the years ended December 31, 2025, 2024, and 2023 the Company’s income (loss) before provision for income taxes was as follows:
Year Ended December 31,
202520242023
Domestic$(1,235,143)$(801,821)$942,722 
Foreign9,501 8,750 3,197 
Income (loss) before income taxes$(1,225,642)$(793,071)$945,919 
Schedule of Provision for (Benefit from) Income Taxes
For the years ended December 31, 2025, 2024, and 2023, the provision for (benefit from) income taxes consisted of the following:
Year Ended December 31,
202520242023
Current:
Federal$819 $(57,990)$186,475 
State1,553 (4,322)20,759 
Foreign24,592 2,531 844 
Total$26,964 $(59,781)$208,078 
Deferred:
Federal$(1,647)$— $— 
State(257)— — 
Foreign(239)(1,170)— 
Total(2,143)(1,170)— 
Provision for (benefit from) income taxes$24,821 $(60,951)$208,078 
Schedule of Effective Tax Rates
The table below provides the updated requirements of ASU 2023-09 for the Company’s effective tax rate for the year ended December 31, 2025. See Note 1 “Description of the Business and Summary of Significant Accounting Policies” for additional details on the adoption of ASU 2023-09.
Year Ended December 31,
2025
Provision at federal statutory rate$(257,385)21.0 %
State and local income tax, net of federal income tax effect(1)
(13)— %
Foreign tax effects
Israel
Transfer of intellectual property23,091 (1.9)%
Other foreign jurisdictions241 — %
Effect of changes in tax laws or rates enacted in the current period— — %
Effect of cross-border tax laws— — %
Tax credits
Research credits(96,193)7.8 %
Changes in valuation allowance389,932 (31.8)%
Nontaxable or nondeductible items
Stock-based compensation(118,966)9.8 %
Officer compensation71,802 (5.9)%
Other1,054 (0.1)%
Changes in unrecognized tax benefits29,900 (2.4)%
Other
IP onshore(20,979)1.7 %
Other2,338 (0.2)%
Provision for (benefit from) income taxes$24,821 (2.0)%
__________________
(1)State taxes in Massachusetts and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
As previously disclosed, for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the Company’s effective income tax rate differed from the statutory federal income tax rate as follows:
Year Ended December 31,
20242023
Expected tax provision at statutory income tax rate21.0 %21.0 %
Research & development credits7.4 %(1.3)%
Stock-based compensation(0.1)%— %
State taxes6.0 %2.1 %
Foreign rate differential0.1 %— %
Transaction costs— %(0.2)%
US taxation on foreign operations— %(0.6)%
Other(0.3)%0.1 %
Change in valuation allowance(26.4)%0.9 %
Provision for income taxes7.7 %22.0 %
Schedule of Deferred Tax Assets and Liabilities The significant components of the Company’s deferred tax assets and liabilities were as follows:
Year Ended December 31,
20252024
Deferred tax assets:
Operating lease liabilities$13,230 $6,129 
Stock based compensation121,627 16,264 
Net operating loss carryforwards144,998 49,484 
Research and development tax credits116,462 17,354 
Capitalized research expenditures317,753 179,787 
Accrued Bonus12,488 — 
Intangibles25,576 1,279 
Other timing differences1,418 1,007 
Gross deferred tax assets753,552 271,304 
Valuation allowance(726,188)(251,172)
Total deferred tax assets, net of valuation allowance27,364 20,132 
Deferred tax liabilities:
Operating lease right-of-use assets(13,004)(6,095)
Capitalized expenses(8,626)(6,962)
Other(5,734)(5,904)
Total deferred tax liability(27,364)(18,961)
Net deferred tax assets$— $1,171 
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows for both periods presented:
Year Ended December 31,
202520242023
Balance at beginning of year$45,195 $12,401 $11,909 
Additions based on tax positions related to the current year40,795 32,804 5,052 
Additions (reductions) for tax positions of prior years2,287 (10)(4,560)
Balance at end of year$88,277 $45,195 $12,401 
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Long-Lived Assets by Geographic Areas Aggregate property and equipment, net and operating lease right-of-use assets by geographic area was as follows:
As of December 31,
20252024
United States$73,548 $39,606 
International3,859 4,217 
Total$77,407 $43,823 
Schedule of Revenue by Geographic Areas
The following table shows the Company’s revenue by geographic areas, as determined based on the billing address of its customers:
Year Ended December 31,
202520242023
United States$491,548 $359,406 $252,289 
International564,240 389,605 252,585 
Total$1,055,788 $749,011 $504,874 
v3.25.4
Description of the Business and Summary of Significant Accounting Policies - Narrative (Details)
$ / shares in Units, shares in Millions
 1 Months Ended 12 Months Ended
Aug. 01, 2025
USD ($)
$ / shares
shares
Dec. 20, 2023
USD ($)
Nov. 30, 2025
USD ($)
May 31, 2025
USD ($)
May 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Entity Information [Line Items]                
Termination fee received   $ 1,000,000,000.0            
Post-combination expense               $ 95,800,000
Business Combination, Separately Recognized Transaction, Acquisition Related Cost Expensed, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed Flag           false    
Tax withholding obligations           $ 499,807,000 $ 419,032,000  
Number of operating segments | segment           1    
Number of reportable segments | segment           1    
Advertising costs           $ 21,800,000 19,900,000 15,800,000
Strategic investments           $ 13,000,000.0 0  
Crypto, conversion ratio           1    
Crypto asset purchased           $ 45,000,000 0 0
Proceeds from sale of digital assets           15,000,000 0 0
Digital assets, current           15,575,000 0  
Digital assets, non-current           $ 15,116,000 0  
Percentage match of employees' total salary           3.00%    
Maximum annual matched contribution           $ 10,500 10,350 9,900
Defined contribution plan           11,400,000    
Capitalized contract cost, additions           37,100,000 34,100,000 17,200,000
Capitalized contract cost, net, current           24,200,000 17,900,000  
Capitalized contract cost, net, noncurrent           $ 41,000,000.0 31,000,000.0  
Amortization period (in years)           4 years    
Capitalized contract cost, amortization           $ 20,900,000 14,800,000 8,700,000
USDC                
Entity Information [Line Items]                
Crypto asset purchased       $ 30,000,000.0        
Proceeds from sale of digital assets     $ 15,000,000.0          
Digital assets, current           15,575,000    
Bitcoin                
Entity Information [Line Items]                
Digital assets, non-current           $ 15,116,000    
Abandoned Merger with Adobe                
Entity Information [Line Items]                
Post-combination expense               97,900,000
Minimum                
Entity Information [Line Items]                
Estimated useful life (in years)           3 years    
Maximum                
Entity Information [Line Items]                
Estimated useful life (in years)           5 years    
Tranche One                
Entity Information [Line Items]                
Annual vesting percentage (in percent)           50.00%    
Annual vesting period (in years)           1 year    
Tranche Two                
Entity Information [Line Items]                
Annual vesting percentage (in percent)           100.00%    
Annual vesting period (in years)           2 years    
Bitcoin exchange traded fund | Marketable securities:                
Entity Information [Line Items]                
Bitcoin exchange traded fund           $ 73,689,000 $ 78,791,000  
Restricted Stock Units (RSUs), Performance-Based Vesting Conditions                
Entity Information [Line Items]                
Stock-based compensation expense           $ 975,700,000    
RSUs                
Entity Information [Line Items]                
Stock-based compensation expense         $ 801,200,000      
Share-based payment arrangement, shares withheld (in shares) | shares             18.1  
Vesting period (in years)           4 years    
Cliff vesting period (in years)           1 year    
IPO                
Entity Information [Line Items]                
Deferred offering costs $ 10,800,000              
Common Class A                
Entity Information [Line Items]                
Converted preferred stock (in shares) | shares 246.0              
Preferred stock, convertible, conversion ratio 1              
Common Class A | IPO                
Entity Information [Line Items]                
Shares purchased (in shares) | shares 12.5              
Purchase price (in dollars per share) | $ / shares $ 33.00              
Aggregate purchase price $ 393,100,000              
Shares issued (in shares) | shares 9.6              
Share-based payment arrangement, shares withheld (in shares) | shares 12.5              
Tax withholding obligations $ 411,400,000              
Common Class A | IPO | Selling Stockholders                
Entity Information [Line Items]                
Shares purchased (in shares) | shares 30.0              
Common Class A | Over-Allotment Option | Selling Stockholders                
Entity Information [Line Items]                
Shares purchased (in shares) | shares 5.5              
Purchase price (in dollars per share) | $ / shares $ 33.00              
Common Class B | IPO                
Entity Information [Line Items]                
Shares issued (in shares) | shares 3.9              
General and administrative                
Entity Information [Line Items]                
Stock-based compensation expense           $ 396,655,000 $ 201,571,000 $ 523,000
v3.25.4
Description of the Business and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)
Dec. 31, 2025
Computer equipment  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life 5 years
v3.25.4
Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement In Contract With Customer Liability [Roll Forward]      
Balance, beginning of period $ 381,363 $ 253,635 $ 161,549
Billings and other 1,269,759 876,739 596,960
Revenue (1,055,788) (749,011) (504,874)
Balance, end of period $ 595,334 $ 381,363 $ 253,635
v3.25.4
Revenue - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Contract with customer, liability, revenue recognized (in percent) 0.36 0.34 0.32
Revenue, remaining performance obligation, amount $ 647.9    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months    
v3.25.4
Cash, Cash Equivalents, and Marketable Securities - Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of the Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 403,469 $ 486,954 $ 1,270,178
Total cash equivalents 85,165 88,044  
Amortized cost 1,250,406 976,964  
Unrealized gains 4,029 1,850  
Unrealized losses (28) (543)  
Fair value 1,254,407 978,271  
Amortized cost 1,578,253 1,377,739  
Fair value 1,582,254 1,379,046  
Total cash, cash equivalents, and marketable securities 1,655,943 1,457,837  
Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 2 2  
Unrealized losses (4) (7)  
Amortized cost 403,471 486,959  
Fair value 403,469 486,954  
Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 1,174,782 890,780  
Unrealized gains 4,027 1,848  
Unrealized losses (24) (536)  
Fair value 1,178,785 892,092  
Cash | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 318,304 398,910  
Total cash equivalents 318,304 398,910  
Unrealized gains 0 0  
Unrealized losses 0 0  
Money market funds      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 9,543 1,865  
Money market funds | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 9,543 1,865  
Total cash equivalents 9,543 1,865  
Unrealized gains 0 0  
Unrealized losses 0 0  
Commercial paper      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 69,844 86,179  
Commercial paper | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 2 2  
Unrealized losses (4) (7)  
Amortized cost 69,846 86,184  
Fair value 69,844 86,179  
Corporate bonds      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 5,778    
Corporate bonds | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 0    
Unrealized losses 0    
Amortized cost 5,778    
Fair value 5,778    
Commercial paper | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 123,465 190,072  
Unrealized gains 60 93  
Unrealized losses (8) (10)  
Fair value 123,517 190,155  
Corporate bonds | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 444,515 228,706  
Unrealized gains 1,654 555  
Unrealized losses (14) (308)  
Fair value 446,155 228,953  
U.S. agency securities | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 93,467 100,793  
Unrealized gains 288 285  
Unrealized losses (1) (18)  
Fair value 93,754 101,060  
U.S. treasury securities | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 513,335 371,209  
Unrealized gains 2,025 915  
Unrealized losses (1) (200)  
Fair value 515,359 371,924  
Bitcoin exchange traded fund | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Bitcoin exchange traded fund $ 73,689 $ 78,791  
v3.25.4
Cash, Cash Equivalents, and Marketable Securities - Schedule of Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amortized Cost    
Due within one year $ 654,048 $ 624,748
Due in one year through five years 596,358 352,216
Amortized cost 1,250,406 976,964
Fair Value    
Due within one year 655,302 625,326
Due in one year through five years 599,105 352,945
Fair value $ 1,254,407 $ 978,271
v3.25.4
Cash, Cash Equivalents, and Marketable Securities - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
Cash and Cash Equivalents [Line Items]      
Number of securities in unrealized loss position | security 33 117  
Interest income $ 62,200 $ 63,700 $ 19,900
Unrealized gains (losses) on equity securities (797) 24,177 0
Bitcoin exchange traded fund      
Cash and Cash Equivalents [Line Items]      
Unrealized gains (losses) on equity securities $ (5,100) $ 23,800 $ 0
v3.25.4
Cash, Cash Equivalents, and Marketable Securities - Schedule of Unrealized Loss Position on Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months $ 89,344 $ 283,857
Gross Unrealized Loss, Less than twelve months (28) (538)
Fair Value, More than twelve months 0 7,527
Gross Unrealized Loss, More than twelve months 0 (5)
Fair Value, Total 89,344 291,384
Gross Unrealized Loss, Total (28) (543)
U.S. agency securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 3,267 11,892
Gross Unrealized Loss, Less than twelve months (1) (18)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 3,267 11,892
Gross Unrealized Loss, Total (1) (18)
U.S. treasury securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 959 68,843
Gross Unrealized Loss, Less than twelve months 0 (195)
Fair Value, More than twelve months 0 7,527
Gross Unrealized Loss, More than twelve months 0 (5)
Fair Value, Total 959 76,370
Gross Unrealized Loss, Total 0 (200)
Commercial paper    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 58,091 131,268
Gross Unrealized Loss, Less than twelve months (12) (17)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 58,091 131,268
Gross Unrealized Loss, Total (12) (17)
Corporate bonds    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 27,027 71,854
Gross Unrealized Loss, Less than twelve months (15) (308)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 27,027 71,854
Gross Unrealized Loss, Total $ (15) $ (308)
v3.25.4
Digital Assets - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Bitcoin  
Crypto Asset, Holding [Line Items]  
Crypto asset, cost $ 15.0
v3.25.4
Digital Assets - Schedule of Changes in Bitcoin Investment (Details) - Bitcoin
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Unit
Units  
Crypto asset, number of units, beginning balance | Unit 0
Additions | Unit 173
Remeasurement gains (losses) | Unit 0
Crypto asset, number of units, ending balance | Unit 173
Fair Value  
Crypto asset, fair value, beginning balance | $ $ 0
Additions | $ 15,000
Remeasurement gains (losses) | $ 116
Crypto asset, fair value, ending balance | $ $ 15,116
v3.25.4
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents $ 85,165 $ 88,044
Marketable securities 1,252,474 970,883
Digital assets, current 15,575 0
Digital assets, non-current 15,116 0
USDC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, current 15,575  
Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 15,116  
U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 93,754 101,060
U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 515,359 371,924
Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 123,517 190,155
Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 446,155 228,953
Bitcoin exchange traded fund    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 73,689 78,791
Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 9,543 1,865
Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 69,844 86,179
Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 5,778  
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 9,543 1,865
Marketable securities 73,689 78,791
Level 1 | USDC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, current 15,575  
Level 1 | Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 15,116  
Level 1 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 1 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 1 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 1 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 1 | Bitcoin exchange traded fund    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 73,689 78,791
Level 1 | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 9,543 1,865
Level 1 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Level 1 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0  
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 75,622 86,179
Marketable securities 1,178,785 892,092
Level 2 | USDC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, current 0  
Level 2 | Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 0  
Level 2 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 93,754 101,060
Level 2 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 515,359 371,924
Level 2 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 123,517 190,155
Level 2 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 446,155 228,953
Level 2 | Bitcoin exchange traded fund    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 2 | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Level 2 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 69,844 86,179
Level 2 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 5,778  
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Marketable securities 0 0
Level 3 | USDC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, current 0  
Level 3 | Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 0  
Level 3 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 3 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 3 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 3 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 3 | Bitcoin exchange traded fund    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 3 | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Level 3 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 $ 0
Level 3 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents $ 0  
v3.25.4
Fair Value Measurements - Narrative (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Strategic investments $ 13,000,000.0 $ 0
v3.25.4
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 38,006 $ 28,106
Accumulated depreciation and amortization (18,010) (13,089)
Property and equipment, net 19,996 15,017
Computer equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 6,158 5,327
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment 6,241 5,752
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 5,487 5,272
Capitalized internal-use software development costs    
Property, Plant and Equipment [Line Items]    
Total property and equipment 18,687 11,755
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 1,433 $ 0
v3.25.4
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 0.0 $ 0.0 $ 0.0
Capitalized computer software, net $ 12.8 $ 0.0  
v3.25.4
Revolving Credit Facility (Details) - Line of Credit - Revolving Credit Agreement - USD ($)
Jul. 30, 2025
Jun. 27, 2025
Dec. 31, 2025
Revolving Credit Facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 500,000,000.0  
Commitment fee (in percent)   0.15%  
Commitment fee upon achievement of enhanced debt to EBITDA ratio (in percent)   0.10%  
Amount drawn on line of credit $ 330,500,000    
Line of credit amount issued and outstanding     $ 0
Available borrowing capacity     500,000,000.0
Revolving Credit Facility | Federal Funds Effective Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (in percent)   0.50%  
Revolving Credit Facility | Secured Overnight Financing Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (in percent)   1.00%  
Letter of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 150,000,000.0  
Line of credit amount issued and outstanding     $ 0
v3.25.4
Business Combinations - Schedule of Purchase Consideration Transferred (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 03, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Class A common stock   $ 32,653 $ 0 $ 12,847
Weavy Inc        
Business Combination [Line Items]        
Cash $ 39,642      
Cash holdback 13,000      
Class A common stock 32,053      
Transaction costs paid 627      
Total purchase consideration $ 85,322      
Cash holdback period (in months) 12 months      
Weavy Inc | Common Class A        
Business Combination [Line Items]        
Stock issued in connection with acquisitions/business combination (in shares) 600,000      
v3.25.4
Business Combinations - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 03, 2025
Apr. 17, 2025
Apr. 07, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]            
Acquired goodwill       $ 101,396 $ 11,398 $ 11,398
Class A common stock       $ 32,653 $ 0 $ 12,847
Weavy Inc            
Business Combination [Line Items]            
Acquired net assets $ 8,500          
Acquired goodwill 76,900          
Class A common stock 32,053          
Purchase consideration 85,322          
Weavy Inc | Common Class A            
Business Combination [Line Items]            
Stock-based compensation expense $ 43,800          
Requisite service period (in years) 4 years          
Technology Company Acquisition            
Business Combination [Line Items]            
Acquired net assets   $ 6,500        
Acquired goodwill   3,900        
Purchase consideration   10,400        
Technology Company Acquisition | Common Class A            
Business Combination [Line Items]            
Stock-based compensation expense   $ 22,200        
Requisite service period (in years)   4 years        
Technology Company Asset Purchase            
Business Combination [Line Items]            
Acquired net assets     $ 4,800      
Acquired goodwill     9,200      
Purchase consideration     $ 14,000      
v3.25.4
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 28,253 $ 3,009
Accumulated Amortization (9,170) (498)
Net Carrying Amount 19,083 2,511
Assembled workforce in asset acquisitions    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 725 725
Accumulated Amortization (265) (24)
Net Carrying Amount $ 460 $ 701
Weighted-average remaining useful life 1 year 10 months 24 days 2 years 10 months 24 days
Licenses, domain names and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 474 $ 474
Accumulated Amortization (323) (170)
Net Carrying Amount $ 151 $ 304
Weighted-average remaining useful life 1 year 4 months 24 days 2 years 2 months 12 days
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,000  
Accumulated Amortization (351)  
Net Carrying Amount $ 649  
Weighted-average remaining useful life 1 year 3 months 18 days  
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 26,054 $ 1,810
Accumulated Amortization (8,231) (304)
Net Carrying Amount $ 17,823 $ 1,506
Weighted-average remaining useful life 1 year 10 months 24 days 2 years 6 months
v3.25.4
Goodwill and Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 11,145  
2027 5,440  
2028 2,498  
Net Carrying Amount $ 19,083 $ 2,511
v3.25.4
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning balance $ 11,398 $ 11,398
Additions during the period (Note 8) 89,998 0
Ending balance $ 101,396 $ 11,398
v3.25.4
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Impairment of goodwill $ 0 $ 0 $ 0
v3.25.4
Leases - Narrative (Details)
Dec. 31, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease remaining lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease remaining lease term 7 years 7 months 6 days
v3.25.4
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease costs $ 17,558 $ 14,405 $ 12,612
Short-term lease costs 730 1,050 1,828
Variable lease costs 2,314 2,386 1,777
Total lease costs $ 20,602 $ 17,841 $ 16,217
v3.25.4
Leases - Schedule of Other Information Pertaining to Operating Leases (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (in years) 6 years 3 years 1 month 17 days
Weighted-average discount rate 5.83% 6.29%
v3.25.4
Leases - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 14,432
2027 13,974
2028 13,632
2029 8,014
2030 8,194
Thereafter 22,022
Total undiscounted future minimum lease payments 80,268
Less: present value discount (13,572)
Total discounted future minimum lease payments 66,696
Less: prepaid rent (1,081)
Less: tenant improvement allowances (7,140)
Total operating lease liabilities $ 58,475
v3.25.4
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 74,272
2027 134,782
2028 126,375
2029 115,000
2030 47,917
Total $ 498,346
v3.25.4
Commitments and Contingencies - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Unsecured letters of credit outstanding $ 9.8
v3.25.4
Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Non-income based taxes payable $ 12,674 $ 9,562
Income taxes payable 787 511
Customer deposits 5,713 4,507
Acquisition-related indemnification holdbacks 15,535 0
Other current liabilities 31,826 16,539
Total accrued and other current liabilities $ 66,535 $ 31,119
v3.25.4
Stockholders’ Equity - Narrative (Details)
 1 Months Ended 12 Months Ended
Aug. 06, 2025
Aug. 01, 2025
USD ($)
purchase
$ / shares
shares
Jul. 30, 2025
USD ($)
Jun. 26, 2025
week
shares
Jun. 30, 2025
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Aug. 31, 2024
$ / shares
shares
Jul. 03, 2024
USD ($)
$ / shares
shares
May 31, 2024
USD ($)
grantee
shares
Oct. 31, 2021
shares
Dec. 31, 2025
USD ($)
vote
performance_period
installment
day
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Jul. 31, 2025
plan
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           245,999,000         0 245,999,000    
Preferred stock, shares outstanding (in shares)           245,999,000         0 245,999,000    
Minimum gross proceeds, preferred stock | $                     $ 30,000,000      
Preferred stock, shares authorized (in shares)   200,000,000.0       247,861,000           247,861,000    
Preferred stock, par value (in usd per share) | $ / shares   $ 0.00001                        
Common stock, par value (in dollar per share) | $ / shares           $ 0.00001         $ 0.00001 $ 0.00001    
Dividends declared | $                     $ 0      
Stock ownership requirement, threshold percentage                     30.00%      
Period post date of death or disability of CEO                     24 months      
Outstanding shares, threshold percentage                     80.00%      
Period post date of ceased service provisions for co-founders                     24 months      
Threshold consecutive years of ceased services                     3 years      
Number of equity incentive plans | plan                           2
Common stock reserved for issuance (in shares)                     167,894,000      
Employees for future purchases | $                     $ 499,807,000 $ 418,051,000 $ 0  
Proceeds from issuance of common stock under employee stock purchase plan | $                     26,382,000 0 0  
Performance vesting condition, period after IPO (in month)     6 months                      
Tax withholding obligations | $                     499,807,000 419,032,000    
Proceeds from issuance of common stock | $                     $ 0 $ 60,000,000 0  
CEO                            
Class of Stock [Line Items]                            
Number of voting rights per share | vote                     9      
Series Seed, Series A, and Series B Preferred Directors and All Other Directors                            
Class of Stock [Line Items]                            
Number of voting rights per share | vote                     1      
Minimum                            
Class of Stock [Line Items]                            
Period post date of failed satisfaction                     61 days      
Maximum                            
Class of Stock [Line Items]                            
Period post date of failed satisfaction                     180 days      
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit                            
Class of Stock [Line Items]                            
Amount drawn on line of credit | $     $ 330,500,000                      
December 2024 Financing                            
Class of Stock [Line Items]                            
Purchase price (in dollars per share) | $ / shares           $ 24.0751           $ 24.0751    
Shares purchased (in shares)           2,500,000                
Aggregate purchase price | $           $ 60,000,000.0                
2025 Plan                            
Class of Stock [Line Items]                            
Maximum automatic annual increase of shares reserved for issuance, percentage of aggregate number of outstanding shares of common stock (in percent)       5.00%                    
Shares available for grant (in shares)                     66,800,000      
2025 Employee Stock Purchase Plan                            
Class of Stock [Line Items]                            
Maximum automatic annual increase of shares reserved for issuance, percentage of aggregate number of outstanding shares of common stock (in percent)       1.00%                    
Offering period (in month)   6 months                        
Number of purchases | purchase   1                        
Stock-based compensation expense | $                     $ 51,100,000      
Total unrecognized stock-based compensation | $                     $ 5,700,000      
Requisite service period (in years)                     4 months 24 days      
Employees for future purchases | $                     $ 5,100,000      
2024 Stock Option Grants                            
Class of Stock [Line Items]                            
Stock-based compensation expense | $                       $ 88,119,000    
Options granted (in shares)             10,500,000              
Grant date fair value (in dollar per share) | $ / shares             $ 8.50              
2024 Stock Option Grants | Minimum                            
Class of Stock [Line Items]                            
Award vesting period (in years)             1 year              
2024 Stock Option Grants | Maximum                            
Class of Stock [Line Items]                            
Award vesting period (in years)             5 years              
Stock options                            
Class of Stock [Line Items]                            
Common stock reserved for issuance (in shares)                     13,272,000      
Fair value of common stock on grant date | $ / shares           $ 23.19           $ 23.19    
Stock options | 2025 Plan                            
Class of Stock [Line Items]                            
Expiration period (in years)                     10 years      
Vesting period (in years)                     4 years      
Cliff vesting period (in years)                     1 year      
Restricted Stock Units (RSUs), Performance-Based Vesting Conditions                            
Class of Stock [Line Items]                            
Stock-based compensation expense | $                     $ 975,700,000      
RSUs                            
Class of Stock [Line Items]                            
Common stock reserved for issuance (in shares)                     87,825,000      
Vesting period (in years)                     4 years      
Cliff vesting period (in years)                     1 year      
Stock-based compensation expense | $                 $ 801,200,000          
Total unrecognized stock-based compensation | $                     $ 1,200,000,000      
Outstanding shares met service condition (in shares)                 34,600,000          
Number of grantees affected by modification | grantee                 1,486          
Share-based payment arrangement, shares withheld (in shares)                       18,100,000    
Total fair value of RSUs vested | $                     $ 1,100,000,000 $ 724,500,000 $ 0  
Restricted Stock Units (RSUs), Excluding 2021 CEO Market Award And 2021 CEO Service Award | Pro Forma                            
Class of Stock [Line Items]                            
Requisite service period (in years)                     3 years 6 months      
Restricted Stock Units (RSUs), 2021 CEO Market Award                            
Class of Stock [Line Items]                            
Stock-based compensation expense | $                     $ 72,200,000      
Total fair value of RSUs vested | $                     $ 629,600,000      
Maximum performance periods for tranches | performance_period                     7      
Number of trading days period | day                     30      
Outstanding beginning balance (in dollar per share) | $ / shares                     $ 6.42      
Lock up period vesting rights, percentage (in percent) 50.00%                          
Number of calendar days after expiration of lock-up period                     10 days      
Remaining vesting rights, percentage (in percent) 50.00%                          
Number of calendar days 91 days                          
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1                            
Class of Stock [Line Items]                            
Vesting rights, settled, percentage (in percent)                     50.00%      
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent) 50.00%                          
Restricted Stock Units (RSUs), 2021 CEO Service Award                            
Class of Stock [Line Items]                            
Stock-based compensation expense | $                 $ 78,300,000   $ 84,100,000      
Total fair value of RSUs vested | $   $ 259,900,000                        
Nonvested award, excluding options                     7,900,000      
Unrecognized stock-based compensation | $                     $ 0      
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award                            
Class of Stock [Line Items]                            
Stock-based compensation expense | $                     $ 55,500,000      
Requisite service period (in years)                     4 years      
Award vesting period (in years)                     7 years      
Number of installments | installment                     7      
Number of trading days period | day                     60      
Outstanding beginning balance (in dollar per share) | $ / shares                     $ 27.45      
Unrecognized stock-based compensation | $                     $ 342,000,000.0      
Restricted Stock Units (RSUs), 2025 CEO Service Award                            
Class of Stock [Line Items]                            
Stock-based compensation expense | $                     $ 47,200,000      
Requisite service period (in years)                     4 years 6 months      
Number of calendar days                     60 days      
Unrecognized stock-based compensation | $                     $ 417,200,000      
Common Class A                            
Class of Stock [Line Items]                            
Converted preferred stock (in shares)   246,000,000.0                        
Number of voting rights per share | vote                     1      
Common stock, shares authorized (in shares)           571,000,000         10,000,000,000 571,000,000    
Common stock, par value (in dollar per share) | $ / shares           $ 0.00001         $ 0.00001 $ 0.00001    
Common stock, shares outstanding (in shares)           124,159,000         432,140,000 124,159,000    
Common stock, shares issued (in shares)           124,159,000         432,140,000 124,159,000    
Preferred stock, convertible, conversion ratio   1                        
Purchase price (in dollar per share) | $ / shares           $ 23.19           $ 23.19    
Proceeds from issuance of common stock, net of issuance costs (in shares)                       18,100,000    
Proceeds from issuance of common stock | $                       $ 419,000,000    
Common Class A | Over-Allotment Option | Selling Stockholders                            
Class of Stock [Line Items]                            
Purchase price (in dollars per share) | $ / shares   $ 33.00                        
Fair value of common stock on grant date | $ / shares   $ 79.42                        
Shares purchased (in shares)   5,500,000                        
Common Class A | IPO                            
Class of Stock [Line Items]                            
Purchase price (in dollars per share) | $ / shares   $ 33.00                        
Shares purchased (in shares)   12,500,000                        
Shares issued (in shares)   9,600,000                        
Tax withholding obligations | $   $ 411,400,000                        
Aggregate purchase price | $   $ 393,100,000                        
Share-based payment arrangement, shares withheld (in shares)   12,500,000                        
Common Class A | IPO | Selling Stockholders                            
Class of Stock [Line Items]                            
Shares purchased (in shares)   30,000,000.0                        
Common Class A | 2024 Tender Offer                            
Class of Stock [Line Items]                            
Incremental stock-based compensation expense | $                       $ 56,600,000    
Common Class A | 2024 Tender Offer | Investors, Employees, And Former Employees | New And Existing Investors                            
Class of Stock [Line Items]                            
Preferred stock, convertible, conversion ratio               1            
Purchase price (in dollars per share) | $ / shares               $ 23.19            
Shares purchased (in shares)               24,400,000            
Aggregate purchase price | $               $ 566,700,000            
Common Class A | 2025 Plan                            
Class of Stock [Line Items]                            
Common stock reserved for issuance (in shares)   58,000,000.0                        
Common Class A | 2025 Employee Stock Purchase Plan                            
Class of Stock [Line Items]                            
Common stock reserved for issuance (in shares)                     11,600,000      
Percentage of shares of Class B common stock vested       85.00%                    
Number of weeks that participants may withdraw during offering period | week       2                    
Number of shares authorized for grant (in shares)       100,000,000.0                    
Repurchase of shares                     900,000      
Purchase price (in dollar per share) | $ / shares                     $ 28.05      
Proceeds from issuance of common stock under employee stock purchase plan | $                     $ 25,900,000      
Common Class A | Unvested RSAs                            
Class of Stock [Line Items]                            
Outstanding shares (in shares)           100,000         1,500,000 100,000    
Convertible Preferred Stock                            
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           245,999,000         0 245,999,000    
Preferred stock, shares outstanding (in shares)           245,999,000         0 245,999,000    
Number of voting rights per share | vote                     1      
Preferred stock, shares authorized (in shares)           247,861,000         0 247,861,000    
Preferred stock, par value (in usd per share) | $ / shares           $ 0.00001         $ 0.00001 $ 0.00001    
Convertible Preferred Stock | 2024 Tender Offer | Investors, Employees, And Former Employees | New And Existing Investors                            
Class of Stock [Line Items]                            
Shares purchased (in shares)               1,800,000            
Series Seed                            
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           44,309,000           44,309,000    
Preferred stock, shares outstanding (in shares)           44,309,000           44,309,000    
Original issue price per shares (in usd per share) | $ / shares           $ 0.0878           $ 0.0878    
Dividends rate (in usd per share) | $ / shares                     $ 0.0070      
Minimum shares outstanding (in shares)                     5,700,000      
Preferred stock, shares authorized (in shares)           45,569,000           45,569,000    
Series A                            
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           69,812,000           69,812,000    
Preferred stock, shares outstanding (in shares)           69,812,000           69,812,000    
Original issue price per shares (in usd per share) | $ / shares           $ 0.1993           $ 0.1993    
Dividends rate (in usd per share) | $ / shares                     $ 0.0159      
Minimum shares outstanding (in shares)                     10,400,000      
Preferred stock, shares authorized (in shares)           70,262,000           70,262,000    
Series B                            
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           75,365,000           75,365,000    
Preferred stock, shares outstanding (in shares)           75,365,000           75,365,000    
Original issue price per shares (in usd per share) | $ / shares           $ 0.3317           $ 0.3317    
Dividends rate (in usd per share) | $ / shares                     $ 0.0265      
Minimum shares outstanding (in shares)                     11,300,000      
Preferred stock, shares authorized (in shares)           75,378,000           75,378,000    
Series C                            
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           36,435,000           36,435,000    
Preferred stock, shares outstanding (in shares)           36,435,000           36,435,000    
Original issue price per shares (in usd per share) | $ / shares           $ 1.0978           $ 1.0978    
Dividends rate (in usd per share) | $ / shares                     $ 0.0878      
Preferred stock, shares authorized (in shares)           36,435,000           36,435,000    
Series D                            
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           10,801,000           10,801,000    
Preferred stock, shares outstanding (in shares)           10,801,000           10,801,000    
Original issue price per shares (in usd per share) | $ / shares           $ 4.6185           $ 4.6185    
Dividends rate (in usd per share) | $ / shares                     0.3695      
Preferred stock, shares authorized (in shares)           10,826,000           10,826,000    
Series E                            
Class of Stock [Line Items]                            
Preferred stock, shares issued (in shares)           9,277,000           9,277,000    
Preferred stock, shares outstanding (in shares)           9,277,000           9,277,000    
Original issue price per shares (in usd per share) | $ / shares           $ 21.2967           $ 21.2967    
Dividends rate (in usd per share) | $ / shares                     $ 1.7037      
Preferred stock, shares authorized (in shares)           9,391,000           9,391,000    
Blockchain                            
Class of Stock [Line Items]                            
Common stock, shares authorized (in shares)   100,000,000.0       0         100,000,000 0    
Common stock, par value (in dollar per share) | $ / shares   $ 0.00001       $ 0.00001         $ 0.00001 $ 0.00001    
Common stock, shares outstanding (in shares)           0         0 0    
Common stock, shares issued (in shares)           0         0 0    
Common Class B                            
Class of Stock [Line Items]                            
Number of voting rights per share | vote                     15      
Common stock, shares authorized (in shares)           118,956,000         350,000,000 118,956,000    
Common stock, par value (in dollar per share) | $ / shares           $ 0.00001         $ 0.00001 $ 0.00001    
Common stock, shares outstanding (in shares)           90,747,000         80,903,000 90,747,000    
Common stock, shares issued (in shares)           90,747,000         80,903,000 90,747,000    
Common stock, conversion ratio                     1      
Conversion of common stock (in shares)                     4,400,000      
Common Class B | IPO                            
Class of Stock [Line Items]                            
Shares issued (in shares)   3,900,000                        
Common Class B | RSUs | CEO                            
Class of Stock [Line Items]                            
Number of shares granted (in shares)         29,000,000.0         22,500,000        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award                            
Class of Stock [Line Items]                            
Outstanding shares met service condition (in shares)                     11,250,000      
Number of shares granted (in shares)                   11,300,000        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1                            
Class of Stock [Line Items]                            
Outstanding shares met service condition (in shares)                     1,875,000      
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2                            
Class of Stock [Line Items]                            
Outstanding shares met service condition (in shares)                     3,750,000      
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 3                            
Class of Stock [Line Items]                            
Outstanding shares met service condition (in shares)                     5,625,000      
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Service Award                            
Class of Stock [Line Items]                            
Number of shares granted (in shares)                   11,300,000        
Shares modified and released (in shares)                 3,400,000          
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Service Award | Tranche 1                            
Class of Stock [Line Items]                            
Award vesting period (in years)                   1 year        
Award vesting rights, percentage (in percent)                   25.00%        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Service Award | Tranche 2                            
Class of Stock [Line Items]                            
Award vesting period (in years)                   1 year        
Award vesting rights, percentage (in percent)                   25.00%        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Service Award | Tranche 3                            
Class of Stock [Line Items]                            
Award vesting period (in years)                   1 year        
Award vesting rights, percentage (in percent)                   25.00%        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Service Award | Tranche 4                            
Class of Stock [Line Items]                            
Award vesting period (in years)                   1 year        
Award vesting rights, percentage (in percent)                   25.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award                            
Class of Stock [Line Items]                            
Number of shares granted (in shares)         14,500,000                  
Award vesting rights, percentage (in percent)                     100.00%      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 1                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)                     15.00%      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 2                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)                     15.00%      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 3                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)                     15.00%      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 4                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)                     15.00%      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 5                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)                     14.50%      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award                            
Class of Stock [Line Items]                            
Number of shares granted (in shares)         14,500,000                  
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 1                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)         10.00%                  
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 2                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)         20.00%                  
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 3                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)         20.00%                  
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 4                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)         20.00%                  
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 5                            
Class of Stock [Line Items]                            
Award vesting rights, percentage (in percent)         30.00%                  
Common Class C                            
Class of Stock [Line Items]                            
Number of voting rights per share | vote                     0      
Common stock, shares authorized (in shares)           0         1,000,000,000 0    
Common stock, par value (in dollar per share) | $ / shares           $ 0.00001         $ 0.00001 $ 0.00001    
Common stock, shares outstanding (in shares)           0         0 0    
Common stock, shares issued (in shares)           0         0 0    
Preferred stock, convertible, conversion ratio   1                        
v3.25.4
Stockholders’ Equity - Schedule of Convertible Preferred Stock Issued and Outstanding (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2025
Aug. 01, 2025
Dec. 31, 2024
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares)   200,000,000.0 247,861,000
Preferred stock, shares issued (in shares) 0   245,999,000
Preferred stock, shares outstanding (in shares) 0   245,999,000
Liquidation preference     $ 330,251
Net carrying value     $ 329,441
Series Seed      
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares)     45,569,000
Preferred stock, shares issued (in shares)     44,309,000
Preferred stock, shares outstanding (in shares)     44,309,000
Original issue price per shares (in usd per share)     $ 0.0878
Liquidation preference     $ 3,889
Net carrying value     $ 3,845
Series A      
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares)     70,262,000
Preferred stock, shares issued (in shares)     69,812,000
Preferred stock, shares outstanding (in shares)     69,812,000
Original issue price per shares (in usd per share)     $ 0.1993
Liquidation preference     $ 13,910
Net carrying value     $ 13,852
Series B      
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares)     75,378,000
Preferred stock, shares issued (in shares)     75,365,000
Preferred stock, shares outstanding (in shares)     75,365,000
Original issue price per shares (in usd per share)     $ 0.3317
Liquidation preference     $ 24,995
Net carrying value     $ 24,897
Series C      
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares)     36,435,000
Preferred stock, shares issued (in shares)     36,435,000
Preferred stock, shares outstanding (in shares)     36,435,000
Original issue price per shares (in usd per share)     $ 1.0978
Liquidation preference     $ 40,000
Net carrying value     $ 39,884
Series D      
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares)     10,826,000
Preferred stock, shares issued (in shares)     10,801,000
Preferred stock, shares outstanding (in shares)     10,801,000
Original issue price per shares (in usd per share)     $ 4.6185
Liquidation preference     $ 49,883
Net carrying value     $ 49,692
Series E      
Class of Stock [Line Items]      
Preferred stock, shares authorized (in shares)     9,391,000
Preferred stock, shares issued (in shares)     9,277,000
Preferred stock, shares outstanding (in shares)     9,277,000
Original issue price per shares (in usd per share)     $ 21.2967
Liquidation preference     $ 197,574
Net carrying value     $ 197,271
v3.25.4
Stockholders’ Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Details)
shares in Thousands
Dec. 31, 2025
shares
Class of Stock [Line Items]  
Common stock reserved for issuance (in shares) 167,894
RSUs (including CEO Equity Awards) outstanding  
Class of Stock [Line Items]  
Common stock reserved for issuance (in shares) 87,825
Stock options outstanding  
Class of Stock [Line Items]  
Common stock reserved for issuance (in shares) 13,272
Remaining shares authorized for future issuance  
Class of Stock [Line Items]  
Common stock reserved for issuance (in shares) 66,797
v3.25.4
Stockholders’ Equity - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Employee Stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected volatility 42.49%  
Expected volatility 44.57%  
Risk free interest rate 3.81%  
Risk free interest rate 4.30%  
Dividend yield 0.00%  
Employee Stock | Minimum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years) 3 months 18 days  
Employee Stock | Maximum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years) 6 months  
Stock options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years)   2 years 6 months
Expected volatility   54.61%
Risk free interest rate   3.87%
Dividend yield   0.00%
Fair value of common stock on grant date   $ 23.19
v3.25.4
Stockholders’ Equity - Schedule of Incremental Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
2024 Tender Offer      
Class of Stock [Line Items]      
Stock-based compensation expense   $ 857,818  
2024 Stock Option Grants      
Class of Stock [Line Items]      
Stock-based compensation expense   88,119  
Cost of revenue      
Class of Stock [Line Items]      
Stock-based compensation expense $ 50,979 27,893 $ 37
Cost of revenue | 2024 Tender Offer      
Class of Stock [Line Items]      
Stock-based compensation expense   24,858  
Cost of revenue | 2024 Stock Option Grants      
Class of Stock [Line Items]      
Stock-based compensation expense   3,034  
Research and development      
Class of Stock [Line Items]      
Stock-based compensation expense 697,676 511,259 1,890
Research and development | 2024 Tender Offer      
Class of Stock [Line Items]      
Stock-based compensation expense   462,683  
Research and development | 2024 Stock Option Grants      
Class of Stock [Line Items]      
Stock-based compensation expense   47,024  
Sales and marketing      
Class of Stock [Line Items]      
Stock-based compensation expense 218,823 206,830 253
Sales and marketing | 2024 Tender Offer      
Class of Stock [Line Items]      
Stock-based compensation expense   186,659  
Sales and marketing | 2024 Stock Option Grants      
Class of Stock [Line Items]      
Stock-based compensation expense   20,160  
General and administrative      
Class of Stock [Line Items]      
Stock-based compensation expense $ 396,655 201,571 $ 523
General and administrative | 2024 Tender Offer      
Class of Stock [Line Items]      
Stock-based compensation expense   183,618  
General and administrative | 2024 Stock Option Grants      
Class of Stock [Line Items]      
Stock-based compensation expense   $ 17,901  
v3.25.4
Stockholders’ Equity - Schedule of Stock Option Activity and Weighted-average Exercise Prices (Details) - 2012 Stock Option Plan - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of stock options outstanding under the 2012 Plan        
Outstanding beginning balance (in shares) 24,023 18,652 18,760  
Options granted (in shares)   10,490    
Options exercised (in shares) (10,751) (5,116) (7)  
Options forfeited (in shares)   (3) (101)  
Outstanding ending balance (in shares) 13,272 24,023 18,652 18,760
Vested and exercisable (in shares) 13,272      
Weighted-average exercise price per share        
Outstanding beginning balance (in dollar per share) $ 10.18 $ 0.19 $ 0.19  
Options granted (in dollar per share)   23.19    
Options exercised (in dollar per share) 11.37 0.47 0.31  
Options forfeited (in dollar per share)   0.34 0.30  
Outstanding ending balance (in dollar per share) 9.21 $ 10.18 $ 0.19 $ 0.19
Vested and exercisable (in dollar per share) $ 9.21      
Weighted-average remaining contractual term (in years) 1 year 1 month 6 days 4 years 4 months 24 days 5 years 2 months 12 days 6 years 2 months 12 days
Vested and exercisable, Weighted-average remaining contractual term (in years) 1 year 1 month 6 days      
Aggregate intrinsic value $ 373,724 $ 333,861 $ 428,955 $ 711,477
Vested and exercisable, Aggregate intrinsic value $ 373,724      
v3.25.4
Stockholders’ Equity - Schedule of Value of Options Exercised and Total Fair Value of Options (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]      
Intrinsic value of options exercised $ 328,997 $ 111,789 $ 290
Total fair value of options vested $ 0 $ 89,759 $ 1,676
v3.25.4
Stockholders’ Equity - Schedule of Activity for Unvested RSUs (Details) - RSUs - $ / shares
 1 Months Ended 12 Months Ended
May 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of RSUs outstanding under the 2012 Plan and 2025 Plan        
RSUs released/settled (in shares) (34,600,000)      
2012 Plan and 2025 Plan        
Number of RSUs outstanding under the 2012 Plan and 2025 Plan        
Outstanding beginning balance (in shares)   54,826,000 52,755,000 44,506,000
RSUs granted (in shares)   29,522,000 38,012,000 11,308,000
RSUs released/settled (in shares)   (25,452,000) (31,239,000) 0
RSUs forfeited (in shares)   (5,656,000) (4,702,000) (3,059,000)
Outstanding ending balance (in shares)   53,240,000 54,826,000 52,755,000
Weighted-average grant date fair value per share        
Outstanding beginning balance (in dollar per share)   $ 22.80 $ 12.96 $ 13.42
RSUs granted (in dollar per share)   38.98 25.33 23.19
RSUs released/settled (in dollar per share)   20.83 23.19 0
RSUs forfeited (in dollar per share)   26.50 20.93 13.81
Outstanding ending balance (in dollar per share)   $ 32.32 $ 22.80 $ 12.96
v3.25.4
Stockholders’ Equity - Schedule of Tranches Eligible to Vest Based on Achievement of Certain Public Market Capitalization Targets (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Billions
 12 Months Ended
Aug. 06, 2025
Dec. 31, 2025
Restricted Stock Units (RSUs), 2021 CEO Market Award | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   11,250
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Public market capitalization targets   $ 15
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   1,875
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Public market capitalization targets   $ 20
Percentage of shares of Class B common stock vested (in percent) 50.00%  
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   3,750
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 3    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Public market capitalization targets   $ 25
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 3 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   5,625
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   100.00%
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 1    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock price targets (in dollar per share)   $ 60
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 1 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   15.00%
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 2    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock price targets (in dollar per share)   $ 70
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 2 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   15.00%
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 3    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock price targets (in dollar per share)   $ 80
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 3 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   15.00%
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 4    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock price targets (in dollar per share)   $ 90
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 4 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   15.00%
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 5    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock price targets (in dollar per share)   $ 100
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 5 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   14.50%
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 6    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock price targets (in dollar per share)   $ 110
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 6 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   13.50%
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 7    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock price targets (in dollar per share)   $ 130
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 7 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested (in percent)   12.00%
v3.25.4
Net Income (Loss) per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income (loss) attributable to common stockholders $ (1,250,463) $ (732,120) $ 285,859
Reallocation of net income to common stockholders considering potentially dilutive securities 0 0 18,274
Net income (loss) attributable to common stockholders considering potentially dilutive securities $ (1,250,463) $ (732,120) $ 304,133
Denominator:      
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares) 337,044 195,612 168,399
Stock options (in shares) 0 0 18,548
Warrants (in shares) 0 0 260
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares) 337,044 195,612 187,207
Net income (loss) per share, basic (in usd per share) $ (3.71) $ (3.74) $ 1.70
Net income (loss) per share, diluted (in usd per share) $ (3.71) $ (3.74) $ 1.62
v3.25.4
Net Income (Loss) per Share - Schedule of Weighted Average Impact of Potentially Dilutive Securities (Details) - shares
shares in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
Oct. 31, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive securities (in shares)     206,652 337,766 70,089
CEO | RSUs | Class B Common Stock          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Number of shares granted (in shares) 29,000 22,500      
RSUs          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive securities (in shares)     27,778 49,748 47,589
Unvested RSAs          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive securities (in shares)     670 262 0
CEO Equity Award          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive securities (in shares)     13,503 20,679 22,500
Convertible Preferred Stock          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive securities (in shares)     142,882 246,993 0
Stock options          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive securities (in shares)     21,668 19,823 0
Warrants          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive securities (in shares)     151 261 0
v3.25.4
Other Income, Net - Schedule of Other Income, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Interest income $ 62,199 $ 63,701 $ 19,853
Unrealized gains (losses) on equity securities (797) 23,766 0
Other income 6,745 0 1,000,036
Other expense, net (3,332) (3,105) (514)
Other income, net $ 64,815 $ 84,362 $ 1,019,375
v3.25.4
Other Income, Net - Narrative (Details)
$ in Billions
Dec. 20, 2023
USD ($)
Other Income and Expenses [Abstract]  
Termination fee received $ 1.0
v3.25.4
Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (1,235,143) $ (801,821) $ 942,722
Foreign 9,501 8,750 3,197
Income (loss) before income taxes $ (1,225,642) $ (793,071) $ 945,919
v3.25.4
Income Taxes - Schedule of Provision for (Benefit From) Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 819 $ (57,990) $ 186,475
State 1,553 (4,322) 20,759
Foreign 24,592 2,531 844
Total 26,964 (59,781) 208,078
Deferred:      
Federal (1,647) 0 0
State (257) 0 0
Foreign (239) (1,170) 0
Total (2,143) (1,170) 0
Provision for (benefit from) income taxes $ 24,821 $ (60,951) $ 208,078
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Effective tax rate (2.00%) 7.70% 22.00%
Uncertain income tax positions $ 38,600 $ 37,500  
Unrecognized tax benefits 0 0 $ 0
Israel      
Income Tax Examination [Line Items]      
Foreign income tax 24,500 $ 0 $ 0
United States      
Income Tax Examination [Line Items]      
Net operating loss carryforwards 508,900    
Tax credit carryforward 96,300    
State and Local Tax Jurisdiction      
Income Tax Examination [Line Items]      
Net operating loss carryforwards 427,500    
Tax credit carryforward 68,900    
Foreign      
Income Tax Examination [Line Items]      
Net operating loss carryforwards $ 15,500    
v3.25.4
Income Taxes - Schedule of Effective Tax Rates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Provision at federal statutory rate $ (257,385)    
State and local income tax, net of federal income tax effect (13)    
Transfer of intellectual property 23,091    
Effect of changes in tax laws or rates enacted in the current period 0    
Effect of cross-border tax laws 0    
Tax credits      
Research credits (96,193)    
Changes in valuation allowance 389,932    
Nontaxable or nondeductible items      
Stock-based compensation (118,966)    
Officer compensation 71,802    
Other 1,054    
Changes in unrecognized tax benefits 29,900    
Other      
IP onshore (20,979)    
Provision for (benefit from) income taxes $ 24,821 $ (60,951) $ 208,078
Percent      
Provision at federal statutory rate 21.00% 21.00% 21.00%
State taxes 0.00% 6.00% 2.10%
Foreign rate differential   0.10% 0.00%
Transfer of intellectual property (1.90%)    
Effect of changes in tax laws or rates enacted in the current period 0.00%    
Effect of cross-border tax laws 0.00% 0.00% (0.60%)
Transaction costs   0.00% (0.20%)
Tax credits      
Research credits 7.80% 7.40% (1.30%)
Change in valuation allowance (31.80%) (26.40%) 0.90%
Nontaxable or nondeductible items      
Stock-based compensation 9.80% (0.10%) 0.00%
Officer compensation (5.90%)    
Other (0.10%) (0.30%) 0.10%
Changes in unrecognized tax benefits (2.40%)    
Other      
IP onshore 1.70%    
Provision for (benefit from) income taxes (2.00%) 7.70% 22.00%
Other      
Amount      
Other $ 241    
Other      
Other 241    
United States      
Amount      
Other 2,338    
Other      
Other $ 2,338    
Percent      
Other (0.20%)    
Other      
Other (0.20%)    
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Operating lease liabilities $ 13,230 $ 6,129
Stock based compensation 121,627 16,264
Net operating loss carryforwards 144,998 49,484
Research and development tax credits 116,462 17,354
Capitalized research expenditures 317,753 179,787
Accrued Bonus 12,488 0
Intangibles 25,576 1,279
Other timing differences 1,418 1,007
Gross deferred tax assets 753,552 271,304
Valuation allowance (726,188) (251,172)
Total deferred tax assets, net of valuation allowance 27,364 20,132
Deferred tax liabilities:    
Operating lease right-of-use assets (13,004) (6,095)
Capitalized expenses (8,626) (6,962)
Other (5,734) (5,904)
Total deferred tax liability (27,364) (18,961)
Net deferred tax assets $ 0 $ 1,171
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 45,195 $ 12,401 $ 11,909
Additions based on tax positions related to the current year 40,795 32,804 5,052
Additions for tax positions of prior years 2,287    
Reductions for tax positions of prior years   (10) (4,560)
Balance at end of year $ 88,277 $ 45,195 $ 12,401
v3.25.4
Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.4
Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 77,407 $ 43,823
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 73,548 39,606
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 3,859 $ 4,217
v3.25.4
Segment and Geographic Information - Schedule of Revenue by Geographic Areas (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total $ 1,055,788 $ 749,011 $ 504,874
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total 491,548 359,406 252,289
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total $ 564,240 $ 389,605 $ 252,585