FIGMA, INC., 10-Q filed on 5/14/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
May 11, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 $0.00001  
Trading Symbol FIG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Central Index Key 0001579878  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   445,682,595
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   82,693,978
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 405,654 $ 403,469
Digital assets, current 15,696 15,575
Marketable securities 1,232,810 1,252,474
Accounts receivable, net 188,351 247,915
Prepaid expenses and other current assets 93,882 85,267
Total current assets 1,936,393 2,004,700
Property and equipment, net 30,982 19,996
Intangible assets, net 12,663 19,083
Digital assets, non-current 11,787 15,116
Goodwill 101,396 101,396
Operating lease right-of-use assets 54,458 57,411
Restricted cash 9,800 9,799
Other assets 133,309 120,706
Total assets 2,290,788 2,348,207
Liabilities and stockholders’ equity    
Accounts payable 8,928 4,502
Accrued and other current liabilities 82,157 66,535
Accrued compensation and benefits 53,173 107,105
Operating lease liabilities, current 2,540 2,630
Deferred revenue 627,664 595,334
Total current liabilities 774,462 776,106
Operating lease liabilities, non-current 53,624 55,845
Other non-current liabilities 5,741 5,615
Total liabilities 833,827 837,566
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Additional paid-in capital 3,042,899 2,950,007
Accumulated other comprehensive income (loss) (168) 4,003
Accumulated deficit (1,585,774) (1,443,373)
Total stockholders’ equity 1,456,961 1,510,641
Total liabilities and stockholders’ equity 2,290,788 2,348,207
Convertible 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 4
Common Class B    
Stockholders’ equity:    
Common stock, value 0 0
Common Class C    
Stockholders’ equity:    
Common stock, value $ 0 $ 0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Mar. 31, 2026
Dec. 31, 2025
Convertible preferred stock    
Preferred stock, par value (in usd per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 200,000 200,000
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) 100,000 100,000
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 10,000,000
Common stock, shares issued (in shares) 443,494 432,140
Common stock, shares outstanding (in shares) 443,494 432,140
Common Class B    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 350,000 350,000
Common stock, shares issued (in shares) 82,694 80,903
Common stock, shares outstanding (in shares) 82,694 80,903
Common Class C    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 1,000,000 1,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 333,439 $ 228,199
Cost of revenue [1] 68,666 19,452
Gross profit 264,773 208,747
Operating expenses    
Research and development [1] 172,974 69,925
Sales and marketing [1] 125,568 68,840
General and administrative [1] 103,629 30,233
Total operating expenses [1] 402,171 168,998
Income (loss) from operations (137,398) 39,749
Other income (expense), net (4,325) 7,274
Income (loss) before income taxes (141,723) 47,023
Provision for income taxes 678 2,141
Net income (loss) (142,401) 44,882
Less: net income attributable to participating securities 0 (36,271)
Net income (loss) attributable to common stockholders $ (142,401) $ 8,611
Net income (loss) per share, basic and diluted:    
Net income (loss) per share, basic (in usd per share) $ (0.27) $ 0.04
Net income (loss) per share, diluted (in usd per share) $ (0.27) $ 0.04
Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, basic (in shares) 523,485 214,883
Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) 523,485 231,076
[1] Includes stock-based compensation, net of amounts capitalized, as follows:
Three Months Ended
March 31,
20262025
Cost of revenue$5,081 $— 
Research and development79,025 197 
Sales and marketing20,950 — 
General and administrative63,942 — 
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cost of revenue    
Stock-based compensation expense $ 5,081 $ 0
Research and development    
Stock-based compensation expense 79,025 197
Sales and marketing    
Stock-based compensation expense 20,950 0
General and administrative    
Stock-based compensation expense $ 63,942 $ 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (142,401) $ 44,882
Other comprehensive income, net of tax:    
Change in unrealized gains (losses) on available-for-sale securities (4,171) 821
Comprehensive income (loss) $ (146,572) $ 45,703
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Convertible preferred stock
Class A and Class B Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Beginning Balance (in shares) at Dec. 31, 2024   245,999        
Beginning Balance at Dec. 31, 2024 $ 1,324,053 $ 329,441 $ 1 $ 1,186,207 $ 1,314 $ (192,910)
Beginning Balance (in shares) at Dec. 31, 2024     214,906      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)     154      
Exercise of stock options 339     339    
Stock-based compensation 281     281    
Other (12)     (12)    
Other comprehensive income (loss) 821       821  
Net income (loss) 44,882         44,882
Ending Balance (in shares) at Mar. 31, 2025   245,999        
Ending Balance at Mar. 31, 2025 1,370,364 $ 329,441 $ 1 1,186,815 2,135 (148,028)
Ending Balance (in shares) at Mar. 31, 2025     215,060      
Beginning Balance at Dec. 31, 2025 1,510,641   $ 4 2,950,007 4,003 (1,443,373)
Beginning Balance (in shares) at Dec. 31, 2025     513,043      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)     6,597      
Exercise of stock options 28,446     28,446    
Stock-based compensation 170,846     170,846    
Issuance of common stock upon release of restricted stock units (in shares)     10,169      
Shares withheld for taxes upon release of equity awards (in shares)     (3,621)      
Shares withheld for taxes upon release of equity awards (106,400)     (106,400)    
Other comprehensive income (loss) (4,171)       (4,171)  
Net income (loss) (142,401)         (142,401)
Ending Balance at Mar. 31, 2026 $ 1,456,961   $ 4 $ 3,042,899 $ (168) $ (1,585,774)
Ending Balance (in shares) at Mar. 31, 2026     526,188      
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (142,401) $ 44,882
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,097 1,521
Non-cash operating lease costs 4,587 4,105
Stock-based compensation, net of amounts capitalized 168,998 197
Amortization of deferred commissions 6,511 4,706
Net accretion of discounts on available-for-sale securities (2,474) (4,846)
Unrealized losses on equity investments, net 15,611 8,266
Remeasurement loss on digital assets, non-current 3,329 0
Other non-cash adjustments 2,482 (186)
Changes in assets and liabilities:    
Accounts receivable, net 59,512 17,991
Prepaid expenses and other current assets (8,806) (9,164)
Other assets (18,189) (2,434)
Accounts payable 4,160 (883)
Accrued and other current liabilities 9,457 4,386
Accrued compensation and benefits (44,022) 3,289
Deferred revenue 32,330 25,273
Other non-current liabilities 126 74
Net cash provided by operating activities 97,308 97,177
Cash flows from investing activities:    
Capital expenditures (7,812) (874)
Capitalized internal-use software development costs (888) (1,721)
Purchases of marketable securities (262,936) (238,805)
Proceeds from maturities of marketable securities 188,121 255,111
Proceeds from sale of marketable securities 75,749 28,201
Other cash flows from investing activities 317 (661)
Net cash provided by (used in) investing activities (7,449) 41,251
Cash flows from financing activities:    
Proceeds from options exercised 28,851 339
Taxes paid related to net share settlement of equity awards (116,159) 0
Other cash flows from financing activities (228) 0
Net cash provided by (used in) financing activities (87,536) 339
Change in cash, cash equivalents, and restricted cash 2,323 138,767
Cash, cash equivalents, and restricted cash—beginning of period 413,191 490,585
Cash, cash equivalents, and restricted cash—end of period 415,514 629,352
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 405,654 618,581
Restricted cash, including restricted cash in prepaid expenses and other current assets 9,860 10,771
Total cash, cash equivalents and restricted cash 415,514 629,352
Cash paid during the period for income taxes, net of refunds    
Federal 0 0
State (5) 0
Foreign 410 0
Total cash paid during the period for income taxes, net of refunds 405 0
Cash paid during the period for income taxes (prior to ASU 2023-09) 0 1,491
Non-cash investing and financing activities:    
Stock-based compensation included in capitalized internal-use software development costs 1,848 85
Payments for operating leases included in cash from operating activities 3,945 3,974
Right-of-use assets obtained in exchange for lease liabilities $ 679 $ 41,100
v3.26.1
Description of the Business and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
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.
Basis of presentation and consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting, but do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The accompanying unaudited condensed consolidated financial statements include the accounts of Figma, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, statements of comprehensive income (loss), statements of stockholders' equity and the statements of cash flows for the interim periods. The interim results are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending December 31, 2026 or any future period.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 18, 2026 (the “Form 10‑K”)
Use of estimates
The preparation of the condensed 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 condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the condensed 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 Company’s initial public offering (the “IPO”), the estimation of the fair value of market-based awards, reserves for uncertain tax positions, and the realizability of deferred tax assets.
Summary of significant accounting policies
There have been no material changes to the Company’s significant accounting policies as disclosed in “Note 1. Description of the Business and Summary of Significant Accounting Policies” to the audited consolidated financial statements included in Part II, Item 8 of the Form 10-K, other than as discussed below.
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, which the Company has elected to carry at fair value. 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 March 31, 2026 and December 31, 2025. There were no customers representing 10% or greater of revenue recognized for the three months ended March 31, 2026 and 2025.
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.
Recently issued accounting standards not yet adopted
In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topics 270): Narrow-Scope Improvements, which amends guidance related to interim financial reporting. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statements and related disclosures.
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 statements 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 statements and related disclosures.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Deferred revenue
The changes in deferred revenue were as follows for the periods presented:
Three Months Ended
March 31,
20262025
Balance, beginning of period$595,334 $381,363 
Billings and other(1)
365,769 253,472 
Revenue(333,439)(228,199)
Balance, end of period$627,664 $406,636 
__________________
(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.
Approximately 72% of revenue recognized during the three months ended March 31, 2026 was from the deferred revenue balance as of December 31, 2025, and approximately 70% of revenue recognized during the three months ended March 31, 2025 was from the deferred revenue balance as of December 31, 2024.
Remaining performance obligations
As of March 31, 2026, the aggregate balance of remaining performance obligations that were unsatisfied or partially unsatisfied was $682.3 million. The substantial majority of the remaining performance obligations will be satisfied over the twelve months following March 31, 2026, with the balance to be recognized as revenue thereafter.
v3.26.1
Cash, Cash Equivalents, and Marketable Securities
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 consisted of the following:
As of March 31, 2026Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$307,010 $— $— $307,010 
Money market funds9,156 — — 9,156 
Commercial paper89,160 — (24)89,136 
Corporate bonds352 — — 352 
Total cash and cash equivalents405,678 — (24)405,654 
Debt securities:
U.S. agency securities108,104 93 (149)108,048 
U.S. treasury securities510,068 651 (678)510,041 
Commercial paper88,351 9 (18)88,342 
Corporate bonds469,436 588 (664)469,360 
Total debt securities1,175,959 1,341 (1,509)1,175,791 
Total cash, cash equivalent, and debt securities$1,581,637 $1,341 $(1,533)$1,581,445 
Other:
Bitcoin exchange traded fund(1)
57,019 
Total cash, cash equivalents, and marketable securities$1,638,464 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
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.
Debt securities were designated as available-for-sale and the Company’s Bitcoin exchange traded fund had a readily determinable fair value as of March 31, 2026 and December 31, 2025.
Debt securities
The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
As of March 31, 2026
Amortized Cost Fair Value
Due within one year$633,034 $633,680 
Due in one year through five years632,437 631,599 
Total$1,265,471 $1,265,279 
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 
The Company had 271 and 33 marketable debt securities in unrealized loss positions as of March 31, 2026 and December 31, 2025, respectively. There were no material gains or losses that were reclassified out of accumulated other comprehensive income for any period presented.
As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025:
As of March 31, 2026
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$60,588 $(149)$— $— $60,588 $(149)
U.S. treasury securities205,301 (678)— — 205,301 (678)
Commercial paper154,253 (43)— — 154,253 (43)
Corporate bonds233,939 (663)— — 233,939 (663)
Total
$654,081 $(1,533)$— $— $654,081 $(1,533)
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)
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 the Company’s debt securities 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 March 31, 2026 and December 31, 2025 to be unrecoverable.
Interest income from cash, cash equivalents, and marketable securities was $15.1 million and $15.5 million for the three months ended March 31, 2026 and 2025, respectively. Interest income is included in other income (expense), net in the accompanying condensed 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 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 losses recognized on the Bitcoin exchange traded fund equity investment held were $16.7 million and $9.3 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Digital Assets
 3 Months Ended
Mar. 31, 2026
Digital Assets [Abstract]  
Digital Assets Digital Assets
Bitcoin investment
The Company's Bitcoin investment, which is included within digital assets, non-current on the condensed 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 March 31, 2026 and 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 three months ended March 31, 2026:
UnitsFair Value
Balance at December 31, 2025173 $15,116 
Additions— — 
Remeasurement losses— (3,329)
Balance at March 31, 2026173 $11,787 
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$9,156 $— $— $9,156 
Commercial paper— 89,136 — 89,136 
Corporate bonds— 352 — 352 
Total cash equivalents$9,156 $89,488 $— $98,644 
Marketable securities:
U.S. agency securities$— $108,048 $— $108,048 
U.S. treasury securities— 510,041 — 510,041 
Commercial paper— 88,342 — 88,342 
Corporate bonds— 469,360 — 469,360 
Bitcoin exchange traded fund57,019 — — 57,019 
Total marketable securities$57,019 $1,175,791 $— $1,232,810 
Digital assets, current
USDC$15,696 $— $— $15,696 
Digital assets, non-current
Bitcoin$11,787 $— $— $11,787 
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 
The Company classifies its highly liquid money market funds, Bitcoin exchange traded fund, and digital assets within Level 1 of the fair value hierarchy because they are valued based on quoted market prices
in active markets. The Company classifies its U.S. agency securities, U.S. treasury securities, commercial paper, and corporate bonds within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. 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 and are excluded from the fair value table above.
The Company had no transfers between levels of the fair value hierarchy during any period presented.
v3.26.1
Revolving Credit Facility
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On June 27, 2025, the Company entered into a credit agreement (the “Revolving Credit Agreement”) which provides for a revolving credit facility of up to $500.0 million and a subfacility of up to $150.0 million for letters of credit (the “Revolving Credit Facility”).
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.
As of March 31, 2026, 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 March 31, 2026. As of March 31, 2026, the Company was in compliance with all covenants under the Revolving Credit Agreement.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Hosting commitments and other significant non-cancelable purchase commitments
As of March 31, 2026, the Company had significant non-cancellable purchase commitments, which primarily consisted 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 these commitments as of March 31, 2026 were $465.9 million, of which $75.9 million was short-term.
Lease commitments
On March 12, 2026, the Company executed a commitment to enter into a lease for office space in London, United Kingdom. The contractual term of the lease will be six years from the commencement
date. Total undiscounted future minimum lease payments are estimated to be $44.1 million, which are excluded from the table below as the lease had not commenced as of March 31, 2026.
Future minimum lease payments as of March 31, 2026 were as follows:

Amount
Remainder of 2026$10,679 
202714,235 
202813,632 
20298,014 
20308,194 
Thereafter22,030 
Total undiscounted future minimum lease payments76,784 
Less: present value discount(12,628)
Total discounted future minimum lease payments64,156 
Less: prepaid rent(852)
Less: tenant improvement allowances
(7,140)
Total operating lease liabilities$56,164 
Letters of credit
As of March 31, 2026 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 include auto-extensions with various dates through 2033.
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 condensed 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 condensed consolidated financial statements as a result of legal matters as of March 31, 2026 and December 31, 2025.
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 condensed 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 March 31, 2026 and December 31, 2025, the Company has not accrued for any liabilities in the condensed 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.
v3.26.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Class A, Class B, and Class C common stock
As of March 31, 2026, the Company had three classes of common stock authorized (Class A common stock, Class B common stock, and Class C common stock) and had two classes of common stock outstanding (Class A common stock and Class B common stock).
During the three months ended March 31, 2026, 0.8 million shares of Class B common stock were converted into shares of Class A common stock. No shares of Class B common stock were converted into shares of Class A common stock during the three months ended March 31, 2025.
Employee stock purchase plan
On June 26, 2025, the Company’s Board of Directors (the “Board of Directors”) approved the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective on July 30, 2025 in connection with the IPO.
Stock-based compensation expense recognized related to the 2025 ESPP during the three months ended March 31, 2026 was not material. As of March 31, 2026, $18.4 million has been withheld on behalf of employees for future purchases under the 2025 ESPP due to the timing of payroll deductions.
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”). 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.
Stock options
No stock options were granted under the 2012 Plan, the 2021 Plan, or the 2025 Plan during the three months ended March 31, 2026 and 2025. A summary of stock option activity and weighted-average
exercise prices under the 2012 Plan and related information for the three months ended March 31, 2026 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, 202513,272 $9.21 1.1$373,724 
Options exercised (6,597)4.31 — — 
Options forfeited (3)0.34 — — 
Outstanding as of March 31, 20266,672 $14.06 1.4$55,500 
Vested and exercisable as of March 31, 20266,672 $14.06 1.4$55,500 
As of March 31, 2026, there was no unrecognized stock-based compensation related to outstanding stock options.
The following table summarizes information about the value of options exercised during the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
Intrinsic value of options exercised$162,342 $3,478 
RSAs
As part of the Company’s historical acquisitions, the Company has issued Class A common stock in the form of restricted stock awards (“RSAs”). The RSAs are subject to a service-based vesting condition that is generally satisfied over 4.0 years. The grant date fair value of the RSAs was determined using the fair value of the Company’s common stock on the closing date of the respective acquisitions.
Included in the total number of common stock outstanding as of March 31, 2026 are 1.4 million shares of Class A common stock underlying RSAs that are subject to vesting, which are not considered outstanding for accounting purposes.
As of March 31, 2026, the Company had total unrecognized stock-based compensation expense related to RSAs of $54.1 million, which will be recognized over a weighted-average remaining requisite service period of 3.3 years.
RSUs
The fair value of restricted stock units (“RSUs”) is determined using the fair value of the Company’s common 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 three months ended March 31, 2026, excluding the CEO equity awards described below:
Number of RSUs outstanding under the 2012 Plan and 2025 Plan
Weighted-average grant date fair value per share
Unvested at December 31, 202553,240 $32.32 
RSUs granted 6,204 26.06 
RSUs released/settled(4,544)27.74 
RSUs forfeited(1,845)30.08 
Unvested at March 31, 202653,055 $32.06 

Excluding the CEO equity awards described below, the total fair value of RSUs vested as of their respective vesting dates was $137.2 million for the three months ended March 31, 2026. No RSUs vested during the three months ended March 31, 2025.
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 March 31, 2026, which will be recognized over a weighted-average remaining requisite service period of 3.5 years.
2021 CEO Market Award
In October 2021, the Board of Directors 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 had service-based, market-based, and performance-based vesting conditions.
The award was comprised of three tranches that were 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 IPO, and ended on the date on which all shares subject to the 2021 CEO Market Award were vested in September 2025. The Company determined that each of the three public market capitalization targets was 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. 50% of the vested shares were settled during the year ended December 31, 2025 and the remaining 50% of the vested shares were settled during the three months ended March 31, 2026.
As of December 31, 2025 and March 31, 2026, there was no remaining unrecognized stock-based compensation expense related to the 2021 CEO Market Award.
2025 CEO Stock Price Award
In June 2025, the Board of Directors 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 began upon the IPO and ends on the earlier of (i) the tenth anniversary of the first trading day following the IPO, or (ii) the occurrence of a change in control of the Company. 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 Mr. Field is in continuous service with the Company as the Company’s Chief Executive Officer (or, as reasonably determined by the compensation committee of the Board of Directors, as the Company’s Chair, Executive Chair, or another C-suite level officer) 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 of Directors 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 and therefore the associated stock-based compensation expense was deferred until the achievement of the IPO.
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. None of the stock price targets for the remaining tranches were achieved during the three months ended March 31, 2026. The shares related to the first three tranches are 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 Mr. Field is in continuous service to the Company as the Company’s Chief Executive Officer (or, as reasonably determined by the compensation committee of the Board of Directors, as the Company’s Chair, Executive Chair, or another C-suite level officer) through each applicable vesting date.
The Company recognized a total of $30.0 million of stock-based compensation expense during the three months ended March 31, 2026 related to the 2025 CEO Stock Price Award. As of March 31, 2026, the Company had $312.0 million of total unrecognized stock-based compensation related to the 2025 CEO Stock Price Award, which will be recognized on an accelerated attribution basis over a remaining weighted-average service period of approximately 3.9 years.
2025 CEO Service Award
In June 2025, the Board of Directors 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 Mr. Field is in continuous service to the Company as the Company’s Chief Executive Officer (or, as reasonably determined by the compensation committee of the Board of Directors, as the Company’s Chair, Executive Chair, or another C-suite level officer) through each applicable vesting date.
In February 2026, the settlement terms of the 2025 CEO Service Award were modified such that the RSUs that are scheduled to vest on July 1, 2026, subject to Mr. Field’s continuous service through such date, will be settled on July 1, 2026.
The Company recognized $22.8 million in stock-based compensation during the three months ended March 31, 2026 related to the 2025 CEO Service Award. As of March 31, 2026, the Company had $394.3 million in remaining unrecognized stock-based compensation related to the award that will be recognized over the remaining requisite service period of 4.2 years.
v3.26.1
Net Income (Loss) Per Share
 3 Months Ended
Mar. 31, 2026
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 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 three months ended March 31, 2026, diluted net loss per share is the same as basic net loss per share as there was no net income attributable to common stockholders, and as a result, the inclusion of all potential common shares outstanding would have been antidilutive.
For the three months ended March 31, 2025, 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 convertible preferred stock, and by application of the treasury stock method for the Company’s other potentially dilutive securities.
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.
Three Months Ended
March 31,
20262025
Basic and diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders
$(142,401)$8,611 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic
523,485 214,883 
Net income (loss) per share, basic
$(0.27)$0.04 
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders$(142,401)$8,611 
Reallocation of net income to common stockholders considering potentially dilutive securities— 334 
Net income (loss) attributable to common stockholders considering potentially dilutive securities$(142,401)$8,945 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic523,485 214,883 
Effect of dilutive securities:
Stock options— 15,933 
Warrants— 260 
Weighted-average shares outstanding used in computing net income (loss) per share, diluted523,485231,076
Net income (loss) per share, diluted$(0.27)$0.04 
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:
Three Months Ended
March 31,
20262025
Employee share-based awards(1)
52,150 55,313 
Unvested RSAs1,462 84 
CEO equity awards(2) (3)
28,960 19,937 
Stock options8,638 — 
Total91,210 75,334 
__________________
(1)For the three months ended March 31, 2025, employee share-based awards excluded in the dilutive per share calculation include only RSUs subject to a service and performance condition which were excluded due to the RSUs being contingently issuable as of March 31, 2025. For the three months ended March 31, 2026, employee share-based awards excluded in the dilutive per share calculation include RSUs, excluding the CEO equity awards, and shares issuable pursuant to the 2025 ESPP.
(2)For the three months ended March 31, 2025, the equity awards excluded in the dilutive per share calculation include the 2021 CEO Market Award and the 2021 CEO Service Award (as defined and described in the Form 10-K), which were excluded due to the awards being contingently issuable as of March 31, 2025.
(3)For the three months ended March 31, 2026, the CEO equity awards excluded in the dilutive per share calculation include the 2025 CEO Service Award and the 2025 CEO Stock Price Award. See Note 8 “Stockholders’ Equity” for further details.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company computed the income tax provision by applying the estimated effective tax rate to the year-to-date pre-tax income and adjusted for discrete tax items in the period. The Company’s effective tax rates were as follows for the periods presented:
Three Months Ended
March 31,
20262025
Effective tax rate(0.5)%4.6 %
The difference between the U.S. statutory rate and the Company’s effective tax rate for all periods presented was primarily due to the valuation allowances on the Company’s deferred tax assets. The Company maintained a full valuation allowance against its deferred tax assets in the United States, including all U.S. state jurisdictions, and foreign jurisdictions as of March 31, 2026, as it is not more likely than not that they will be realized.
v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment information
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. 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 condensed 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 condensed 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, which were not material in any period presented. Other segment items consist of other income (expense), net and provision for (benefit from) income taxes, as presented in the condensed 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
March 31, 2026December 31, 2025
United States$81,354 $73,548 
International4,086 3,859 
Total$85,440 $77,407 
No single country outside of the United States accounted for more than 10% of total long-lived assets as of each of March 31, 2026 and December 31, 2025.
Revenue
The following table shows the Company’s revenue by geographic areas, as determined based on the billing address of its customers:
Three Months Ended
March 31,
20262025
United States$155,051 $107,463 
International178,388 120,736 
Total$333,439 $228,199 
No single country outside of the United States accounted for more than 10% of total revenue for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Purchase commitment
On May 6, 2026, the Company entered into a binding agreement with a third-party provider pursuant to which the Company committed to purchase a minimum of $50.0 million in services through May 31, 2027.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Dylan Field [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 1, 2026, Dylan Field, our Co-Founder, President, Chief Executive Officer, and Chair of our Board of Directors, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “2026 Field Diversification Plan”) providing for the potential sale of up to (i) 750,000 shares of our Class A common stock issuable upon the conversion of shares of our Class B common stock held directly by Mr. Field and (ii) 250,000 shares of our Class A common stock issuable upon the conversion of shares of our Class B common stock held directly by an investment entity, which is associated with Mr. Field. For purposes of this disclosure, we have included the maximum aggregate number of shares of our Class A common stock that may be sold under the 2026 Field Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the 2026 Field Diversification Plan as of the date of the applicable order. The 2026 Field Diversification Plan will not
commence trading until Mr. Field’s predecessor trading plan, dated August 4, 2025, has terminated pursuant to its terms and applicable cooling-off periods have been met. The duration of the 2026 Field Diversification Plan is until the earlier of August 31, 2027, the completion of all transactions subject to the 2026 Field Diversification Plan, or the occurrence of certain other events set forth therein. In addition, on February 25, 2026, Mr. Field terminated his prior tax withholding instruction, dated August 6, 2025, and adopted a new tax withholding instruction intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “2026 Field Withholding Instruction”). The 2026 Field Withholding Instruction provides that Figma will either sell or withhold such number of shares of our common stock as is necessary to satisfy the applicable tax withholding obligations arising from the vesting and settlement of RSUs granted to Mr. Field in accordance with the tax withholding method then in effect for RSUs held by our employees. The total number of shares of our common stock that may be sold or withheld pursuant to the 2026 Field Withholding Instruction is not yet determinable. The 2026 Field Withholding Instruction will remain in effect until such date it is terminated or amended.
Name Dylan Field
Title Co-Founder, President, Chief Executive Officer, and Chair of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 1, 2026
Expiration Date August 31, 2027
Arrangement Duration 548 days
Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 27, 2026, Praveer Melwani, our Chief Financial Officer, entered into a modification of his previously disclosed trading plan, adopted on August 5, 2025, intended to satisfy the affirmative defense of Rule 10b5-1(c) (such modification, the “Modified Melwani Diversification Plan”). The Modified Melwani Diversification Plan provides for (i) the potential sale of up to 658,347 shares of our Class A common stock held directly by Mr. Melwani, (ii) the potential sale of an undeterminable number of shares of our Class A common stock necessary to cover the exercise price and taxes associated with the potential exercise of up to 395,478 shares of our Class A common stock held directly by Mr. Melwani, with such shares acquired upon the option exercise (net of the shares sold to cover the exercise price and taxes) to be held and not sold under the Modified Melwani Diversification Plan, and (iii) the potential sale of up to 96,000 shares of our Class A common stock held by APM33, LLC, which is associated with Mr. Melwani. For purposes of this disclosure, we have included the maximum aggregate number of shares of our Class A common stock that may be sold under the Modified Melwani Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Modified Melwani Diversification Plan as of the date of the applicable order. The actual number of shares that will be sold under the Modified Melwani Diversification Plan will be reduced by the number of shares sold or withheld to satisfy tax withholding obligations incurred upon the vesting and settlement of equity awards subject to the Modified Melwani Diversification Plan. The number of shares of our Class A common stock to be sold or withheld to satisfy the tax withholding obligations is not known at this time. The duration of the Modified Melwani Diversification Plan is until the earlier of February 26, 2027, the completion of all transactions subject to the Modified Melwani Diversification Plan, or the occurrence of certain other events set forth therein.
Shaunt Voskanian [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 27, 2026, Shaunt Voskanian, our Chief Revenue Officer, entered into a modification of his previously disclosed trading plan, adopted on August 6, 2025, intended to satisfy the affirmative defense of Rule 10b5-1(c) (such modification, the “Modified Voskanian Diversification Plan”). The Modified Voskanian Diversification Plan provides for the potential sale of up to 516,858 shares of our Class A common stock held directly by Mr. Voskanian. For purposes of this disclosure, we have included the maximum aggregate number of shares of our Class A common stock that may be sold under the Modified Voskanian Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Modified Voskanian Diversification Plan as of the date of the applicable order. The actual number of shares that will be sold under the Modified Voskanian Diversification Plan will be reduced by the number of shares sold or withheld to satisfy tax withholding obligations incurred upon the vesting and settlement of equity awards subject to the Modified Voskanian Diversification Plan. The number of shares of our Class A common stock to be sold or withheld to satisfy the tax withholding obligations is not known at this time. The duration of the Modified Voskanian Diversification Plan is until the earlier of February 28, 2027, the completion of all transactions subject to the Modified Voskanian Diversification Plan, or the occurrence of certain other events set forth therein.
Dylan Field Trading Arrangement, Class A Common Stock, Converted From Class B Common Stock Held By Dylan Field [Member] | Dylan Field [Member]  
Trading Arrangements, by Individual  
Aggregate Available 750,000
Dylan Field Trading Arrangement, Class A Common Stock, Converted From Class B Common Stock Held By Investment Entity [Member] | Dylan Field [Member]  
Trading Arrangements, by Individual  
Aggregate Available 250,000
Praveer Melwani February 2026 Plan [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Name Praveer Melwani
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2026
Expiration Date February 26, 2027
Arrangement Duration 364 days
Praveer Melwani August 2025 Plan [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Name Praveer Melwani
Title Chief Financial Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date February 27, 2026
Praveer Melwani February 2026 Plan, Class A Common Stock [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Aggregate Available 658,347
Praveer Melwani February 2026 Plan, Class A Common Stock, Sale Amount To Cover Exercise Costs [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Aggregate Available 395,478
Praveer Melwani February 2026 Plan, Class A Common Stock, Stock Held By APM33, LLC [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Aggregate Available 96,000
Shaunt Voskanian February 2026 Diversification Plan [Member] | Shaunt Voskanian [Member]  
Trading Arrangements, by Individual  
Name Shaunt Voskanian
Title Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2026
Expiration Date February 28, 2027
Arrangement Duration 366 days
Aggregate Available 516,858
Shaunt Voskanian August 2025 Plan [Member] | Shaunt Voskanian [Member]  
Trading Arrangements, by Individual  
Name Shaunt Voskanian
Title Chief Revenue Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date February 27, 2026
v3.26.1
Description of the Business and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting, but do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The accompanying unaudited condensed 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.
The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, statements of comprehensive income (loss), statements of stockholders' equity and the statements of cash flows for the interim periods. The interim results are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending December 31, 2026 or any future period.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 18, 2026 (the “Form 10‑K”).
Use of estimates
Use of estimates
The preparation of the condensed 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 condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the condensed 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 Company’s initial public offering (the “IPO”), the estimation of the fair value of market-based awards, reserves for uncertain tax positions, and the realizability of deferred tax assets.
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, which the Company has elected to carry at fair value. 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 March 31, 2026 and December 31, 2025. There were no customers representing 10% or greater of revenue recognized for the three months ended March 31, 2026 and 2025.
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.
Recently issued accounting standards not yet adopted
Recently issued accounting standards not yet adopted
In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topics 270): Narrow-Scope Improvements, which amends guidance related to interim financial reporting. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statements and related disclosures.
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 statements 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 statements and related disclosures.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Deferred Revenue
The changes in deferred revenue were as follows for the periods presented:
Three Months Ended
March 31,
20262025
Balance, beginning of period$595,334 $381,363 
Billings and other(1)
365,769 253,472 
Revenue(333,439)(228,199)
Balance, end of period$627,664 $406,636 
__________________
(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.
v3.26.1
Cash, Cash Equivalents, and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 consisted of the following:
As of March 31, 2026Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$307,010 $— $— $307,010 
Money market funds9,156 — — 9,156 
Commercial paper89,160 — (24)89,136 
Corporate bonds352 — — 352 
Total cash and cash equivalents405,678 — (24)405,654 
Debt securities:
U.S. agency securities108,104 93 (149)108,048 
U.S. treasury securities510,068 651 (678)510,041 
Commercial paper88,351 9 (18)88,342 
Corporate bonds469,436 588 (664)469,360 
Total debt securities1,175,959 1,341 (1,509)1,175,791 
Total cash, cash equivalent, and debt securities$1,581,637 $1,341 $(1,533)$1,581,445 
Other:
Bitcoin exchange traded fund(1)
57,019 
Total cash, cash equivalents, and marketable securities$1,638,464 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
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.
Schedule of Debt Securities
The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
As of March 31, 2026
Amortized Cost Fair Value
Due within one year$633,034 $633,680 
Due in one year through five years632,437 631,599 
Total$1,265,471 $1,265,279 
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 
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$60,588 $(149)$— $— $60,588 $(149)
U.S. treasury securities205,301 (678)— — 205,301 (678)
Commercial paper154,253 (43)— — 154,253 (43)
Corporate bonds233,939 (663)— — 233,939 (663)
Total
$654,081 $(1,533)$— $— $654,081 $(1,533)
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)
v3.26.1
Digital Assets (Tables)
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026:
UnitsFair Value
Balance at December 31, 2025173 $15,116 
Additions— — 
Remeasurement losses— (3,329)
Balance at March 31, 2026173 $11,787 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$9,156 $— $— $9,156 
Commercial paper— 89,136 — 89,136 
Corporate bonds— 352 — 352 
Total cash equivalents$9,156 $89,488 $— $98,644 
Marketable securities:
U.S. agency securities$— $108,048 $— $108,048 
U.S. treasury securities— 510,041 — 510,041 
Commercial paper— 88,342 — 88,342 
Corporate bonds— 469,360 — 469,360 
Bitcoin exchange traded fund57,019 — — 57,019 
Total marketable securities$57,019 $1,175,791 $— $1,232,810 
Digital assets, current
USDC$15,696 $— $— $15,696 
Digital assets, non-current
Bitcoin$11,787 $— $— $11,787 
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 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Payments
Future minimum lease payments as of March 31, 2026 were as follows:

Amount
Remainder of 2026$10,679 
202714,235 
202813,632 
20298,014 
20308,194 
Thereafter22,030 
Total undiscounted future minimum lease payments76,784 
Less: present value discount(12,628)
Total discounted future minimum lease payments64,156 
Less: prepaid rent(852)
Less: tenant improvement allowances
(7,140)
Total operating lease liabilities$56,164 
v3.26.1
Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
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 the three months ended March 31, 2026 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, 202513,272 $9.21 1.1$373,724 
Options exercised (6,597)4.31 — — 
Options forfeited (3)0.34 — — 
Outstanding as of March 31, 20266,672 $14.06 1.4$55,500 
Vested and exercisable as of March 31, 20266,672 $14.06 1.4$55,500 
Schedule of Value of Options Exercised and Total Fair Value of Options
The following table summarizes information about the value of options exercised during the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
Intrinsic value of options exercised$162,342 $3,478 
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 three months ended March 31, 2026, excluding the CEO equity awards described below:
Number of RSUs outstanding under the 2012 Plan and 2025 Plan
Weighted-average grant date fair value per share
Unvested at December 31, 202553,240 $32.32 
RSUs granted 6,204 26.06 
RSUs released/settled(4,544)27.74 
RSUs forfeited(1,845)30.08 
Unvested at March 31, 202653,055 $32.06 
Schedule of Tranches Eligible to Vest Based on Achievement of Certain Public Market Capitalization Targets
The award was comprised of three tranches that were 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%
v3.26.1
Net Income (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net 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.
Three Months Ended
March 31,
20262025
Basic and diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders
$(142,401)$8,611 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic
523,485 214,883 
Net income (loss) per share, basic
$(0.27)$0.04 
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders$(142,401)$8,611 
Reallocation of net income to common stockholders considering potentially dilutive securities— 334 
Net income (loss) attributable to common stockholders considering potentially dilutive securities$(142,401)$8,945 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic523,485 214,883 
Effect of dilutive securities:
Stock options— 15,933 
Warrants— 260 
Weighted-average shares outstanding used in computing net income (loss) per share, diluted523,485231,076
Net income (loss) per share, diluted$(0.27)$0.04 
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:
Three Months Ended
March 31,
20262025
Employee share-based awards(1)
52,150 55,313 
Unvested RSAs1,462 84 
CEO equity awards(2) (3)
28,960 19,937 
Stock options8,638 — 
Total91,210 75,334 
__________________
(1)For the three months ended March 31, 2025, employee share-based awards excluded in the dilutive per share calculation include only RSUs subject to a service and performance condition which were excluded due to the RSUs being contingently issuable as of March 31, 2025. For the three months ended March 31, 2026, employee share-based awards excluded in the dilutive per share calculation include RSUs, excluding the CEO equity awards, and shares issuable pursuant to the 2025 ESPP.
(2)For the three months ended March 31, 2025, the equity awards excluded in the dilutive per share calculation include the 2021 CEO Market Award and the 2021 CEO Service Award (as defined and described in the Form 10-K), which were excluded due to the awards being contingently issuable as of March 31, 2025.
(3)For the three months ended March 31, 2026, the CEO equity awards excluded in the dilutive per share calculation include the 2025 CEO Service Award and the 2025 CEO Stock Price Award. See Note 8 “Stockholders’ Equity” for further details.
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Tax Rates The Company’s effective tax rates were as follows for the periods presented:
Three Months Ended
March 31,
20262025
Effective tax rate(0.5)%4.6 %
v3.26.1
Segment and Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2026
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
March 31, 2026December 31, 2025
United States$81,354 $73,548 
International4,086 3,859 
Total$85,440 $77,407 
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:
Three Months Ended
March 31,
20262025
United States$155,051 $107,463 
International178,388 120,736 
Total$333,439 $228,199 
v3.26.1
Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Movement In Contract With Customer Liability [Roll Forward]    
Balance, beginning of period $ 595,334 $ 381,363
Billings and other 365,769 253,472
Revenue (333,439) (228,199)
Balance, end of period $ 627,664 $ 406,636
v3.26.1
Revenue - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract with customer, liability, revenue recognized (as a percent) 0.72 0.70
Revenue, remaining performance obligation, amount $ 682.3  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months  
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 405,654 $ 403,469 $ 618,581
Total cash equivalents 98,644 85,165  
Amortized cost 1,265,471 1,250,406  
Unrealized gains 1,341 4,029  
Unrealized losses (1,533) (28)  
Fair value 1,265,279 1,254,407  
Amortized cost 1,581,637 1,578,253  
Fair value 1,581,445 1,582,254  
Total cash, cash equivalents, and marketable securities 1,638,464 1,655,943  
Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 0 2  
Unrealized losses (24) (4)  
Amortized cost 405,678 403,471  
Fair value 405,654 403,469  
Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 1,175,959 1,174,782  
Unrealized gains 1,341 4,027  
Unrealized losses (1,509) (24)  
Fair value 1,175,791 1,178,785  
Cash | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 307,010 318,304  
Total cash equivalents 307,010 318,304  
Money market funds      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 9,156 9,543  
Money market funds | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 9,156 9,543  
Total cash equivalents 9,156 9,543  
Commercial paper      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 89,136 69,844  
Commercial paper | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 0 2  
Unrealized losses (24) (4)  
Amortized cost 89,160 69,846  
Fair value 89,136 69,844  
Corporate bonds      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 352 5,778  
Corporate bonds | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 0 0  
Unrealized losses 0 0  
Amortized cost 352 5,778  
Fair value 352 5,778  
Commercial paper | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 88,351 123,465  
Unrealized gains 9 60  
Unrealized losses (18) (8)  
Fair value 88,342 123,517  
Corporate bonds | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 469,436 444,515  
Unrealized gains 588 1,654  
Unrealized losses (664) (14)  
Fair value 469,360 446,155  
U.S. agency securities | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 108,104 93,467  
Unrealized gains 93 288  
Unrealized losses (149) (1)  
Fair value 108,048 93,754  
U.S. treasury securities | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 510,068 513,335  
Unrealized gains 651 2,025  
Unrealized losses (678) (1)  
Fair value 510,041 515,359  
Bitcoin exchange traded fund | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Bitcoin exchange traded fund $ 57,019 $ 73,689  
v3.26.1
Cash, Cash Equivalents, and Marketable Securities - Schedule of Debt Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Amortized Cost    
Due within one year $ 633,034 $ 654,048
Due in one year through five years 632,437 596,358
Amortized cost 1,265,471 1,250,406
Fair Value    
Due within one year 633,680 655,302
Due in one year through five years 631,599 599,105
Fair value $ 1,265,279 $ 1,254,407
v3.26.1
Cash, Cash Equivalents, and Marketable Securities - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
security
Mar. 31, 2025
USD ($)
Dec. 31, 2025
security
Cash and Cash Equivalents [Line Items]      
Number of securities in unrealized loss position | security 271   33
Interest income $ 15,100 $ 15,500  
Unrealized gains (losses) on equity securities (15,611) (8,266)  
Bitcoin exchange traded fund      
Cash and Cash Equivalents [Line Items]      
Unrealized gains (losses) on equity securities $ (16,700) $ (9,300)  
v3.26.1
Cash, Cash Equivalents, and Marketable Securities - Schedule of Unrealized Loss Position on Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months $ 654,081 $ 89,344
Gross Unrealized Loss, Less than twelve months (1,533) (28)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 654,081 89,344
Gross Unrealized Loss, Total (1,533) (28)
U.S. agency securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 60,588 3,267
Gross Unrealized Loss, Less than twelve months (149) (1)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 60,588 3,267
Gross Unrealized Loss, Total (149) (1)
U.S. treasury securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 205,301 959
Gross Unrealized Loss, Less than twelve months (678) 0
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 205,301 959
Gross Unrealized Loss, Total (678) 0
Commercial paper    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 154,253 58,091
Gross Unrealized Loss, Less than twelve months (43) (12)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 154,253 58,091
Gross Unrealized Loss, Total (43) (12)
Corporate bonds    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 233,939 27,027
Gross Unrealized Loss, Less than twelve months (663) (15)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 233,939 27,027
Gross Unrealized Loss, Total $ (663) $ (15)
v3.26.1
Digital Assets - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Bitcoin    
Crypto Asset, Holding [Line Items]    
Crypto asset, cost $ 15.0 $ 15.0
v3.26.1
Digital Assets - Schedule of Changes in Bitcoin Investment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Unit
Mar. 31, 2025
USD ($)
Fair Value    
Remeasurement losses $ (3,329) $ 0
Bitcoin    
Units    
Crypto asset, number of units, beginning balance | Unit 173  
Additions | Unit 0  
Remeasurement losses | Unit 0  
Crypto asset, number of units, ending balance | Unit 173  
Fair Value    
Crypto asset, fair value, beginning balance $ 15,116  
Additions 0  
Remeasurement losses (3,329)  
Crypto asset, fair value, ending balance $ 11,787  
v3.26.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents $ 98,644 $ 85,165
Marketable securities 1,232,810 1,252,474
Digital assets, current 15,696 15,575
Digital assets, non-current 11,787 15,116
USDC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, current 15,696 15,575
Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 11,787 15,116
Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 88,342 123,517
Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 469,360 446,155
U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 108,048 93,754
U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 510,041 515,359
Bitcoin exchange traded fund    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 57,019 73,689
Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 9,156 9,543
Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 89,136 69,844
Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 352 5,778
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 9,156 9,543
Marketable securities 57,019 73,689
Level 1 | USDC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, current 15,696 15,575
Level 1 | Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 11,787 15,116
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 | 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 | Bitcoin exchange traded fund    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 57,019 73,689
Level 1 | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 9,156 9,543
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 0
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 89,488 75,622
Marketable securities 1,175,791 1,178,785
Level 2 | USDC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, current 0 0
Level 2 | Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 0 0
Level 2 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 88,342 123,517
Level 2 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 469,360 446,155
Level 2 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 108,048 93,754
Level 2 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 510,041 515,359
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 89,136 69,844
Level 2 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 352 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 0
Level 3 | Bitcoin    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Digital assets, non-current 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 | 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 | 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 $ 0
v3.26.1
Revolving Credit Facility (Details) - Line of Credit - Revolving Credit Agreement - USD ($)
Jun. 27, 2025
Mar. 31, 2026
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%  
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
v3.26.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 12, 2026
Long-Term Purchase Commitment [Line Items]    
Lessee, operating lease, term of contract (in years)   6 years
Lessee, operating lease, liability, to be paid $ 76,784 $ 44,100
Unsecured letters of credit outstanding 9,800  
Cloud Hosting Agreement    
Long-Term Purchase Commitment [Line Items]    
Purchase obligation 465,900  
Purchase obligation, short term $ 75,900  
v3.26.1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 12, 2026
Commitments and Contingencies Disclosure [Abstract]    
Remainder of 2026 $ 10,679  
2027 14,235  
2028 13,632  
2029 8,014  
2030 8,194  
Thereafter 22,030  
Total undiscounted future minimum lease payments 76,784 $ 44,100
Less: present value discount (12,628)  
Total discounted future minimum lease payments 64,156  
Less: prepaid rent (852)  
Less: tenant improvement allowances (7,140)  
Total operating lease liabilities $ 56,164  
v3.26.1
Stockholders’ Equity - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2025
shares
Jun. 30, 2025
shares
Oct. 31, 2021
shares
Mar. 31, 2026
USD ($)
day
$ / shares
shares
Mar. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
Class of Stock [Line Items]            
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount       $ 0    
RSUs            
Class of Stock [Line Items]            
Total fair value of RSUs vested       137,200,000 $ 0  
Total unrecognized stock-based compensation       $ 1,200,000,000    
Restricted Stock Units (RSUs), Excluding 2021 CEO Market Award And 2021 CEO Service Award | Pro Forma            
Class of Stock [Line Items]            
Period for recognition (in years)       3 years 6 months    
Restricted Stock Units (RSUs), 2021 CEO Market Award            
Class of Stock [Line Items]            
Unrecognized stock-based compensation       $ 0   $ 0
Lock up period vesting rights (in percent)           50.00%
Remaining vesting rights (in percent)       50.00%    
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award            
Class of Stock [Line Items]            
Stock-based compensation expense       $ 30,000,000.0    
Award vesting period       7 years    
Unrecognized stock-based compensation       $ 312,000,000.0    
Period for recognition (in years)       3 years 10 months 24 days    
Number of trading period (in days) | day       60    
Outstanding beginning balance (in dollar per share) | $ / shares       $ 27.45    
Restricted Stock Units (RSUs), 2025 CEO Service Award            
Class of Stock [Line Items]            
Stock-based compensation expense       $ 22,800,000    
Unrecognized stock-based compensation       $ 394,300,000    
Period for recognition (in years)       4 years 2 months 12 days    
2025 Employee Stock Purchase Plan            
Class of Stock [Line Items]            
Stock-based compensation expense       $ 0    
Shares withheld (in shares)       $ 18,400,000    
Common Class B            
Class of Stock [Line Items]            
Conversion of stock, shares converted (in shares) | shares       800,000 0  
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award            
Class of Stock [Line Items]            
Number of shares granted (in shares) | shares     11,300,000      
Outstanding shares met service condition (in shares) | shares       11,250,000    
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) | 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) | 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) | shares       5,625,000    
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Service Award            
Class of Stock [Line Items]            
Outstanding shares met service condition (in shares) | shares 11,300,000          
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award            
Class of Stock [Line Items]            
Number of shares granted (in shares) | shares   14,500,000        
Percentage of shares of Class B common stock vested       100.00%    
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 1            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested       15.00%    
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 2            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested       15.00%    
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 3            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested       15.00%    
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 4            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested       15.00%    
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 5            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested       14.50%    
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award            
Class of Stock [Line Items]            
Number of shares granted (in shares) | shares   14,500,000        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 1            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested   10.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 2            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested   20.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 3            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested   20.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 4            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested   20.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 5            
Class of Stock [Line Items]            
Percentage of shares of Class B common stock vested   30.00%        
Common Class A | Unvested RSAs            
Class of Stock [Line Items]            
Award vesting period       4 years    
Outstanding shares (in shares) | shares       1,400,000    
Unrecognized stock-based compensation       $ 54,100,000    
Period for recognition (in years)       3 years 3 months 18 days    
v3.26.1
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
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Number of stock options outstanding under the 2012 Plan    
Outstanding beginning balance (in shares) 13,272  
Options exercised (in shares) (6,597)  
Options forfeited (in shares) (3)  
Outstanding ending balance (in shares) 6,672 13,272
Vested and exercisable (in shares) 6,672  
Weighted-average exercise price per share    
Outstanding beginning balance (in dollar per share) $ 9.21  
Options exercised (in dollar per share) 4.31  
Options forfeited (in dollar per share) 0.34  
Outstanding ending balance (in dollar per share) 14.06 $ 9.21
Vested and exercisable (in dollar per share) $ 14.06  
Weighted-average remaining contractual term (in years) 1 year 4 months 24 days 1 year 1 month 6 days
Vested and exercisable, Weighted-average remaining contractual term (in years) 1 year 4 months 24 days  
Aggregate intrinsic value $ 55,500 $ 373,724
Vested and exercisable, Aggregate intrinsic value $ 55,500  
v3.26.1
Stockholders’ Equity - Schedule of Value of Options Exercised and Total Fair Value of Options (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Intrinsic value of options exercised $ 162,342 $ 3,478
v3.26.1
Stockholders’ Equity - Schedule of Activity for Unvested RSUs (Details) - RSUs - 2012 Plan
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Number of RSUs outstanding under the 2012 Plan  
Outstanding beginning balance (in shares) | shares 53,240
RSUs granted (in shares) | shares 6,204
RSUs released/settled (in shares) | shares (4,544)
RSUs forfeited (in shares) | shares (1,845)
Outstanding ending balance (in shares) | shares 53,055
Weighted-average grant date fair value per share  
Outstanding beginning balance (in dollar per share) | $ / shares $ 32.32
RSUs granted (in dollar per share) | $ / shares 26.06
RSUs released/settled (in dollar per share) | $ / shares 27.74
RSUs forfeited (in dollar per share) | $ / shares 30.08
Outstanding ending balance (in dollar per share) | $ / shares $ 32.06
v3.26.1
Stockholders’ Equity - Schedule of Tranches Eligible to Vest Based on Achievement of Certain Public Market Capitalization Targets (Details)
$ / shares in Units, shares in Thousands, $ in Billions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
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) | 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) | 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
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) | 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) | 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 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 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 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 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 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 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 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 12.00%
v3.26.1
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
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income (loss) attributable to common stockholders $ (142,401) $ 8,611
Reallocation of net income to common stockholders considering potentially dilutive securities 0 334
Net income (loss) attributable to common stockholders considering potentially dilutive securities $ (142,401) $ 8,945
Denominator:    
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares) 523,485 214,883
Stock options (in shares) 0 15,933
Warrants (in shares) 0 260
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares) 523,485 231,076
Net income (loss) per share, basic (in usd per share) $ (0.27) $ 0.04
Net income (loss) per share, diluted (in usd per share) $ (0.27) $ 0.04
v3.26.1
Net Income (Loss) Per Share - Schedule of Weighted Average Impact of Potentially Dilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 91,210 75,334
Employee share-based awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 52,150 55,313
Unvested RSAs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 1,462 84
CEO Equity Award    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 28,960 19,937
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 8,638 0
v3.26.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective tax rate (0.50%) 4.60%
v3.26.1
Segment and Geographic Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.26.1
Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 85,440 $ 77,407
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 81,354 73,548
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 4,086 $ 3,859
v3.26.1
Segment and Geographic Information - Schedule of Revenue by Geographic Areas (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 333,439 $ 228,199
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 155,051 107,463
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 178,388 $ 120,736
v3.26.1
Subsequent Events (Details)
$ in Millions
May 06, 2026
USD ($)
Supply Agreement To Purchase Certain Products | Subsequent Event  
Subsequent Event [Line Items]  
Long-term purchase commitment, amount $ 50.0