FIGMA, INC., 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-42761  
Registrant Name FIGMA, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-2843087  
Entity Address, Address Line One 760 Market Street, Floor 10  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94102  
City Area Code (415)  
Local Phone Number 890-5404  
Title of 12(b) Security Class A common stock, par value $0.00001  
Trading Symbol FIG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Central Index Key 0001579878  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   415,909,379
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   79,682,339
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 340,485 $ 486,954
Digital assets 30,320 0
Marketable securities 1,237,048 970,883
Accounts receivable, net 156,004 131,315
Prepaid expenses and other current assets 79,904 48,873
Total current assets 1,843,761 1,638,025
Property and equipment, net 17,946 15,017
Intangible assets, net 16,044 2,511
Goodwill 24,541 11,398
Operating lease right-of-use assets 60,728 28,806
Restricted cash 9,799 3,631
Other assets 100,406 93,760
Total assets 2,073,225 1,793,148
Liabilities and stockholders’ equity    
Accounts payable 13,364 4,163
Accrued and other current liabilities 51,840 31,119
Accrued compensation and benefits 79,031 19,377
Operating lease liabilities, current 4,677 10,937
Deferred revenue 473,567 381,363
Total current liabilities 622,479 446,959
Operating lease liabilities, non-current 56,559 17,833
Other non-current liabilities 5,667 4,303
Total liabilities 684,705 469,095
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Additional paid-in capital 2,601,900 1,186,207
Accumulated other comprehensive income 3,432 1,314
Accumulated deficit (1,216,816) (192,910)
Total stockholders’ equity 1,388,520 1,324,053
Total liabilities and stockholders’ equity 2,073,225 1,793,148
Convertible preferred stock    
Stockholders’ equity:    
Preferred stock, value 0 329,441
Preferred stock    
Stockholders’ equity:    
Preferred stock, value 0 0
Blockchain    
Stockholders’ equity:    
Common stock, value 0 0
Common Class A    
Stockholders’ equity:    
Common stock, value 4 1
Common Class B    
Stockholders’ equity:    
Common stock, value 0 0
Common Class C    
Stockholders’ equity:    
Common stock, value $ 0 $ 0
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Preferred stock, shares issued (in shares) 0  
Preferred stock, shares outstanding (in shares) 0  
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Convertible preferred stock    
Preferred stock, par value (in usd per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 0 247,861,000
Preferred stock, shares issued (in shares) 0 245,999,000
Preferred stock, shares outstanding (in shares) 0 245,999,000
Preferred stock    
Preferred stock, par value (in usd per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 200,000,000 0
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 10,000,000,000 571,000,000
Common stock, shares issued (in shares) 412,977,000 124,159,000
Common stock, shares outstanding (in shares) 412,977,000 124,159,000
Common Class B    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 350,000,000 118,956,000
Common stock, shares issued (in shares) 79,682,000 90,747,000
Common stock, shares outstanding (in shares) 79,682,000 90,747,000
Common Class C    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 1,000,000,000 0
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
Blockchain    
Common stock, par value (in dollar per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 100,000,000 0
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 274,173 $ 198,639 $ 752,012 $ 532,066
Cost of revenue [1] 83,884 18,703 131,225 71,051
Gross profit 190,289 179,936 620,787 461,015
Operating expenses        
Research and development [1] 680,885 104,182 833,862 692,569
Sales and marketing [1] 274,759 79,290 441,300 410,870
General and administrative [1] 371,425 43,800 440,580 286,678
Total operating expenses [1] 1,327,069 227,272 1,715,742 1,390,117
Loss from operations (1,136,780) (47,336) (1,094,955) (929,102)
Other income, net 29,305 17,910 73,557 45,234
Loss before income taxes (1,107,475) (29,426) (1,021,398) (883,868)
Provision for (benefit from) income taxes (10,460) (13,828) 2,508 (53,941)
Net loss (1,097,015) (15,598) (1,023,906) (829,927)
Less: net income attributable to participating securities 0 0 0 0
Net loss attributable to common stockholders $ (1,097,015) $ (15,598) $ (1,023,906) $ (829,927)
Net loss per share, basic and diluted:        
Net loss per share, basic (in usd per share) $ (2.72) $ (0.07) $ (3.68) $ (4.37)
Net loss per share, diluted (in usd per share) $ (2.72) $ (0.07) $ (3.68) $ (4.37)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic (in shares) 403,212 210,768 278,409 190,058
Weighted-average shares outstanding used in computing net loss per share, diluted (in shares) 403,212 210,768 278,409 190,058
[1] Includes stock-based compensation, net of amounts capitalized, as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Cost of revenue$42,987 $3,034 $43,205 $27,893 
Research and development585,747 47,308 591,883 511,106 
Sales and marketing185,503 20,160 186,047 206,830 
General and administrative324,095 17,901 324,704 201,571 
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cost of revenue        
Stock-based compensation expense $ 42,987 $ 3,034 $ 43,205 $ 27,893
Research and development        
Stock-based compensation expense 585,747 47,308 591,883 511,106
Sales and marketing        
Stock-based compensation expense 185,503 20,160 186,047 206,830
General and administrative        
Stock-based compensation expense $ 324,095 $ 17,901 $ 324,704 $ 201,571
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net loss $ (1,097,015) $ (15,598) $ (1,023,906) $ (829,927)
Other comprehensive income, net of tax:        
Change in unrealized gains on available-for-sale securities 930 5,563 2,118 4,642
Comprehensive loss $ (1,096,085) $ (10,035) $ (1,021,788) $ (825,285)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Class A and Class B Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings (accumulated deficit)
Beginning Balance (in shares) at Dec. 31, 2023   247,819,000        
Beginning Balance (in shares) at Dec. 31, 2023     170,998,000      
Beginning Balance at Dec. 31, 2023 $ 1,043,146 $ 332,185 $ 0 $ 170,628 $ 265 $ 540,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options and warrants (in shares)     4,822,000      
Exercise of stock options and warrants 1,184     1,184    
Vesting of early exercised stock options 139     139    
Repurchases of common stock (in shares)     (131,000)      
Repurchases of common stock (861)     (3)   (858)
Stock-based compensation 950,143     950,143    
Conversion of preferred stock (in shares)   (1,820,000) 1,820,000      
Conversion of preferred stock 0 $ (2,744)   2,744    
Proceeds from issuance of Class A common stock in connection with initial public offering, net (in shares)     18,064,000      
Proceeds from issuance of Class A common stock in connection with initial public offering, net 418,968   $ 1 418,967    
Issuance of common stock upon release of restricted stock units (in shares)     34,614,000      
Shares withheld for taxes upon release of restricted stock units (in shares)     (18,067,000)      
Shares withheld for taxes upon release of restricted stock units (419,032)     (419,032)    
Other comprehensive income 4,642       4,642  
Net loss (829,927)         (829,927)
Ending Balance (in shares) at Sep. 30, 2024   245,999,000        
Ending Balance (in shares) at Sep. 30, 2024     212,120,000      
Ending Balance at Sep. 30, 2024 1,168,402 $ 329,441 $ 1 1,124,770 4,907 (290,717)
Beginning Balance (in shares) at Jun. 30, 2024   247,819,000        
Beginning Balance (in shares) at Jun. 30, 2024     206,005,000      
Beginning Balance at Jun. 30, 2024 862,429 $ 332,185 $ 1 806,018 (656) (275,119)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options and warrants (in shares)     4,386,000      
Exercise of stock options and warrants 1,059     1,059    
Repurchases of common stock (in shares)     (91,000)      
Stock-based compensation 89,458     89,458    
Conversion of preferred stock (in shares)   (1,820,000) 1,820,000      
Conversion of preferred stock 0 $ (2,744)   2,744    
Reclassification of share-based liability awards 225,491     225,491    
Other comprehensive income 5,563       5,563  
Net loss (15,598)         (15,598)
Ending Balance (in shares) at Sep. 30, 2024   245,999,000        
Ending Balance (in shares) at Sep. 30, 2024     212,120,000      
Ending Balance at Sep. 30, 2024 1,168,402 $ 329,441 $ 1 1,124,770 4,907 (290,717)
Beginning Balance (in shares) at Dec. 31, 2024   245,999,000        
Beginning Balance (in shares) at Dec. 31, 2024     214,906,000      
Beginning Balance at Dec. 31, 2024 1,324,053 $ 329,441 $ 1 1,186,207 1,314 (192,910)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options and warrants (in shares)     2,995,000      
Exercise of stock options and warrants 47,586     47,586    
Stock-based compensation 1,147,325     1,147,325    
Other (12)     (12)    
Conversion of preferred stock (in shares)   (245,999,000) 245,999,000      
Conversion of preferred stock $ 0 $ (329,441) $ 3 $ 329,438    
Proceeds from issuance of Class A common stock in connection with initial public offering, net (in shares) 385,405,000   12,473,000 385,405,000    
Issuance of common stock upon release of restricted stock units (in shares)     28,793,000      
Shares withheld for taxes upon release of restricted stock units (in shares)     (13,207,000)      
Shares withheld for taxes upon release of restricted stock units $ (494,649)     $ (494,649)    
Other comprehensive income 2,118       2,118  
Stock issued in connection with business combination (in shares)     700,000      
Stock issued in connection with business combination 600     600    
Net loss $ (1,023,906)         (1,023,906)
Ending Balance (in shares) at Sep. 30, 2025 0 0        
Ending Balance (in shares) at Sep. 30, 2025     492,659,000      
Ending Balance at Sep. 30, 2025 $ 1,388,520 $ 0 $ 4 2,601,900 3,432 (1,216,816)
Beginning Balance (in shares) at Jun. 30, 2025   245,999,000        
Beginning Balance (in shares) at Jun. 30, 2025     216,653,000      
Beginning Balance at Jun. 30, 2025 1,427,214 $ 329,441 $ 1 1,215,071 2,502 (119,801)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options and warrants (in shares)     1,948,000      
Exercise of stock options and warrants 26,936     26,936    
Stock-based compensation 1,139,699     1,139,699    
Conversion of preferred stock (in shares)   (245,999,000) 245,999,000      
Conversion of preferred stock 0 $ (329,441) $ 3 329,438    
Proceeds from issuance of Class A common stock in connection with initial public offering, net (in shares)     12,473,000      
Proceeds from issuance of Class A common stock in connection with initial public offering, net 385,405     385,405    
Issuance of common stock upon release of restricted stock units (in shares)     28,793,000      
Shares withheld for taxes upon release of restricted stock units (in shares)     (13,207,000)      
Shares withheld for taxes upon release of restricted stock units (494,649)     (494,649)    
Other comprehensive income 930       930  
Net loss $ (1,097,015)         (1,097,015)
Ending Balance (in shares) at Sep. 30, 2025 0 0        
Ending Balance (in shares) at Sep. 30, 2025     492,659,000      
Ending Balance at Sep. 30, 2025 $ 1,388,520 $ 0 $ 4 $ 2,601,900 $ 3,432 $ (1,216,816)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (1,023,906) $ (829,927)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,545 6,113
Non-cash operating lease costs 13,194 10,510
Stock-based compensation, net of amounts capitalized 1,145,839 947,400
Amortization of deferred commissions 15,020 10,303
Net accretion of discounts on available-for-sale securities (12,481) (11,285)
Unrealized (gains) losses on equity investments, net (21,569) 927
Other non-cash adjustments (568) (1,845)
Changes in assets and liabilities:    
Accounts receivable, net (25,530) (7,350)
Prepaid expenses and other current assets (29,777) (13,492)
Other assets (15,594) (69,863)
Accounts payable 6,085 434
Accrued and other current liabilities 4,183 (252,381)
Accrued compensation and benefits 57,729 12,457
Deferred revenue 92,204 70,764
Other non-current liabilities (3,579) (7,573)
Net cash provided by (used in) operating activities 210,795 (134,808)
Cash flows from investing activities:    
Purchase of intangible assets (5,064) (195)
Capital expenditures (3,710) (1,315)
Capitalized internal-use software development costs (2,853) (2,920)
Cash paid for business combinations, net of cash acquired (21,004) 0
Purchases of marketable securities (1,014,648) (1,073,771)
Proceeds from maturities of marketable securities 671,550 306,859
Proceeds from sale of marketable securities 112,491 51,332
Purchase of digital assets (30,000) 0
Other cash flows from investing activities (1,210) (782)
Net cash used in investing activities (294,448) (720,792)
Cash flows from financing activities:    
Repurchase of common stock 0 (861)
Payment of deferred offering costs, net of costs reimbursed (2,194) 0
Cash paid for issuance costs on revolving credit facility (1,400) 0
Proceeds from options exercised 48,296 1,184
Proceeds from borrowings under revolving credit facility 330,500 0
Repayments on borrowings under revolving credit facility (330,500) 0
Proceeds from initial public offering, net of underwriting discounts and commissions 393,076 0
Taxes paid related to net share settlement of equity awards (494,649) (418,051)
Proceeds from sale of common stock in connection with May 2024 RSU release primary financing 0 418,968
Other cash flows from financing activities 1,202 0
Net cash provided by (used in) financing activities (55,669) 1,240
Change in cash, cash equivalents, and restricted cash (139,322) (854,360)
Cash, cash equivalents, and restricted cash—beginning of period 490,585 1,274,109
Cash, cash equivalents, and restricted cash—end of period 351,263 419,749
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 340,485 416,118
Restricted cash, including restricted cash in prepaid expenses and other current assets 10,778 3,631
Total cash, cash equivalents and restricted cash 351,263 419,749
Supplemental cash flow data:    
Income taxes 6,535 195,413
Non-cash investing and financing activities:    
Stock-based compensation included in capitalized internal-use software development costs 1,487 2,741
Payments for operating leases included in cash from operating activities 12,650 11,639
Right-of-use assets obtained in exchange for lease liabilities 42,007 27,727
Unpaid deferred offering costs 5,477 0
Conversion of convertible preferred stock to common stock upon initial public offering 329,441 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ 10,825 $ 0
v3.25.3
Description of the Business and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Description of the Business and Summary of Significant Accounting Policies Description of the Business and Summary of Significant Accounting Policies
Business
Figma, Inc. and its subsidiaries (together, the “Company” or “Figma”) is where teams come together to design and build the world’s best digital products and experiences. Figma was incorporated in October of 2012 as a Delaware corporation. The Company is headquartered in San Francisco, California.
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 (“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 and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated balance sheet as of December 31, 2024 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, 2025 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, 2024, included in the Company's prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 31, 2025 (the “Final Prospectus”)
Initial public offering
On August 1, 2025, the Company completed its initial public offering (the “IPO”), in which the Company issued 12.5 million shares of its Class A common stock at a public offering price of $33.00 per share, which resulted in net proceeds of $393.1 million after deducting underwriting discounts and commissions and before deducting offering costs. In addition, selling stockholders sold 30.0 million shares of Class A common stock in the IPO, including 5.5 million shares of Class A common stock in connection with the full exercise of the underwriters’ over-allotment option to purchase shares of Class A common stock, at the public offering price of $33.00 per share. The Company did not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders.
In connection with the IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 246.0 million shares of Class A common stock on a one to one basis. Refer to Note 10 “Stockholders’ Equity” for additional information.
In connection with the IPO, the Company recognized a one-time cumulative stock-based compensation expense of $975.7 million associated with the vested restricted stock units (“RSUs”) with a liquidity-event performance-based vesting condition, which was satisfied in connection with the IPO and for which the service-based vesting condition had also been satisfied as of that date. Concurrently with the IPO, the Company issued 9.6 million shares of its Class A common stock and 3.9 million shares of its Class B common stock upon settlement of the RSUs vested in connection with the IPO, net of 12.5 million shares withheld to satisfy related tax withholding and remittance obligations. Based on the IPO price of $33.00 per share, the Company’s related tax withholding obligations were $411.4 million and was paid during the three months ended September 30, 2025. Refer to Note 10 “Stockholders’ Equity” for additional information.
Prior to the IPO, deferred offering costs, which consisted of direct incremental legal, accounting, consulting and other fees relating to the IPO were capitalized within prepaid expenses and other current assets on the Company’s interim condensed consolidated balance sheet. In connection with the IPO, deferred offering costs of $10.8 million were reclassified to stockholders’ equity as a reduction of the net proceeds received from the IPO. There were no deferred offering costs incurred as of December 31, 2024.
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 IPO and 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 from the audited consolidated financial statements for the fiscal year ended December 31, 2024, included in the Final Prospectus, other than as discussed below.
Revenue recognition
The Company primarily derives its revenue from sales of subscriptions for access to its platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription agreements. The Company accounts for revenue contracts with customers by applying the requirements of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Access to the platform represents a series of distinct services as the Company continually provides access to and fulfills its obligation to the customer over the subscription term. The series of distinct services represent a single performance obligation that is satisfied over time. The Company recognizes revenue ratably over the contract term, beginning on the date that the platform is made available to the
customer, because the customer receives and consumes the benefits of the platform throughout the contract period. The price of subscriptions is dependent on the number of seats and the subscription plan. The Company’s contracts typically do not contain variable consideration given the price is fixed at contract inception.
The Company’s subscription agreements generally have monthly or annual contractual terms. The Company typically invoices in advance for contracts, and payment terms and conditions vary by contract type although terms generally include a requirement of payment within 30 to 60 days of the invoice date. At the end of each quarterly period of the contract, the Company invoices certain customers for additional seats added during the quarter, inclusive of amounts due for services delivered and amounts due for the remaining term of the subscription. The Company records deferred revenue when cash payments are received or due in advance of its performance and revenue is recognized ratably over the related contractual term. The timing of revenue recognition may differ from the timing of invoicing customers, and these timing differences result in accounts receivables, contract assets, or deferred revenue on the condensed consolidated balance sheets. Accounts receivable consists of amounts the Company has invoiced or for which it has an unconditional right to consideration. Contract assets consists of amounts the Company has recognized as revenue in advance of invoicing customers. Deferred revenue represents amounts that the Company has an unconditional right to invoice in advance of revenue recognition.
Digital assets
The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars, which is accounted for as a financial instrument in the condensed consolidated balance sheets. The Company has elected to carry these digital assets at fair value. Income from digital assets is recognized within other income, net in the condensed consolidated statement of operations.
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, marketable securities, and accounts receivable. The Company places its cash, cash equivalents, restricted cash, digital assets 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 represents the Company’s investment in USDC. The underlying reserves of USDC are held in cash, short-duration U.S Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.
One customer accounted for 11% of total accounts receivable as of September 30, 2025 and no customers accounted for 10% or greater of total accounts receivable as of December 31, 2024. There were no customers representing 10% or greater of revenue for the three or nine months ended September 30, 2025 and 2024, respectively.
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.
Business combinations
The Company uses best estimates and assumptions, including but not limited to, the selection of valuation methodologies, future expected cash flows, costs to recreate developed technology, expected asset useful lives, and discount rates, to assign fair values to tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s condensed consolidated statements of operations.
Deferred commissions, net
Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales commissions earned by the Company’s sales force and related expenses, including associated payroll taxes and 401(k) contributions attributable to earned sales commissions, are deferred when they are considered to be incremental and recoverable costs of obtaining customer contracts. Deferred commissions, net of accumulated amortization, are included within prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.
The Company capitalized incremental costs of obtaining a contract of $7.5 million and $6.7 million during the three months ended September 30, 2025 and 2024, respectively, and $18.4 million and $23.8 million during the nine months ended September 30, 2025 and 2024, respectively.
Deferred commissions, net included in prepaid and other current assets were $20.4 million and $17.9 million as of September 30, 2025 and December 31, 2024, respectively. Deferred commissions, net included in other assets were $32.0 million and $31.0 million as of September 30, 2025 and December 31, 2024, respectively.
Deferred commissions, net are amortized over a period of benefit of four years. The period of benefit is estimated by considering factors such as the length of the Company’s customer contracts, the impact of competition in the Company’s industry, historical attrition rates, and the useful life of the Company’s technology among other factors. Amortization of deferred commissions totaled $5.3 million and $4.0 million for the three months ended September 30, 2025 and 2024, respectively, and $15.0 million and $10.3 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in sales and marketing expense in the accompanying condensed consolidated statement of operations. There was no impairment loss in relation to deferred commissions, net for any period presented.
Recently issued accounting standards not yet adopted
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software (referred to as "internal-use software"). Upon adoption, registrants will be required to account for internal-use software using updated capitalization criteria, which no longer make reference to software development stages and include the addition of a probable-to-complete recognition threshold. ASU 2025-06 is effective for annual periods, including interim reporting periods, beginning after
December 15, 2027, with early adoption permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income — Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, to expand expense disclosures by requiring disaggregated disclosure of certain income statement line items, including those that contain purchases of inventory, employee compensation, depreciation, and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied prospectively. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance income tax disclosures primarily through changes in rate reconciliation and income taxes paid disclosures. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. This change requires application on a prospective basis. Early adoption is permitted. This standard is effective for the Company's 2025 annual period and the Company is currently assessing the impact on its consolidated financial statement disclosures.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
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
September 30,		Nine Months Ended
September 30,
2025202420252024
Balance, beginning of period$433,147 $305,160 $381,363 $253,635 
Billings and other(1)
314,593 217,878 844,216 602,830 
Revenue(274,173)(198,639)(752,012)(532,066)
Balance, end of period$473,567 $324,399 $473,567 $324,399 
__________________
(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.
Approximately 70% of revenue recognized during the three months ended September 30, 2025 was from the deferred revenue balance as of June 30, 2025, and 85% of revenue recognized during the three months ended September 30, 2024 was from the deferred revenue balance as of June 30, 2024. Approximately 47% of revenue recognized during the nine months ended September 30, 2025 was from the deferred revenue balance as of December 31, 2024 and 43% of revenue recognized during the nine months ended September 30, 2024 was from the deferred revenue balance as of December 31, 2023.
Remaining performance obligations
As of September 30, 2025, the aggregate balance of remaining performance obligations that were unsatisfied or partially unsatisfied was $517.2 million. The substantial majority of the remaining performance obligations will be satisfied over the twelve months following September 30, 2025, with the balance to be recognized as revenue thereafter.
v3.25.3
Cash, Cash Equivalents, and Marketable Securities
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Marketable Securities Cash, Cash Equivalents, and Marketable Securities
The amortized cost, unrealized gains and losses and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of September 30, 2025 and December 31, 2024 consisted of the following:
As of September 30, 2025Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$230,397 $— $— $230,397 
Money market funds6,337 — — 6,337 
Commercial paper100,991 1 (7)100,985 
Corporate bonds166 — — 166 
U.S. agency securities— — — — 
U.S. treasury securities2,600 — — 2,600 
Total cash and cash equivalents340,491 1 (7)340,485 
Debt securities:
U.S. agency securities88,962 268 (4)89,226 
U.S. treasury securities503,693 1,748 (40)505,401 
Commercial paper146,921 38 (8)146,951 
Corporate bonds397,618 1,480 (50)399,048 
Total debt securities1,137,194 3,534 (102)1,140,626 
Total cash, cash equivalent, and debt securities$1,477,685 $3,535 $(109)$1,481,111 
Other:
Bitcoin exchange traded fund(1)
96,422 
Total cash, cash equivalents, and marketable securities$1,577,533 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
As of December 31, 2024Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$398,910 $— $— $398,910 
Money market funds1,865 — — 1,865 
Commercial paper86,184 2 (7)86,179 
Total cash and cash equivalents486,959 2 (7)486,954 
Debt securities:
U.S. agency securities100,793 285 (18)101,060 
U.S. treasury securities371,209 915 (200)371,924 
Commercial paper190,072 93 (10)190,155 
Corporate bonds228,706 555 (308)228,953 
Total debt securities890,780 1,848 (536)892,092 
Total cash, cash equivalent, and debt securities$1,377,739 $1,850 $(543)$1,379,046 
Other:
Bitcoin exchange traded fund(1)
78,791 
Total cash, cash equivalents, and marketable securities$1,457,837 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
Debt securities were designated as available-for-sale and equity securities had readily determinable fair values as of September 30, 2025 and December 31, 2024.
Debt securities
The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
As of September 30, 2025
Amortized Cost Fair Value
Due in less than one year$651,115 $651,992 
Due in more than one year589,836 592,385 
Total$1,240,951 $1,244,377 
As of December 31, 2024
Amortized Cost Fair Value
Due in less than one year$624,748 $625,326 
Due in more than one year352,216 352,945 
Total$976,964 $978,271 
The Company had 74 and 117 marketable debt securities in unrealized loss positions as of September 30, 2025 and December 31, 2024, respectively. There were no material gains or losses that were reclassified out of accumulated other comprehensive income for any period presented.
As of September 30, 2025 and December 31, 2024, the Company’s marketable debt securities portfolio consisted of four security types, all of which contained investments that were in an unrealized loss position. The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of September 30, 2025 and December 31, 2024:
As of September 30, 2025
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$16,728 $(4)$— $— $16,728 $(4)
U.S. treasury securities30,598 (28)15,214 (11)45,812 (39)
Commercial paper126,511 (16)— — 126,511 (16)
Corporate bonds38,448 (48)2,767 (2)41,215 (50)
Total
$212,285 $(96)$17,981 $(13)$230,266 $(109)
As of December 31, 2024
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$11,892 $(18)$— $— $11,892 $(18)
U.S. treasury securities68,843 (195)7,527 (5)76,370 (200)
Commercial paper131,268 (17)— — 131,268 (17)
Corporate bonds71,854 (308)— — 71,854 (308)
Total
$283,857 $(538)$7,527 $(5)$291,384 $(543)
The Company periodically evaluates its debt securities for expected credit losses. The unrealized losses on the debt securities were largely due to changes in interest rates. The credit ratings associated with corporate notes and obligations are highly rated and in line with the Company’s investment policy and the issuers continue to make timely principal and interest payments. The Company expects to recover the full carrying value of the debt securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses, and expects any credit losses would be immaterial based on the high-grade credit rating for the investments. As a result, the Company does not consider any portion of the unrealized losses on debt securities as of September 30, 2025 and December 31, 2024 to be unrecoverable.
Equity securities
Any unrealized losses on the Company’s Bitcoin exchange traded fund, classified as an equity security, are attributable to decreases in the fair value of Bitcoin. The fair market value of this investment is directly driven by the price of Bitcoin and therefore is more volatile in nature, but is not driven by credit specific factors and thus no expected credit losses have been recorded on the investment in any period presented.
Unrealized gains (losses) recognized on the Bitcoin exchange traded fund equity investment held were $5.6 million and $2.3 million for the three months ended September 30, 2025 and 2024, respectively, and $17.6 million and $(1.4) million for the nine months ended September 30, 2025 and 2024, respectively.
Interest income from cash, cash equivalents, and marketable securities was $15.7 million and $15.3 million for the three months ended September 30, 2025 and 2024, respectively, and $47.0 million and $48.8 million for the nine months ended September 30, 2025 and 2024, respectively. Interest income is included in other income, net in the accompanying condensed consolidated statements of operations.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of September 30, 2025 and December 31, 2024:
As of September 30, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$6,337 $— $— $6,337 
Commercial paper— 100,985 — 100,985 
Corporate bonds— 166 — 166 
U.S. agency securities— — — — 
U.S. treasury securities— 2,600 — 2,600 
Total cash equivalents$6,337 $103,751 $— $110,088 
Marketable securities:
U.S. agency securities$— $89,226 $— $89,226 
U.S. treasury securities— 505,401 — 505,401 
Commercial paper— 146,951 — 146,951 
Corporate bonds— 399,048 — 399,048 
Bitcoin exchange traded fund96,422 — — 96,422 
Total marketable securities$96,422 $1,140,626 $— $1,237,048 
Digital assets$30,320 $— $— $30,320 
As of December 31, 2024Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,865 $— $— $1,865 
Commercial paper— 86,179 — 86,179 
Total cash equivalents$1,865 $86,179 $— $88,044 
Marketable securities:
U.S. agency securities$— $101,060 $— $101,060 
U.S. treasury securities— 371,924 — 371,924 
Commercial paper— 190,155 — 190,155 
Corporate bonds— 228,953 — 228,953 
Bitcoin exchange traded fund78,791 — — 78,791 
Total marketable securities$78,791 $892,092 $— $970,883 
The Company had no transfers between levels of the fair value hierarchy during any period presented.
The 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.
v3.25.3
Revolving Credit Facility
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On June 27, 2025, the Company entered into a new credit agreement (the “Revolving Credit Agreement”) which provides for a revolving credit facility (the “Revolving Credit Facility”) of up to $500.0 million and a subfacility of up to $150.0 million for letters of credit.
Pursuant to the terms of the Revolving Credit Facility, 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 Facility are secured by liens on substantially all of the Company’s assets. The Revolving Credit Facility matures on June 27, 2030.
On July 30, 2025, the Company drew $330.5 million under the Revolving Credit Facility in order to pay a portion of the anticipated withholding and remittance obligations related to the vesting and settlement of RSUs for which the performance-based vesting condition had been satisfied in connection with the IPO and used a portion of the net proceeds from the IPO to repay such indebtedness in full on August 1, 2025.
As of September 30, 2025, the Company had no amounts or letters of credit issued and outstanding under the Revolving Credit Facility. The Company’s total available borrowing capacity under the Revolving Credit Facility was $500.0 million as of September 30, 2025. As of September 30, 2025, the Company was in compliance with all covenants under the Revolving Credit Agreement.
v3.25.3
Business Combinations
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Asset purchase
On April 7, 2025, the Company acquired the intellectual property assets and assembled workforce of a technology company for $14.0 million in cash. The technology company acquired offers an AI-based visual design and motion design platform for image editing. The acquisition was accounted for as a business combination under ASC 805, Business Combinations, and the allocation of the purchase
consideration resulted in the recognition of acquired net assets of $4.8 million and goodwill of $9.2 million. The goodwill is primarily attributed to the value of the assembled workforce and is deductible for income tax purposes and will be amortized over 15 years.
Acquisition
On April 17, 2025, the Company acquired all outstanding equity interests of a technology company that is a self-hosted headless content management system and application framework, pursuant to an agreement and plan of merger. The purchase consideration of $10.4 million, consisted of cash and shares of the Company’s Class A common stock. The merger was accounted for as a business combination under ASC 805, Business Combinations, and the allocation of the purchase consideration resulted in the recognition of acquired net assets of $6.5 million and goodwill of $3.9 million. The goodwill is primarily attributed to the value of the assembled workforce and is not deductible for tax purposes.
In addition to the total purchase consideration described above, the Company issued approximately $22.2 million of its Class A common stock, which will continue to vest subject to the recipients continued service to the Company. The related stock-based compensation expense is recognized within research and development expense on a straight-line basis over the requisite service period of four years.
v3.25.3
Goodwill and Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Intangible assets, net consisted of the following:
September 30, 2025
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(205)$520 2.2
Licenses, domain names and other474 (286)188 1.5
Customer relationships1,000 (226)774 1.5
Developed technology18,954 (4,392)14,562 1.6
Total intangible assets$21,153 $(5,109)$16,044 
December 31, 2024
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(24)$701 2.9
Licenses, domain names and other474 (170)304 2.2
Developed technology1,810 (304)1,506 2.5
Total intangible assets$3,009 $(498)$2,511 
Amortization expense was not material for each of the three and nine months ended September 30, 2025 and 2024.
As of September 30, 2025, future amortization expense by year is expected to be as follows:
Amount
2025$3,489 
20268,778 
20273,074 
2028703 
Total
$16,044 
Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. The changes in the carrying amounts of goodwill were as follows:
December 31, 2024$11,398 
Additions during the period (Note 6)
13,143 
September 30, 2025$24,541 
Goodwill is not amortized, but rather is tested for impairment at least annually in the fourth quarter or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. The Company did not recognize any impairment of goodwill for the three or nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Hosting commitments and other significant non-cancelable purchase commitments
As of September 30, 2025, the Company had significant non-cancellable purchase commitments of $542.6 million, of which $89.3 million was short-term. These amounts primarily consist of future minimum non-cancellable payment obligations related to hosting, technical infrastructure and other service arrangements that support the general business operations of the Company.
Lease commitments
Future minimum lease payments as of September 30, 2025 were as follows:

Amount
Remainder of 2025$4,460 
202614,182 
202713,974 
202813,632 
20298,014 
Thereafter30,216 
Total undiscounted future minimum lease payments84,478 
Less: present value discount(14,573)
Total discounted future minimum lease payments69,905 
Less: prepaid rent(1,529)
Less: tenant improvement allowances
(7,140)
Total operating lease liabilities$61,236 
Letters of credit
As of September 30, 2025 the Company had a total of $9.8 million in unsecured letters of credit outstanding, respectively, related to leased office spaces. The letters of credit renew annually and mature in 2026.
Legal matters
From time to time, the Company may become a party to a variety of claims, lawsuits, and proceedings which arise in the ordinary course of business, including claims of alleged infringement of intellectual property rights. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. The Company believes that resolution of pending matters is not likely to have a material adverse impact on its 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 September 30, 2025 and December 31, 2024.
Indemnification and warranties
The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products infringe a third party’s intellectual property rights. To date, the Company has not incurred any material costs nor has it accrued any liabilities in its 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 September 30, 2025 and December 31, 2024, 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.
v3.25.3
Accrued and Other Current Liabilities
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accrued and Other Current Liabilities Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following:
As of
September 30,
2025		December 31,
2024
Non-income based taxes payable$11,491 $9,562 
Income taxes payable474 511 
Customer deposits4,422 4,507 
Acquisition indemnification holdbacks1,400 — 
Other current liabilities34,053 16,539 
Total accrued and other current liabilities$51,840 $31,119 
v3.25.3
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Convertible preferred stock
In connection with the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock automatically converted into a total of 246.0 million shares of the Company’s Class A common stock. The holders of convertible preferred stock had certain voting, dividend, liquidation preferences, and conversion privileges that terminated at the closing of the IPO.
Preferred stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 200.0 million shares of preferred stock with a par value of $0.00001 per share with rights and preferences, including, without limitation, voting powers, dividend rights, liquidation rights, redemption rights, and conversion rights, designated from time to time by the Company’s Board of Directors (the “Board”). As of September 30, 2025, there were no shares of preferred stock issued and outstanding.
Blockchain common stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100.0 million shares of blockchain common stock with a par value of $0.00001 per share with rights and preferences, including, without limitation, voting powers, dividend rights, liquidation rights, redemption rights, and conversion rights, designated from time to time by the Board. As of September 30, 2025, there were no shares of blockchain common stock issued and outstanding.
Class A, Class B and Class C common stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized three classes of common stock: 10.0 billion shares of Class A common stock, 350.0 million shares of Class B common stock, and 1.0 billion shares of Class C common stock each at a par value of $0.00001 per share, of which 413.0 million shares of Class A common stock, 79.7 million shares of Class B common stock and no shares of Class C common stock were issued and outstanding as of September 30, 2025. Included in the total number of common stock outstanding as of September 30, 2025 are 0.7 million shares of Class A common stock subject to vesting, which are not considered outstanding for accounting purposes.
As of December 31, 2024, the Company was authorized to issue 571.0 million shares of Class A common stock and 119.0 million shares of Class B common stock, each at a par value of $0.00001 per share, of which 124.2 million shares of Class A common stock and 90.7 million shares of Class B common stock were issued and outstanding. Included in the total number of shares of Class A common stock outstanding as of December 31, 2024 are 0.1 million shares of Class A common stock subject to vesting, which are not considered outstanding for accounting purposes.
Holders of the Company’s common stock are entitled to dividends, if and when declared by the Board. The holders of all classes of common stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends. As of September 30, 2025, no dividends were declared.
Holders of Class A common stock are entitled to one vote per share, holders of Class B common stock are entitled to fifteen votes per share, and, except as otherwise required by law, holders of Class C common stock are entitled to no votes per share. The holders of all classes of common stock vote together as a single class on all matters, except where otherwise required by law.
As of September 30, 2025 and December 31, 2024, the Company had reserved shares of common stock for future issuance, on an as converted basis, as follows:
September 30, 2025December 31, 2024
Convertible preferred stock— 245,999 
RSUs (including CEO Equity Awards) outstanding90,531 73,951 
Stock options outstanding21,289 24,023 
Common stock warrants — 261 
Remaining shares authorized for future issuance74,162 2,864 
Total
185,982 347,098 
Equity incentive plans
Prior to the IPO, the Company maintained two equity incentive plans: the 2012 Equity Incentive Plan (the “2012 Plan”) and the 2021 Executive Equity Incentive Plan (the “2021 Plan”). The 2012 Plan allowed the Company to grant stock options, RSUs, and restricted stock awards (“RSAs”) to employees, directors, and consultants of the Company. The 2021 Plan was established in June 2021 to allow the Company to grant stock options, RSUs, stock appreciation rights, and RSAs to the Company’s Chief Executive Officer (“CEO”).
In connection with the IPO and the adoption of the 2025 Equity Incentive Plan (the “2025 Plan”), the Company ceased granting awards under the 2012 Plan and the 2021 Plan. Any outstanding awards granted under the 2012 Plan and 2021 Plan remain subject to the terms of the 2012 Plan and 2021 Plan, as applicable, and any shares that are forfeited or repurchased by the Company under the 2012 Plan or 2021 Plan will automatically become available for issuance again under the 2025 Plan. The Company initially reserved 58.0 million shares of Class A common stock, plus (i) any reserved shares of Class A common stock not issued or subject to outstanding grants under the 2012 Plan on the effective date of the 2025 Plan and (ii) any reserved shares of Class B common stock not issued or subject to outstanding grants under the 2021 Plan on the effective date of the 2025 Plan, for issuance as Class A common stock pursuant to awards granted under the 2025 Plan. The 2025 Plan allows the Company to grant stock options, RSUs, RSAs, stock bonus awards, stock appreciation rights, and performance awards to employees, directors, and consultants of the Company. Stock options granted under the 2025 Plan expire no later than ten years from the date of grant. Awards granted under the 2025 Plan have a service-based vesting period that is typically four years, subject to a one-year cliff for new hire grants.
The number of shares reserved for issuance and sale under the 2025 Plan increases automatically on the first day of each calendar year beginning on January 1, 2026 and ending with January 1, 2035. Such annual increase will be equal to the lesser of (i) 5% of the aggregate number of shares outstanding of all classes of the Company’s common stock on the December 31 immediately prior to the date of the increase and (ii) such shares determined by the Board (the “2025 Plan Evergreen Provision”). The 2025 Plan Evergreen Provision is calculated using the number of legally outstanding shares of common stock and may include unvested shares that are not considered outstanding for accounting purposes.
As of September 30, 2025, there were 74.2 million shares available for issuance under the 2025 Plan.
Employee stock purchase plan
On June 26, 2025, the Board approved the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective on July 30, 2025 in connection with the IPO. The purpose of the 2025 ESPP is to enable eligible employees to purchase shares of the Company’s Class A common stock at a discount through payroll deductions of their eligible compensation. The purchase price for shares purchased under the 2025 ESPP during any given purchase period is 85% of the lesser of the fair market value of the Company’s Class A common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of the applicable purchase period. During any offering period, contribution rates may be decreased once, and participants may withdraw from the current offering period up until two weeks from the end of the offering period and receive a full refund. No participant may purchase more than 2,500 shares of the Company’s Class A common stock during any one purchase period and no participant may subscribe for more than $25,000 in fair market value of shares of the Company's Class A common stock, determined as of the date the offering period commences, in any calendar year in which the offering is in effect. A total of 11.6 million shares of the Company’s Class A common stock have been reserved for issuance under the 2025 ESPP.
The number of shares reserved for issuance and sale under the 2025 ESPP will increase automatically on the first day of each calendar year beginning on January 1, 2026 and ending with January 1, 2035. Such annual increase will be equal to the lesser of (i) 1% of the aggregate number of outstanding shares of all classes of the Company’s common stock on each December 31 immediately prior to the date of the increase and (ii) such shares determined by the Board (the “ESPP Evergreen Provision”). The ESPP Evergreen Provision is calculated using the number of legally outstanding shares of common stock and may include unvested shares that are not considered outstanding for accounting purposes. No more than 100.0 million shares of Class A common stock may be issued under the 2025 ESPP.
The 2025 ESPP has an initial offering period beginning on July 30, 2025 and ending on November 14, 2025, with a purchase date of November 14, 2025. The enrollment window for the initial offering period began on July 30, 2025 and ended on August 15, 2025, which is considered the grant date for the initial offering period. For the initial offering period, the fair market value of the Class A common stock on the offering date was equal to the IPO price of $33.00 per share, and the fair market value of the Class A common stock on the grant date was $79.42. Following the initial offering period, the 2025 ESPP provides for six-month offering periods and provides that participants may make one purchase at the end of each six-month offering period. The following table summarizes the assumptions used in estimating the fair value of the rights to acquire stock under the ESPP using the Black-Scholes option-pricing model:
Three Months Ended
September 30, 2025
Expected term0.3 years
Expected volatility42.49 %
Risk free interest rate4.30 %
Dividend yield — %
Valuation assumptions
The determination of the grant date fair value using an option-pricing model is affected by the valuation inputs:
Expected term - The expected term approximates the offering period.
Expected volatility - The Company uses the average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company.
Risk-free interest rate - Risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the offering period.
Expected dividend yield - Because the Company has never paid, and does not expect to pay, cash dividends in the near future, the expected dividend yield is 0%.
Stock-based compensation is recognized on a straight-line basis over the offering period and the Company accounts for forfeitures as they occur.
The Company recognized $25.6 million of stock-based compensation expense related to the 2025 ESPP during the three and nine months ended September 30, 2025. As of September 30, 2025, there was approximately $24.5 million of unrecognized stock-based compensation expense related to the 2025 ESPP, which is expected to be recognized over the remaining period of 0.1 years.
As of September 30, 2025, $17.2 million has been withheld on behalf of employees for future purchases under the 2025 ESPP due to the timing of payroll deductions. As of September 30, 2025, no shares of Class A common stock have been purchased under the 2025 ESPP.
RSU releases
IPO RSU release
On July 30, 2025, the Board approved the acceleration of the settlement of RSUs for which the performance-based vesting condition was satisfied as of the IPO date, to occur upon the effectiveness of the registration statement related to the Company’s IPO instead of on the earlier of (a) six months after the Company’s IPO or (b) March 15 of the calendar year following the Company’s initial public offering. As a result, the Company issued shares of its Class A common stock upon settlement of RSUs that remained subject to the performance-based vesting condition but had already satisfied the applicable service-based vesting conditions (“the IPO RSU Release”). To meet the related tax withholding requirements for the net settlement of the vested RSUs, the Company withheld 12.5 million shares underlying such equity awards, resulting in the net issuance of 9.6 million shares of Class A common stock and 3.9 million shares of Class B common stock. The withheld shares were returned to the Company’s available reserve under the 2025 Plan. Based on the IPO price of $33.00 per share, the Company’s related employee tax withholding obligations owed to federal, state, and foreign tax jurisdictions was $411.4 million. The Company drew approximately $330.5 million on the Revolving Credit Facility in order to pay a portion of the withholding and remittance obligations related to the IPO RSU Release. The proceeds from the Revolving Credit Facility together with cash on hand were used to pay the tax withholding obligations in full during the three months ended September 30, 2025. Subsequently, on August 1, 2025, the closing date of the IPO, the Company issued and sold 12.5 million shares of Class A common stock to investors in connection with the IPO at a purchase price of $33.00 per share. The Company received net proceeds of $393.1 million after deducting underwriting discounts and commissions and before deducting offering costs. The net proceeds from the IPO were used to repay the amounts borrowed on the Revolving Credit Facility on August 1, 2025.
The Company recognized $975.7 million of stock-based compensation expense associated with the IPO RSU Release.
May 2024 RSU release and primary financing
In May 2024, the Company modified and released 34.6 million RSUs held by employees and former employees (including the 2021 CEO Market Award and the 2021 CEO Service Award, each as defined and further described below in the section titled “CEO equity awards”) to remove the performance-based vesting condition (“the May 2024 RSU Release”), resulting in their remeasurement as of the modification date. The service-based vesting condition related to such RSUs had been met as of the modification date. Accordingly, these RSUs were fully vested as of the modification date, resulting in the recognition of stock-based compensation expense, net of amounts capitalized, of $801.2 million, and the release of the underlying common stock during the nine months ended September 30, 2024. A total of 1,486 grantees were affected by this modification. The remaining outstanding RSU awards were not modified and continued to be subject to both service-based and performance-based vesting conditions.
In connection with the May 2024 RSU Release, during the nine months ended September 30, 2024, the Company withheld approximately 18.1 million shares from the RSU holders to cover federal, state, and foreign withholding tax obligations. These withheld shares were returned to the Company’s available reserve under the 2012 Plan and the 2021 Plan, as applicable. The Company simultaneously issued and sold 18.1 million shares of Class A common stock to new and existing investors to cover the respective
employee tax liability owed to federal, state, and foreign tax jurisdictions as a result of the May 2024 RSU Release. The Company received proceeds of approximately $419.0 million based on a purchase price of $23.19 per share.
2024 tender offer
In order to provide its employees with liquidity subsequent to the Abandoned Merger with Adobe (as defined below), the Company facilitated a tender offer (the “2024 Tender Offer”), which opened on June 5, 2024 and closed on July 3, 2024, under which new and existing investors purchased an aggregate of 24.4 million shares of Class A common stock from investors, employees, and former employees of the Company at a purchase price of $23.19 per share for an aggregate purchase price of $566.7 million. Included in the shares of Class A common stock sold were 1.8 million shares of convertible preferred stock which were converted to Class A common stock at a 1:1 ratio immediately prior to closing. The Company determined that as a result of this transaction it had established a pattern of cash settlement of immature shares and stock options, resulting in a modification to its equity incentive plans. The Company made this determination when considering that it had previously facilitated two prior tender offer transactions in its fiscal years ended December 31, 2021 and December 31, 2020. The ability for employees to cash settle equity awards is contingent on the Company facilitating a third-party tender offer. As such, as of the date of the opening of the 2024 Tender Offer, the fair value of the maximum number of immature shares of common stock and stock options eligible to participate in the 2024 Tender Offer was reclassified from additional paid-in-capital and recorded as a liability as of the date of the opening of the 2024 Tender Offer. To the extent that the fair value of the immature shares of common stock and stock options exceeded the amount of stock-based compensation expense previously recognized, the excess was recognized as additional stock-based compensation expense. Accordingly, the Company recorded incremental stock-based compensation expense of $56.6 million in connection with this Tender Offer during the nine months ended September 30, 2024. The Company did not recognize any other stock-based compensation expense related to the 2024 Tender Offer as the purchase price was equal to the fair value of the common stock on the date of the transaction.
A summary of stock-based compensation expense recognized in the condensed consolidated statement of operations related to the May 2024 RSU Release and the incremental stock-based compensation expense from the 2024 Tender Offer is as follows, net of amounts capitalized as internal-use software:
Nine Months Ended
September 30, 2024
Cost of revenue$24,858 
Research and development462,683 
Sales and marketing186,659 
General and administrative183,618 
Total$857,818 
Stock options
2024 Stock Option Grants
In August 2024, the Company granted 10.5 million stock options in connection with the 2024 Tender Offer (the “2024 Stock Option Grants”) with a grant date fair value of $8.50 per share, which expire on the earlier of five years after the grant date or one year after the Company’s IPO. The options were granted to
eligible employees that elected to not tender all of their common stock received by them in connection with the May 2024 RSU Release as part of the Company’s 2024 Tender Offer. These stock options were fully vested at the time of grant and therefore the related stock-based compensation expense was recognized on the grant date. A summary of the related stock-based compensation expense recognized in the consolidated statement of operations related to the issuance of these stock option awards is as follows (in thousands), net of amounts capitalized as internal-use software:
Three Months Ended
September 30, 2024
Cost of revenue$3,034 
Research and development47,024 
Sales and marketing20,160 
General and administrative17,901 
Total$88,119 
Valuation assumptions
Estimating the grant date fair value of stock options requires the Company to make assumptions and judgments regarding the variables used in the calculation. These variables include the expected term (weighted-average period of time that the stock options granted are expected to be outstanding), the expected volatility of the Company’s common stock, expected risk-free interest rate, expected dividends, and the fair value of the Company’s common stock.
The Company uses the simplified calculation of expected term, based on the midpoint between the vesting date and the end of the contractual term, as the Company does not have sufficient historical data to use any other method to estimate expected term. Expected volatility is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company. The expected risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected dividend yield is 0% as the Company has not paid, and does not expect to pay, cash dividends in the near future.
The following table summarizes the assumptions used in the valuation of the 2024 Stock Option Grants to employees during the three months ended September 30, 2024.
Three Months Ended
September 30, 2024
Expected term2.5 years
Expected volatility54.61 %
Risk free interest rate3.87 %
Dividend yield — %
Fair value of common stock on grant date$23.19 
As discussed above, in connection with the IPO and adoption of the 2025 Plan in July 2025, the Company ceased granting awards under both the 2012 Plan and 2021 Plan. No stock options were granted under the 2012 Plan, the 2021 Plan, or the 2025 Plan during the three or nine months ended
September 30, 2025. A summary of stock option activity and weighted-average exercise prices under the 2012 Plan and related information for the nine months ended September 30, 2025 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, 202424,023 $10.18 4.4$333,861 
Options exercised (2,734)17.40 — — 
Options forfeited — — — — 
Outstanding as of September 30, 202521,289 $9.25 2.4$907,323 
Vested and exercisable as of September 30, 202521,289 $9.25 2.4$907,323 
As of September 30, 2025, there were no early exercised options subject to repurchase. As of September 30, 2025, there was no unrecognized stock-based compensation related to outstanding stock options.
The following table summarizes information about the value of options exercised and total fair value of options vested during the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Intrinsic value of options exercised$65,116 $100,670 $70,532 $106,164 
RSUs
The fair value of RSUs is determined using the fair value of the Company’s stock on the date of grant. As discussed above, in connection with the IPO and effectiveness of the 2025 Plan in July 2025, the Company ceased granting awards under the 2012 Plan. The following table summarizes the activity for
the Company’s unvested RSUs under the 2012 Plan and the 2025 Plan during the nine months ended September 30, 2025, excluding the CEO equity awards described below:
Number of RSUs outstanding under the 2012 PlanWeighted-average grant date fair value per share
Unvested at December 31, 202454,826 $22.80 
RSUs granted 21,158 34.59 
RSUs released (20,918)19.91 
RSUs forfeited(4,745)25.81 
Total RSUs outstanding at September 30, 202550,321 28.67 
RSUs vested, not yet released at September 30, 2025(46)15.92 
Unvested at September 30, 202550,275 $28.68 
Unrecognized stock-based compensation
Excluding the CEO equity awards described below, the Company had total unrecognized stock-based compensation expense related to RSUs of $951.6 million as of September 30, 2025, which will be recognized over a weighted-average remaining requisite service period of 3.4 years.
CEO equity awards
2021 CEO Market Award
In October 2021, the Board approved a grant to Mr. Field, of RSUs, with respect to 11.3 million shares of Class B common stock (the “2021 CEO Market Award”). The grant has service-based, market-based, and performance-based vesting conditions.
The award is comprised of three tranches that are eligible to vest based on the achievement of certain public market capitalization targets as follows:
TranchePublic market capitalization targetsShares of Class B common stock vested (thousands)
1$15  billion1,875
2$20  billion3,750
3$25  billion5,625
11,250
The performance period for each tranche begins on the first trading day following the later of (a) the Company’s IPO date, or (b) October 27, 2021 and ends on the earliest to occur of (i) the date on which all shares subject to the 2021 CEO Market Award vests, (ii) the date Mr. Field ceases to satisfy the service-based vesting condition, (iii) the seventh anniversary of the grant date, or (iv) the occurrence of an acquisition of the Company prior to the Company’s IPO date. Public market capitalization is calculated on a fully-diluted basis implied by the volume weighted-average price for any 30-day trading period after the completion of an initial public offering, or in the case of an acquisition of the Company, the aggregate amount actually distributed to holders of the Company’s capital stock.
The Company estimated the grant date fair value of the 2021 CEO Market Award using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporated into the valuation the possibility that the public market capitalization targets may not be satisfied. The weighted-average grant date fair value of the award was estimated to be $6.42 per share.
The 2021 CEO Market Award contains an implied performance-based vesting condition satisfied upon the IPO or change in control date because no shares subject to the grant will vest unless one of these two events occurs. The performance-based vesting condition on the 2021 CEO Market Award was not modified as part of the May 2024 RSU Release and therefore expense continued to be deferred on the award until the Company completed its IPO. In connection with the Company’s IPO, on July 30, 2025, the performance-based vesting condition was satisfied and the Company recognized cumulative unrecognized stock-based compensation expense of $72.2 million during the three months ended September 30, 2025. As of September 30, 2025, there was no remaining unrecognized stock-based compensation expense related to the 2021 CEO Market Award.
The performance period for each tranche of the 2021 CEO Market Award began in connection with the IPO. In August 2025, the settlement terms of the 2021 CEO Market Award were modified so that (i) in the event of a vesting event that occurs during a lock-up period, 50% of the RSUs vesting on that vesting event shall be settled upon the earlier to occur of (a) the tenth calendar day after the expiration of such lock-up period and (b) March 15th of the calendar year following the calendar year in which such vesting event occurs or (ii) in the event of a vesting event that occurs following the expiration of a lock-up period, 50% of the RSUs vesting on that vesting event shall be settled on the tenth calendar day after each vesting event. Further, the remaining 50% of the vested portion of the RSUs shall be settled upon the earlier to occur of (a) the date that is 91 calendar days after the first settlement date for a vesting event and (b) March 15th of the calendar year following the calendar year in which each vesting event occurs.
The Company determined that each of the three public market capitalization targets were achieved in September 2025, and therefore 11.3 million shares were vested upon the achievement as the service-based vesting condition for the award had been met prior to the IPO. Although the vesting conditions were satisfied in September 2025, the vested shares were not settled during the three and nine months ended September 30, 2025 due to the settlement terms discussed above. However, because all vesting conditions for the 2021 CEO Market Award were satisfied during the three and nine months ended September 30, 2025, the respective Class B common shares underlying the award are considered outstanding for accounting purposes and are included in the Company’s computation of basic and diluted earnings per share. With respect to the timing of settlement for the award, 50% of the RSUs will be settled in the three months ending December 31, 2025 and the remaining 50% will be settled in the three months ending March 31, 2026.
2021 CEO Service Award
In October 2021, the Board approved a grant to Mr. Field, of RSUs, with respect to 11.3 million shares of Class B common stock (the “2021 CEO Service Award”). The grant has service-based and performance-based vesting conditions.
The award is comprised of four tranches that vest annually beginning on July 1, 2022 so long as the CEO is in continuous service with the Company through each applicable vesting date.
In May 2024, the 2021 CEO Service Award was modified to remove the performance-based vesting condition satisfied upon the Company’s IPO or change in control date for RSUs for which the service-based vesting condition had been met as of the modification date. Accordingly, these RSUs were remeasured and fully vested as of the modification date, resulting in the recognition of stock-based compensation expense of $78.3 million, and the gross release of 3.4 million shares of Class B common
stock. The remaining outstanding RSU awards were not modified and continued to be subject to both service-based and performance-based vesting conditions. The performance-based vesting condition was satisfied in connection with the Company’s IPO on July 30, 2025 resulting in the Company recognizing the total remaining stock-based compensation expense on the award of $84.1 million and the gross release of 7.9 million shares of Class B common stock during the three months ended September 30, 2025. As of September 30, 2025, there was no remaining unrecognized stock-based compensation expense related to the 2021 CEO Service Award.
2025 CEO Stock Price Award
In June 2025, the Board approved a grant to Mr. Field of RSUs with respect to 14.5 million shares of Class B common stock (the “2025 CEO Stock Price Award”). The grant has service-based, market-based, and performance-based vesting conditions.
The award is comprised of seven tranches that are eligible to vest based on the achievement of certain stock price targets as follows:
TrancheStock price targetsPercentage of shares of Class B common stock vested
1$60 per share15%
2$70 per share15%
3$80 per share15%
4$90 per share15%
5$100 per share14.5%
6$110 per share13.5%
7$130 per share12%
100%
The performance period for each tranche begins upon the IPO and ends on the earlier of (i) the tenth anniversary of the IPO, or (ii) the occurrence of a change in control. As to any portion of the 2025 CEO Stock Price Award that satisfies the market-based vesting condition, the service-based vesting condition will be satisfied in seven substantially equal installments on each of the first seven anniversaries of the vesting commencement date, as long as the CEO is in continuous service with the Company through the applicable vesting date. The stock price targets are calculated based on the volume-weighted average trading price (“VWAP”) of the Company’s Class A common stock over any consecutive 60-day period during the term of the 2025 CEO Stock Price Award. The 60-day average VWAP shall be reported on such reasonable resource designated by the Company. In the event that a stock price target is achieved, the Compensation Committee of the Board in its sole and absolute discretion shall determine and certify achievement of the stock price target.
The Company estimated the grant date fair value of the 2025 CEO Stock Price Award using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the stock price targets may not be satisfied. The weighted-average grant date fair value of the award was estimated to be $27.45 per share. At the grant date, the requisite service period for each individual tranche of the award was equal to the longer of the explicit, implicit, or derived service period for each tranche.
The 2025 CEO Stock Price Award contained an implied performance-based vesting condition that was satisfied upon the IPO on July 30, 2025 and therefore any expense was deferred until the achievement of
the IPO. The Company recognized a total of $24.9 million of stock-based compensation expense during the three and nine months ended September 30, 2025 related to the 2025 CEO Stock Price Award.
The Company has determined that the stock price targets with respect to the first three tranches of the 2025 CEO Stock Price Award were achieved during the three months ended September 30, 2025. The award is subject to an on-going service requirement and will vest and be settled in seven substantially equal installments on each of the first seven anniversaries of the vesting commencement date, as long as the CEO is in continuous service with the Company through the applicable vesting date.
As of September 30, 2025, the Company had $372.6 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 4.1 years.
2025 CEO Service Award
In June 2025, the Board approved a grant to Mr. Field, of RSUs, with respect to 14.5 million shares of Class B common stock (the “2025 CEO Service Award”). The grant has only service-based vesting conditions. The award is comprised of five tranches that vest on the anniversary of the vesting commencement date, of 10%, 20%, 20%, 20%, and 30%, so long as the CEO is in continuous service with the Company through each applicable vesting date.
In August 2025, the settlement terms of the 2025 CEO Service Award were modified such that (a) with respect to the RSUs that will vest subject to the CEO’s continuous service on July 1, 2026, such initial RSUs shall be settled on the tenth calendar day after vesting and (b) with respect to all other RSU tranches other than the initial RSUs vesting on July 1, 2026, vested RSUs shall be settled as soon as administratively practicable, but no later than 60 calendar days after vesting.
During the three and nine months ended September 30, 2025, the Company recognized $23.5 million and $23.7 million in stock-based compensation related to the 2025 CEO Service Award, respectively. As of September 30, 2025, the Company had $440.6 million in remaining unrecognized stock-based compensation related to the award that will be recognized over the remaining requisite service period of 4.7 years.
v3.25.3
Net Loss Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net 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 loss per share.
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of total common stock outstanding.
Diluted net loss per share is the same as basic net loss per share as there was no net income attributable to common stockholders for any periods presented, and as a result the inclusion of all potential common shares outstanding would have been antidilutive.
The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders during the periods presented.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Basic and diluted net loss per share:
Numerator:
Net loss attributable to common stockholders
$(1,097,015)$(15,598)$(1,023,906)$(829,927)
Denominator:
Weighted-average shares outstanding used in computing net loss per share, basic and diluted
403,212 210,768 278,409 190,058 
Net loss per share, basic and diluted
$(2.72)$(0.07)$(3.68)$(4.37)
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
September 30,		Nine Months Ended
September 30,
2025202420252024
RSUs(1)
55,986 37,737 19,556 51,295 
Unvested RSAs743 155 485 307 
CEO Equity Awards(2)
32,576 19,469 10,978 20,928 
Convertible preferred stock(3)
82,891 246,355 191,032 247,327 
Stock options22,555 19,180 23,450 18,421 
Warrants88 261 202 261 
Total194,839 323,157 245,703 338,539 
__________________
(1)During the three and nine months ended September 30, 2025, RSUs excluded in the diluted per share calculations under the two class method include RSUs subject to only a service condition because the impact would be anti-dilutive. For the three and nine months ended September 30, 2024, RSUs excluded in the dilutive per share calculation include only RSUs subject to both a service and performance condition which were excluded due to RSUs being contingently issuable as of September 30, 2024.
(2)In October 2021, the Board approved a grant to the Company’s CEO of RSUs with respect to 22.5 million shares of Class B common stock. In June 2025, the Board approved a grant to the Company’s CEO of RSUs with respect to 29.0 million shares of Class B common stock. See Note 10 “Stockholders’ Equity” for further details.
(3)For the three and nine months ended September 30, 2025 and 2024 convertible preferred stock was not included in the dilutive per share calculation under the two class method, as the convertible preferred stockholders were not legally obligated to share in the Company’s losses.
v3.25.3
Other Income, Net
 9 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Other Income, Net Other Income, Net
Other income, net consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Interest income$15,731 $15,262 $47,029 $48,823 
Unrealized gains (losses) on equity securities7,715 2,776 21,569 (927)
Other income6,364 2 6,364 2 
Other expense, net(505)(130)(1,405)(2,664)
Total other income, net$29,305 $17,910 $73,557 $45,234 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
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 each respective period presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Effective tax rate0.9 %47.0 %(0.2)%6.1 %
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 September 30, 2025, as it is not more likely than not that they will be realized.
The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company's ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets.
The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company records liabilities related to uncertain tax positions and believes that it has provided adequate reserves for income tax uncertainties in all open tax years.
v3.25.3
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment information
The Company’s chief operating decision maker (“CODM”) is the CEO. The Company manages its operations and allocates resources as a single operating segment at the consolidated level. Accordingly, the CODM uses consolidated net 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 statement of operations. Consolidated operating expenses include research and development, sales and marketing, and general and administrative expenses. Research and development, sales and marketing, and general and administrative expenses include depreciation and amortization expense. Other segment items consist of other income, net and provision for (benefit from) income taxes, as presented in the condensed consolidated statement 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
September 30, 2025December 31, 2024
United States$73,853 $39,606 
International4,821 4,217 
Total$78,674 $43,823 
No single country outside of the United States accounted for more than 10% of total long-lived assets as of September 30, 2025 and December 31, 2024, respectively.
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
September 30,		Nine Months Ended
September 30,
2025202420252024
United States$126,792 $94,668 $351,021 $256,455 
International147,381 103,971 400,991 275,611 
Total$274,173 $198,639 $752,012 $532,066 
No single country outside of the United States accounted for more than 10% of total revenue for the three and nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Acquisition
On October 3, 2025, the Company acquired all outstanding equity interests of a technology company that offers an AI-powered media editing tool, pursuant to an agreement and plan of merger. The preliminary consideration is estimated to be approximately $129.1 million consisting of cash, Class A common stock, RSAs and RSUs, subject to customary purchase price adjustments. Of the $129.1 million in total consideration, $43.8 million was issued to key employees in the form of RSAs and RSUs that are subject to their ongoing service and will be recognized as post-combination expense over a service period of four years.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Dylan Field [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 4, 2025, 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 “Field Diversification Plan”) providing for the potential sale of up to (i) 2,000,000 shares of our Class A common stock issuable upon the conversion of shares of our Class B common stock held directly by Mr. Field, (ii) 500,000 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, and (iii) 567,662 shares of our Class A common stock issuable upon the conversion of shares of our Class B common stock directly held by a grantor annuity trust of which Mr. Field is a trustee. 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 Field Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Field Diversification Plan as of the date of the applicable order. The duration of the Field Diversification Plan is until the earlier of November 30, 2026, the completion of all transactions subject to the Field Diversification Plan, or the occurrence of certain other events set forth therein. On August 6, 2025, Mr. Field also entered into a sell-to-cover instruction intended to satisfy the affirmative defense of Rule 10b5-1(c) for sales of only such number of shares of our Class A common stock as is necessary to satisfy the applicable tax withholding obligations arising from the vesting of RSUs granted to Mr. Field. The total number of shares of our Class A common stock that may be sold pursuant to the sell-to-cover instruction is not yet determinable. The instruction will remain in effect through our first open trading window following the termination of the trading plan by its terms or expiration.
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 August 4, 2025
Expiration Date November 30, 2026
Arrangement Duration 483 days
Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On August 5, 2025, Praveer Melwani, our Chief Financial Officer, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Melwani Diversification Plan”) providing for (i) the potential sale of up to 565,326 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 Melwani Diversification Plan, and (iii) the potential sale of up to 112,500 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 Melwani Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Melwani Diversification Plan as of the date of the applicable order. The actual number of shares that will be sold under the Melwani Diversification Plan will be reduced by the number of shares sold to satisfy tax withholding obligations incurred upon the vesting of equity awards subject to the Melwani Diversification Plan. The number of Class A common stock to be sold to satisfy the tax withholding obligations is not known at this time. The duration of the Melwani Diversification Plan is until the earlier of November 20, 2026, the completion of all transactions subject to Melwani Diversification Plan, or the occurrence of certain other events set forth therein.
Name Praveer Melwani
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 5, 2025
Expiration Date November 20, 2026
Arrangement Duration 472 days
Brendan Mulligan [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 5, 2025, Brendan Mulligan, our General Counsel and Secretary, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Mulligan Diversification Plan”) providing
for the potential sale of up to 308,998 shares of our Class A common stock held directly by Mr. Mulligan. 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 Mulligan Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Mulligan Diversification Plan as of the date of the applicable order. The actual number of shares that will be sold under the Mulligan Diversification Plan will be reduced by the number of shares sold to satisfy tax withholding obligations incurred upon the vesting of equity awards subject to the Mulligan Diversification Plan. The number of Class A common stock to be sold to satisfy the tax withholding obligations is not known at this time. The duration of the Mulligan Diversification Plan is until the earlier of August 21, 2026, the completion of all transactions subject to the Mulligan Diversification Plan, or the occurrence of certain other events set forth therein.
Name Brendan Mulligan
Title General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 5, 2025
Expiration Date August 21, 2026
Arrangement Duration 381 days
Aggregate Available 308,998
Tyler Herb [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 5, 2025, Tyler Herb, our Chief Accounting Officer, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Herb Diversification Plan”) providing for the potential sale of up to (i) 91,111 shares of our Class A common stock held directly by Mr. Herb and (ii) a number of shares of our Class A common stock that Mr. Herb may purchase under our 2025 ESPP during the term of the Herb Diversification Plan, which cannot be determined at this time as the purchase price for such shares will be determined at the end of the applicable purchase periods of our 2025 ESPP. 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 Herb Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Herb Diversification Plan as of the date of the applicable order. The actual number of shares that will be sold under the Herb Diversification Plan will be reduced by the number of shares sold to satisfy tax withholding obligations incurred upon the vesting of equity awards subject to the Herb Diversification Plan. The number of Class A common stock to be sold to satisfy the tax withholding obligations and pursuant to our 2025 ESPP is not known at this time. The duration of the Herb Diversification Plan is until the earlier of August 20, 2026, the completion of all transactions subject to the Herb Diversification Plan, or the occurrence of certain other events set forth therein.
Name Tyler Herb
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 5, 2025
Expiration Date August 20, 2026
Arrangement Duration 380 days
Aggregate Available 91,111
Kristopher Rasmussen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 6, 2025, Kristopher Rasmussen, our Chief Technology Officer, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Rasmussen Diversification Plan”) providing for the potential sale of up to 3,180,204 shares of our Class A common stock held directly by Mr. Rasmussen. 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 Rasmussen Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Rasmussen Diversification Plan as of the date of the applicable order. The actual number of shares that will be sold under the Rasmussen Diversification Plan will be reduced by the number of shares sold to satisfy tax withholding obligations incurred upon the vesting of equity awards subject to the Rasmussen Diversification Plan. The number of Class A common stock to be sold to satisfy the tax withholding obligations is not known at this time. The duration of the Rasmussen Diversification Plan is until the earlier of August 21, 2026, the completion of all transactions subject to the Rasmussen Diversification Plan, or the occurrence of certain other events set forth therein.
Name Kristopher Rasmussen
Title Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 6, 2025
Expiration Date August 21, 2026
Arrangement Duration 380 days
Aggregate Available 3,180,204
Shaunt Voskanian [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 6, 2025, Shaunt Voskanian, our Chief Revenue Officer, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Voskanian Diversification Plan”) providing for (i) 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 417,795 shares of our Class A common stock held directly by Mr. Voskanian, 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 Voskanian Diversification Plan, and (ii) the potential sale of up to 490,850 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 Voskanian Diversification
Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Voskanian Diversification Plan as of the date of the applicable order. The actual number of shares that will be sold under the Voskanian Diversification Plan will be reduced by the number of shares sold to satisfy tax withholding obligations incurred upon the vesting of equity awards subject to the Voskanian Diversification Plan. The number of Class A common stock to be sold to satisfy the tax withholding obligations is not known at this time. The duration of the Voskanian Diversification Plan is until the earlier of August 28, 2026, the completion of all transactions subject to the Voskanian Diversification Plan, or the occurrence of certain other events set forth therein.
Name Shaunt Voskanian
Title Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 6, 2025
Expiration Date August 28, 2026
Arrangement Duration 387 days
Lynn Vojvodich Radakovich [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 11, 2025, Lynn Vojvodich Radakovich, a member of our Board of Directors, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Vojvodich Radakovich Diversification Plan”) providing for the potential sale of up to 211,741 shares of our Class A common stock held directly by Ms. Vojvodich Radakovich. 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 Vojvodich Radakovich Diversification Plan, assuming the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Vojvodich Radakovich Diversification Plan as of the date of the applicable order. The duration of the Vojvodich Radakovich Diversification Plan is until the earlier of September 18, 2026, the completion of all transactions subject to the Vojvodich Radakovich Diversification Plan, or the occurrence of certain other events set forth therein.
Name Lynn Vojvodich Radakovich
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 11, 2025
Expiration Date September 18, 2026
Arrangement Duration 372 days
Aggregate Available 211,741
David Field Trading Arrangement, Class A Common Stock [Member] | Dylan Field [Member]  
Trading Arrangements, by Individual  
Aggregate Available 2,000,000
David Field Trading Arrangement, Class A Common Stock, Investment Entity [Member] | Dylan Field [Member]  
Trading Arrangements, by Individual  
Aggregate Available 500,000
David Field Trading Arrangement, Class A Common Stock, Grantor Annuity Trust [Member] | Dylan Field [Member]  
Trading Arrangements, by Individual  
Aggregate Available 567,662
Praveer Melwani Trading Arrangement, Class A Common Stock [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Aggregate Available 565,326
Praveer Melwani Trading Arrangement, Class A Common Stock, Sale Amount To Cover Exercise Costs [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Aggregate Available 395,478
Praveer Melwani Trading Arrangement, Class A Common Stock, Stock Held By APM33, LLC [Member] | Praveer Melwani [Member]  
Trading Arrangements, by Individual  
Aggregate Available 112,500
Shaunt Voskanian Trading Arrangement, Class A Common Stock, Sale Amount To Cover Exercise Costs [Member] | Shaunt Voskanian [Member]  
Trading Arrangements, by Individual  
Aggregate Available 417,795
Shaunt Voskanian Trading Arrangement, Class A Common Stock, Stock Held Directly [Member] | Shaunt Voskanian [Member]  
Trading Arrangements, by Individual  
Aggregate Available 490,850
v3.25.3
Description of the Business and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
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 (“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 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, 2024 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, 2025 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, 2024, included in the Company's prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 31, 2025 (the “Final Prospectus”).
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 IPO and the estimation of the fair value of market-based awards, reserves for uncertain tax positions, and the realizability of deferred tax assets.
Revenue recognition
Revenue recognition
The Company primarily derives its revenue from sales of subscriptions for access to its platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription agreements. The Company accounts for revenue contracts with customers by applying the requirements of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Access to the platform represents a series of distinct services as the Company continually provides access to and fulfills its obligation to the customer over the subscription term. The series of distinct services represent a single performance obligation that is satisfied over time. The Company recognizes revenue ratably over the contract term, beginning on the date that the platform is made available to the
customer, because the customer receives and consumes the benefits of the platform throughout the contract period. The price of subscriptions is dependent on the number of seats and the subscription plan. The Company’s contracts typically do not contain variable consideration given the price is fixed at contract inception.
The Company’s subscription agreements generally have monthly or annual contractual terms. The Company typically invoices in advance for contracts, and payment terms and conditions vary by contract type although terms generally include a requirement of payment within 30 to 60 days of the invoice date. At the end of each quarterly period of the contract, the Company invoices certain customers for additional seats added during the quarter, inclusive of amounts due for services delivered and amounts due for the remaining term of the subscription. The Company records deferred revenue when cash payments are received or due in advance of its performance and revenue is recognized ratably over the related contractual term. The timing of revenue recognition may differ from the timing of invoicing customers, and these timing differences result in accounts receivables, contract assets, or deferred revenue on the condensed consolidated balance sheets. Accounts receivable consists of amounts the Company has invoiced or for which it has an unconditional right to consideration. Contract assets consists of amounts the Company has recognized as revenue in advance of invoicing customers. Deferred revenue represents amounts that the Company has an unconditional right to invoice in advance of revenue recognition.
Digital Assets
Digital assets
The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars, which is accounted for as a financial instrument in the condensed consolidated balance sheets. The Company has elected to carry these digital assets at fair value. Income from digital assets is recognized within other income, net in the condensed consolidated statement of operations.
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, marketable securities, and accounts receivable. The Company places its cash, cash equivalents, restricted cash, digital assets 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 represents the Company’s investment in USDC. The underlying reserves of USDC are held in cash, short-duration U.S Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.
One customer accounted for 11% of total accounts receivable as of September 30, 2025 and no customers accounted for 10% or greater of total accounts receivable as of December 31, 2024. There were no customers representing 10% or greater of revenue for the three or nine months ended September 30, 2025 and 2024, respectively.
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.
Business combinations
Business combinations
The Company uses best estimates and assumptions, including but not limited to, the selection of valuation methodologies, future expected cash flows, costs to recreate developed technology, expected asset useful lives, and discount rates, to assign fair values to tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s condensed consolidated statements of operations.
Deferred commissions, net
Deferred commissions, net
Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales commissions earned by the Company’s sales force and related expenses, including associated payroll taxes and 401(k) contributions attributable to earned sales commissions, are deferred when they are considered to be incremental and recoverable costs of obtaining customer contracts. Deferred commissions, net of accumulated amortization, are included within prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.
The Company capitalized incremental costs of obtaining a contract of $7.5 million and $6.7 million during the three months ended September 30, 2025 and 2024, respectively, and $18.4 million and $23.8 million during the nine months ended September 30, 2025 and 2024, respectively.
Deferred commissions, net included in prepaid and other current assets were $20.4 million and $17.9 million as of September 30, 2025 and December 31, 2024, respectively. Deferred commissions, net included in other assets were $32.0 million and $31.0 million as of September 30, 2025 and December 31, 2024, respectively.
Deferred commissions, net are amortized over a period of benefit of four years. The period of benefit is estimated by considering factors such as the length of the Company’s customer contracts, the impact of competition in the Company’s industry, historical attrition rates, and the useful life of the Company’s technology among other factors. Amortization of deferred commissions totaled $5.3 million and $4.0 million for the three months ended September 30, 2025 and 2024, respectively, and $15.0 million and $10.3 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in sales and marketing expense in the accompanying condensed consolidated statement of operations. There was no impairment loss in relation to deferred commissions, net for any period presented.
Recently issued accounting standards not yet adopted
Recently issued accounting standards not yet adopted
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software (referred to as "internal-use software"). Upon adoption, registrants will be required to account for internal-use software using updated capitalization criteria, which no longer make reference to software development stages and include the addition of a probable-to-complete recognition threshold. ASU 2025-06 is effective for annual periods, including interim reporting periods, beginning after
December 15, 2027, with early adoption permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income — Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, to expand expense disclosures by requiring disaggregated disclosure of certain income statement line items, including those that contain purchases of inventory, employee compensation, depreciation, and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied prospectively. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance income tax disclosures primarily through changes in rate reconciliation and income taxes paid disclosures. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. This change requires application on a prospective basis. Early adoption is permitted. This standard is effective for the Company's 2025 annual period and the Company is currently assessing the impact on its consolidated financial statement disclosures.
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Deferred Revenue
The changes in deferred revenue were as follows for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Balance, beginning of period$433,147 $305,160 $381,363 $253,635 
Billings and other(1)
314,593 217,878 844,216 602,830 
Revenue(274,173)(198,639)(752,012)(532,066)
Balance, end of period$473,567 $324,399 $473,567 $324,399 
__________________
(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.
v3.25.3
Cash, Cash Equivalents, and Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of the Cash, Cash Equivalents and Marketable Securities
The amortized cost, unrealized gains and losses and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of September 30, 2025 and December 31, 2024 consisted of the following:
As of September 30, 2025Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$230,397 $— $— $230,397 
Money market funds6,337 — — 6,337 
Commercial paper100,991 1 (7)100,985 
Corporate bonds166 — — 166 
U.S. agency securities— — — — 
U.S. treasury securities2,600 — — 2,600 
Total cash and cash equivalents340,491 1 (7)340,485 
Debt securities:
U.S. agency securities88,962 268 (4)89,226 
U.S. treasury securities503,693 1,748 (40)505,401 
Commercial paper146,921 38 (8)146,951 
Corporate bonds397,618 1,480 (50)399,048 
Total debt securities1,137,194 3,534 (102)1,140,626 
Total cash, cash equivalent, and debt securities$1,477,685 $3,535 $(109)$1,481,111 
Other:
Bitcoin exchange traded fund(1)
96,422 
Total cash, cash equivalents, and marketable securities$1,577,533 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
As of December 31, 2024Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$398,910 $— $— $398,910 
Money market funds1,865 — — 1,865 
Commercial paper86,184 2 (7)86,179 
Total cash and cash equivalents486,959 2 (7)486,954 
Debt securities:
U.S. agency securities100,793 285 (18)101,060 
U.S. treasury securities371,209 915 (200)371,924 
Commercial paper190,072 93 (10)190,155 
Corporate bonds228,706 555 (308)228,953 
Total debt securities890,780 1,848 (536)892,092 
Total cash, cash equivalent, and debt securities$1,377,739 $1,850 $(543)$1,379,046 
Other:
Bitcoin exchange traded fund(1)
78,791 
Total cash, cash equivalents, and marketable securities$1,457,837 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
Schedule of Debt Securities
The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
As of September 30, 2025
Amortized Cost Fair Value
Due in less than one year$651,115 $651,992 
Due in more than one year589,836 592,385 
Total$1,240,951 $1,244,377 
As of December 31, 2024
Amortized Cost Fair Value
Due in less than one year$624,748 $625,326 
Due in more than one year352,216 352,945 
Total$976,964 $978,271 
Schedule of Unrealized Loss Position on Investments The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of September 30, 2025 and December 31, 2024:
As of September 30, 2025
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$16,728 $(4)$— $— $16,728 $(4)
U.S. treasury securities30,598 (28)15,214 (11)45,812 (39)
Commercial paper126,511 (16)— — 126,511 (16)
Corporate bonds38,448 (48)2,767 (2)41,215 (50)
Total
$212,285 $(96)$17,981 $(13)$230,266 $(109)
As of December 31, 2024
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$11,892 $(18)$— $— $11,892 $(18)
U.S. treasury securities68,843 (195)7,527 (5)76,370 (200)
Commercial paper131,268 (17)— — 131,268 (17)
Corporate bonds71,854 (308)— — 71,854 (308)
Total
$283,857 $(538)$7,527 $(5)$291,384 $(543)
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value on Recurring Basis
The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of September 30, 2025 and December 31, 2024:
As of September 30, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$6,337 $— $— $6,337 
Commercial paper— 100,985 — 100,985 
Corporate bonds— 166 — 166 
U.S. agency securities— — — — 
U.S. treasury securities— 2,600 — 2,600 
Total cash equivalents$6,337 $103,751 $— $110,088 
Marketable securities:
U.S. agency securities$— $89,226 $— $89,226 
U.S. treasury securities— 505,401 — 505,401 
Commercial paper— 146,951 — 146,951 
Corporate bonds— 399,048 — 399,048 
Bitcoin exchange traded fund96,422 — — 96,422 
Total marketable securities$96,422 $1,140,626 $— $1,237,048 
Digital assets$30,320 $— $— $30,320 
As of December 31, 2024Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,865 $— $— $1,865 
Commercial paper— 86,179 — 86,179 
Total cash equivalents$1,865 $86,179 $— $88,044 
Marketable securities:
U.S. agency securities$— $101,060 $— $101,060 
U.S. treasury securities— 371,924 — 371,924 
Commercial paper— 190,155 — 190,155 
Corporate bonds— 228,953 — 228,953 
Bitcoin exchange traded fund78,791 — — 78,791 
Total marketable securities$78,791 $892,092 $— $970,883 
v3.25.3
Goodwill and Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following:
September 30, 2025
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(205)$520 2.2
Licenses, domain names and other474 (286)188 1.5
Customer relationships1,000 (226)774 1.5
Developed technology18,954 (4,392)14,562 1.6
Total intangible assets$21,153 $(5,109)$16,044 
December 31, 2024
Gross Carrying AmountAccumulated
Amortization		Net
Carrying
Amount		Weighted-average remaining useful life
Assembled workforce in asset acquisitions$725 $(24)$701 2.9
Licenses, domain names and other474 (170)304 2.2
Developed technology1,810 (304)1,506 2.5
Total intangible assets$3,009 $(498)$2,511 
Schedule of Future Amortization Expense
As of September 30, 2025, future amortization expense by year is expected to be as follows:
Amount
2025$3,489 
20268,778 
20273,074 
2028703 
Total
$16,044 
Schedule of Goodwill The changes in the carrying amounts of goodwill were as follows:
December 31, 2024$11,398 
Additions during the period (Note 6)
13,143 
September 30, 2025$24,541 
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Payments
Future minimum lease payments as of September 30, 2025 were as follows:

Amount
Remainder of 2025$4,460 
202614,182 
202713,974 
202813,632 
20298,014 
Thereafter30,216 
Total undiscounted future minimum lease payments84,478 
Less: present value discount(14,573)
Total discounted future minimum lease payments69,905 
Less: prepaid rent(1,529)
Less: tenant improvement allowances
(7,140)
Total operating lease liabilities$61,236 
v3.25.3
Accrued and Other Current Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued and other current liabilities consisted of the following:
As of
September 30,
2025		December 31,
2024
Non-income based taxes payable$11,491 $9,562 
Income taxes payable474 511 
Customer deposits4,422 4,507 
Acquisition indemnification holdbacks1,400 — 
Other current liabilities34,053 16,539 
Total accrued and other current liabilities$51,840 $31,119 
Schedule of Other Current Liabilities
Accrued and other current liabilities consisted of the following:
As of
September 30,
2025		December 31,
2024
Non-income based taxes payable$11,491 $9,562 
Income taxes payable474 511 
Customer deposits4,422 4,507 
Acquisition indemnification holdbacks1,400 — 
Other current liabilities34,053 16,539 
Total accrued and other current liabilities$51,840 $31,119 
v3.25.3
Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock for Future Issuance
As of September 30, 2025 and December 31, 2024, the Company had reserved shares of common stock for future issuance, on an as converted basis, as follows:
September 30, 2025December 31, 2024
Convertible preferred stock— 245,999 
RSUs (including CEO Equity Awards) outstanding90,531 73,951 
Stock options outstanding21,289 24,023 
Common stock warrants — 261 
Remaining shares authorized for future issuance74,162 2,864 
Total
185,982 347,098 
Schedule of Fair Value of Stock Options Granted The following table summarizes the assumptions used in estimating the fair value of the rights to acquire stock under the ESPP using the Black-Scholes option-pricing model:
Three Months Ended
September 30, 2025
Expected term0.3 years
Expected volatility42.49 %
Risk free interest rate4.30 %
Dividend yield — %
The following table summarizes the assumptions used in the valuation of the 2024 Stock Option Grants to employees during the three months ended September 30, 2024.
Three Months Ended
September 30, 2024
Expected term2.5 years
Expected volatility54.61 %
Risk free interest rate3.87 %
Dividend yield — %
Fair value of common stock on grant date$23.19 
Schedule of Incremental Stock-Based Compensation Expense
A summary of stock-based compensation expense recognized in the condensed consolidated statement of operations related to the May 2024 RSU Release and the incremental stock-based compensation expense from the 2024 Tender Offer is as follows, net of amounts capitalized as internal-use software:
Nine Months Ended
September 30, 2024
Cost of revenue$24,858 
Research and development462,683 
Sales and marketing186,659 
General and administrative183,618 
Total$857,818 
A summary of the related stock-based compensation expense recognized in the consolidated statement of operations related to the issuance of these stock option awards is as follows (in thousands), net of amounts capitalized as internal-use software:
Three Months Ended
September 30, 2024
Cost of revenue$3,034 
Research and development47,024 
Sales and marketing20,160 
General and administrative17,901 
Total$88,119 
Schedule of Stock Option Activity and Weighted-average Exercise Prices A summary of stock option activity and weighted-average exercise prices under the 2012 Plan and related information for the nine months ended September 30, 2025 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, 202424,023 $10.18 4.4$333,861 
Options exercised (2,734)17.40 — — 
Options forfeited — — — — 
Outstanding as of September 30, 202521,289 $9.25 2.4$907,323 
Vested and exercisable as of September 30, 202521,289 $9.25 2.4$907,323 
Schedule of Value of Options Exercised and Total Fair Value of Options
The following table summarizes information about the value of options exercised and total fair value of options vested during the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Intrinsic value of options exercised$65,116 $100,670 $70,532 $106,164 
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 nine months ended September 30, 2025, excluding the CEO equity awards described below:
Number of RSUs outstanding under the 2012 PlanWeighted-average grant date fair value per share
Unvested at December 31, 202454,826 $22.80 
RSUs granted 21,158 34.59 
RSUs released (20,918)19.91 
RSUs forfeited(4,745)25.81 
Total RSUs outstanding at September 30, 202550,321 28.67 
RSUs vested, not yet released at September 30, 2025(46)15.92 
Unvested at September 30, 202550,275 $28.68 
Schedule of Tranches Eligible to Vest Based on Achievement of Certain Public Market Capitalization Targets
The award is comprised of three tranches that are eligible to vest based on the achievement of certain public market capitalization targets as follows:
TranchePublic market capitalization targetsShares of Class B common stock vested (thousands)
1$15  billion1,875
2$20  billion3,750
3$25  billion5,625
11,250
The award is comprised of seven tranches that are eligible to vest based on the achievement of certain stock price targets as follows:
TrancheStock price targetsPercentage of shares of Class B common stock vested
1$60 per share15%
2$70 per share15%
3$80 per share15%
4$90 per share15%
5$100 per share14.5%
6$110 per share13.5%
7$130 per share12%
100%
v3.25.3
Net Loss Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
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 loss per share attributable to common stockholders during the periods presented.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Basic and diluted net loss per share:
Numerator:
Net loss attributable to common stockholders
$(1,097,015)$(15,598)$(1,023,906)$(829,927)
Denominator:
Weighted-average shares outstanding used in computing net loss per share, basic and diluted
403,212 210,768 278,409 190,058 
Net loss per share, basic and diluted
$(2.72)$(0.07)$(3.68)$(4.37)
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
September 30,		Nine Months Ended
September 30,
2025202420252024
RSUs(1)
55,986 37,737 19,556 51,295 
Unvested RSAs743 155 485 307 
CEO Equity Awards(2)
32,576 19,469 10,978 20,928 
Convertible preferred stock(3)
82,891 246,355 191,032 247,327 
Stock options22,555 19,180 23,450 18,421 
Warrants88 261 202 261 
Total194,839 323,157 245,703 338,539 
__________________
(1)During the three and nine months ended September 30, 2025, RSUs excluded in the diluted per share calculations under the two class method include RSUs subject to only a service condition because the impact would be anti-dilutive. For the three and nine months ended September 30, 2024, RSUs excluded in the dilutive per share calculation include only RSUs subject to both a service and performance condition which were excluded due to RSUs being contingently issuable as of September 30, 2024.
(2)In October 2021, the Board approved a grant to the Company’s CEO of RSUs with respect to 22.5 million shares of Class B common stock. In June 2025, the Board approved a grant to the Company’s CEO of RSUs with respect to 29.0 million shares of Class B common stock. See Note 10 “Stockholders’ Equity” for further details.
(3)For the three and nine months ended September 30, 2025 and 2024 convertible preferred stock was not included in the dilutive per share calculation under the two class method, as the convertible preferred stockholders were not legally obligated to share in the Company’s losses.
v3.25.3
Other Income, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Income, Net
Other income, net consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Interest income$15,731 $15,262 $47,029 $48,823 
Unrealized gains (losses) on equity securities7,715 2,776 21,569 (927)
Other income6,364 2 6,364 2 
Other expense, net(505)(130)(1,405)(2,664)
Total other income, net$29,305 $17,910 $73,557 $45,234 
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Tax Rates The Company’s effective tax rates were as follows for each respective period presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Effective tax rate0.9 %47.0 %(0.2)%6.1 %
v3.25.3
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Long-Lived Assets by Geographic Areas Aggregate property and equipment, net and operating lease right-of-use assets by geographic area was as follows:
As of
September 30, 2025December 31, 2024
United States$73,853 $39,606 
International4,821 4,217 
Total$78,674 $43,823 
Schedule of Revenue by Geographic Areas
The following table shows the Company’s revenue by geographic areas, as determined based on the billing address of its customers:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
United States$126,792 $94,668 $351,021 $256,455 
International147,381 103,971 400,991 275,611 
Total$274,173 $198,639 $752,012 $532,066 
v3.25.3
Description of the Business and Summary of Significant Accounting Policies (Details)
$ / shares in Units, $ in Thousands, shares in Millions
 3 Months Ended 9 Months Ended
Aug. 01, 2025
USD ($)
$ / shares
shares
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Entity Information [Line Items]            
Taxes withheld upon release of restricted stock units   $ 494,649   $ 494,649 $ 419,032  
Crypto, conversion ratio   1   1    
Capitalized contract cost, additions   $ 7,500 $ 6,700 $ 18,400 23,800  
Capitalized contract cost, net, current   20,400   20,400   $ 17,900
Capitalized contract cost, net, noncurrent   $ 32,000   $ 32,000   $ 31,000
Amortization period   4 years   4 years    
Capitalized contract cost, amortization   $ 5,300 $ 4,000 $ 15,000 $ 10,300  
One Customer | Revenue Benchmark | Customer Concentration Risk            
Entity Information [Line Items]            
Concentration risk percent       11.00%    
Restricted Stock Units (RSUs), Performance-Based Vesting Conditions            
Entity Information [Line Items]            
Stock-based compensation expense $ 975,700          
IPO            
Entity Information [Line Items]            
Deferred offering costs $ 10,800          
Common Class A            
Entity Information [Line Items]            
Converted preferred stock (in shares) | shares 246.0          
Conversion ratio 1          
Common Class A | IPO            
Entity Information [Line Items]            
Shares purchased (in shares) | shares 12.5          
Purchase price (in dollars per share) | $ / shares $ 33.00          
Aggregate purchase price $ 393,100          
Shares issued (in shares) | shares 9.6          
Taxes withheld upon release of restricted stock units $ 411,400          
Common Class A | IPO | Selling Stockholders            
Entity Information [Line Items]            
Shares purchased (in shares) | shares 30.0          
Common Class A | Over-Allotment Option | Selling Stockholders            
Entity Information [Line Items]            
Shares purchased (in shares) | shares 5.5          
Purchase price (in dollars per share) | $ / shares $ 33.00          
Common Class B | IPO            
Entity Information [Line Items]            
Shares issued (in shares) | shares 3.9          
v3.25.3
Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Movement In Contract With Customer Liability [Roll Forward]        
Balance, beginning of period $ 433,147 $ 305,160 $ 381,363 $ 253,635
Billings and other 314,593 217,878 844,216 602,830
Revenue (274,173) (198,639) (752,012) (532,066)
Balance, end of period $ 473,567 $ 324,399 $ 473,567 $ 324,399
v3.25.3
Revenue - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
Sep. 30, 2025
USD ($)
Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Contract with customer, liability, revenue recognized (as a percent) 0.70 0.85 0.47 0.43
Revenue, remaining performance obligation, amount $ 517.2   $ 517.2  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months   12 months  
v3.25.3
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
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 340,485 $ 486,954 $ 416,118
Total cash equivalents 110,088 88,044  
Amortized cost 1,240,951 976,964  
Unrealized gains 3,535 1,850  
Unrealized losses (109) (543)  
Fair value 1,244,377 978,271  
Amortized cost 1,477,685 1,377,739  
Fair value 1,481,111 1,379,046  
Total cash, cash equivalents, and marketable securities 1,577,533 1,457,837  
Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 1 2  
Unrealized losses (7) (7)  
Amortized cost 340,491 486,959  
Fair value 340,485 486,954  
Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 1,137,194 890,780  
Unrealized gains 3,534 1,848  
Unrealized losses (102) (536)  
Fair value 1,140,626 892,092  
Cash | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 230,397 398,910  
Total cash equivalents 230,397 398,910  
Money market funds      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 6,337 1,865  
Money market funds | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 6,337 1,865  
Total cash equivalents 6,337 1,865  
Commercial paper      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 100,985 86,179  
Commercial paper | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 1 2  
Unrealized losses (7) (7)  
Amortized cost 100,991 86,184  
Fair value 100,985 86,179  
Corporate bonds      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 166    
Corporate bonds | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 0    
Unrealized losses 0    
Amortized cost 166    
Fair value 166    
U.S. agency securities      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 0    
U.S. agency securities | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 0    
Unrealized losses 0    
Amortized cost 0    
Fair value 0    
U.S. treasury securities      
Cash and Cash Equivalents [Line Items]      
Total cash equivalents 2,600    
U.S. treasury securities | Cash and cash equivalents:      
Cash and Cash Equivalents [Line Items]      
Unrealized gains 0    
Unrealized losses 0    
Amortized cost 2,600    
Fair value 2,600    
Commercial paper | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 146,921 190,072  
Unrealized gains 38 93  
Unrealized losses (8) (10)  
Fair value 146,951 190,155  
Corporate bonds | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 397,618 228,706  
Unrealized gains 1,480 555  
Unrealized losses (50) (308)  
Fair value 399,048 228,953  
U.S. agency securities | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 88,962 100,793  
Unrealized gains 268 285  
Unrealized losses (4) (18)  
Fair value 89,226 101,060  
U.S. treasury securities | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Amortized cost 503,693 371,209  
Unrealized gains 1,748 915  
Unrealized losses (40) (200)  
Fair value 505,401 371,924  
Bitcoin exchange traded fund | Debt securities:      
Cash and Cash Equivalents [Line Items]      
Bitcoin exchange traded fund $ 96,422 $ 78,791  
v3.25.3
Cash, Cash Equivalents, and Marketable Securities - Schedule of Debt Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Amortized Cost    
Due in less than one year $ 651,115 $ 624,748
Due in more than one year 589,836 352,216
Amortized cost 1,240,951 976,964
Fair Value    
Due in less than one year 651,992 625,326
Due in more than one year 592,385 352,945
Fair value $ 1,244,377 $ 978,271
v3.25.3
Cash, Cash Equivalents, and Marketable Securities - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
security
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
security
Sep. 30, 2024
USD ($)
Dec. 31, 2024
security
Cash and Cash Equivalents [Line Items]          
Number of securities in unrealized loss position | security 74   74   117
Unrealized gains (losses) on equity securities $ 7,715 $ 2,776 $ 21,569 $ (927)  
Interest income 15,700 15,300 47,000 48,800  
Bitcoin exchange traded fund          
Cash and Cash Equivalents [Line Items]          
Unrealized gains (losses) on equity securities $ 5,600 $ 2,300 $ 17,600 $ (1,400)  
v3.25.3
Cash, Cash Equivalents, and Marketable Securities - Schedule of Unrealized Loss Position on Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months $ 212,285 $ 283,857
Gross Unrealized Loss, Less than twelve months (96) (538)
Fair Value, More than twelve months 17,981 7,527
Gross Unrealized Loss, More than twelve months (13) (5)
Fair Value, Total 230,266 291,384
Gross Unrealized Loss, Total (109) (543)
U.S. agency securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 16,728 11,892
Gross Unrealized Loss, Less than twelve months (4) (18)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 16,728 11,892
Gross Unrealized Loss, Total (4) (18)
U.S. treasury securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 30,598 68,843
Gross Unrealized Loss, Less than twelve months (28) (195)
Fair Value, More than twelve months 15,214 7,527
Gross Unrealized Loss, More than twelve months (11) (5)
Fair Value, Total 45,812 76,370
Gross Unrealized Loss, Total (39) (200)
Commercial paper    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 126,511 131,268
Gross Unrealized Loss, Less than twelve months (16) (17)
Fair Value, More than twelve months 0 0
Gross Unrealized Loss, More than twelve months 0 0
Fair Value, Total 126,511 131,268
Gross Unrealized Loss, Total (16) (17)
Corporate bonds    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than twelve months 38,448 71,854
Gross Unrealized Loss, Less than twelve months (48) (308)
Fair Value, More than twelve months 2,767 0
Gross Unrealized Loss, More than twelve months (2) 0
Fair Value, Total 41,215 71,854
Gross Unrealized Loss, Total $ (50) $ (308)
v3.25.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents $ 110,088 $ 88,044
Marketable securities 1,237,048 970,883
Digital assets 30,320 0
Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 146,951 190,155
Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 399,048 228,953
U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 89,226 101,060
U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 505,401 371,924
Bitcoin exchange traded fund    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 96,422 78,791
Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 6,337 1,865
Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 100,985 86,179
Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 166  
U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0  
U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 2,600  
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 6,337 1,865
Marketable securities 96,422 78,791
Digital assets 30,320  
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 96,422 78,791
Level 1 | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 6,337 1,865
Level 1 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Level 1 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0  
Level 1 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0  
Level 1 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0  
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 103,751 86,179
Marketable securities 1,140,626 892,092
Digital assets 0  
Level 2 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 146,951 190,155
Level 2 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 399,048 228,953
Level 2 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 89,226 101,060
Level 2 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 505,401 371,924
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 100,985 86,179
Level 2 | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 166  
Level 2 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0  
Level 2 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 2,600  
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Marketable securities 0 0
Digital assets 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  
Level 3 | U.S. agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0  
Level 3 | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents $ 0  
v3.25.3
Revolving Credit Facility (Details) - Line of Credit - Revolving Credit Agreement - USD ($)
Jul. 30, 2025
Jun. 27, 2025
Sep. 30, 2025
Revolving Credit Facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 500,000,000.0  
Commitment fee (in percent)   0.15%  
Commitment fee upon achievement of enhanced debt to EBITDA ratio (in percent)   0.10%  
Amount drawn on line of credit $ 330,500,000    
Line of credit amount issued and outstanding     $ 0
Available borrowing capacity     500,000,000.0
Revolving Credit Facility | Federal Funds Effective Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (in percent)   0.50%  
Revolving Credit Facility | Secured Overnight Financing Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (in percent)   1.00%  
Letter of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 150,000,000.0  
Line of credit amount issued and outstanding     $ 0
v3.25.3
Business Combinations (Details) - USD ($)
$ in Thousands
Apr. 17, 2025
Apr. 07, 2025
Sep. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]        
Acquired goodwill     $ 24,541 $ 11,398
Technology Company Acquisition        
Business Combination [Line Items]        
Purchase consideration $ 10,400      
Technology Company Asset Purchase        
Business Combination [Line Items]        
Purchase consideration   $ 14,000    
Acquired net assets 6,500 4,800    
Acquired goodwill 3,900 $ 9,200    
Technology Company Asset Purchase | Common Class A        
Business Combination [Line Items]        
Stock-based compensation expense $ 22,200      
Requisite service period 4 years      
v3.25.3
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 21,153 $ 3,009
Accumulated Amortization (5,109) (498)
Net Carrying Amount 16,044 2,511
Assembled workforce in asset acquisitions    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 725 725
Accumulated Amortization (205) (24)
Net Carrying Amount $ 520 $ 701
Weighted-average remaining useful life 2 years 2 months 12 days 2 years 10 months 24 days
Licenses, domain names and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 474 $ 474
Accumulated Amortization (286) (170)
Net Carrying Amount $ 188 $ 304
Weighted-average remaining useful life 1 year 6 months 2 years 2 months 12 days
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,000  
Accumulated Amortization (226)  
Net Carrying Amount $ 774  
Weighted-average remaining useful life 1 year 6 months  
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 18,954 $ 1,810
Accumulated Amortization (4,392) (304)
Net Carrying Amount $ 14,562 $ 1,506
Weighted-average remaining useful life 1 year 7 months 6 days 2 years 6 months
v3.25.3
Goodwill and Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 3,489  
2026 8,778  
2027 3,074  
2028 703  
Net Carrying Amount $ 16,044 $ 2,511
v3.25.3
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 11,398
Additions during the period (Note 6) 13,143
Ending balance $ 24,541
v3.25.3
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Impairment of goodwill $ 0 $ 0 $ 0 $ 0
v3.25.3
Commitments and Contingencies - Narrative (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Long-Term Purchase Commitment [Line Items]  
Unsecured letters of credit outstanding $ 9.8
Cloud Hosting Agreement  
Long-Term Purchase Commitment [Line Items]  
Purchase obligation 542.6
Purchase obligation, short term $ 89.3
v3.25.3
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remainder of 2025 $ 4,460
2026 14,182
2027 13,974
2028 13,632
2029 8,014
Thereafter 30,216
Total undiscounted future minimum lease payments 84,478
Less: present value discount (14,573)
Total discounted future minimum lease payments 69,905
Less: prepaid rent (1,529)
Less: tenant improvement allowances (7,140)
Total operating lease liabilities $ 61,236
v3.25.3
Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Non-income based taxes payable $ 11,491 $ 9,562
Income taxes payable 474 511
Customer deposits 4,422 4,507
Acquisition indemnification holdbacks 1,400 0
Other current liabilities 34,053 16,539
Total accrued and other current liabilities $ 51,840 $ 31,119
v3.25.3
Stockholders’ Equity - Narrative (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 06, 2025
Aug. 01, 2025
USD ($)
$ / shares
shares
Jul. 30, 2025
USD ($)
Jun. 26, 2025
shares
Jun. 30, 2025
shares
Aug. 31, 2024
$ / shares
shares
Jul. 03, 2024
USD ($)
$ / shares
shares
May 31, 2024
USD ($)
grantee
shares
Oct. 31, 2021
shares
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
vote
day
performance_period
$ / shares
shares
Sep. 30, 2024
USD ($)
Jul. 31, 2025
plan
Feb. 13, 2025
shares
Dec. 31, 2024
$ / shares
shares
Class of Stock [Line Items]                                
Preferred stock, shares authorized (in shares)   200,000,000.0                            
Preferred stock, par value (in usd per share) | $ / shares   $ 0.00001                            
Preferred stock, shares issued (in shares)                   0   0        
Preferred stock, shares outstanding (in shares)                   0   0        
Common stock, par value (in dollar per share) | $ / shares                   $ 0.00001   $ 0.00001       $ 0.00001
Dividends declared | $                       $ 0        
Number of equity incentive plans | plan                           2    
Common stock reserved for issuance (in shares)                   185,982,000   185,982,000       347,098,000
Performance vesting condition, period after IPO     6 months                          
Taxes withheld upon release of restricted stock units | $                   $ 494,649,000   $ 494,649,000 $ 419,032,000      
Issuance of common stock to investors upon closing of RSU release primary financing (in shares)                       385,405,000        
Proceeds from sale of common stock in connection with May 2024 RSU release primary financing | $                       $ 0 418,968,000      
Taxes paid related to net share settlement of equity awards | $                       $ 494,649,000 418,051,000      
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit                                
Class of Stock [Line Items]                                
Amount drawn on line of credit | $     $ 330,500,000                          
2025 Plan                                
Class of Stock [Line Items]                                
Maximum automatic annual increase of shares reserved for issuance, percentage of aggregate number of outstanding shares of common stock       5.00%                        
Shares available for grant (in shares)                   74,200,000   74,200,000        
2025 Employee Stock Purchase Plan                                
Class of Stock [Line Items]                                
Maximum automatic annual increase of shares reserved for issuance, percentage of aggregate number of outstanding shares of common stock       1.00%                        
Maximum number of shares for each employee under ESPP                       2,500        
Maximum value of shares for each employee under ESPP | $                       $ 25,000        
Offering period   6 months                            
Dividend yield                       0.00%        
Stock-based compensation expense | $                   $ 25,600,000   $ 25,600,000        
Total unrecognized stock-based compensation | $                   $ 24,500,000   $ 24,500,000        
Period for recognition (in years)                       1 month 6 days        
Taxes paid related to net share settlement of equity awards | $                       $ 17,200,000        
2024 Stock Option Grants                                
Class of Stock [Line Items]                                
Stock-based compensation expense | $                     $ 88,119,000          
Granted (in shares)           10,500,000                    
Grant date fair value (in dollar per share) | $ / shares           $ 8.50                    
2024 Stock Option Grants | Minimum                                
Class of Stock [Line Items]                                
Expiration period           1 year                    
2024 Stock Option Grants | Maximum                                
Class of Stock [Line Items]                                
Expiration period           5 years                    
Stock options                                
Class of Stock [Line Items]                                
Common stock reserved for issuance (in shares)                   21,289,000   21,289,000       24,023,000
Stock options | 2025 Plan                                
Class of Stock [Line Items]                                
Expiration period                       10 years        
Cliff vesting period                       1 year        
Requisite service period                       4 years        
RSUs                                
Class of Stock [Line Items]                                
Common stock reserved for issuance (in shares)                   90,531,000   90,531,000       73,951,000
Stock-based compensation expense | $               $ 801,200,000                
Total unrecognized stock-based compensation | $                   $ 951,600,000   $ 951,600,000        
Outstanding shares met service condition (in shares)               34,600,000                
Number of grantees affected by modification | grantee               1,486                
Share-based payment arrangement, shares withheld (in shares)                       18,100,000        
Restricted Stock Units (RSUs), Performance-Based Vesting Conditions                                
Class of Stock [Line Items]                                
Stock-based compensation expense | $   $ 975,700,000                            
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 4 months 24 days        
Restricted Stock Units (RSUs), 2021 CEO Market Award                                
Class of Stock [Line Items]                                
Stock-based compensation expense | $                   $ 72,200,000            
Maximum performance periods for tranches | performance_period                       7        
Number of trading days period | day                       30        
Outstanding beginning balance (in dollar per share) | $ / shares                   $ 6.42   $ 6.42        
Lock up period vesting rights, percentage 50.00%                              
Number of calendar days after expiration of lock-up period                       10 years        
Remaining vesting rights, percentage 50.00%                              
Number of calendar days 91 days                              
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1                                
Class of Stock [Line Items]                                
Award vesting rights, percentage 50.00%                              
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2                                
Class of Stock [Line Items]                                
Award vesting rights, percentage 50.00%                              
Restricted Stock Units (RSUs), 2021 CEO Service Award                                
Class of Stock [Line Items]                                
Stock-based compensation expense | $               $ 78,300,000   $ 84,100,000            
Unrecognized stock-based compensation | $                   0   $ 0        
Nonvested award, excluding options (in shares)                       7,900,000        
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award                                
Class of Stock [Line Items]                                
Award vesting period                       7 years        
Stock-based compensation expense | $                   $ 24,900,000   $ 24,900,000        
Period for recognition (in years)                       4 years 1 month 6 days        
Number of trading days period | day                       60        
Outstanding beginning balance (in dollar per share) | $ / shares                   $ 27.45   $ 27.45        
Unrecognized stock-based compensation | $                   $ 372,600,000   $ 372,600,000        
Restricted Stock Units (RSUs), 2025 CEO Service Award                                
Class of Stock [Line Items]                                
Stock-based compensation expense | $                   23,500,000   $ 23,700,000        
Period for recognition (in years)                       4 years 8 months 12 days        
Unrecognized stock-based compensation | $                   $ 440,600,000   $ 440,600,000        
Number of calendar days                       60 days        
Convertible preferred stock                                
Class of Stock [Line Items]                                
Preferred stock, shares authorized (in shares)                   0   0       247,861,000
Preferred stock, par value (in usd per share) | $ / shares                   $ 0.00001   $ 0.00001       $ 0.00001
Preferred stock, shares issued (in shares)                   0   0       245,999,000
Preferred stock, shares outstanding (in shares)                   0   0       245,999,000
Convertible preferred stock | 2024 Tender Offer | Investors, Employees, And Former Employees | New and Existing Investors                                
Class of Stock [Line Items]                                
Shares purchased (in shares)             1,800,000                  
Blockchain                                
Class of Stock [Line Items]                                
Common stock, shares authorized (in shares)   100,000,000.0               100,000,000   100,000,000       0
Common stock, par value (in dollar per share) | $ / shares   $ 0.00001               $ 0.00001   $ 0.00001       $ 0.00001
Common stock, shares outstanding (in shares)                   0   0       0
Common stock, shares issued (in shares)                   0   0       0
Common Class A                                
Class of Stock [Line Items]                                
Converted preferred stock (in shares)   246,000,000.0                            
Common stock, shares authorized (in shares)                   10,000,000,000   10,000,000,000       571,000,000
Common stock, par value (in dollar per share) | $ / shares                   $ 0.00001   $ 0.00001       $ 0.00001
Common stock, shares outstanding (in shares)                   412,977,000   412,977,000       124,159,000
Common stock, shares issued (in shares)                   412,977,000   412,977,000       124,159,000
Number of voting rights per share | vote                       1        
Issuance of common stock to investors upon closing of RSU release primary financing (in shares)                       18,100,000        
Proceeds from sale of common stock in connection with May 2024 RSU release primary financing | $                       $ 419,000,000        
Purchase price (in dollar per share) | $ / shares                   $ 23.19   $ 23.19        
Common Class A | Over-Allotment Option | Selling Stockholders                                
Class of Stock [Line Items]                                
Purchase price (in dollars per share) | $ / shares   $ 33.00                            
Fair value of common stock on grant date (in dollars per share) | $ / shares   $ 79.42                            
Shares purchased (in shares)   5,500,000                            
Common Class A | IPO                                
Class of Stock [Line Items]                                
Purchase price (in dollars per share) | $ / shares   $ 33.00                            
Shares purchased (in shares)   12,500,000                            
Shares issued (in shares)   9,600,000                            
Taxes withheld upon release of restricted stock units | $   $ 411,400,000                            
Aggregate purchase price | $   $ 393,100,000                            
Common Class A | IPO | Selling Stockholders                                
Class of Stock [Line Items]                                
Shares purchased (in shares)   30,000,000.0                            
Common Class A | 2024 Tender Offer                                
Class of Stock [Line Items]                                
Incremental stock-based compensation expense | $                         $ 56,600,000      
Common Class A | 2024 Tender Offer | Investors, Employees, And Former Employees | New and Existing Investors                                
Class of Stock [Line Items]                                
Purchase price (in dollars per share) | $ / shares             $ 23.19                  
Shares purchased (in shares)             24,400,000                  
Aggregate purchase price | $             $ 566,700,000                  
Preferred stock, convertible, conversion ratio             1                  
Common Class A | 2025 Plan                                
Class of Stock [Line Items]                                
Common stock reserved for issuance (in shares)   58,000,000.0                            
Common Class A | 2025 Employee Stock Purchase Plan                                
Class of Stock [Line Items]                                
Common stock reserved for issuance (in shares)                             11,600,000  
Percentage of shares of Class B common stock vested       85.00%                        
Number of shares authorized for grant (in shares)       100,000,000.0                        
Repurchase of shares                       0        
Common Class A | Unvested RSAs                                
Class of Stock [Line Items]                                
Outstanding shares (in shares)                   700,000   700,000       100,000
Common Class B                                
Class of Stock [Line Items]                                
Common stock, shares authorized (in shares)                   350,000,000   350,000,000       118,956,000
Common stock, par value (in dollar per share) | $ / shares                   $ 0.00001   $ 0.00001       $ 0.00001
Common stock, shares outstanding (in shares)                   79,682,000   79,682,000       90,747,000
Common stock, shares issued (in shares)                   79,682,000   79,682,000       90,747,000
Number of voting rights per share | vote                       15        
Common Class B | IPO                                
Class of Stock [Line Items]                                
Shares issued (in shares)   3,900,000                            
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award                                
Class of Stock [Line Items]                                
Outstanding shares met service condition (in shares)                       11,250,000        
Number of shares granted (in shares)                 11,300,000              
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1                                
Class of Stock [Line Items]                                
Outstanding shares met service condition (in shares)                       1,875,000        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2                                
Class of Stock [Line Items]                                
Outstanding shares met service condition (in shares)                       3,750,000        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 3                                
Class of Stock [Line Items]                                
Outstanding shares met service condition (in shares)                       5,625,000        
Common Class B | Restricted Stock Units (RSUs), 2021 CEO Service Award                                
Class of Stock [Line Items]                                
Outstanding shares met service condition (in shares)                 11,300,000              
Number of shares granted (in shares)                 11,300,000              
Shares modified and released (in shares)               3,400,000                
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award                                
Class of Stock [Line Items]                                
Number of shares granted (in shares)                       14,500,000        
Award vesting rights, percentage                       100.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 1                                
Class of Stock [Line Items]                                
Award vesting rights, percentage                       15.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 2                                
Class of Stock [Line Items]                                
Award vesting rights, percentage                       15.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 3                                
Class of Stock [Line Items]                                
Award vesting rights, percentage                       15.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 4                                
Class of Stock [Line Items]                                
Award vesting rights, percentage                       15.00%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Tranche 5                                
Class of Stock [Line Items]                                
Award vesting rights, percentage                       14.50%        
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award                                
Class of Stock [Line Items]                                
Number of shares granted (in shares)         14,500,000                      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 1                                
Class of Stock [Line Items]                                
Award vesting rights, percentage         10.00%                      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 2                                
Class of Stock [Line Items]                                
Award vesting rights, percentage         20.00%                      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 3                                
Class of Stock [Line Items]                                
Award vesting rights, percentage         20.00%                      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 4                                
Class of Stock [Line Items]                                
Award vesting rights, percentage         20.00%                      
Common Class B | Restricted Stock Units (RSUs), 2025 CEO Service Award | Tranche 5                                
Class of Stock [Line Items]                                
Award vesting rights, percentage         30.00%                      
Common Class C                                
Class of Stock [Line Items]                                
Common stock, shares authorized (in shares)                   1,000,000,000   1,000,000,000       0
Common stock, par value (in dollar per share) | $ / shares                   $ 0.00001   $ 0.00001       $ 0.00001
Common stock, shares outstanding (in shares)                   0   0       0
Common stock, shares issued (in shares)                   0   0       0
Number of voting rights per share | vote                       0        
v3.25.3
Stockholders’ Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares
shares in Thousands
Sep. 30, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Common stock reserved for issuance (in shares) 185,982 347,098
Convertible preferred stock    
Class of Stock [Line Items]    
Common stock reserved for issuance (in shares) 0 245,999
RSUs (including CEO Equity Awards) outstanding    
Class of Stock [Line Items]    
Common stock reserved for issuance (in shares) 90,531 73,951
Stock options outstanding    
Class of Stock [Line Items]    
Common stock reserved for issuance (in shares) 21,289 24,023
Common stock warrants    
Class of Stock [Line Items]    
Common stock reserved for issuance (in shares) 0 261
Remaining shares authorized for future issuance    
Class of Stock [Line Items]    
Common stock reserved for issuance (in shares) 74,162 2,864
v3.25.3
Stockholders’ Equity - Schedule of Fair Value of Stock Options Granted (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
2025 Employee Stock Purchase Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Dividend yield     0.00%
Stock Options | 2025 Employee Stock Purchase Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expected term 3 months 18 days    
Expected volatility 42.49%    
Risk free interest rate 4.30%    
Dividend yield 0.00%    
Stock Options | 2024 Stock Option Grants      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expected term   2 years 6 months  
Expected volatility   54.61%  
Risk free interest rate   3.87%  
Dividend yield   0.00%  
Fair value of common stock on grant date (in dollars per share)   $ 23.19  
v3.25.3
Stockholders’ Equity - Schedule of Incremental Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
2024 Tender Offer        
Class of Stock [Line Items]        
Stock-based compensation expense       $ 857,818
2024 Stock Option Grants        
Class of Stock [Line Items]        
Stock-based compensation expense   $ 88,119    
Cost of revenue        
Class of Stock [Line Items]        
Stock-based compensation expense $ 42,987 3,034 $ 43,205 27,893
Cost of revenue | 2024 Tender Offer        
Class of Stock [Line Items]        
Stock-based compensation expense       24,858
Cost of revenue | 2024 Stock Option Grants        
Class of Stock [Line Items]        
Stock-based compensation expense   3,034    
Research and development        
Class of Stock [Line Items]        
Stock-based compensation expense 585,747 47,308 591,883 511,106
Research and development | 2024 Tender Offer        
Class of Stock [Line Items]        
Stock-based compensation expense       462,683
Research and development | 2024 Stock Option Grants        
Class of Stock [Line Items]        
Stock-based compensation expense   47,024    
Sales and marketing        
Class of Stock [Line Items]        
Stock-based compensation expense 185,503 20,160 186,047 206,830
Sales and marketing | 2024 Tender Offer        
Class of Stock [Line Items]        
Stock-based compensation expense       186,659
Sales and marketing | 2024 Stock Option Grants        
Class of Stock [Line Items]        
Stock-based compensation expense   20,160    
General and administrative        
Class of Stock [Line Items]        
Stock-based compensation expense $ 324,095 17,901 $ 324,704 201,571
General and administrative | 2024 Tender Offer        
Class of Stock [Line Items]        
Stock-based compensation expense       $ 183,618
General and administrative | 2024 Stock Option Grants        
Class of Stock [Line Items]        
Stock-based compensation expense   $ 17,901    
v3.25.3
Stockholders’ Equity - Schedule of Stock Option Activity and Weighted-average Exercise Prices (Details) - 2012 Stock Option Plan
$ / shares in Units, shares in Thousands, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Number of stock options outstanding under the 2012 Plan    
Outstanding beginning balance (in shares) | shares 24,023  
Options exercised (in shares) | shares (2,734)  
Options forfeited (in shares) | shares 0  
Outstanding ending balance (in shares) | shares 21,289 24,023
Vested and exercisable (in shares) | shares 21,289  
Weighted-average exercise price per share    
Outstanding beginning balance (in dollar per share) | $ / shares $ 10.18  
Options exercised (in dollar per share) | $ / shares 17.40  
Options forfeited (in dollar per share) | $ / shares 0  
Outstanding ending balance (in dollar per share) | $ / shares 9.25 $ 10.18
Vested and exercisable (in dollar per share) | $ / shares $ 9.25  
Weighted-average remaining contractual term (in years) 2 years 4 months 24 days 4 years 4 months 24 days
Vested and exercisable, Weighted-average remaining contractual term (in years) 2 years 4 months 24 days  
Aggregate intrinsic value | $ $ 907,323 $ 333,861
Vested and exercisable, Aggregate intrinsic value | $ $ 907,323  
v3.25.3
Stockholders’ Equity - Schedule of Value of Options Exercised and Total Fair Value of Options (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Equity [Abstract]        
Intrinsic value of options exercised $ 65,116 $ 100,670 $ 70,532 $ 106,164
v3.25.3
Stockholders’ Equity - Schedule of Activity for Unvested RSUs (Details) - RSUs - $ / shares
 1 Months Ended 9 Months Ended
May 31, 2024
Sep. 30, 2025
Number of RSUs outstanding under the 2012 Plan    
RSUs released (in shares) (34,600,000)  
2012 Plan    
Number of RSUs outstanding under the 2012 Plan    
Outstanding beginning balance (in shares)   54,826,000
RSUs granted (in shares)   21,158,000
RSUs released (in shares)   (20,918,000)
RSUs forfeited (in shares)   (4,745,000)
Total RSUs outstanding (in shares)   50,321,000
RSUs vested, not yet released (in shares)   (46,000)
Outstanding ending balance (in shares)   50,275,000
Weighted-average grant date fair value per share    
Outstanding beginning balance (in dollar per share)   $ 22.80
RSUs granted (in dollar per share)   34.59
RSUs released (in dollar per share)   19.91
RSUs forfeited (in dollar per share)   25.81
Total RSUs outstanding (in dollar per share)   28.67
RSUs vested, not yet released (in dollar per share)   15.92
Outstanding ending balance (in dollar per share)   $ 28.68
v3.25.3
Stockholders’ Equity - Schedule of Tranches Eligible to Vest Based on Achievement of Certain Public Market Capitalization Targets (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Billions
 9 Months Ended
Aug. 06, 2025
Sep. 30, 2025
Restricted Stock Units (RSUs), 2021 CEO Market Award | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   11,250
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Public market capitalization targets   $ 15
Percentage of shares of Class B common stock vested 50.00%  
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 1 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   1,875
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Public market capitalization targets   $ 20
Percentage of shares of Class B common stock vested 50.00%  
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 2 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   3,750
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 3    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Public market capitalization targets   $ 25
Restricted Stock Units (RSUs), 2021 CEO Market Award | Tranche 3 | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Shares of Class B common stock vested (in shares)   5,625
Restricted Stock Units (RSUs), 2025 CEO Stock Price Award | Common Class B    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Percentage of shares of Class B common stock vested   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%
v3.25.3
Net 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 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net loss attributable to common stockholders $ (1,097,015) $ (15,598) $ (1,023,906) $ (829,927)
Denominator:        
Weighted-average shares outstanding used in computing net loss per share, basic (in shares) 403,212 210,768 278,409 190,058
Weighted-average shares outstanding used in computing net loss per share, diluted (in shares) 403,212 210,768 278,409 190,058
Net loss per share, basic (in usd per share) $ (2.72) $ (0.07) $ (3.68) $ (4.37)
Net loss per share, diluted (in usd per share) $ (2.72) $ (0.07) $ (3.68) $ (4.37)
v3.25.3
Net Loss Per Share - Schedule of Weighted Average Impact of Potentially Dilutive Securities (Details) - shares
shares in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2025
Oct. 31, 2021
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares)     194,839 323,157 245,703 338,539
CEO | RSUs | Class B Common Stock            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Number of shares granted (in shares) 29,000 22,500        
RSUs            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares)     55,986 37,737 19,556 51,295
Unvested RSAs            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares)     743 155 485 307
CEO Equity Award            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares)     32,576 19,469 10,978 20,928
Convertible preferred stock            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares)     82,891 246,355 191,032 247,327
Stock options            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares)     22,555 19,180 23,450 18,421
Warrants            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares)     88 261 202 261
v3.25.3
Other Income, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other Income and Expenses [Abstract]        
Interest income $ 15,731 $ 15,262 $ 47,029 $ 48,823
Unrealized gains (losses) on equity securities 7,715 2,776 21,569 (927)
Other income 6,364 2 6,364 2
Other expense, net (505) (130) (1,405) (2,664)
Total other income, net $ 29,305 $ 17,910 $ 73,557 $ 45,234
v3.25.3
Income Taxes (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Effective tax rate 0.90% 47.00% (0.20%) 6.10%
v3.25.3
Segment and Geographic Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.3
Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 78,674 $ 43,823
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 73,853 39,606
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 4,821 $ 4,217
v3.25.3
Segment and Geographic Information - Schedule of Revenue by Geographic Areas (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total $ 274,173 $ 198,639 $ 752,012 $ 532,066
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total 126,792 94,668 351,021 256,455
International        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total $ 147,381 $ 103,971 $ 400,991 $ 275,611
v3.25.3
Subsequent Events (Details) - Subsequent Event - Technology Company
$ in Millions
Oct. 03, 2025
USD ($)
Subsequent Event [Line Items]  
Purchase consideration $ 129.1
Post-combination expense $ 43.8
Requisite service period 4 years