0001795586-26-000013 | 10-K | XBRL Viewer

Print Document

STOCK-BASED COMPENSATION - Equity Incentive Plans (Details) - 2025 plan - Common Class A	12 Months Ended
	Dec. 31, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	56,701,090
Maximum fair market value of stock at date of grant	5.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	46,500,000
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	91,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Life (Details)	Dec. 31, 2025
Computer equipment and purchased software \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Computer equipment and purchased software \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	7 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Internal-use software
Property, Plant and Equipment [Line Items]
Useful Life	3 years

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining operating lease term (in years)	8 years 3 months 18 days
Weighted average discount rate	5.61%

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Chime Financial, Inc. (“Chime” or the “Company”) is a financial technology company with a mission to unite everyday people to unlock their financial progress. Through its proprietary technology platform, Chime offers a suite of products that address members’ critical financial needs. The Company partners closely with multiple third-party bank partners to offer a broad suite of products across spending, liquidity, credit building, savings, and community. The Company was incorporated in the state of Delaware in 2012 and is headquartered in San Francisco, California with offices in Chicago, Illinois, and New York, New York.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.0001
Redeemable convertible preferred stock, authorized (in shares)	0	258,613,394
Redeemable convertible preferred stock, issued (in shares)	0	258,464,156
Redeemable convertible preferred stock, outstanding (in shares)	0	258,464,156
Redeemable convertible preferred stock, liquidation preference		$ 2,894,515
Preferred stock, par value (in usd per share)	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	0	416,094,141
Common stock, issued (in shares)	0	66,950,736
Common stock, outstanding (in shares)	0	66,950,736
Common Class A
Common stock, par value (in usd per share)	$ 0.0001
Common stock, authorized (in shares)	5,000,000,000	0
Common stock, issued (in shares)	347,751,083	0
Common stock, outstanding (in shares)	347,751,083	0
Common Class B
Common stock, par value (in usd per share)	$ 0.0001
Common stock, authorized (in shares)	65,000,000	0
Common stock, issued (in shares)	32,182,289	0
Common stock, outstanding (in shares)	32,182,289	0
Common Class C
Common stock, par value (in usd per share)	$ 0.0001
Common stock, authorized (in shares)	500,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense related to capitalized internal-use software	$ 1.3	$ 0.1	$ 0.2
Unrecognized stock based compensation	$ 461.1
Period for recognition over weightage average period	2 years 9 months 7 days

PROPERTY, EQUIPMENT, AND SOFTWARE, NET - Schedule of Estimated Aggregate Amortization Expense Related To Internal-Use Software (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Property, Plant and Equipment [Abstract]
2026	$ 18,324
2027	7,278
2028	1,931
2029 and thereafter	0
Total	$ 27,533

INDEBTEDNESS (Details) - Line of Credit - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Credit Facility
Line of Credit Facility [Line Items]
Floor rate	0.00%
Credit Facility \| Secured Overnight Financing Rate (SOFR) - Applicable Margin
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Credit Facility \| Effective Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Facility \| Adjusted SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Credit Facility \| Second Adjusted SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility \| Prior Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 125.0
Debt outstanding			0.0
Revolving Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 475.0
Debt outstanding	$ 0.0
Letter of Credit \| Prior Facility
Line of Credit Facility [Line Items]
Debt outstanding			20.1
Remaining borrowing capacity			$ 104.9
Letter of Credit \| Credit Facility
Line of Credit Facility [Line Items]
Debt outstanding	$ 31.4

Income Taxes - Schedule of Geographical Breakdown of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (1,010,956)	$ (23,727)	$ (204,199)
Foreign	1,851	993	1,231
Income (loss) before income taxes	$ (1,009,105)	$ (22,734)	$ (202,968)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Service based stock options
Outstanding Stock Options
Beginning balance (in shares)		31,463,015	31,463,015
Granted (in shares)			3,106,800
Exercised (in shares)			(9,243,830)
Forfeited/Cancelled (in shares)			(45,043)
Ending balance (in shares)			25,280,942	31,463,015
Vested and expected to vest (in shares)			25,280,942
Exercisable (in shares)			18,914,125
Weighted average exercise price ($)
Beginning balance (in usd per share)		$ 6.87	$ 6.87
Granted (in usd per share)			27.08
Exercised (in usd per share)			2.72
Forfeited/Cancelled (in usd per share)			13.89
Ending balance (in usd per share)			10.86	$ 6.87
Vested and expected to vest (in usd per share)			10.86
Exercisable (in usd per share)			$ 7.40
Weighted-average remaining contractual life (years) and Aggregate intrinsic value
Weighted-average remaining contractual life, outstanding			5 years 5 months 23 days	5 years 5 months 1 day
Weighted-average remaining contractual life, vested and expected to vest			5 years 5 months 23 days
Weighted-average remaining contractual life, exercisable			4 years 5 months 12 days
Aggregate intrinsic value, outstanding			$ 368,580	$ 567,641
Aggregate intrinsic value, vested and expected to vest			368,580
Aggregate intrinsic value, exercisable			337,125
Aggregate intrinsic value for stock options exercised			$ 189,100	$ 20,100	$ 25,300
Performance stock options
Outstanding Stock Options
Beginning balance (in shares)		1,200,000	1,200,000
Granted (in shares)	1,200,000	400,000	0
Exercised (in shares)			0
Forfeited/Cancelled (in shares)		(800,000)	(800,000)
Ending balance (in shares)			400,000	1,200,000
Vested and expected to vest (in shares)			400,000
Exercisable (in shares)			183,332
Weighted average exercise price ($)
Beginning balance (in usd per share)		$ 17.35	$ 17.35
Granted (in usd per share)			0
Exercised (in usd per share)			0
Forfeited/Cancelled (in usd per share)			17.35
Ending balance (in usd per share)			17.35	$ 17.35
Vested and expected to vest (in usd per share)			17.35
Exercisable (in usd per share)			$ 17,350
Weighted-average remaining contractual life (years) and Aggregate intrinsic value
Weighted-average remaining contractual life, outstanding			8 years 2 months 26 days	9 years 2 months 26 days
Weighted-average remaining contractual life, vested and expected to vest			8 years 2 months 26 days
Weighted-average remaining contractual life, exercisable			8 years 2 months 26 days
Aggregate intrinsic value, outstanding			$ 3,128	$ 9,071
Aggregate intrinsic value, vested and expected to vest			3,128
Aggregate intrinsic value, exercisable			$ 1,434

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,186,770	$ 1,673,269	$ 1,278,455
Payments revenue
Disaggregation of Revenue [Line Items]
Total revenue	1,500,563	1,276,601	1,021,158
Platform-related revenue
Disaggregation of Revenue [Line Items]
Total revenue	686,207	396,668	257,297
Revenue not from contract with customer	379,800	145,300	21,800
MyPay
Disaggregation of Revenue [Line Items]
Total revenue	333,500	121,000
MyPay \| Off-Balance Sheet Receivables
Disaggregation of Revenue [Line Items]
Total revenue	206,200	76,200	$ 15,000
MyPay \| On-Balance Sheet Receivables
Disaggregation of Revenue [Line Items]
Total revenue	$ 127,300	$ 44,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:


	December 31, 2025		December 31, 2024
Receivables due from bank partners(1)	$	116,217	$	97,994
Network incentive receivable	130,962		111,097
Other receivables	10,705		7,070
Accounts receivable, net	$	257,884	$	216,161

_________________

(1)Receivables due from bank partners are net of bank partner and network costs. As of December 31, 2025 and December 31, 2024, $23.3 million and $42.8 million of gross receivables due from bank partners were pledged as collateral.

The Company’s allowance for credit losses on accounts receivable was not material as of December 31, 2025 and 2024.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

For the years ended December 31, 2025, 2024, and 2023, the geographical breakdown of our income (loss) before income taxes is as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(1,010,956)	$	(23,727)	$	(204,199)
Foreign	1,851		993		1,231
Income (loss) before income taxes	$	(1,009,105)	$	(22,734)	$	(202,968)

Income tax expense (benefit) was composed of the following:


	Year Ended December 31,
	2025		2024		2023
Current
Federal	$	3	$	1,004	$	—
State	828		1,606		234
Foreign	—		—		—
Deferred	—		—		—
Federal	—		—		—
State	—		—		—
Foreign	—		—		—
Total	$	831	$	2,610	$	234

Income tax expense for the year ended December 31, 2025 differed from the amount computed by applying the Federal statutory income tax rate of 21% to pretax loss as a result of the following:


	Year Ended December 31,
	2025
Tax at federal statutory rate	$	(211,912)	21.0	%
State tax, net of federal benefit(1)	654		(0.1)	%
Foreign tax effects
Canada	(225)		—	%
Tax credits	(31,197)		3.1	%
Change in valuation allowance	233,924		(23.1)	%
Nontaxable or nondeductible items:
Stock-based compensation	(18,293)		1.8	%
Non-deductible compensation	27,210		(2.7)	%
Other adjustments	761		(0.1)	%
Other	(91)		—	%
Effective income tax rate	$	831	(0.1)	%

__________________

(1)State taxes in New York, Tennessee, and Texas made up the majority (greater than 50%) of the tax effect in this category.

Income tax expense for the year ended December 31, 2024 and 2023 differed from the amount computed by applying the Federal statutory income tax rate of 21% to pretax loss as a result of the following:


	Year Ended December 31,
	2024		2023
Tax at federal statutory rate	21.0	%	21.0	%
State tax, net of federal benefit	(5.8)	%	(0.1)	%
Tax credits	23.7	%	3.5	%
Change in valuation allowance	(51.4)	%	(24.6)	%
Stock-based compensation	1.1	%	(0.2)	%
Other	(0.1)	%	0.3	%
Effective income tax rate	(11.5)	%	(0.1)	%

The difference in the Company’s effective tax rate and the U.S. federal statutory tax rate is primarily due to recording a full valuation allowance on the Company’s U.S. deferred tax assets.

The components of deferred tax assets and liabilities as of December 31, 2025 and 2024, were as follows:


	December 31, 2025		December 31, 2024
Deferred tax assets
Net operating loss carryforwards	$	288,139	$	231,116
Credit carryforwards	86,633		42,676
Loss reserves	58,833		39,188
Accrued expense	13,246		2,064
Lease liability	33,642		24,141
Stock compensation	56,128		18,417
Internal-use software	202,751		87,894
Other	8,918		3,716
Total deferred tax assets	$	748,290	$	449,212
Deferred tax liabilities
Right of use asset	23,665		12,367
Fixed assets	4,691		5,260
Other	2,350		2,045
Total deferred tax liabilities	$	30,706	$	19,672
Valuation allowance	$	(717,584)	$	(429,540)
Net deferred tax assets	$	—	$	—

Management believes that, based on available evidence, both positive and negative, it is more likely than not that the deferred tax assets will not be utilized, and as such the Company maintains a full valuation allowance at December 31, 2025. The valuation allowance increased by $288.0 million for the year ended December 31, 2025 primarily as a result of the current year capitalized internally developed software.

As of December 31, 2025, the Company had approximately $1,123.4 million and $994.7 million of federal and state (post-apportioned) net operating losses (NOL) carryforwards. The Federal NOL will carry forward indefinitely and the state NOLs will begin to expire in 2028. The Company also has United States federal, state, and Canadian research and development tax credit carryforwards of approximately $98.6 million, $56.9 million, and $4.0 million, respectively. The federal and Canadian research credits will begin to expire in 2040, while the state research credits will begin to expire in 2030. The Internal Revenue Code (“IRC”) limits the amount of net operating loss carryforwards that a company may use in a given year in the event of certain cumulative changes in ownership over a three-year period as described in Section 382 of the IRC. The Company has performed a detailed analysis to determine whether an ownership change has occurred and noted three ownership changes. These changes are limited under Section 382, however, none of the net operating losses are projected to expire unutilized as of December 31, 2025.

A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of year	$	33,206	$	26,968	$	18,596
Tax positions related to prior years	1,424		(980)		603
Tax positions related to the current year	31,128		7,218		7,769
Settlement with taxing authorities	—		—		—
Expirations of status of limitations	—		—		—
Balance at end of year	$	65,758	$	33,206	$	26,968

If recognized, all of the unrecognized tax benefits would not impact the effective tax rate due to the valuation allowance against certain deferred tax assets. As of December 31, 2025, the Company had $65.8 million unrecognized income tax benefits and there were increases of $32.6 million to the Company’s unrecognized tax benefits during the year. The Company’s policy is to classify interest and penalties associated with unrecognized tax benefits as income tax expense. There were no interest and penalties related to unrecognized tax benefits recorded on the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 or the consolidated balance sheets as of December 31, 2025 and 2024.

The Company files income tax returns in the U.S. Federal and various state jurisdictions. In addition, the Company files income tax returns in Canada. The Company is not currently under examination by income tax authorities in any of the jurisdictions. All tax returns will remain open for examination by the federal and most state taxing authorities for three years and four years, respectively, from the date of utilization of any net operating loss carryforwards or research and development credits.

For the year ended December 31, 2025, income taxes paid (net of refunds received) were $1.1 million. The breakout by jurisdiction was as follows:


	Year Ended December 31,
	2025

United States - Federal	$	250
United States - State and local
Texas	202
Oregon	120
South Carolina	85
New York	77
All other state and local	392
Canada	—
Total	$	1,126

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The reporting currency of the Company is the U.S. Dollar.

Principles of Consolidation

Segment Reporting

The Company operates as a single operating segment and therefore, one reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating the Company’s financial performance. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss as reported on the consolidated statements of operations as consolidated net income (loss). Revenue from external customers and significant segment expenses are presented in the Company's consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. All long-lived assets are located in the United States, and all revenue is generated in the United States.

Use of Estimates

The preparation of these consolidated financial statements requires management to make estimates and assumptions relating to reported amounts of assets, liabilities, revenues, and expenses. Significant estimates and assumptions include but are not limited to accrued transaction dispute losses, fair value of the product obligation, the allowance for expected credit losses, valuation of income taxes, the capitalization and estimated useful life of internal-use software, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, and the fair value of equity awards and stock-based compensation. These estimates are inherently subject to judgment. Actual results could differ from these estimates, and such differences may be material to the consolidated financial statements.

Revenue Recognition

Payments Revenue

The Company earns payments revenue in exchange for providing payment services for its members. Payments revenue is based on interchange fees generated from purchase transactions made by members using their Chime-branded debit and credit cards. The Company’s payments revenue reflects the gross amount of the interchange fees, which are generally determined as a percentage of the underlying transaction value plus a fixed amount per transaction based upon rates set by the card networks. Payments revenue is recognized net of refunds, which arise when members make returns to merchants.

To deliver payment services to members, the Company contracts with its bank partners to provide members with FDIC-insured checking accounts and provide card network sponsorship, as well as to oversee compliance with bank regulations and card networks for transaction routing, reporting and settlement services.

The Company is the principal in providing the payment services under the Company’s contracts with its members. In collaboration with its bank partners and the card networks, the Company’s primary performance obligation in payment services is to connect members to financial institutions and merchants by enabling, authorizing, and settling each payment. Payments revenue is recognized at the point in time when the Company’s single performance obligation is satisfied, upon the authorization and settlement of the members’ payment transactions as each transaction occurs. The Company maintains control of the integrated transaction processing services before delivery to its members and records revenue on a gross basis on the consolidated statement of operations. Payments revenue is collected by and remitted to the Company through each bank partner and is generally collected monthly in arrears.

Platform-related Revenue

The Company earns platform-related revenue from other products offered to its members that provide additional convenience, financial management tools, and access to liquidity. These products include MyPay, ATMs, outbound instant transfers, third-party partnerships, SpotMe, cash deposits, Instant Loans, and high-yield savings accounts.

Chime offers MyPay to its members, which enables them to receive money in advance of payday up to a predetermined limit for free within 24 hours, or instantly for a flat fee. The Company recognizes the instant transfer fee net of fees paid to bank partners that are related to the product as revenue. Under agreements between the Company and its two bank partners, the bank partners are the legal lenders of the MyPay product. One of the Company’s bank partners has a contractual option to sell individual MyPay receivables to the Company once such receivables have aged two days beyond their origination date. The Company records these receivables purchased as loans held for investment, net on the consolidated balance sheets and accrues instant transfer fee revenue for these loans using the effective interest rate method. For the off-balance sheet MyPay receivables that are retained by either of the bank partners, the Company recognizes revenue based on the instant transfer fee, net of fees paid to bank partners, at an amount that approximates fair value.

The Company offers its members access to fee-free ATMs. Each time members withdraw money at certain ATMs that are not in the Company’s network of fee-free ATMs, the Company charges a fixed ATM fee in accordance with the terms and conditions in the member agreements. In collaboration with its bank partners and the card networks, the Company’s primary performance obligation in ATM transaction services is to connect members to financial institutions by enabling, authorizing, and settling each ATM transaction. ATM revenue is recognized at the point in time when its single performance obligation is satisfied, upon the authorization and settlement of the members’ ATM transactions as each transaction occurs. The Company maintains control of the integrated transaction processing services before delivery to its members and records revenue on a gross basis on the consolidated statement of operations. ATM revenue is collected by and remitted to the Company through each bank partner and is generally collected monthly in arrears.

The Company provides members the ability to instantly transfer funds from their Chime account to an external account at a fixed rate. The Company is the principal in these arrangements, as it controls the transfer service until it is provided to the member. In partnership with its bank partners, card networks, and processors, the Company's single performance obligation is to authorize and make funds instantly available in the member's external designated account, and settlement of funds. Revenue is recognized at a point in time on a gross basis when the transfer of funds is completed. Fees are remitted to the Company through its bank partners, generally collected monthly in arrears.

The Company also generates revenue from third-party partnership agreements through products such as Insurify, Experian Boost, and its Offers Marketplace, where the Company receives payment from partners that offer products and services to members on the Chime app for connecting members with the partners. Revenue is recognized at a point in time when the Company’s performance obligation is satisfied.

The Company offers members access to SpotMe, a fee-free overdraft protection product, which allows enrolled members to overdraw their accounts up to a predetermined limit free of charge. Members may tip Chime, at their discretion, for the use of the feature once the overdraft is repaid and may rescind the tip during the specified refundable period as defined in the member agreement. The Company defers the recognition of revenue until the expiration of the refundable period.

Members can deposit cash into their accounts for free at certain retail locations, or for a fee at other retail locations. Through contracts with third-party cash deposit networks, the Company earns revenue upon each qualifying cash deposit outside its free network at a rate that varies depending on the cash deposit network and retailer. The Company does not have the primary responsibility for fulfilling its members’ cash deposit requests and the Company recognizes revenue net of fees paid to its third-party cash deposit networks upon settlement of the cash deposit in the members’ accounts.

Chime also offers its members access to Instant Loans, which allows members to borrow funds that are repaid in equal installments over a set period of time. Instant Loans have a fixed interest rate with no late fees or compound interest. The Company’s bank partner is the legal lender of the Instant Loan product. The Company earns revenue related to Instant Loans based on the interest expected to be collected from members, net of fees paid to the bank partner, at an amount that approximates fair value.

The Company offers its members access to high-yield savings accounts with no minimum deposit requirements. Member savings account balances are held in interest-bearing deposit accounts offered through the Company’s bank partners. Under the terms of the Company’s applicable contractual agreements with each bank partner, member deposits are either placed in the community deposit sweep program or held by the Company’s bank partners. The earned interest is passed to the Company which it recognizes as revenue net of the interest paid to its members, which is considered consideration payable to the member. The Company’s single performance obligation to its members, which is satisfied daily, is to offer access to the high-yield savings account to members, which provides interest on the deposited funds.

Cost of Revenue

Cost of revenue consists primarily of transaction processing and bank partner costs, and card and ATM network expenses, net of incentives.

Transaction processing and bank partner costs

Transaction processing and bank partner costs include expenses relating to the Company’s third-party and internally-developed payment processors. Through November 2025, the Company engaged a third-party processor to perform transaction authorization, settlement, payments, adjustments, and other account-level processing, as well as to maintain member account information and provide transaction reporting. Fees paid to the third-party processor were generally based on a fixed amount per transaction, subject to volume-based discounts. In November 2025, the Company completed its migration to ChimeCore, its proprietary payment processor and ledger. Costs associated with ChimeCore primarily include hosting and software-related expenses. Transaction processing and bank partner costs also include amortization of internal-use software related to supporting revenue-generating platforms.

Additionally, transaction processing and bank partner costs include fees paid to bank partners for serving as the Company’s card issuing bank and for card network sponsorship. These costs are predominantly based on a specified percentage of the dollar volume of member purchase transactions using Chime-branded debit or credit cards at each respective bank partner, in which the percentage generally decreases with scale.

Card and ATM network expenses, net of incentives

The Company pays card and ATM networks for providing the worldwide networks through which card payment, ATM transactions, and other money movements such as inbound and outbound transfers are authorized, processed, and settled. These fees are generally based on the dollar volume of member purchase transactions, the total number of transactions in the period, and other money movement volume and vary by network and transaction type.

The Company also has marketing and incentive arrangements with card networks that provide it with certain incentives on a periodic basis, including quarterly and annual incentives based on transaction volumes in the period, contract signing bonus, and other marketing incentives. The Company records these incentives as a reduction to the cost of revenue as they are earned.

Operating Expenses

Operating expenses are recognized as incurred, as follows:

Transaction and risk losses

Transaction and risk losses consist of losses relating to credit obligations for outstanding receivables from members, both on- and off-balance sheet, and transaction dispute losses.

The Company’s credit obligations for off-balance sheet receivables that are retained by bank partners and relate to MyPay, Instant Loans, SpotMe, as well as other instances where a member’s account is overdrawn, are estimated at each period end and recognized on the consolidated balance sheets as product obligation. This obligation is measured at fair value, using a discounted cash flow model to calculate the present value of future cash flows based on current period data and historical trends.

The Company’s allowance for credit losses on MyPay receivables purchased by the Company, which are on the Company’s consolidated balance sheet as loans held for investment, are recorded as a provision for credit losses within transaction and risk losses.

Transaction and risk losses also includes transaction dispute losses, which result from member-initiated disputes with a merchant or due to processing fraudulent transactions. The Company estimates the provision for transaction dispute losses each period based on current period data points and historical trends related to loss rates.

Member support and operations

Member support and operations expenses include the costs of the third-party vendors the Company uses for certain member support and loss prevention services, the costs of physical debit and credit card issuance, software to help manage member interactions, and member onboarding and account verification expenses. Member support and operations also includes personnel-related expenses including salaries, employee benefit costs, and stock-based compensation for employees engaged in member support, risk, and operations functions, and allocated overhead.

Sales and marketing

Sales and marketing expenses consist primarily of general marketing and promotional activities, including advertising costs associated with the production and communication of advertisements in various media outlets for direct response and brand marketing, referral bonuses, and other promotional activities. Sales and marketing expenses also include personnel-related expenses including salaries, employee benefit costs, and stock-based compensation for employees engaged in marketing functions and allocated overhead.

The Company offers cash bonuses to prospective and existing members through its referral program and other promotional activities. Bonuses paid to prospective members are one-time promotional payments intended to support new member acquisition and initial account activation. These bonuses are recorded as sales and marketing expense when these individuals do not meet the definition of a customer.

When the bonus is paid to existing members in exchange for a distinct service, such as referring a new member, and the amount paid reflects the fair value of that service, the bonus is recorded as sales and marketing expense. Bonuses paid to prospective and existing members that do not meet these criteria are accounted for as consideration payable to a customer and recorded as a reduction of revenue.

Advertising costs are expensed as incurred and were $509.8 million, $456.6 million, and $394.7 million for the years ended December 31, 2025, 2024, and 2023.

Technology and development

Technology and development expenses primarily consist of personnel-related expenses including salaries, employee benefit costs, and stock-based compensation for employees engaged in the engineering, product management, data science, and design functions, and allocated overhead, as well as costs for cloud infrastructure, and other costs to support and improve the Company’s platform.

General and administrative

General and administrative expenses primarily consist of personnel-related expenses, including salaries, employee benefit costs, and stock-based compensation for employees engaged in the security, legal, compliance, human resources, and finance functions, and allocated overhead. General and administrative also includes professional services fees, business software, and legal and regulatory settlements. For the year ended December 31, 2025, general and administrative expenses also included $32.6 million in one-time termination costs related to the contract termination with the Company’s third-party processor.

Stock-Based Compensation

The Company measures compensation expense for all stock-based payment awards granted to employees, and nonemployee service providers, based on the estimated fair value of the awards on the date of grant. Forfeitures are accounted for as they occur. Stock-based compensation expense is allocated to operating expenses on the consolidated statements of operations based on where the associated employee’s compensation is recorded.

Fair Value of Common Stock

Prior to the Company’s IPO, the Company’s Board of Directors determined the fair value of our common stock at each grant date. The Board of Directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock including: contemporaneous third-party valuations of the Company’s common stock, observed sales of common and redeemable convertible preferred stock, evaluation of the Company’s principal market, the Company’s actual operating and financial performance, the valuation of comparable companies, the lack of marketability, and general and industry specific economic outlook, amongst other factors.

Subsequent to the Company’s IPO, the fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock on the grant date.

Stock Options

The Company measures compensation cost for stock options at fair value on grant date and recognizes compensation cost over the requisite service period. For awards with only service-based vesting conditions, the Company records compensation cost for these awards using the straight-line method. For awards with performance-based vesting conditions, the Company recognizes compensation cost on a tranche-by-tranche basis (the accelerated attribution method), based on the probability of achieving the performance criteria.

The Company uses the Black-Scholes option pricing model to estimate the fair value of the stock option awards. The Black-Scholes option-pricing model incorporates various assumptions in estimating the fair value of stock-based awards. In addition to the fair value of common stock, these variables include:

Expected Term

The Company uses the simplified method to determine the expected term of the stock options. The expected term of the options is based on the average period the stock options are expected to remain outstanding calculated as the midpoint of the options vesting term and contractual expiration period, as the Company does not have sufficient historical information to develop expectations about future exercise patterns and post-vesting termination behavior.

Expected Volatility

As the Company does not have sufficient trading history for its common stock, the Company estimates the volatility based on the expected volatility of publicly traded industry peers.

Risk-Free Interest Rate

The Company uses the weighted average, risk-free rate based on the rate for a U.S. Treasury zero-coupon issue with a term that approximates the expected life of the option grant at the date closest to the option grant date.

Expected Dividends

The Company has not paid and does not anticipate paying any cash dividends in the foreseeable future, and therefore, uses an expected dividend yield of zero.

As part of the fair value process, the Company assesses the impact of material nonpublic information on the Company’s share price or expected volatility, as applicable, at the time of grant.

RSUs

The Company measures RSUs based on the fair value of the underlying common stock on the date of grant.

RSUs granted prior to the Company’s IPO vest upon the satisfaction of both a service condition and a liquidity condition. The service condition for these awards is generally satisfied over four years. Upon consummation of the IPO, the Company recorded cumulative stock-based compensation expense using the accelerated attribution method for those RSUs for which the service condition had been satisfied prior to the occurrence of the liquidity event. The Company will record the remaining unrecognized stock-based compensation expense over the remainder of the requisite service period.

RSUs granted on or after the Company’s IPO vest upon the satisfaction of a service condition. The service condition for these awards is generally satisfied over four years and the grant date fair value of these RSUs will be recorded as stock-based compensation on a straight-line basis expense over the requisite service period.

PSUs

Performance-based PSUs

The Company granted restricted stock units with a service condition, a liquidity condition, and other operational performance-based vesting conditions. The awards are measured at fair value of the underlying common stock on the date of grant. Upon consummation of the IPO, the Company recorded cumulative stock-based compensation expense using the accelerated attribution method for those awards that are expected to vest based on the probability of achieving the performance criteria. The Company will record the remaining unrecognized expense over the remainder of the expected achievement period for the performance conditions of the awards.

Market-based PSUs

The Company granted restricted stock units with a service condition, a liquidity condition, and a stock price hurdle market-based vesting condition. The awards are measured at fair value on the date of grant using a Monte Carlo valuation model which incorporates various assumptions including expected stock price volatility, expected term, risk-free interest rates, expected date of a qualifying event, and expected Company valuation amounts. The Company records stock-based compensation expense for such awards using the accelerated attribution method over the requisite service period. The Company determines the requisite service period by comparing the derived service period to achieve the market-based vesting condition and the explicit time-based service period, using the longer of the two service periods as the requisite service period.

RSAs

The Company granted service-based and performance-based RSAs to certain continuing employees in connection with the Acquisition. RSAs are measured at fair value of the underlying common stock on the date of grant. For awards with only service-based vesting conditions, which is generally satisfied over 14 quarters, the Company records compensation cost for these awards using the straight-line method over the requisite service period. Awards with performance-based vesting conditions vest upon the achievement of designated operational metrics and continued employment at the time when the performance condition is achieved. The Company recognizes compensation cost for performance-based RSAs based on the accelerated attribution method when the performance condition is considered probable to be satisfied.

Other Income, Net

Other income, net primarily includes interest income, which consists of interest and dividends earned on the Company’s cash and cash equivalents and marketable securities.

Cash and Cash Equivalents

The Company considers all cash held in banks and highly liquid investments, including money market funds, with an original maturity of three months or less at the date of purchase, to be cash and cash equivalents.

Restricted Cash

As of December 31, 2025 and 2024 restricted cash consisted of cash restricted by an agreement with a bank partner and is required to be used to purchase loans held for investment.

Product Collateral

The Company has established cash collateral accounts with each respective bank partner to provide them with protection against losses from certain products. The Company funds these accounts according to requirements in the individual agreements, which vary by product type. On a monthly basis, any calculated deficit in such collateral accounts is funded by the Company, and any surplus may be remitted by the respective bank partner at the request of the Company. The amount of cash collateral funded fluctuates month-to-month and in some instances, the Company’s accounts receivable with the bank partner may be pledged to satisfy the collateral requirements.

Marketable Securities

The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale (“AFS”). After consideration of the Company’s capital preservation objectives, as well as its liquidity requirements, the Company may sell securities prior to their stated maturities and therefore classifies marketable securities as current assets on the consolidated balance sheets.

The Company carries its AFS securities at fair value and reports any unrealized gain and loss, net of taxes, in accumulated other comprehensive income (loss), a component of stockholders’ deficit. The Company records any realized gains or losses on the sale of marketable securities in other income, net on the consolidated statements of operations. The cost of securities sold is based on the specific-identification method. Interest on marketable securities classified as AFS is included in other income, net on the consolidated statements of operations.

The Company evaluates unrealized losses on its AFS securities to determine if they are due to credit or non-credit related factors. The Company considers credit related impairments to be changes in fair value that are driven by a change in the creditor’s ability to meet its payment obligations. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in other income, net on the consolidated statements of operations. The Company determined that there was no credit-related impairment on marketable securities during the years ended December 31, 2025, 2024, and 2023.

Fair Value Measurements

The Company reports all financial assets and liabilities that are recognized or disclosed at fair value on the consolidated financial statements on a recurring basis in accordance with ASC 820, “Fair Value Measurements” (“ASC 820”). ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is available and significant to the fair value measurement. ASC 820 establishes and prioritizes three levels of inputs that may be used to measure fair value:

Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets.

Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted

cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Accounts Receivable, Net

Accounts receivable, net is principally comprised of interchange-based fees due from the bank partners, net of bank partner costs, and incentives due from card networks. These receivables are generally collected monthly or quarterly in arrears based on the remittance terms in the respective agreements with each bank partner and card network. The Company estimates an allowance for accounts receivable based on its assessment of the collectability by considering its historical accounts receivable collection experience for each counterparty, the credit quality of the counterparties, the age of the outstanding receivable, and an evaluation of current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable.

Loans Held for Investment, Net

Upon the launch of MyPay in 2024, one of the Company’s bank partners was provided with a contractual option to sell individual MyPay receivables to the Company once such receivables have aged two days beyond their origination date. These MyPay receivables purchased by the Company are initially recognized at fair value on the date of acquisition on the consolidated balance sheets as loans held for investment when the Company makes payment to the bank partner and acquires all rights and title of the receivables. These receivables have no stated maturity date; however, are deemed to be held for investment as the Company has the intent and ability to hold them for the foreseeable future or until payoff.

Loans held for investment are reported at amortized cost, which includes unpaid principal balances and any related premiums. The amortized cost is adjusted for the allowance for expected credit losses within loans held investment, net. The Company accrues MyPay instant transfer fee revenue for these loans using the effective interest method.

Allowance for Expected Credit Losses

The amount of the allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Company’s financial assets measured at amortized cost considering available information from internal and external sources. The allowance for credit losses is primarily related to expected losses on the Company’s loans held for investment.

The allowance for expected credit losses on loans held for investment reflects the Company’s estimate of uncollectible balances resulting from credit losses and is based on the determination of the amount of lifetime expected credit losses inherent in the loans held for investment as of the reporting date. The Company measures the allowance for expected credit losses based on a discounted cash flow method, where future cash flows estimated using the roll rate method are discounted. Historical data is categorized into pools with similar risk characteristics and roll rates are calculated based on the vintage loans held for investment origination, defined as by month. This results in an expected loss rate for each vintage. The Company considers whether the current conditions and reasonable and supportable forecasts about future conditions indicate that expected loss rates derived based on historical experience merit adjustment. In assessing such adjustments, the Company evaluates factors such as unemployment rates, short-term economic trends and cash collections subsequent to the balance sheet date. The expected loss rate is then applied to the outstanding principal balance of each vintage at the end of the period, resulting in the recognition of the expected loss at period-end. The allowance for expected credit loss is recorded against loans held for investment, along with a corresponding charge recorded within transaction and risk losses in the consolidated statement of operations. In general, loans held for investment are charged-off after 365 days of non-payment. At each reporting period the Company adjusts the allowance for changes in the estimate of lifetime expected credit losses and reverses the allowance upon either payment of the loans held for investment or upon charge-off.

Property, Equipment, and Software, Net

Property, equipment, and software, net is stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the respective asset, which is generally as follows:


Property, Equipment and Software						Useful Life
Computer equipment and purchased software						3 to 7 years
Furniture and fixtures						5 years
Leasehold improvements						Shorter of estimated useful life or remaining lease term
Internal-use software						3 years

Expenditures for repairs and maintenance are expensed as incurred. Upon disposal, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in other income, net on the consolidated statements of operations. For the years ended December 31, 2025, 2024, and 2023, there were no material gains or losses on the disposal of assets.

The Company capitalizes its costs relating to internal-use software projects when preliminary development efforts are successfully completed, management has authorized and committed project funding, it is probable that the project will be completed, and the software will be used as intended. Capitalized costs primarily consist of salaries and compensation costs for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements. Other costs are expensed as incurred. Internal-use software is amortized on a straight-line basis over the estimated useful life of the related asset, which is generally three years from when the software is ready for its intended use.

Business Combinations

Business combinations are accounted for under the acquisition method of accounting. This method requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations. Acquisition-related expenses and post-combination integration and employee compensation costs are recognized separately from the business combination and are expensed as incurred.

Impairment of Long-Lived Assets, including Goodwill

The Company reviews its property and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount is not recoverable and exceeds the asset’s fair value, such assets are considered to be impaired and an impairment loss is recognized based on the excess of the carrying amount of the asset above the fair value of the asset.

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to reporting units expected to benefit from the business combination. We operate and report financial information in one operating segment. The Company performs a goodwill impairment test annually and more frequently if events and circumstances indicate that the asset might be impaired. The Company first assesses qualitative factors to determine whether events or circumstances indicate that it is more likely than not that

the fair value of a reporting unit is less than its carrying amount and determine whether further action is needed. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if the Company concludes otherwise, it performs a quantitative assessment to compare the estimated value of a reporting unit to its book value. If the book value exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognized $27.5 million in goodwill in other assets on the consolidated balance sheets as of December 31, 2025 and 2024.

Accrued Transaction Dispute Losses and Network Incentive Obligation

The Company establishes an accrual for estimated losses due to transaction disputes, which represent a potential loss due to member-initiated transaction disputes or due to processing a fraudulent transaction. The accrual is estimated based on available data as of the reporting date, including expected disputes on processed transactions, and historical loss rates. Additions to the accrual are reflected in transaction and risk losses in the consolidated statements of operations while realized losses are offset against the accrual. The accrual for estimated transaction dispute losses is included within accrued and other current liabilities in the consolidated balance sheets.

The Company records a network incentive obligation when the card network provides upfront incentive payments for the Company meeting certain future milestones. The incentives are deferred and recognized as a reduction to cost of revenue over the life of the contract. The portion of network incentive obligation which is expected to be recognized in the next twelve months is included within accrued and other current liabilities in the consolidated balance sheets, while the remainder is included within other non-current liabilities in the consolidated balance sheets.

Product Obligation

The Company accounts for the product obligation as a derivative. The product obligation is initially measured at fair value and subsequently remeasured at each reporting period end for any incremental increases or decreases in its fair value. The product obligation represents the Company’s expected remaining future cash flows at period end from the off-balance sheet MyPay receivables, Instant Loans, SpotMe, as well as other instances where a member’s account is overdrawn. The cash flows are inclusive of revenues related to off-balance sheet MyPay receivables and Instant Loans and expected credit losses. See Note 8 - Credit Obligations for further details.

Under the terms of its agreements with its bank partners, the Company is required to collateralize this product obligation. Cash collateral on the product obligation is recorded in product collateral on the consolidated balance sheets, and collateral in the form of accounts receivable, due from bank partners, is recorded in accounts receivable on the Company’s consolidated balance sheets.

Operating Leases

The Company measures lease liabilities based on the present value of the total lease payments not yet paid discounted based on the Company’s incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease.

The Company measures right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs the Company incurs, and (iii) tenant incentives under the lease. The Company begins to recognize rent expense when the lessor makes the underlying asset available to the Company.

The Company’s lease agreements generally contain lease and non-lease components. The Company elected to apply the practical expedient to combine non-lease components, which primarily include payments for maintenance and utilities, with lease payments and account for them as a single lease component. The Company includes the fixed non-lease components in the determination of the right-of-use assets and operating lease liabilities. The Company records the amortization of the right of use asset and the accretion of lease liability as rent expense and allocates the amounts as overhead on the consolidated statement of operations.

Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised. The assessment of whether lease renewal or extension options are reasonably certain to be exercised is made at lease commencement. Factors considered in determining whether an option is reasonably certain to be exercised include, but are not limited to, the value of any leasehold improvements, the value of renewal rates compared to market rates, and the presence of factors that would cause a significant economic penalty to the Company if the option were not exercised.

The Company elected to apply the short-term lease measurement and recognition practical expedient to its leases where applicable, thus leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. The Company records rent expense for short-term leases on the consolidated statements of operations on a straight-line basis over the lease term. The Company has no finance leases.

401(k) Plan

Share Repurchases

Share repurchases may be made through a variety of methods, including open market or privately negotiated purchases. Shares repurchased are immediately retired. When shares are retired, the value of repurchased shares is a deduction to common stock par value and any excess over par value is recorded to additional paid-in capital.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers the available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. A valuation allowance may be established to reduce the deferred tax asset to the level at which it is more likely than not that the tax asset or benefits will be realized. If the Company determines that it is able to realize its deferred tax assets in the future in excess of the net recorded amount, the Company decreases the deferred tax asset valuation allowance, which reduces the income tax expense. Realization of tax benefits of deductible temporary differences, operating loss carryforwards and tax credit carryforwards depends on having sufficient taxable income of an appropriate character within the carryback or carryforward periods.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained upon review by the taxing authority. Recognized income tax positions are measured at the largest amount that is greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties related to income taxes are reported in the provision (benefit) for income taxes on the consolidated statements of operations, if applicable.

Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, product collateral, marketable securities, and accounts receivable. The Company’s cash equivalents are invested in interest-bearing money market funds that invest in a portfolio of short-term U.S. government obligations, which include U.S. Treasuries and other securities issued or guaranteed by the U.S. government. The Company does not hold or issue financial instruments for trading purposes. Cash on deposit with financial institutions may, at times, exceed federally insured limits. Management believes that these financial institutions are financially sound and, accordingly, minimal credit risk exists.

Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Standards

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures. This ASU expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid. The Company adopted this guidance on a prospective basis effective January 1, 2025 and included the required disclosures in the Company’s notes to the financial statements for our income taxes. This standard update did not affect the Company’s operating results.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements ("ASU 2025-12"). This ASU addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. Early adoption is allowed on an issue-by-issue basis. The Company elected to early adopt Issue 10 on a prospective basis as of January 1, 2025. Issue 10 relates to stock repurchases, and explicitly permits the excess of repurchase price over par or stated value to be accounted for entirely as a deduction from additional paid-in capital as long as additional paid-in capital does not become negative. As a result, the Company recorded a $77.5 million deduction from additional paid-in capital during the year ended December 31, 2025. The Company is still evaluating the remaining issues but does not expect a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This ASU is effective for annual periods beginning after December 15, 2026 and requires either prospective or retrospective application. The Company is currently evaluating the impact of the ASU on its disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides for a practical expedient to estimate credit losses related to accounts receivable and contract assets from revenue contracts accounted for in accordance with ASC 606 using information as of the balance sheet date. This ASU is effective for annual periods beginning after December 15, 2025 and early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. This ASU is effective for annual reporting periods beginning after December 15, 2027 and provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the impact of this ASU on its financial statements and related disclosures.

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The Company calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts):


	Year Ended December 31,
		2025		2024		2023
Numerator:
Net loss		$	(1,009,936)	$	(25,344)	$	(203,202)


Denominator:
Weighted average number of common shares outstanding used to compute net loss per share, basic and diluted		236,270,347		64,910,056		63,104,219
Net loss per share, basic and diluted		$	(4.27)	$	(0.39)	$	(3.22)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods:


	Year Ended December 31,
		2025	2024	2023
Redeemable convertible preferred stock on an as-converted basis		—	258,667,796	258,667,796
Outstanding options to purchase common stock		25,680,942	32,663,015	29,776,972
Unvested service-based RSUs		20,874,834	39,328,435	31,068,799
Unvested performance-based PSUs		6,669,297	1,929,943	—
Unvested market-based PSUs		1,600,000	—	—
Unvested restricted stock awards		981,847	1,309,008	—
Warrants to purchase common stock		—	787,840	787,840
Total anti-dilutive securities		55,806,920	334,686,037	320,301,407

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	December 31, 2025		December 31, 2024
Receivables due from bank partners(1)	$	116,217	$	97,994
Network incentive receivable	130,962		111,097
Other receivables	10,705		7,070
Accounts receivable, net	$	257,884	$	216,161

_________________

Loans held for investment, net consisted of the following:


	Year Ended December 31,
	2025		2024
Loans held for investment	$	148,221	$	130,448
Less: allowance for expected credit losses	(76,640)		(30,649)
Total loans held for investment, net	$	71,581	$	99,799

SIGNIFICANT BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Assets

Other assets consisted of the following:


	December 31, 2025		December 31, 2024
Goodwill	$	27,492	$	27,492
Other assets	3,354		4,477
Total other assets	$	30,846	$	31,969

Schedule of Accrued Liabilities

Accrued and other current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Accrued expenses	$	81,437	$	100,486
Accrued bonus	52,860		53,344
Current portion of lease liability	11,381		15,746
Accrued transaction dispute losses(i)	10,497		7,759
Network incentive obligation, current portion	12,522		27,147
Other current liabilities	33,165		20,112
Total accrued and other current liabilities	$	201,862	$	224,594

_________________

(1)The reconciliation of the beginning and ending accrued transaction dispute losses is as follows:


	Year Ended December 31,
		2025		2024
Accrued transaction dispute losses, beginning of the period		$	7,759	$	4,385
Provision for transaction dispute losses		63,561		50,614
Realized losses		(60,823)		(47,240)
Accrued transaction dispute losses, end of the period		$	10,497	$	7,759

Schedule of Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Accrued expenses	$	81,437	$	100,486
Accrued bonus	52,860		53,344
Current portion of lease liability	11,381		15,746
Accrued transaction dispute losses(i)	10,497		7,759
Network incentive obligation, current portion	12,522		27,147
Other current liabilities	33,165		20,112
Total accrued and other current liabilities	$	201,862	$	224,594

_________________

(1)The reconciliation of the beginning and ending accrued transaction dispute losses is as follows:


	Year Ended December 31,
		2025		2024
Accrued transaction dispute losses, beginning of the period		$	7,759	$	4,385
Provision for transaction dispute losses		63,561		50,614
Realized losses		(60,823)		(47,240)
Accrued transaction dispute losses, end of the period		$	10,497	$	7,759

Schedule of Other Non-Current Liabilities

Other non-current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Network incentive obligation, net of current portion	$	48,804	$	43,826
Other non-current liabilities	2,887		2,283
Total other non-current liabilities	$	51,691	$	46,109

CREDIT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Schedule of Changes in Allowance For Expected Credit Losses

Below is a summary of the changes in allowance for expected credit losses on MyPay loans held for investment:


	Year Ended December 31,
	2025		2024
Balance, beginning of the period	$	30,649	$	—
Provision for expected credit losses	75,440		30,649
Amounts written off	(30,410)		—
Recoveries collected	961		—
Balance, end of the period	$	76,640	$	30,649

Schedule of Product Obligation Reconciliation

The following table presents a reconciliation of the Company’s product obligation:


	Year Ended December 31,
		2025		2024
Balance, beginning of the period		$	114,377	$	88,600
Change in fair value of product obligation(1)		41,754		59,354
Settlements		(8,749)		(33,577)
Balance, end of the period		$	147,382	$	114,377

__________________

(1)The change in fair value of the product obligation was recorded on the consolidated statements of operations as follows:


	Year Ended December 31,
		2025		2024
Revenue:
Off-balance sheet MyPay receivables		$	(206,254)	$	(76,183)
Instant Loans		(18,217)		—
Total recorded as revenue		(224,471)		(76,183)
Transaction and risk losses:
Off-balance sheet MyPay receivables		127,100		50,429
Instant Loans		24,749		—
SpotMe and other negative balances		114,376		85,108
Total recorded as transaction and risk losses		266,225		135,537
Total change in fair value of the product obligation		$	41,754	$	59,354

LOANS HELD FOR INVESTMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Loans Held For Investment, Net

Accounts receivable, net consisted of the following:


	December 31, 2025		December 31, 2024
Receivables due from bank partners(1)	$	116,217	$	97,994
Network incentive receivable	130,962		111,097
Other receivables	10,705		7,070
Accounts receivable, net	$	257,884	$	216,161

_________________

Loans held for investment, net consisted of the following:


	Year Ended December 31,
	2025		2024
Loans held for investment	$	148,221	$	130,448
Less: allowance for expected credit losses	(76,640)		(30,649)
Total loans held for investment, net	$	71,581	$	99,799

Schedule of Credit Quality Information

Below is a summary of the loans held for investment by vintage:


	Year Ended December 31,
Days from origination	2025		2024
1 - 30	$	64,779	$	98,452
31 - 60	9,456		10,451
61 - 90	9,794		7,697
91 - 120	7,982		5,705
121 - 180	15,353		7,172
181 - 270	21,783		971
Greater than 270	19,074		—
Total	$	148,221	$	130,448

STOCK-BASED COMPENSATION - RSAs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Service-based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total value of shares vested	$ 7.2	$ 3.1	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Initial Public Offering

On June 13, 2025, the Company closed its initial public offering (“IPO”) of 36,800,000 shares of Class A common stock, including 6,099,235 shares sold by selling stockholders and 4,800,000 shares sold by the Company pursuant to the exercise of the option granted to the underwriters, at a public offering price of $27.00 per share. The total net proceeds the Company received in the IPO were approximately $770.6 million after deducting underwriting discounts and commissions of $43.5 million and offering expenses of $14.8 million.

In connection with the closing of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into a total of 258,667,796 shares of the Company’s common stock and all previously outstanding shares of the Company’s common stock, along with the 258,667,796 shares of common stock mentioned above, were automatically reclassified into an equivalent number of shares of the Company’s Class A common stock. Additionally, a total of 32,182,289 shares of Class A common stock held by Christopher Britt, the Company’s Chief Executive Officer and Chairman, and Ryan King, a member of the Company’s Board of Directors (the “Co-Founders”) and their related entities were exchanged for an equivalent number of shares of Class B common stock pursuant to the terms of certain exchange agreements.

In connection with the IPO, the Company filed its Amended and Restated Certificate of Incorporation (the “Charter”), which authorizes a total of 5.0 billion shares of Class A common stock, 65.0 million shares of Class B common stock, 500.0 million shares of Class C common stock, and 100.0 million shares of preferred stock.

Basis of Presentation and Principles of Consolidation

Segment Reporting

Use of Estimates

Significant Accounting Policies

Revenue Recognition

Payments Revenue

Platform-related Revenue

Cost of Revenue

Cost of revenue consists primarily of transaction processing and bank partner costs, and card and ATM network expenses, net of incentives.

Transaction processing and bank partner costs

Card and ATM network expenses, net of incentives

Operating Expenses

Operating expenses are recognized as incurred, as follows:

Transaction and risk losses

Transaction and risk losses consist of losses relating to credit obligations for outstanding receivables from members, both on- and off-balance sheet, and transaction dispute losses.

Member support and operations

Sales and marketing

Advertising costs are expensed as incurred and were $509.8 million, $456.6 million, and $394.7 million for the years ended December 31, 2025, 2024, and 2023.

Technology and development

General and administrative

Stock-Based Compensation

Fair Value of Common Stock

Subsequent to the Company’s IPO, the fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock on the grant date.

Stock Options

Expected Term

Expected Volatility

As the Company does not have sufficient trading history for its common stock, the Company estimates the volatility based on the expected volatility of publicly traded industry peers.

Risk-Free Interest Rate

Expected Dividends

The Company has not paid and does not anticipate paying any cash dividends in the foreseeable future, and therefore, uses an expected dividend yield of zero.

As part of the fair value process, the Company assesses the impact of material nonpublic information on the Company’s share price or expected volatility, as applicable, at the time of grant.

RSUs

The Company measures RSUs based on the fair value of the underlying common stock on the date of grant.

PSUs

Performance-based PSUs

Market-based PSUs

RSAs

Other Income, Net

Other income, net primarily includes interest income, which consists of interest and dividends earned on the Company’s cash and cash equivalents and marketable securities.

Cash and Cash Equivalents

Restricted Cash

As of December 31, 2025 and 2024 restricted cash consisted of cash restricted by an agreement with a bank partner and is required to be used to purchase loans held for investment.

Product Collateral

Marketable Securities

Fair Value Measurements

Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets.

cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

See Note 4 for additional disclosure related to fair value measurements.

Accounts Receivable, Net

Loans Held for Investment, Net

Allowance for Expected Credit Losses

Property, Equipment, and Software, Net


Property, Equipment and Software						Useful Life
Computer equipment and purchased software						3 to 7 years
Furniture and fixtures						5 years
Leasehold improvements						Shorter of estimated useful life or remaining lease term
Internal-use software						3 years

Business Combinations

Impairment of Long-Lived Assets, including Goodwill

Accrued Transaction Dispute Losses

Product Obligation

Network Incentive Obligation

Operating Leases

401(k) Plan

The Company has a 401(k)-tax deferred savings plan under which eligible employees may elect to have a portion of their salary deferred and contributed to the plan. Employees may also contribute to a Roth 401(k) plan using post-tax dollars. During the years ended December 31, 2025, 2024, and 2023, the Company contributed approximately $9.5 million, $8.5 million, and $8.4 million to the 401(k) plan.

Share Repurchases

Income Taxes

Concentrations of Credit Risk

As of December 31, 2025 and December 31, 2024, the Company had 100% of its product collateral with two bank partners based on contractual agreements with each bank partner.

As of December 31, 2025 and December 31, 2024, there were no concentrations of investments in securities of the same issuer, except for U.S. government securities, which amounted to $563.6 million and $352.6 million, or 96% and 96%, of the investments in marketable securities. All debt securities within the Company’s portfolio are investment-grade securities.

As of December 31, 2025, the Company had receivables outstanding from two bank partners, that represent 46% of receivables collectively (26% and 20% for each respective bank partner), and one card network partner that represented 50% of receivables. As of December 31, 2024, the Company had receivables outstanding from two bank partners, that represent 45% of receivables collectively (25% and 20% for each respective bank partner), and one card network partner that represented 50% of receivables.

Recently Adopted Accounting Standards

Recently Issued Accounting Pronouncements Not Yet Adopted

REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s products and services are offered only to members within the United States. The following table provides information about the Company’s disaggregated revenue streams:


	Year Ended December 31,
		2025		2024		2023
Payments revenue		$	1,500,563	$	1,276,601	$	1,021,158
Platform-related revenue (1)(2)		686,207		396,668		257,297
Total revenue		$	2,186,770	$	1,673,269	$	1,278,455

__________________

(1)In the years ended December 31, 2025, 2024, and 2023 platform-related revenue included $379.8 million, $145.3 million, and $21.8 million that was not derived from contracts with customers.

(2)In the years ended December 31, 2025 and 2024, platform-related revenue included $333.5 million and $121.0 million related to MyPay receivables, which was comprised of $206.2 million and $76.2 million related to off-balance sheet MyPay receivables and $127.3 million and $44.8 million related to on-balance sheet MyPay receivables. In the year ended December 31, 2023, platform-related revenue included $15.0 million related to off-balance sheet MyPay receivables.

Schedule of Deferred Revenue

The deferred revenue balances were as follows:


	Year Ended December 31,
	2025		2024
Balance at the beginning of the period	$	4,064	$	3,613
Balance at the end of the period	4,818		4,064
Increase in deferred revenue during the period	$	754	$	451

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock

The following table summarizes redeemable convertible preferred stock as of December 31, 2024 and immediately prior to the conversion into common stock upon completion of the IPO:


Class	Shares Authorized	Shares Issued and Outstanding	Per Share Liquidation Preference		Aggregate Liquidation Preference		Per Share Dividend Per Annum		Carrying Value, Net of Issuance Costs
Series Seed	8,447,522	8,447,522	$	0.172000	$	1,453	$	0.01032	$	1,437
Series A	22,879,812	22,879,812	0.272000		6,223		0.01632		6,109
Series A-2	18,051,770	18,051,770	0.259180		4,679		0.01555		4,604
Series B	28,863,992	28,863,992	0.470340		13,576		0.02822		12,615
Series C	31,700,221	31,700,221	2.125790		67,388		0.17006		67,266
Series C-1	770,230	770,230	2.125790		1,637		0.17006		36
Series D	76,687,100	76,687,100	5.224700		400,667		0.41798		400,420
Series E	40,551,970	40,551,970	17.261800		700,000		1.38090		699,674
Series F	14,662,469	14,513,241	40.920800		593,893		3.27370		593,608
Series G	15,998,308	15,998,298	69.069800		1,104,999		5.52560		1,104,352
Total	258,613,394	258,464,156			$	2,894,515			$	2,890,121

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 13, 2025

USD ($)

$ / shares

Apr. 30, 2025

Jun. 30, 2025

Dec. 31, 2025

USD ($)

segment

period

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Summary Of Significant Accounting Policies [Line Items]

Common stock, authorized (in shares) | shares

416,094,141

Preferred stock, authorized (in shares) | shares

100,000,000

Number of operating segments | segment

Number of reportable segments | segment

Advertising costs | $

$ 509,800

$ 456,600

$ 394,700

Termination costs | $

$ 32,600

Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]

General and administrative

Goodwill | $

$ 27,492

27,492

Contributions | $

9,500

8,500

8,400

Marketable securities | $

587,828

368,889

Repurchases of common stock | $

$ (77,538)

$ (853)

(55)

Service-based RSUs

Summary Of Significant Accounting Policies [Line Items]

Vesting period

4 years

Market-based PSUs

Summary Of Significant Accounting Policies [Line Items]

Vesting period

4 years

Number of service periods | period

Accounts Receivable | Customer Concentration Risk | Combined Bank Partners

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

46.00%

45.00%

Accounts Receivable | Customer Concentration Risk | Bank Partner A

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

26.00%

25.00%

Accounts Receivable | Customer Concentration Risk | Bank Partner B

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

20.00%

Accounts Receivable | Customer Concentration Risk | Card Network Partner

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

50.00%

U.S. government securities

Summary Of Significant Accounting Policies [Line Items]

Marketable securities | $

$ 563,594

$ 352,627

U.S. government securities | Debt Securities | Security Concentration Risk

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

96.00%

Internal-use software

Summary Of Significant Accounting Policies [Line Items]

Estimated useful life

3 years

Common Stock

Summary Of Significant Accounting Policies [Line Items]

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) | shares

^[1]

258,667,796

Additional Paid-in Capital

Summary Of Significant Accounting Policies [Line Items]

Repurchases of common stock | $

$ (77,538)

$ (853)

$ (55)

Common Class A

Summary Of Significant Accounting Policies [Line Items]

Shares converted (in shares) | shares

32,182,289

Common stock, authorized (in shares) | shares

5,000,000,000.0

5,000,000,000

Common Class B

Summary Of Significant Accounting Policies [Line Items]

Common stock, authorized (in shares) | shares

65,000,000.0

65,000,000

Class C common stock

Summary Of Significant Accounting Policies [Line Items]

Common stock, authorized (in shares) | shares

500,000,000.0

500,000,000

Preferred Stock

Summary Of Significant Accounting Policies [Line Items]

Preferred stock, authorized (in shares) | shares

100,000,000.0

IPO

Summary Of Significant Accounting Policies [Line Items]

Number of shares sold by stockholders (in shares) | shares

6,099,235

Number of shares sold by company (in shares) | shares

4,800,000

Consideration received on transaction | $

$ 770,600

Discounts and commissions | $

43,500

Offering expenses | $

$ 14,800

IPO | Common Class A

Summary Of Significant Accounting Policies [Line Items]

Sale of stock, number of shares (in shares) | shares

36,800,000

Sale of stock, price per share (in usd per share) | $ / shares

$ 27.00

[1]

The share amounts listed above combine common stock, Class A common stock and Class B common stock. In connection with the completion of our initial public offering, all previously outstanding shares of common stock were reclassified into Class A common stock and Class B common stock. Refer to Note 2 for more information.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have established policies and processes for assessing, identifying, and managing risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. While no organization can eliminate cybersecurity risk entirely, these processes are designed to identify, assess, and manage cybersecurity risks. We assess risks from cybersecurity threats, including potential unauthorized occurrences on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or information residing therein. Such assessments are conducted on a periodic and risk-based basis, including at least annually and take into account changes in our business, technology, or threat landscape. We have also implemented a cybersecurity incident response plan that includes procedures for assessing, managing, and otherwise responding to cybersecurity incidents. We conduct periodic risk assessments to identify cybersecurity threats, including in connection with material changes to our business practices that may affect our information systems. These risk assessments include consideration of reasonably foreseeable internal and external risks, the potential impact of such risks, and the sufficiency of existing safeguards in place to manage such risks. Following these risk assessments, we may implement or modify reasonable safeguards to address identified risks, as appropriate, and monitor the effectiveness of such safeguards. Decisions regarding the nature and timing of any actions are informed by risk considerations and operational factors. We designate senior personnel, including our Chief Security Officer and Chief Information Officer (“CISO”), to oversee aspects of the risk assessment and mitigation process. These efforts are coordinated with other functions, including technology, risk management, legal, and compliance, as appropriate. As part of our overall risk management system, we provide cybersecurity awareness training to our employees. Personnel at all levels and departments are made aware of our cybersecurity policies through trainings. We may require additional or more tailored cybersecurity training for certain employees based on their specific job responsibilities. We may also conduct testing and exercises relating to our safeguards. We engage third-party service providers, including consultants and auditors, from time to time in connection with our risk assessment processes. We also maintain processes to identify and assess cybersecurity risks associated with our use of third-party service providers. As appropriate based on risk, our contracts with certain third-party service providers include provisions relating to information security measures and incident reporting in accordance with contractual requirements and applicable law regarding any suspected breach of security measures that may affect our company. We maintain designated points of contact for third-party service providers to report cybersecurity incidents or suspected security events. To date, we have not experienced cybersecurity incidents that have materially affected our business, strategy, results of operations, or financial condition. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for assessing, identifying, and managing risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. While no organization can eliminate cybersecurity risk entirely, these processes are designed to identify, assess, and manage cybersecurity risks. We assess risks from cybersecurity threats, including potential unauthorized occurrences on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or information residing therein. Such assessments are conducted on a periodic and risk-based basis, including at least annually and take into account changes in our business, technology, or threat landscape. We have also implemented a cybersecurity incident response plan that includes procedures for assessing, managing, and otherwise responding to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	One of the key functions of our board of directors (“Board”) is oversight of our risk management process, including risks from cybersecurity threats. The Board’s role is one of oversight, while management is responsible for the day-to-day management of cybersecurity risks. Our Board retains ultimate oversight responsibility for our risk management framework, including risks from cybersecurity threats, and has delegated primary oversight of cybersecurity risk matters to the Audit and Risk Committee (“Audit Committee”). Members of the Audit Committee receive periodic updates from management, including from our CISO, regarding cybersecurity risks, as appropriate. Our CISO is responsible for overseeing our information security program and for assessing and managing material cybersecurity risks, in coordination with relevant internal teams. Our CISO has experience in information security and related fields, including leadership roles overseeing security programs for complex, regulated technology environments. We have a cybersecurity incident response team and a cybersecurity incident response plan that outlines the roles and responsibilities of key personnel, including representatives from relevant functions that may be involved in responding to, remediating and escalating such incidents. The involvement of particular personnel may vary depending on the nature and severity of an incident. Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. Our CISO provides information to the Audit Committee regarding our company’s cybersecurity risks and activities, including recent cybersecurity incidents and related responses, as appropriate. The Audit Committee, in turn, reports to the Board regarding its cybersecurity oversight activities as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is responsible for overseeing our information security program and for assessing and managing material cybersecurity risks, in coordination with relevant internal teams. Our CISO has experience in information security and related fields, including leadership roles overseeing security programs for complex, regulated technology environments. We have a cybersecurity incident response team and a cybersecurity incident response plan that outlines the roles and responsibilities of key personnel, including representatives from relevant functions that may be involved in responding to, remediating and escalating such incidents. The involvement of particular personnel may vary depending on the nature and severity of an incident. Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO provides information to the Audit Committee regarding our company’s cybersecurity risks and activities, including recent cybersecurity incidents and related responses, as appropriate. The Audit Committee, in turn, reports to the Board regarding its cybersecurity oversight activities as appropriate.
Cybersecurity Risk Role of Management [Text Block]	One of the key functions of our board of directors (“Board”) is oversight of our risk management process, including risks from cybersecurity threats. The Board’s role is one of oversight, while management is responsible for the day-to-day management of cybersecurity risks. Our Board retains ultimate oversight responsibility for our risk management framework, including risks from cybersecurity threats, and has delegated primary oversight of cybersecurity risk matters to the Audit and Risk Committee (“Audit Committee”). Members of the Audit Committee receive periodic updates from management, including from our CISO, regarding cybersecurity risks, as appropriate. Our CISO is responsible for overseeing our information security program and for assessing and managing material cybersecurity risks, in coordination with relevant internal teams. Our CISO has experience in information security and related fields, including leadership roles overseeing security programs for complex, regulated technology environments. We have a cybersecurity incident response team and a cybersecurity incident response plan that outlines the roles and responsibilities of key personnel, including representatives from relevant functions that may be involved in responding to, remediating and escalating such incidents. The involvement of particular personnel may vary depending on the nature and severity of an incident. Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. Our CISO provides information to the Audit Committee regarding our company’s cybersecurity risks and activities, including recent cybersecurity incidents and related responses, as appropriate. The Audit Committee, in turn, reports to the Board regarding its cybersecurity oversight activities as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO is responsible for overseeing our information security program and for assessing and managing material cybersecurity risks, in coordination with relevant internal teams.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has experience in information security and related fields, including leadership roles overseeing security programs for complex, regulated technology environments.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO provides information to the Audit Committee regarding our company’s cybersecurity risks and activities, including recent cybersecurity incidents and related responses, as appropriate. The Audit Committee, in turn, reports to the Board regarding its cybersecurity oversight activities as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

INCOME TAXES - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 3	$ 1,004	$ 0
State	828	1,606	234
Foreign	0	0	0
Deferred
Federal	0	0	0
State	0	0	0
Foreign	0	0	0
Total	$ 831	$ 2,610	$ 234

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

PROPERTY, EQUIPMENT, AND SOFTWARE, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 9.4	$ 8.8	$ 7.2
Amortization expense on internal-use software	20.4	16.5	5.7
Cost of Revenue
Property, Plant and Equipment [Line Items]
Amortization expense on internal-use software	$ 14.0	$ 10.5	$ 1.3

SIGNIFICANT BALANCE SHEET COMPONENTS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill	$ 27,492	$ 27,492
Other assets	3,354	4,477
Total other assets	$ 30,846	$ 31,969

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Related party transactions may include any transaction between the Company and entities under common control or with a related party. The Company has defined related parties as members of the board of directors, executive officers, principal owners of the Company’s outstanding stock, and any immediate family members of each such related party, as well as any entity for which the aforementioned individuals exercise significant influence over or control. During 2024 and 2023, a member of the Company's board of directors was an executive officer of Dallas Basketball Limited (“the Dallas Mavericks”). The Company is party to a multi-year sponsorship agreement with the Dallas Mavericks. During the years ended December 31, 2024 and 2023, the Company paid $11.2 million and $11.5 million in sponsorship fees as part of the agreement. There were no balances outstanding or due as of December 31, 2024, and 2023. The board member ceased serving as an executive officer of the Dallas Mavericks in 2025. In 2022, the Company established the Chime Scholars Foundation (the “Foundation”), which is a non-controlled nonprofit organization formed for the purpose of distributing charitable donations to recipients generally located in the communities the Company serves. In furtherance of this initiative, the Company entered into an agreement to gift 3,210,192 shares of the Company’s Class A common stock to the Foundation in ten annual installments commencing upon the Company’s IPO. The first annual installment of 321,019 shares of Class A common stock were transferred to the Foundation in June 2025. During the years ended December 31, 2025, 2024, and 2023, the Company recognized $11.2 million, nil, and nil of stock-based charitable contribution for the fair value of donated shares, based on the closing stock price on the day of donation, within general and administrative expenses in the consolidated statement of operations. Cash donations are recognized as expenses when paid to the Foundation. During the years ended December 31, 2025, 2024, and 2023, cash donations were $3.0 million, $1.7 million, and $1.5 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INCOME TAXES - Schedule of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 33,206	$ 26,968	$ 18,596
Tax positions related to prior years	1,424		603
Tax positions related to prior years		(980)
Tax positions related to the current year	31,128	7,218	7,769
Settlement with taxing authorities	0	0	0
Expirations of status of limitations	0	0	0
Balance at end of year	$ 65,758	$ 33,206	$ 26,968

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Final Purchase Consideration

The final purchase consideration of $43.3 million was allocated to the fair value of assets acquired and liabilities assumed as of the Acquisition Date:









Cash and cash equivalents	$	11,415
Other current assets	222
Developed technology intangible asset	4,500
Current liabilities	(372)
Total identifiable net assets acquired	15,765
Goodwill	27,493
Total net assets acquired	$	43,258

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 26, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Acquisition of business, net of cash acquired		$ 0	$ 13,336	$ 0
Salt Labs, Inc.
Business Combination [Line Items]
Ownership interest acquired	100.00%
Purchase consideration	$ 43,300
Acquisition of business, net of cash acquired	23,600
Issuance of shares of common stock	4,700
Consideration transferred, vested outstanding employee awards	13,800
Cash paid for transaction costs	1,200
Postcombination expense related to restricted stock awards	19,800
Postcombination expense			$ 3,300
Salt Labs, Inc. \| Developed technology intangible asset
Business Combination [Line Items]
Developed technology intangible asset	$ 4,500
Estimated useful life	3 years

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Product obligation	$ 147,382	$ 114,377
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	913,454	620,629
Product obligation	0	0
Total liabilities	0	0
Level 1 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	563,594	352,627
Level 1 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	349,860	268,002
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	24,234	16,262
Product obligation	0	0
Total liabilities	0	0
Level 2 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 2 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	24,234	16,262
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Product obligation	147,382	114,377
Total liabilities	147,382	114,377
Level 3 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 3 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0	$ 0

PROPERTY, EQUIPMENT, AND SOFTWARE, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT, AND SOFTWARE, NET

As of December 31, 2025 and 2024, property, equipment, and software, net consisted of the following:


	December 31, 2025		December 31, 2024
Computer equipment and purchased software	$	4,301	$	3,734
Furniture and fixtures	10,752		9,177
Leasehold improvements	79,429		61,736
Capitalized internal-use software	73,669		63,565
Total property, equipment, and software	$	168,151	$	138,212
Less: accumulated depreciation and amortization	(73,831)		(45,512)
Property, equipment, and software, net	$	94,320	$	92,700

Depreciation expense on property, equipment, and software was $9.4 million, $8.8 million, and $7.2 million for the years ended December 31, 2025, 2024, and 2023.

Amortization expense on internal-use software was $20.4 million, $16.5 million, and $5.7 million for the years ended December 31, 2025, 2024, and 2023, which includes $14.0 million, $10.5 million, and $1.3 million recorded in cost of revenue in the consolidated statements of operations.

As of December 31, 2025, the estimated aggregate amortization expense related to internal-use software for each of the succeeding fiscal years was as follows:


2026	$	18,324
2027	7,278
2028	1,931
2029 and thereafter	—
Total	$	27,533

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Geographical Breakdown of Income (Loss) Before Income Taxes

For the years ended December 31, 2025, 2024, and 2023, the geographical breakdown of our income (loss) before income taxes is as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(1,010,956)	$	(23,727)	$	(204,199)
Foreign	1,851		993		1,231
Income (loss) before income taxes	$	(1,009,105)	$	(22,734)	$	(202,968)

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) was composed of the following:


	Year Ended December 31,
	2025		2024		2023
Current
Federal	$	3	$	1,004	$	—
State	828		1,606		234
Foreign	—		—		—
Deferred	—		—		—
Federal	—		—		—
State	—		—		—
Foreign	—		—		—
Total	$	831	$	2,610	$	234

Schedule of Effective Income Tax Rate

Income tax expense for the year ended December 31, 2025 differed from the amount computed by applying the Federal statutory income tax rate of 21% to pretax loss as a result of the following:


	Year Ended December 31,
	2025
Tax at federal statutory rate	$	(211,912)	21.0	%
State tax, net of federal benefit(1)	654		(0.1)	%
Foreign tax effects
Canada	(225)		—	%
Tax credits	(31,197)		3.1	%
Change in valuation allowance	233,924		(23.1)	%
Nontaxable or nondeductible items:
Stock-based compensation	(18,293)		1.8	%
Non-deductible compensation	27,210		(2.7)	%
Other adjustments	761		(0.1)	%
Other	(91)		—	%
Effective income tax rate	$	831	(0.1)	%

__________________

(1)State taxes in New York, Tennessee, and Texas made up the majority (greater than 50%) of the tax effect in this category.


	Year Ended December 31,
	2024		2023
Tax at federal statutory rate	21.0	%	21.0	%
State tax, net of federal benefit	(5.8)	%	(0.1)	%
Tax credits	23.7	%	3.5	%
Change in valuation allowance	(51.4)	%	(24.6)	%
Stock-based compensation	1.1	%	(0.2)	%
Other	(0.1)	%	0.3	%
Effective income tax rate	(11.5)	%	(0.1)	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2025 and 2024, were as follows:


	December 31, 2025		December 31, 2024
Deferred tax assets
Net operating loss carryforwards	$	288,139	$	231,116
Credit carryforwards	86,633		42,676
Loss reserves	58,833		39,188
Accrued expense	13,246		2,064
Lease liability	33,642		24,141
Stock compensation	56,128		18,417
Internal-use software	202,751		87,894
Other	8,918		3,716
Total deferred tax assets	$	748,290	$	449,212
Deferred tax liabilities
Right of use asset	23,665		12,367
Fixed assets	4,691		5,260
Other	2,350		2,045
Total deferred tax liabilities	$	30,706	$	19,672
Valuation allowance	$	(717,584)	$	(429,540)
Net deferred tax assets	$	—	$	—

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of year	$	33,206	$	26,968	$	18,596
Tax positions related to prior years	1,424		(980)		603
Tax positions related to the current year	31,128		7,218		7,769
Settlement with taxing authorities	—		—		—
Expirations of status of limitations	—		—		—
Balance at end of year	$	65,758	$	33,206	$	26,968

Schedule of Breakout By Jurisdiction

The breakout by jurisdiction was as follows:


	Year Ended December 31,
	2025

United States - Federal	$	250
United States - State and local
Texas	202
Oregon	120
South Carolina	85
New York	77
All other state and local	392
Canada	—
Total	$	1,126

CREDIT OBLIGATIONS - Schedule of Product Obligation Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of the period	$ 114,377	$ 88,600
Change in fair value of product obligation	$ (41,754)	$ (59,354)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of product obligation	Change in fair value of product obligation
Settlements	$ (8,749)	$ (33,577)
Balance, end of the period	147,382	114,377
Revenue:
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	$ 224,471	$ 76,183
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue	Revenue
Transaction and risk losses:
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	$ (266,225)	$ (135,537)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Transaction and risk losses	Transaction and risk losses
Off-balance sheet MyPay receivables \| Revenue:
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	$ 206,254	$ 76,183
Off-balance sheet MyPay receivables \| Transaction and risk losses:
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	(127,100)	(50,429)
Instant Loans \| Revenue:
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	18,217	0
Instant Loans \| Transaction and risk losses:
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	(24,749)	0
SpotMe and other negative balances
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	$ (114,376)	$ (85,108)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Transaction and risk losses	Transaction and risk losses

MARKETABLE SECURITIES - Schedule of Unrealized Loss on Investments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Fair Value
Less than 12 months	$ 19,951
Greater than 12 months	0
Total	19,951
Gross Unrealized Losses
Less than 12 months	(10)
Greater than 12 months	0
Total	(10)
U.S. government securities
Fair Value
Less than 12 months	19,951
Greater than 12 months	0
Total	19,951
Gross Unrealized Losses
Less than 12 months	(10)
Greater than 12 months	0
Total	$ (10)

LOANS HELD FOR INVESTMENT, NET - Schedule of Credit Quality Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 148,221	$ 130,448
1 - 30
Financing Receivable, Credit Quality Indicator [Line Items]
Total	64,779	98,452
31 - 60
Financing Receivable, Credit Quality Indicator [Line Items]
Total	9,456	10,451
61 - 90
Financing Receivable, Credit Quality Indicator [Line Items]
Total	9,794	7,697
91 - 120
Financing Receivable, Credit Quality Indicator [Line Items]
Total	7,982	5,705
121 - 180
Financing Receivable, Credit Quality Indicator [Line Items]
Total	15,353	7,172
181 - 270
Financing Receivable, Credit Quality Indicator [Line Items]
Total	21,783	971
Greater than 270
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 19,074	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-15

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-15

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-15

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-15

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-15

Reference 22: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

+ Details

MARKETABLE SECURITIES - Schedule of Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Cost or Amortized Cost	$ 586,681	$ 368,119
Unrealized Gains	1,147	780
Unrealized Losses	0	(10)
Total Estimated Fair Value	587,828	368,889
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Cost or Amortized Cost	562,463	351,930
Unrealized Gains	1,131	707
Unrealized Losses	0	(10)
Total Estimated Fair Value	563,594	352,627
U.S. agency securities
Debt Securities, Available-for-Sale [Line Items]
Cost or Amortized Cost	24,218	16,189
Unrealized Gains	16	73
Unrealized Losses	0	0
Total Estimated Fair Value	$ 24,234	$ 16,262

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

CREDIT OBLIGATIONS

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

CREDIT OBLIGATIONS

The Company has credit obligations related to both on- and off-balance sheet receivables from members. Credit obligations related to MyPay loans held for investment on the Company’s balance sheets are recorded as an allowance for expected credit losses. Future expected cash flows, including credit obligations related to MyPay and Instant Loan receivables retained by the bank partners, SpotMe, and other instances where a member’s account is overdrawn are recorded as a product obligation on the consolidated balance sheets.

MyPay receivables on the Company’s balance sheet have the risks and characteristics similar to the off-balance sheet balances retained by the bank partners and similar risk characteristics were applied consistently for the products during underwriting. Accordingly, the credit exposure is expected to be similar for these obligations.

Allowance for Expected Credit Losses

Below is a summary of the changes in allowance for expected credit losses on MyPay loans held for investment:


	Year Ended December 31,
	2025		2024
Balance, beginning of the period	$	30,649	$	—
Provision for expected credit losses	75,440		30,649
Amounts written off	(30,410)		—
Recoveries collected	961		—
Balance, end of the period	$	76,640	$	30,649

The Company began writing off loans held for investment during the year ended December 31, 2025, as such loans began aging beyond 365 days.

Product Obligation

The following table presents a reconciliation of the Company’s product obligation:


	Year Ended December 31,
		2025		2024
Balance, beginning of the period		$	114,377	$	88,600
Change in fair value of product obligation(1)		41,754		59,354
Settlements		(8,749)		(33,577)
Balance, end of the period		$	147,382	$	114,377

__________________

(1)The change in fair value of the product obligation was recorded on the consolidated statements of operations as follows:


	Year Ended December 31,
		2025		2024
Revenue:
Off-balance sheet MyPay receivables		$	(206,254)	$	(76,183)
Instant Loans		(18,217)		—
Total recorded as revenue		(224,471)		(76,183)
Transaction and risk losses:
Off-balance sheet MyPay receivables		127,100		50,429
Instant Loans		24,749		—
SpotMe and other negative balances		114,376		85,108
Total recorded as transaction and risk losses		266,225		135,537
Total change in fair value of the product obligation		$	41,754	$	59,354

The Company’s maximum exposure to losses under its product obligation was $722.3 million and $454.3 million as of December 31, 2025 and December 31, 2024, which represent the total possible undiscounted amounts the Company could be required to pay, assuming no recoveries.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-44

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-20

+ Details

INCOME TAXES - Schedule of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Tax at federal statutory rate	$ (211,912)
State tax, net of federal benefit	654
Tax credits	(31,197)
Change in valuation allowance	233,924
Nontaxable or nondeductible items:
Stock-based compensation	(18,293)
Non-deductible compensation	27,210
Other adjustments	761
Other	(91)
Total	$ 831	$ 2,610	$ 234
Percent
Tax at federal statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	(0.10%)	(5.80%)	(0.10%)
Tax credits	3.10%	23.70%	3.50%
Change in valuation allowance	(23.10%)	(51.40%)	(24.60%)
Nontaxable or nondeductible items:
Stock-based compensation	1.80%	1.10%	(0.20%)
Non-deductible compensation	(2.70%)
Other adjustments	(0.10%)
Other	0.00%	(0.10%)	0.30%
Effective income tax rate	(0.10%)	(11.50%)	(0.10%)
Canada
Amount
Foreign tax effects	$ (225)
Percent
Foreign tax effects	0.00%

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 26, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-42693
Registrant Name	Chime Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0925388
Entity Address, Address Line One	101 California Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	844
Local Phone Number	244-6363
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	CHYM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8.3
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Central Index Key	0001795586
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		351,967,531
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,132,289
Common Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 15,741
2027	21,005
2028	20,545
2029	20,936
2030	21,337
Thereafter	73,063
Total lease payments	172,627
Less: imputed interest	37,962
Total operating lease liabilities	$ 134,665

REVENUE - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Contract With Customer Liability [Roll Forward]
Balance at the beginning of the period	$ 4,064	$ 3,613
Balance at the end of the period	4,818	4,064
Increase in deferred revenue during the period	$ 754	$ 451

SIGNIFICANT BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SIGNIFICANT BALANCE SHEET COMPONENTS

Other Assets

Other assets consisted of the following:


	December 31, 2025		December 31, 2024
Goodwill	$	27,492	$	27,492
Other assets	3,354		4,477
Total other assets	$	30,846	$	31,969

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Accrued expenses	$	81,437	$	100,486
Accrued bonus	52,860		53,344
Current portion of lease liability	11,381		15,746
Accrued transaction dispute losses(i)	10,497		7,759
Network incentive obligation, current portion	12,522		27,147
Other current liabilities	33,165		20,112
Total accrued and other current liabilities	$	201,862	$	224,594

_________________

(1)The reconciliation of the beginning and ending accrued transaction dispute losses is as follows:


	Year Ended December 31,
		2025		2024
Accrued transaction dispute losses, beginning of the period		$	7,759	$	4,385
Provision for transaction dispute losses		63,561		50,614
Realized losses		(60,823)		(47,240)
Accrued transaction dispute losses, end of the period		$	10,497	$	7,759

Other Non-Current Liabilities

Other non-current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Network incentive obligation, net of current portion	$	48,804	$	43,826
Other non-current liabilities	2,887		2,283
Total other non-current liabilities	$	51,691	$	46,109

STOCK-BASED COMPENSATION - 2025 Employee Stock Purchase Plan (Details) - Employee Stock	12 Months Ended
	Dec. 31, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	9,300,000
Maximum fair market value of stock at date of grant	1.00%
Percentage of eligible compensation	15.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

FAIR VALUE MEASUREMENT - Schedule of Significant Observable Inputs (Details)	Dec. 31, 2025	Dec. 31, 2024
Minimum \| Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0348	0.0416
Minimum \| Expected loss rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0027	0.0027
Maximum \| Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0348	0.0516
Maximum \| Expected loss rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	1	1
Weighted Average \| Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0348	0.0417
Weighted Average \| Expected loss rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0880	0.0946

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The Company presents net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities, and considered redeemable convertible preferred stock which was outstanding prior to the Company’s IPO to be 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.

In connection with the IPO, the Company amended its certificate of incorporation and created multiple classes of common stock (see Note 2). Class A, Class B, and Class C common stock share proportionately, on a per share basis, in the Company’s net income (losses) and participate equally in the dividends on common stock, if declared. The Company allocates net income (losses) attributable to common stock between each class of common stock on a one-to-one basis when computing net loss per share. As a result, basic and diluted net loss per share or each class of common stock are equivalent.

The Company calculates basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of redeemable convertible preferred stock, stock options, RSUs, and common stock warrants to the extent these are dilutive. Basic and diluted net loss per share is the same for all periods presented because the effects of potentially dilutive items were anti-dilutive.

The Company calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts):


	Year Ended December 31,
		2025		2024		2023
Numerator:
Net loss		$	(1,009,936)	$	(25,344)	$	(203,202)


Denominator:
Weighted average number of common shares outstanding used to compute net loss per share, basic and diluted		236,270,347		64,910,056		63,104,219
Net loss per share, basic and diluted		$	(4.27)	$	(0.39)	$	(3.22)


	Year Ended December 31,
		2025	2024	2023
Redeemable convertible preferred stock on an as-converted basis		—	258,667,796	258,667,796
Outstanding options to purchase common stock		25,680,942	32,663,015	29,776,972
Unvested service-based RSUs		20,874,834	39,328,435	31,068,799
Unvested performance-based PSUs		6,669,297	1,929,943	—
Unvested market-based PSUs		1,600,000	—	—
Unvested restricted stock awards		981,847	1,309,008	—
Warrants to purchase common stock		—	787,840	787,840
Total anti-dilutive securities		55,806,920	334,686,037	320,301,407

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted-Average Assumptions

The following table indicates the weighted-average assumptions made in estimating the fair value as of December 31, 2025, 2024 and 2023:


	2025		2024		2023
Expected term (in years)	6.17 years		6.04 years		6.06 years
Expected volatility	55.19	%	56.88	%	56.26	%
Risk-free interest rate	4.07	%	4.22	%	3.88	%
Expected dividend yield	—	%	—	%	—	%

The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO. The fair value of these PSUs with a market condition was determined using a Monte Carlo valuation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met, with the following weighted-average assumptions:


Expected volatility	63.70	%
Risk-free interest rate	3.92	%
Expected dividend yield	—

Schedule of Stock Option Activity

A summary of the Company’s service-based stock option activity for the year ended December 31, 2025 is as follows:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	31,463,015	$	6.87	5.42	$	567,641
Granted	3,106,800	27.08
Exercised	(9,243,830)	2.72
Forfeited/Cancelled	(45,043)	13.89

Balance as of December 31, 2025	25,280,942	$	10.86	5.48	$	368,580
Vested and expected to vest as of December 31, 2025	25,280,942	$	10.86	5.48	$	368,580
Exercisable as of December 31, 2025	18,914,125	$	7.40	4.45	$	337,125

The following table summarizes the performance stock option activity for the year ended December 31, 2025:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	1,200,000	$	17.35	9.24	$	9,071
Granted	—	—
Exercised	—	—
Forfeited/Cancelled	(800,000)	17.35

Balance as of December 31, 2025	400,000	$	17.35	8.24	$	3,128
Vested and expected to vest as of December 31, 2025	400,000	$	17.35	8.24	$	3,128
Exercisable as of December 31, 2025	183,332	$	17.35	8.24	$	1,434

Schedule of Service-Based and Performance-Based RSAs Activity

A summary of the Company’s service-based RSA activity for the year ended December 31, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	799,822	$	23.25
Granted	—	—
Vested	(262,294)	23.25
Forfeited/Cancelled	(38,806)	23.25
Balance as of December 31, 2025	498,722	$	23.25

A summary of the Company’s performance-based RSA activity for year ended December 31, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	509,186	$	23.25
Granted	—	—
Vested	—	—
Forfeited/Cancelled	(26,061)	23.25
Balance as of December 31, 2025	483,125	$	23.25

Schedule of Service-based RSUs Activity

A summary of the Company’s service-based RSUs activity is as follows:


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Unvested as of December 31, 2024	39,328,435	$	24.18
Granted	14,620,668	27.55

Vested (1)	(30,135,213)	25.87
Forfeited/Cancelled	(2,939,056)	23.21
Unvested as of December 31, 2025	20,874,834	$	24.43

__________________

(1)Includes 13,067,772 shares of common stock underlying RSUs that were withheld to cover taxes on the settlement of vested RSUs during the year ended December 31, 2025.

Schedule of Service-based PSUs Activity

A summary of the Company’s performance-based PSU activity for year ended December 31, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	1,929,943	$	23.25
Granted	4,800,000	28.10
Vested	—	—
Forfeited/Cancelled	(60,646)	23.25
Balance as of December 31, 2025	6,669,297	$	26.74

Schedule of Stock-Based Compensation Expense

The following table summarizes the total stock-based compensation expense:


	Year Ended December 31,
		2025		2024		2023
Member support and operations		$	138,761	$	3,620	$	5,000
Sales and marketing		51,325		1,356		1,192
Technology and development		604,763		12,423		10,645
General and administrative		276,049		12,446		9,198
Total		$	1,070,898	$	29,845	$	26,035

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Costs

The Company’s operating lease costs are as follows:


	Year Ended December 31,
		2025		2024		2023
Fixed operating lease costs		$	12,997	$	10,287	$	9,618
Variable operating lease costs		7,606		7,696		3,321
Short-term lease cost		304		831		368
Sublease income		(868)		(881)		(365)
Total lease cost		$	20,039	$	17,933	$	12,942

The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company’s lease assets and lease liabilities were as follows:


	December 31, 2025
Weighted average remaining operating lease term (in years)	8.3
Weighted average discount rate	5.61	%

Cash flows related to leases were as follows:


	Year Ended December 31,
		2025		2024		2023
Operating cash flows:
Payments for operating lease liabilities		$	19,771	$	17,161	$	10,961
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets		$	53,865	$	1,909	$	1,576

Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2025 were as follows:



2026	$	15,741
2027	21,005
2028	20,545
2029	20,936
2030	21,337
Thereafter	73,063
Total lease payments	$	172,627
Less: imputed interest	37,962


Total operating lease liabilities	$	134,665

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating loss carryforwards	$ 288,139	$ 231,116
Credit carryforwards	86,633	42,676
Loss reserves	58,833	39,188
Accrued expense	13,246	2,064
Lease liability	33,642	24,141
Stock compensation	56,128	18,417
Internal-use software	202,751	87,894
Other	8,918	3,716
Total deferred tax assets	748,290	449,212
Deferred tax liabilities
Right of use asset	23,665	12,367
Fixed assets	4,691	5,260
Other	2,350	2,045
Total deferred tax liabilities	30,706	19,672
Valuation allowance	(717,584)	(429,540)
Net deferred tax assets	$ 0	$ 0

INDEBTEDNESS	12 Months Ended
INDEBTEDNESS	Dec. 31, 2025
Debt Disclosure [Abstract]
INDEBTEDNESS	INDEBTEDNESS Revolving Credit Facilities As of December 31, 2024, the Company was party to a credit agreement with certain lenders, which provided for a $125.0 million senior secured credit facility maturing on June 5, 2028 (the “prior facility”). As of December 31, 2024, the Company had letters of credit outstanding under the prior facility in a face amount of $20.1 million, which resulted in remaining borrowing capacity under the prior facility of $104.9 million, and no revolving loans had been drawn under the prior facility. On March 31, 2025, the Company terminated the prior facility and entered into a credit agreement with Morgan Stanley Senior Funding, Inc., as the administrative agent, the collateral agent, a letter of credit issuer and a lender, First-Citizens Bank & Trust Company, as a letter of credit issuer and a lender, and Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., Barclays Bank PLC, MUFG Bank Ltd., Texas Capital Bank, and Deutsche Bank AG New York Branch, as lenders, which provides for a $475.0 million senior secured revolving credit facility maturing on March 31, 2030 (the “credit facility”), or such later date as may be extended in accordance with the terms of the credit facility. As of December 31, 2025, the Company had letters of credit outstanding thereunder in a face amount of $31.4 million. As of December 31, 2025, no funds have been drawn under the credit facility. Loans under the credit facility initially bear interest at the Company’s option of (i) an annual rate based on the forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”), based on an interest period of one, three, or six months, plus an applicable margin of 1.50% or (ii) a base rate (the “base rate”) equal to the highest of (A) the prime rate, (B) the effective federal funds rate, plus 0.50%, and (C) Term SOFR for a one-month interest period plus 1.00%, in each case plus 0.50%. From and after the date financial statements are delivered under the credit facility for the fiscal quarter ending June 30, 2025, the applicable margin for (a) Term SOFR loans shall be either 1.50% or 1.25% and (b) base rate loans shall be either 0.50% or 0.25%, in each case, depending on the Company’s Consolidated Total Debt to Consolidated EBITDA Ratio (as defined in the credit agreement for the credit facility). The Term SOFR rate is at all times subject to a floor of 0%. The Company is obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee. The Company’s obligations under the credit facility are required to be guaranteed by certain of its subsidiaries. Such obligations, including the guaranties, are secured by substantially all of the Company’s assets and those of the subsidiary guarantors. The credit facility includes customary affirmative and negative covenants, including, among others, restrictions on debt, liens, investments, fundamental changes, dividends, distributions, repurchases and/or redemptions of equity interests, and transactions with affiliates. In addition, the credit facility requires the Company to satisfy a minimum liquidity covenant. The Company was in compliance with all covenants as of December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Life

Depreciation is computed using the straight-line method over the estimated useful life of the respective asset, which is generally as follows:


Property, Equipment and Software						Useful Life
Computer equipment and purchased software						3 to 7 years
Furniture and fixtures						5 years
Leasehold improvements						Shorter of estimated useful life or remaining lease term
Internal-use software						3 years

As of December 31, 2025 and 2024, property, equipment, and software, net consisted of the following:


	December 31, 2025		December 31, 2024
Computer equipment and purchased software	$	4,301	$	3,734
Furniture and fixtures	10,752		9,177
Leasehold improvements	79,429		61,736
Capitalized internal-use software	73,669		63,565
Total property, equipment, and software	$	168,151	$	138,212
Less: accumulated depreciation and amortization	(73,831)		(45,512)
Property, equipment, and software, net	$	94,320	$	92,700

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Rent expense		$ 13.3	$ 11.1	$ 10.0
Lease term	11 years 2 months
Rent abatement period	14 months
First Six Years
Lessee, Lease, Description [Line Items]
Base rent payments	$ 7.5
Remainder of the Term
Lessee, Lease, Description [Line Items]
Base rent payments	$ 8.2

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

The Company’s financial instruments consist primarily of cash equivalents, marketable securities, accounts receivable, prepaid and other current assets, accounts payable, accrued and other current liabilities, and the product obligation. Accounts receivable, prepaid and other current assets, accounts payable, and accrued and other current liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Cash equivalents, marketable securities, and the product obligation are carried at fair value.

The following table summarizes the assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	December 31, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	349,860	$	—	$	—

Marketable securities:
U.S. government securities	563,594		—		—
U.S. agency securities	—		24,234		—
Total assets	$	913,454	$	24,234	$	—
Liabilities
Product obligation	$	—	$	—	$	147,382
Total liabilities	$	—	$	—	$	147,382


	December 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	268,002	$	—	$	—
Marketable securities:
U.S. government securities	352,627		—		—
U.S. agency securities	—		16,262		—
Total assets	$	620,629	$	16,262	$	—
Liabilities
Product obligation	$	—	$	—	$	114,377
Total liabilities	$	—	$	—	$	114,377

The Company classifies money market funds, U.S. government securities, and U.S. agency securities within Level 1 or Level 2 of the fair value hierarchy as the Company determined the fair value of these instruments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The Company accounts for the product obligation as a derivative. The Company’s product obligation is measured at fair value on a recurring basis using unobservable inputs at each reporting period and are classified within Level 3. The fair value is derived using the discounted cash flow method. The key estimates and assumptions impacting the fair value include the Company’s expectation that the historical cash flows are indicative of future cash flows; that historical losses realized on the product obligation are indicative of future losses, adjusted, where applicable, for seasonality and new information about future expectations; and the expected recovery rate.

The following table presents quantitative information about the significant unobservable inputs for the product obligation measured at fair value on a recurring basis, weighted by the total unrecovered balance:


December 31, 2025
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	3.48%-3.48%	3.48	%
Expected loss rate	0.27% -100%	8.80	%


December 31, 2024
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	4.16%-5.16%	4.17	%
Expected loss rate	0.27% -100%	9.46	%

Refer to Note 8 - Credit Obligations for more information on the product obligation.

The Company did not have any transfers between Level 1, Level 2, and Level 3 assets or liabilities during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

BUSINESS COMBINATIONS - Schedule of Final Purchase Consideration (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jun. 26, 2024
Business Combination [Line Items]
Goodwill	$ 27,492	$ 27,492
Salt Labs, Inc.
Business Combination [Line Items]
Cash and cash equivalents			$ 11,415
Other current assets			222
Current liabilities			(372)
Total identifiable net assets acquired			15,765
Goodwill			27,493
Total net assets acquired			43,258
Salt Labs, Inc. \| Developed technology intangible asset
Business Combination [Line Items]
Developed technology intangible asset			$ 4,500

STOCK-BASED COMPENSATION- Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 1,070,898	$ 29,845	$ 26,035
Member support and operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	138,761	3,620	5,000
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	51,325	1,356	1,192
Technology and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	604,763	12,423	10,645
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 276,049	$ 12,446	$ 9,198

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	55,806,920	334,686,037	320,301,407
Redeemable convertible preferred stock on an as-converted basis
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	258,667,796	258,667,796
Outstanding options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	25,680,942	32,663,015	29,776,972
Unvested service-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	20,874,834	39,328,435	31,068,799
Unvested performance-based PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,669,297	1,929,943	0
Unvested market-based PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	1,600,000	0	0
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	981,847	1,309,008	0
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	787,840	787,840

MARKETABLE SECURITIES - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) position	Dec. 31, 2024 USD ($) position
Investments, Debt and Equity Securities [Abstract]
Number of unrealized loss positions \| position	0	4
Allowance for credit losses \| $	$ 0.0	$ 0.0

SIGNIFICANT BALANCE SHEET COMPONENTS - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 81,437	$ 100,486
Accrued bonus	52,860	53,344
Current portion of lease liability	11,381	15,746
Accrued transaction dispute losses	10,497	7,759	$ 4,385
Network incentive obligation, current portion	12,522	27,147
Other current liabilities	33,165	20,112
Total accrued and other current liabilities	$ 201,862	$ 224,594
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued and other current liabilities	Total accrued and other current liabilities

MARKETABLE SECURITIES - Schedule of Contractual Maturity (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Amortized Cost
Within one year	$ 496,708
After one year to five years	89,973
Total	586,681
Fair Value
Within one year	497,625
After one year to five years	90,203
Total	$ 587,828

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables due from bank partners	$ 116,217	$ 97,994
Network incentive receivable	130,962	111,097
Other receivables	10,705	7,070
Accounts receivable, net	257,884	216,161
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables due from bank partners	$ 23,300	$ 42,800

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	San Francisco, California
Auditor Firm ID	42

CREDIT OBLIGATIONS - Schedule of Changes in Allowance For Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of the period	$ 30,649	$ 0
Provision for expected credit losses	75,440	30,649
Amounts written off	(30,410)	0
Recoveries collected	961	0
Balance, end of the period	$ 76,640	$ 30,649

SIGNIFICANT BALANCE SHEET COMPONENTS -Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Network incentive obligation, net of current portion	$ 48,804	$ 43,826
Other non-current liabilities	2,887	2,283
Total other non-current liabilities	$ 51,691	$ 46,109

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 2,186,770	$ 1,673,269	$ 1,278,455
Cost of revenue	263,047	207,511	219,737
Gross profit	1,923,723	1,465,758	1,058,718
Operating expenses:
Transaction and risk losses	407,323	219,687	152,375
Member support and operations	457,978	286,856	272,755
Sales and marketing	635,384	519,760	443,806
Technology and development	934,925	309,575	259,001
General and administrative	512,113	177,229	154,945
Depreciation and amortization	15,979	14,850	11,621
Total operating expenses	2,963,702	1,527,957	1,294,503
Loss from operations	(1,039,979)	(62,199)	(235,785)
Other income, net	30,874	39,465	32,817
Income (loss) before income taxes	(1,009,105)	(22,734)	(202,968)
Provision for income taxes	831	2,610	234
Net loss	$ (1,009,936)	$ (25,344)	$ (203,202)
Net loss per share, basic (in usd per share)	$ (4.27)	$ (0.39)	$ (3.22)
Net loss per share, diluted (in usd per share)	$ (4.27)	$ (0.39)	$ (3.22)
Weighted average number of common shares outstanding used to compute net loss per share, basic (in shares)	236,270,347	64,910,056	63,104,219
Weighted average number of common shares outstanding used to compute net loss per share, diluted (in shares)	236,270,347	64,910,056	63,104,219

LOANS HELD FOR INVESTMENT, NET

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

LOANS HELD FOR INVESTMENT, NET

Loans held for investment, net consisted of the following:


	Year Ended December 31,
	2025		2024
Loans held for investment	$	148,221	$	130,448
Less: allowance for expected credit losses	(76,640)		(30,649)
Total loans held for investment, net	$	71,581	$	99,799

Credit Quality Information

The Company analyzes its loans held for investment based on the aging of unpaid principal. This is the credit quality indicator management uses to evaluate the allowance for expected credit losses on loans held for investment. Below is a summary of the loans held for investment by vintage:


	Year Ended December 31,
Days from origination	2025		2024
1 - 30	$	64,779	$	98,452
31 - 60	9,456		10,451
61 - 90	9,794		7,697
91 - 120	7,982		5,705
121 - 180	15,353		7,172
181 - 270	21,783		971
Greater than 270	19,074		—
Total	$	148,221	$	130,448

STOCK-BASED COMPENSATION - Stock Options (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2024 installment shares	Mar. 31, 2025 shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant date fair value, granted (in usd per share) \| $ / shares			$ 14.75	$ 11.90	$ 10.00
Service based stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Granted (in usd per share) \| $ / shares			$ 27.08
Aggregate intrinsic value for stock options exercised \| $			$ 189.1	$ 20.1	$ 25.3
Granted (in shares)			3,106,800
Outstanding stock options forfeited (in shares)			45,043
Total grant date fair value of service based options, vested \| $			$ 30.3	19.7	22.1
Performance stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Granted (in usd per share) \| $ / shares			$ 0
Granted (in shares)	1,200,000	400,000	0
Number of equal monthly installment \| installment	48
Outstanding stock options forfeited (in shares)		800,000	800,000
Total grant date fair value of service based options, vested \| $			$ 2.1	$ 0.0	$ 0.0

STOCK-BASED COMPENSATION - RSUs and PSUs (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Apr. 30, 2025	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Service-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total value of shares vested			$ 802.9	$ 0.0	$ 0.0
Granted (in shares)			14,620,668
Vesting period			4 years
Weighted average grant date fair value (in usd per share)			$ 24.43	$ 24.18
Outstanding shares (in shares)			20,874,834	39,328,435
Vested (in shares)			30,135,213
Performance-based PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	4,800,000	1,929,943	4,800,000
Vesting period	4 years
Weighted average grant date fair value (in usd per share)			$ 26.74	$ 23.25
Outstanding shares (in shares)			6,669,297	1,929,943
Vested (in shares)			0
Market-based PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	1,600,000
Vesting period	4 years
Weighted average grant date fair value (in usd per share)			$ 23.96
Outstanding shares (in shares)			1,600,000
Vested (in shares)			0

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available for sale (“AFS”) securities aggregated by investment category:


	December 31, 2025
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	562,463	$	1,131	$	—	$	563,594
U.S. agency securities	24,218		16		—		24,234




Total marketable securities	$	586,681	$	1,147	$	—	$	587,828


	December 31, 2024
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	351,930	$	707	$	(10)	$	352,627
U.S. agency securities	16,189		73		—		16,262




Total marketable securities	$	368,119	$	780	$	(10)	$	368,889

As of December 31, 2025 and 2024, the Company had nil and 4 marketable securities positions in an unrealized loss position. The unrealized losses above were as a consequence of interest rate changes. The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, no allowance for credit losses was recorded. The cost of securities sold is based on the specific-identification method. There were no material realized gains or losses from marketable securities that were reclassified out of accumulated other comprehensive income for the years ended December 31, 2025 and 2024.

The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows:


	December 31, 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)



Total	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)

The following table summarizes the Company’s marketable securities by contractual maturity:


	As of December 31, 2025
	Amortized Cost		Fair Value
Within one year	$	496,708	$	497,625
After one year to five years	89,973		90,203
Total	$	586,681	$	587,828

INCOME TAXES - Schedule of Breakout By Jurisdiction (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Effective Income Tax Rate Reconciliation [Line Items]
United States - Federal	$ 250
Total	1,126
Texas
Effective Income Tax Rate Reconciliation [Line Items]
United States - State and local	202
Oregon
Effective Income Tax Rate Reconciliation [Line Items]
United States - State and local	120
South Carolina
Effective Income Tax Rate Reconciliation [Line Items]
United States - State and local	85
New York
Effective Income Tax Rate Reconciliation [Line Items]
United States - State and local	77
All other state and local
Effective Income Tax Rate Reconciliation [Line Items]
United States - State and local	392
Canada
Effective Income Tax Rate Reconciliation [Line Items]
Canada	$ 0

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Equity Incentive Plans

The 2012 Stock Option and Grant Plan, as amended (the “2012 Plan”) was adopted, approved, and became effective in August 2012. Under the 2012 Plan, the Company was authorized to grant incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), restricted stock awards (“RSAs”), unrestricted stock awards, RSUs, and PSUs. In connection with the IPO, the 2012 Plan was terminated effective immediately prior to the effectiveness of the 2025 Equity Incentive Plan (the “2025 Plan”). Under the 2025 Plan, the Company is authorized to grant ISOs, within the meaning of Section 422 of the Code, to employees and any parent and subsidiary corporations’ employees, as well as NSOs, RSAs, RSUs, PSUs, stock appreciation rights, and performance awards to employees, directors, and consultants, and the Company’s parent and subsidiary corporations’ employees and consultants.

Under the 2025 Plan, the Company initially reserved 46,500,000 shares of Class A common stock for future issuance. In addition, the shares reserved for issuance under the 2025 Plan also includes any shares subject to stock options, restricted stock units, or similar awards granted under the 2012 Plan that, on or after the effective date of the IPO, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to or repurchased by us due to failure to vest (provided that the maximum number of shares that may be added to the 2025 Plan pursuant to this sentence is 91,000,000 shares). The number of shares available for issuance under the 2025 Plan also includes an annual increase on the first day of each fiscal year beginning with the Company’s 2026 fiscal year, equal to the lesser of: (1) 46,500,000 shares of common stock, (2) five percent (5%) of the total number of shares of all classes of the Company’s outstanding common stock as of the last day of the immediately preceding fiscal year, or (3) such other amount as the Company’s board of directors may determine no later than the last day of the immediately preceding fiscal year.

As of December 31, 2025, there were 56,701,090 shares of Class A common stock reserved for future issuance under the 2025 Plan.

Stock Options

The Company awards stock options with service-based vesting conditions to employees, generally vesting over a four-year period and contingent upon continued employment on each vesting date (“service-based stock options”). In 2024, the Company also granted stock options with performance-based vesting conditions to certain executives.

Stock options are granted with an exercise price of at least 100% of the fair market value of the Company’s stock at the date of grant and are exercisable when vested. In the event that an employee owns greater than 10% of the total combined voting power of all classes of stock of the Company, the exercise price must not be less than 110% of the fair market value of the Company’s stock at the date of grant.

The following table indicates the weighted-average assumptions made in estimating the fair value as of December 31, 2025, 2024 and 2023:


	2025		2024		2023
Expected term (in years)	6.17 years		6.04 years		6.06 years
Expected volatility	55.19	%	56.88	%	56.26	%
Risk-free interest rate	4.07	%	4.22	%	3.88	%
Expected dividend yield	—	%	—	%	—	%

The weighted-average grant date fair value of stock options granted was $14.75, $11.90, and $10.00 for the years ended December 31, 2025, 2024, and 2023.

Service-based stock options

A summary of the Company’s service-based stock option activity for the year ended December 31, 2025 is as follows:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	31,463,015	$	6.87	5.42	$	567,641
Granted	3,106,800	27.08
Exercised	(9,243,830)	2.72
Forfeited/Cancelled	(45,043)	13.89

Balance as of December 31, 2025	25,280,942	$	10.86	5.48	$	368,580
Vested and expected to vest as of December 31, 2025	25,280,942	$	10.86	5.48	$	368,580
Exercisable as of December 31, 2025	18,914,125	$	7.40	4.45	$	337,125

Aggregate intrinsic value represents the difference between the Company’s estimated fair value of its common stock and the exercise price of outstanding options with an exercise price below such estimated fair value. Aggregate intrinsic value for stock options exercised for the years ended December 31, 2025, 2024 and 2023 was $189.1 million, $20.1 million, and $25.3 million. The total grant date fair value of service based options that vested during the years ended December 31, 2025, 2024 and 2023 was $30.3 million, $19.7 million and $22.1 million.

Performance stock options

In March 2024, the Company granted 1,200,000 stock options to certain executives, subject to both a service-based vesting condition and a performance-based vesting condition, each of which must be satisfied in order for an option share to vest. The service-based vesting schedule is satisfied in 48 equal monthly installments over four years following the vesting commencement date. The performance conditions relate to the achievement of specified revenue and other financial metric targets for the 2024 fiscal year as compared to 2023. In the first quarter of 2025, it was determined that the performance conditions were met for 400,000 shares pursuant to such awards and the remaining 800,000 shares pursuant to such awards were cancelled. The total grant date fair value of the performance-based stock options that vested during the year ended December 31, 2025 was $2.1 million. No performance-based stock options vested during the years ended December 31, 2024 and 2023.

The following table summarizes the performance stock option activity for the year ended December 31, 2025:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	1,200,000	$	17.35	9.24	$	9,071
Granted	—	—
Exercised	—	—
Forfeited/Cancelled	(800,000)	17.35

Balance as of December 31, 2025	400,000	$	17.35	8.24	$	3,128
Vested and expected to vest as of December 31, 2025	400,000	$	17.35	8.24	$	3,128
Exercisable as of December 31, 2025	183,332	$	17.35	8.24	$	1,434

RSAs

The Company granted service-based and performance-based RSAs to certain continuing employees in connection with the Acquisition.

Service-Based RSAs

A summary of the Company’s service-based RSA activity for the year ended December 31, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	799,822	$	23.25
Granted	—	—
Vested	(262,294)	23.25
Forfeited/Cancelled	(38,806)	23.25
Balance as of December 31, 2025	498,722	$	23.25

The total value of shares vested in the years ended December 31, 2025 and 2024 were $7.2 million and $3.1 million. No shares vested during the year ended December 31, 2023.

Performance-Based RSAs

A summary of the Company’s performance-based RSA activity for year ended December 31, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	509,186	$	23.25
Granted	—	—
Vested	—	—
Forfeited/Cancelled	(26,061)	23.25
Balance as of December 31, 2025	483,125	$	23.25

RSUs

A summary of the Company’s service-based RSUs activity is as follows:


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Unvested as of December 31, 2024	39,328,435	$	24.18
Granted	14,620,668	27.55

Vested (1)	(30,135,213)	25.87
Forfeited/Cancelled	(2,939,056)	23.21
Unvested as of December 31, 2025	20,874,834	$	24.43

__________________

(1)Includes 13,067,772 shares of common stock underlying RSUs that were withheld to cover taxes on the settlement of vested RSUs during the year ended December 31, 2025.

The total value of service-based RSUs vested in the year ended December 31, 2025 was $802.9 million. No shares vested in the years ended December 31, 2024 and 2023.

PSUs

Performance-based PSUs

A summary of the Company’s performance-based PSU activity for year ended December 31, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	1,929,943	$	23.25
Granted	4,800,000	28.10
Vested	—	—
Forfeited/Cancelled	(60,646)	23.25
Balance as of December 31, 2025	6,669,297	$	26.74

In June 2024 in connection with the acquisition of Salt Labs, Inc., certain employees were granted 1,929,943 PSUs which vest based upon the achievement of designated operational metrics, continued employment through the date the designated operational metrics are achieved, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO.

In April 2025, the Co-Founders were granted 4,800,000 PSUs which vest based upon the achievement of growth and profit performance-based metrics, continued employment through the date the growth and profit performance-based condition is met, a service-based condition that is satisfied over four years, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO.

Market-based PSUs

Additionally, in April 2025 the Co-Founders were granted 1,600,000 PSU awards which vest based upon the achievement of stock price hurdle market-based metrics, continued employment through the date the stock price hurdles are met, a service-based condition that is satisfied over four years, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO. The fair value of these PSUs with a market condition was determined using a Monte Carlo valuation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met, with the following weighted-average assumptions:


Expected volatility	63.70	%
Risk-free interest rate	3.92	%
Expected dividend yield	—

The weighted-average grant date fair value per share of the awards was $23.96.

All 1,600,000 market-based PSUs were outstanding as of December 31, 2025, as none have vested or been cancelled.

2025 Employee Stock Purchase Plan

The Company’s board of directors adopted, and the Company's stockholders approved, the 2025 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. A total of 9,300,000 shares of Class A common stock were initially reserved for sale under the ESPP. The number of shares of Class A common stock reserved for sale will automatically increase on the first day of each fiscal year beginning with the 2026 fiscal year, equal to the lesser of: (1) 9,300,000 shares, (2) one percent (1%) of the total number of shares of all classes of the Company’s common stock outstanding as of the last day of the immediately preceding fiscal year, or (3) such other amount as the board of directors may determine no later than the last day of the immediately preceding fiscal year.

Subject to any limitations contained therein, the ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator, but not exceeding 15% of their eligible compensation, from time to time in its discretion to purchase common stock at a discounted price per share.

As of December 31, 2025, there had been no offering period or purchase period under the ESPP, and no such period will begin unless and until determined by the Company’s board of directors as the administrator of the ESPP. As of December 31, 2025, there remained 9,300,000 shares reserved for sale under the ESPP.

Stock-Based Compensation Expense

The following table summarizes the total stock-based compensation expense:


	Year Ended December 31,
		2025		2024		2023
Member support and operations		$	138,761	$	3,620	$	5,000
Sales and marketing		51,325		1,356		1,192
Technology and development		604,763		12,423		10,645
General and administrative		276,049		12,446		9,198
Total		$	1,070,898	$	29,845	$	26,035

Included in the table above is the cumulative stock-based compensation expense, using the accelerated attribution method, for those RSUs and PSUs for which the service condition had been satisfied prior to the occurrence of the liquidity event. which occurred in connection with the Company’s IPO.

During the years ended December 31, 2025, 2024, and 2023, the Company capitalized $1.3 million, $0.1 million and $0.2 million each period of stock-based compensation expense related to capitalized internal-use software.

As of December 31, 2025, there was $461.1 million of unrecognized stock based compensation expected to be recognized over a weighted average period of 2.77 years.

PROPERTY, EQUIPMENT, AND SOFTWARE, NET - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	$ 168,151	$ 138,212
Less: accumulated depreciation and amortization	(73,831)	(45,512)
Property, equipment, and software, net	94,320	92,700
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	73,669	63,565
Computer equipment and purchased software
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	4,301	3,734
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	10,752	9,177
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	$ 79,429	$ 61,736

PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Software, Net

Depreciation is computed using the straight-line method over the estimated useful life of the respective asset, which is generally as follows:


Property, Equipment and Software						Useful Life
Computer equipment and purchased software						3 to 7 years
Furniture and fixtures						5 years
Leasehold improvements						Shorter of estimated useful life or remaining lease term
Internal-use software						3 years

As of December 31, 2025 and 2024, property, equipment, and software, net consisted of the following:


	December 31, 2025		December 31, 2024
Computer equipment and purchased software	$	4,301	$	3,734
Furniture and fixtures	10,752		9,177
Leasehold improvements	79,429		61,736
Capitalized internal-use software	73,669		63,565
Total property, equipment, and software	$	168,151	$	138,212
Less: accumulated depreciation and amortization	(73,831)		(45,512)
Property, equipment, and software, net	$	94,320	$	92,700

Schedule of Finite-Lived Intangible Assets

As of December 31, 2025 and 2024, property, equipment, and software, net consisted of the following:


	December 31, 2025		December 31, 2024
Computer equipment and purchased software	$	4,301	$	3,734
Furniture and fixtures	10,752		9,177
Leasehold improvements	79,429		61,736
Capitalized internal-use software	73,669		63,565
Total property, equipment, and software	$	168,151	$	138,212
Less: accumulated depreciation and amortization	(73,831)		(45,512)
Property, equipment, and software, net	$	94,320	$	92,700

Schedule of Estimated Aggregate Amortization Expense Related To Internal-Use Software

As of December 31, 2025, the estimated aggregate amortization expense related to internal-use software for each of the succeeding fiscal years was as follows:


2026	$	18,324
2027	7,278
2028	1,931
2029 and thereafter	—
Total	$	27,533

MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Marketable Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available for sale (“AFS”) securities aggregated by investment category:


	December 31, 2025
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	562,463	$	1,131	$	—	$	563,594
U.S. agency securities	24,218		16		—		24,234




Total marketable securities	$	586,681	$	1,147	$	—	$	587,828


	December 31, 2024
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	351,930	$	707	$	(10)	$	352,627
U.S. agency securities	16,189		73		—		16,262




Total marketable securities	$	368,119	$	780	$	(10)	$	368,889

Schedule of Unrealized Loss on Investments


	December 31, 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)



Total	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)

Schedule of Contractual Maturity

The following table summarizes the Company’s marketable securities by contractual maturity:


	As of December 31, 2025
	Amortized Cost		Fair Value
Within one year	$	496,708	$	497,625
After one year to five years	89,973		90,203
Total	$	586,681	$	587,828

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

STOCK-BASED COMPENSATION - Schedule of Service-Based Stock Options Weighted-Average Assumptions (Details) - Service based stock options - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 2 months 1 day	6 years 14 days	6 years 21 days
Expected volatility	55.19%	56.88%	56.26%
Risk-free interest rate	4.07%	4.22%	3.88%
Expected dividend yield	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CREDIT OBLIGATIONS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Credit Loss [Abstract]
Maximum exposure to losses	$ 722.3	$ 454.3

STOCK-BASED COMPENSATION - Schedule of Market-Based PSUs Weighted-Average Assumptions (Details) - Market-based PSUs	12 Months Ended
	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	63.70%
Risk-free interest rate	3.92%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVENUE

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregation of revenue

The Company’s products and services are offered only to members within the United States. The following table provides information about the Company’s disaggregated revenue streams:


	Year Ended December 31,
		2025		2024		2023
Payments revenue		$	1,500,563	$	1,276,601	$	1,021,158
Platform-related revenue (1)(2)		686,207		396,668		257,297
Total revenue		$	2,186,770	$	1,673,269	$	1,278,455

__________________

(1)In the years ended December 31, 2025, 2024, and 2023 platform-related revenue included $379.8 million, $145.3 million, and $21.8 million that was not derived from contracts with customers.

Deferred revenue

The Company records deferred revenue for member-paid tips received prior to the expiration of the contractual refundable period. The deferred revenue balances were as follows:


	Year Ended December 31,
	2025		2024
Balance at the beginning of the period	$	4,064	$	3,613
Balance at the end of the period	4,818		4,064
Increase in deferred revenue during the period	$	754	$	451

The Company recognized materially all revenue from amounts included in the opening deferred revenue balances for the years ended December 31, 2025 and 2024. Changes in deferred revenue during the periods are driven by the increase in the amount of tips paid by members for using SpotMe.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss	$ (1,009,936)	$ (25,344)	$ (203,202)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	30,000	25,370	12,937
Non-cash lease expense	7,212	5,533	5,448
Stock-based compensation	1,070,898	29,845	26,035
Stock-based charitable contribution	11,168	0	0
Provision for transaction dispute losses	63,561	50,614	67,379
Change in fair value of product obligation	41,754	59,354	84,996
Provision for credit losses	77,664	33,531	0
Impairment related to real estate assets and internal-use software	0	1,901	0
Amortization of premium on marketable securities	(5,130)	(12,531)	(14,762)
Other	(94)	97	1,302
Changes in operating assets and liabilities:
Product collateral	(69,481)	(43,019)	(11,798)
Accounts receivable, net	(42,957)	(40,307)	(53,344)
Prepaid expenses and other assets	(23,624)	(24,115)	12,198
Accounts payable	2,834	13,703	1,353
Accrued and other liabilities	(77,432)	33,552	(11,301)
Operating lease liabilities	(14,908)	(10,467)	2,439
Settlements of the product obligation	(8,749)	(33,577)	(76,274)
Cash flows (used in) provided by operating activities	52,780	64,140	(156,594)
Investing activities:
Purchase of marketable securities	(734,960)	(497,578)	(610,669)
Proceeds from sales of marketable securities	256,514	193,201	0
Proceeds from maturities of marketable securities	264,700	508,288	805,496
Purchases of loans held for investment	(4,940,099)	(1,859,943)	0
Repayments of loans held for investment	4,892,877	1,729,496	0
Purchase of property, equipment and software	(19,887)	(4,812)	(10,501)
Capitalization of internal-use software	(8,833)	(9,657)	(17,314)
Acquisition of business, net of cash acquired	0	(13,336)	0
Cash flows (used in) provided by investing activities	(289,688)	45,659	167,012
Financing activities:
Payment of debt issuance costs related to credit facilities	(1,134)	0	(830)
Proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts and offering costs paid	770,588	0	0
Taxes paid related to net share settlement of restricted stock units	(349,406)	0	0
Proceeds from exercise of stock options	25,158	1,406	1,733
Repurchases of common stock	(77,538)	(950)	(61)
Cash flows provided by financing activities	367,668	456	842
Net increase in cash and cash equivalents and restricted cash	130,760	110,255	11,260
Cash, cash equivalents, and restricted cash, beginning of period	350,000	239,745	228,485
Cash, cash equivalents, and restricted cash, end of period	480,760	350,000	239,745
Cash and cash equivalents, end of the period	466,252	337,697	239,745
Restricted cash, end of the period	14,508	12,303	0
Cash, cash equivalents, and restricted cash, end of the period	480,760	350,000	239,745
Supplementary cash flow disclosure:
Cash paid for interest	330	467	54
Cash paid for income taxes, net of refunds received	1,126	2,178	275
Supplemental disclosures of noncash investing and financing activities:
Vesting of early exercised stock options	0	0	3,187
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering	14,815	0	0
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	2,890,121	0	0
Purchases of property, equipment and software in accounts payable	0	0	98
Right-of-use assets obtained in exchange for lease obligations	$ 53,237	$ 0	$ 0

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Valuation allowance decreased	$ 288,000
Unrecognized income tax benefits	65,758	$ 33,206	$ 26,968	$ 18,596
Decrease in unrecognized tax benefits	32,600
Income taxes paid, net	1,126
Domestic Tax Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Net operating losses	1,123,400
State and Local Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Net operating losses	994,700
UNITED STATES
Effective Income Tax Rate Reconciliation [Line Items]
Research and development tax credits	98,600
CALIFORNIA
Effective Income Tax Rate Reconciliation [Line Items]
Research and development tax credits	56,900
Canada
Effective Income Tax Rate Reconciliation [Line Items]
Research and development tax credits	$ 4,000

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Beginning balance (in shares) at Dec. 31, 2022

258,464,156

Beginning balance at Dec. 31, 2022

$ 2,890,121

Ending balance (in shares) at Dec. 31, 2023

258,464,156

Ending balance at Dec. 31, 2023

$ 2,890,121

Beginning balance (in shares) at Dec. 31, 2022

^[1]

62,765,284

Beginning balance at Dec. 31, 2022

(1,789,078)

$ 1

^[1]

$ 353,369

$ (2,135,622)

$ (6,826)

Total Stockholders’ Equity (Deficit)

Net loss

(203,202)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

1,632,901

Issuance of common stock upon exercise of stock options

1,733

Vesting of early-exercised stock options

3,188

$ 1

^[1]

3,187

Repurchases of common stock (in shares)

^[1]

(3,200)

Repurchases of common stock

(55)

Stock-based compensation

26,255

Change in accumulated other comprehensive income (loss), net of tax

7,546

Ending balance (in shares) at Dec. 31, 2023

^[1]

64,394,985

Ending balance at Dec. 31, 2023

$ (1,953,613)

$ 2

^[1]

384,489

(2,338,824)

720

Ending balance (in shares) at Dec. 31, 2024

258,464,156

Ending balance at Dec. 31, 2024

$ 2,890,121

Total Stockholders’ Equity (Deficit)

Net loss

(25,344)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

952,866

Issuance of common stock upon exercise of stock options

1,406

Issuance of common stock and restricted common stock in connection with the acquisition (in shares)

^[1]

1,645,775

Issuance of common stock and restricted common stock in connection with the acquisition

18,506

Repurchases of common stock (in shares)

^[1]

(42,890)

Repurchases of common stock

(853)

Stock-based compensation

29,815

Change in accumulated other comprehensive income (loss), net of tax

$ (517)

(517)

Ending balance (in shares) at Dec. 31, 2024

66,950,736

^[1]

Ending balance at Dec. 31, 2024

$ (1,930,600)

$ 2

^[1]

433,363

(2,364,168)

203

Redeemable Convertible Preferred Stock

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

(258,464,156)

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

$ (2,890,121)

Ending balance (in shares) at Dec. 31, 2025

Ending balance at Dec. 31, 2025

$ 0

Total Stockholders’ Equity (Deficit)

Net loss

(1,009,936)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

9,243,830

Issuance of common stock upon exercise of stock options

$ 25,158

25,158

Issuance of common stock in connection with initial public offering, net of issuance costs (in shares)

785,350

30,700,765

^[1]

Issuance of common stock in connection with initial public offering, net of issuance costs

$ 770,588

$ 3

^[1]

770,585

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

^[1]

258,667,796

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

2,890,121

$ 26

^[1]

2,890,095

Issuance of common stock upon exercise of warrants (in shares)

^[1]

785,350

Issuance of common stock upon exercise of warrants

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

17,067,441

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(349,406)

Forfeiture of restricted stock (in shares)

^[1]

(64,867)

Forfeiture of restricted stock

$ 0

Repurchases of common stock (in shares)

(3,700,000)

(3,738,698)

^[1]

Repurchases of common stock

$ (77,538)

(77,538)

Stock-based charitable contribution (in shares)

^[1]

321,019

Stock-based charitable contribution

11,168

Stock-based compensation

1,072,182

Change in accumulated other comprehensive income (loss), net of tax

$ (31)

(31)

Ending balance (in shares) at Dec. 31, 2025

379,933,372

^[1]

Ending balance at Dec. 31, 2025

$ 1,401,706

$ 31

^[1]

$ 4,775,607

$ (3,374,104)

$ 172

[1]

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Repurchase Program [Line Items]
Shares authorized (in shares)	0	258,613,394
Shares issued (in shares)	0	258,464,156
Shares outstanding (in shares)	0	258,464,156	258,464,156	258,464,156
Aggregate Liquidation Preference		$ 2,894,515
Carrying Value, Net of Issuance Costs	$ 0	$ 2,890,121	$ 2,890,121	$ 2,890,121
Series Seed
Share Repurchase Program [Line Items]
Shares authorized (in shares)		8,447,522
Shares issued (in shares)		8,447,522
Shares outstanding (in shares)		8,447,522
Per share liquidation preference (in usd per share)		$ 0.172000
Aggregate Liquidation Preference		$ 1,453
Per share dividend per annum (in usd per share)		$ 0.01032
Carrying Value, Net of Issuance Costs		$ 1,437
Series A
Share Repurchase Program [Line Items]
Shares authorized (in shares)		22,879,812
Shares issued (in shares)		22,879,812
Shares outstanding (in shares)		22,879,812
Per share liquidation preference (in usd per share)		$ 0.272000
Aggregate Liquidation Preference		$ 6,223
Per share dividend per annum (in usd per share)		$ 0.01632
Carrying Value, Net of Issuance Costs		$ 6,109
Series A-2
Share Repurchase Program [Line Items]
Shares authorized (in shares)		18,051,770
Shares issued (in shares)		18,051,770
Shares outstanding (in shares)		18,051,770
Per share liquidation preference (in usd per share)		$ 0.259180
Aggregate Liquidation Preference		$ 4,679
Per share dividend per annum (in usd per share)		$ 0.01555
Carrying Value, Net of Issuance Costs		$ 4,604
Series B
Share Repurchase Program [Line Items]
Shares authorized (in shares)		28,863,992
Shares issued (in shares)		28,863,992
Shares outstanding (in shares)		28,863,992
Per share liquidation preference (in usd per share)		$ 0.470340
Aggregate Liquidation Preference		$ 13,576
Per share dividend per annum (in usd per share)		$ 0.02822
Carrying Value, Net of Issuance Costs		$ 12,615
Series C
Share Repurchase Program [Line Items]
Shares authorized (in shares)		31,700,221
Shares issued (in shares)		31,700,221
Shares outstanding (in shares)		31,700,221
Per share liquidation preference (in usd per share)		$ 2.125790
Aggregate Liquidation Preference		$ 67,388
Per share dividend per annum (in usd per share)		$ 0.17006
Carrying Value, Net of Issuance Costs		$ 67,266
Series C-1
Share Repurchase Program [Line Items]
Shares authorized (in shares)		770,230
Shares issued (in shares)		770,230
Shares outstanding (in shares)		770,230
Per share liquidation preference (in usd per share)		$ 2.125790
Aggregate Liquidation Preference		$ 1,637
Per share dividend per annum (in usd per share)		$ 0.17006
Carrying Value, Net of Issuance Costs		$ 36
Series D
Share Repurchase Program [Line Items]
Shares authorized (in shares)		76,687,100
Shares issued (in shares)		76,687,100
Shares outstanding (in shares)		76,687,100
Per share liquidation preference (in usd per share)		$ 5.224700
Aggregate Liquidation Preference		$ 400,667
Per share dividend per annum (in usd per share)		$ 0.41798
Carrying Value, Net of Issuance Costs		$ 400,420
Series E
Share Repurchase Program [Line Items]
Shares authorized (in shares)		40,551,970
Shares issued (in shares)		40,551,970
Shares outstanding (in shares)		40,551,970
Per share liquidation preference (in usd per share)		$ 17.261800
Aggregate Liquidation Preference		$ 700,000
Per share dividend per annum (in usd per share)		$ 1.38090
Carrying Value, Net of Issuance Costs		$ 699,674
Series F
Share Repurchase Program [Line Items]
Shares authorized (in shares)		14,662,469
Shares issued (in shares)		14,513,241
Shares outstanding (in shares)		14,513,241
Per share liquidation preference (in usd per share)		$ 40.920800
Aggregate Liquidation Preference		$ 593,893
Per share dividend per annum (in usd per share)		$ 3.27370
Carrying Value, Net of Issuance Costs		$ 593,608
Series G
Share Repurchase Program [Line Items]
Shares authorized (in shares)		15,998,308
Shares issued (in shares)		15,998,298
Shares outstanding (in shares)		15,998,298
Per share liquidation preference (in usd per share)		$ 69.069800
Aggregate Liquidation Preference		$ 1,104,999
Per share dividend per annum (in usd per share)		$ 5.52560
Carrying Value, Net of Issuance Costs		$ 1,104,352

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 466,252	$ 337,697
Restricted cash	14,508	12,303
Marketable securities	587,828	368,889
Product collateral	251,204	181,723
Accounts receivable, net	257,884	216,161
Loans held for investment, net	71,581	99,799
Prepaid expenses and other current assets	106,753	70,464
Total current assets	1,756,010	1,287,036
Property, equipment and software, net	94,320	92,700
Operating lease right of use assets, net	83,429	49,332
Other assets	30,846	31,969
Total assets	1,964,605	1,461,037
Current liabilities:
Accounts payable	38,680	35,846
Accrued and other current liabilities	201,862	224,594
Product obligation	147,382	114,377
Total current liabilities	387,924	374,817
Operating lease liabilities, net of current portion	123,284	80,590
Other non-current liabilities	51,691	46,109
Total liabilities	562,899	501,516
Commitments and contingencies (Note 18)
Redeemable convertible preferred stock, $0.0001 par value: No shares authorized, issued, and outstanding as of December 31, 2025. 258,613,394 shares authorized and 258,464,156 shares issued and outstanding with a liquidation preference of $2,894,515 as of December 31, 2024.	0	2,890,121
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value: 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025. No shares authorized, issued, and outstanding as of December 31, 2024.	0	0
Additional paid-in capital	4,775,607	433,363
Accumulated other comprehensive income	172	203
Accumulated deficit	(3,374,104)	(2,364,168)
Total stockholders’ equity (deficit)	1,401,706	(1,930,600)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	1,964,605	1,461,037
Common Stock
Stockholders’ equity (deficit):
Common stock, issued	0	2
Common Class A
Stockholders’ equity (deficit):
Common stock, issued	28	0
Common Class B
Stockholders’ equity (deficit):
Common stock, issued	3	0
Common Class C
Stockholders’ equity (deficit):
Common stock, issued	$ 0	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company leases certain property under operating leases that expire at various dates. The most significant of these operating leases is the corporate headquarters in San Francisco, California. For the years ended December 31, 2025, 2024, and 2023, rent expense for all operating leases was $13.3 million, $11.1 million, and $10.0 million.

In April 2025, the Company entered into a lease for office space at 122 Fifth Avenue, New York, New York with a commencement date based on delivery of the premises in agreed-upon condition. The lease has a term of 11 years, 2 months from the commencement date of August 1, 2025. Base rent payments are approximately $7.5 million annually for the first six years and $8.2 million annually for the remainder of the term, subject to a rent abatement period of fourteen months beginning on the commencement date.

The Company’s operating lease costs are as follows:


	Year Ended December 31,
		2025		2024		2023
Fixed operating lease costs		$	12,997	$	10,287	$	9,618
Variable operating lease costs		7,606		7,696		3,321
Short-term lease cost		304		831		368
Sublease income		(868)		(881)		(365)
Total lease cost		$	20,039	$	17,933	$	12,942

Variable operating lease costs are primarily related to payments made to the Company’s landlords for common area maintenance, property taxes, insurance, and other operating expenses.

The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants.

The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company’s lease assets and lease liabilities were as follows:


	December 31, 2025
Weighted average remaining operating lease term (in years)	8.3
Weighted average discount rate	5.61	%

Cash flows related to leases were as follows:


	Year Ended December 31,
		2025		2024		2023
Operating cash flows:
Payments for operating lease liabilities		$	19,771	$	17,161	$	10,961
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets		$	53,865	$	1,909	$	1,576

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2025 were as follows:



2026	$	15,741
2027	21,005
2028	20,545
2029	20,936
2030	21,337
Thereafter	73,063
Total lease payments	$	172,627
Less: imputed interest	37,962


Total operating lease liabilities	$	134,665

Contingencies

In the ordinary course of business, the Company may be subject to various legal proceedings, including, from time to time, actions which are asserted to be maintainable as class action suits, and is at times subjected to government and regulatory proceedings, investigations and inquiries. The Company reviews these matters on an ongoing basis to determine whether it is probable and estimable that a loss has occurred and uses that information when making accrual and disclosure decisions. If the potential loss is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. If the reasonable estimate is a range and no amount within that range is considered a better estimate than any other amount, an accrual is recorded based on the bottom amount of the range. Loss contingencies that are reasonably possible of occurrence are subject to disclosure.

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

Salt Labs Acquisition

The Company acquired a 100% ownership interest (“Acquisition”) in Salt Labs, Inc. (“Salt Labs”), an employee rewards company, on June 26, 2024 (“Acquisition Date”). The purpose of the Acquisition was to create a new channel to grow the Company’s member base. The purchase consideration was $43.3 million, which consisted of (i) $23.6 million in cash, (ii) $4.7 million from the issuance of shares of the Company’s common stock, (iii) $13.8 million related to the deemed vested component of outstanding employee awards, based on the ratio of time served in relation to the vesting term of each award, with the unvested portion being replaced with the Company’s unvested replacement awards comprising of restricted stock awards, and (iv) $1.2 million of cash paid for transaction costs on behalf of Salt Labs. The fair value of Company’s common stock and restricted stock awards are determined based on the price of the Company’s common stock on the Acquisition Date. The purchase consideration excludes $19.8 million related to the restricted stock awards that is subject to certain service-based and performance-based conditions and will be recognized as postcombination compensation expense over the requisite vesting period. Postcombination expense recognized was $3.3 million for the year ended December 31, 2024.

In connection with the Acquisition, certain retained employees of Salt Labs are eligible to earn earn-out performance-based restricted stock units based on achievement of designated operational metrics. These PSUs are recognized as postcombination compensation expense - see Note 14 - Stock-based Compensation for further details.

The Acquisition met the criteria to be accounted for as a business combination in accordance with ASC 805, Business Combinations (“ASC 805”). This method requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date and that the difference between the fair value of the consideration paid for the acquired entity and the fair value of the net assets acquired be recorded as goodwill, which is not amortized but is tested at least annually for impairment.

The final purchase consideration of $43.3 million was allocated to the fair value of assets acquired and liabilities assumed as of the Acquisition Date:









Cash and cash equivalents	$	11,415
Other current assets	222
Developed technology intangible asset	4,500
Current liabilities	(372)
Total identifiable net assets acquired	15,765
Goodwill	27,493
Total net assets acquired	$	43,258

The excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill, which is primarily attributed to the opportunities from the Company’s current and future offerings and the value of the assembled workforce. Goodwill recognized from the Acquisition is not deductible for tax purposes.

The Company identified an intangible asset of developed technology with a fair value of $4.5 million to be amortized over an estimated useful life of 3 years. Intangible assets are amortized over the estimated useful lives in a pattern that most closely matches the timing of their economic benefits.

Goodwill and the acquired developed technology are recorded on the consolidated balance sheets as other assets as of December 31, 2025 and 2024.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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
Amine Asmerom [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 4, 2025, Amine Asmerom, our Chief Accounting Officer, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 39,505 shares of our Class A common stock on or prior to September 6, 2026.
Name	Amine Asmerom
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 4, 2025
Expiration Date	September 6, 2026
Arrangement Duration	276 days
Aggregate Available	39,505

COMMITMENTS AND CONTINGENCIES - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Fixed operating lease costs	$ 12,997	$ 10,287	$ 9,618
Variable operating lease costs	7,606	7,696	3,321
Short-term lease cost	304	831	368
Sublease income	(868)	(881)	(365)
Total lease cost	$ 20,039	$ 17,933	$ 12,942

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,009,936)	$ (25,344)	$ (203,202)
Other comprehensive income (loss):
Net unrealized gain on marketable securities, net of tax	377	57	7,407
Foreign currency translation adjustments	(408)	(574)	139
Total comprehensive loss	$ (1,009,967)	$ (25,861)	$ (195,656)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STOCK-BASED COMPENSATION - Schedule of RSAs, RSUs, and PSUs (Details) - $ / shares	1 Months Ended		12 Months Ended
	Apr. 30, 2025	Jun. 30, 2024	Dec. 31, 2025
Number of Shares
Forfeited/Cancelled (in shares)			0
Service-based RSAs
Number of Shares
Unvested, beginning balance (in shares)			799,822
Granted (in shares)			0
Vested (in shares)			(262,294)
Forfeited/Cancelled (in shares)			(38,806)
Unvested, ending balance (in shares)			498,722
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 23.25
Granted (in usd per share)			0
Vested (in usd per share)			23.25
Forfeited/Cancelled (in usd per share)			23.25
Unvested, ending balance (in usd per share)			$ 23.25
Performance-based RSAs
Number of Shares
Unvested, beginning balance (in shares)			509,186
Granted (in shares)			0
Vested (in shares)			0
Forfeited/Cancelled (in shares)			(26,061)
Unvested, ending balance (in shares)			483,125
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 23.25
Granted (in usd per share)			0
Vested (in usd per share)			0
Forfeited/Cancelled (in usd per share)			23.25
Unvested, ending balance (in usd per share)			$ 23.25
Service-based RSUs
Number of Shares
Unvested, beginning balance (in shares)			39,328,435
Granted (in shares)			14,620,668
Vested (in shares)			(30,135,213)
Forfeited/Cancelled (in shares)			(2,939,056)
Unvested, ending balance (in shares)			20,874,834
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 24.18
Granted (in usd per share)			27.55
Vested (in usd per share)			25.87
Forfeited/Cancelled (in usd per share)			23.21
Unvested, ending balance (in usd per share)			$ 24.43
Performance-based PSUs
Number of Shares
Unvested, beginning balance (in shares)			1,929,943
Granted (in shares)	4,800,000	1,929,943	4,800,000
Vested (in shares)			0
Forfeited/Cancelled (in shares)			(60,646)
Unvested, ending balance (in shares)			6,669,297
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 23.25
Granted (in usd per share)			28.10
Vested (in usd per share)			0
Forfeited/Cancelled (in usd per share)			23.25
Unvested, ending balance (in usd per share)			$ 26.74
Unvested service-based RSUs
Weighted-average grant date fair value per share
Shares issued net of shares for tax withholdings (in shares)			13,067,772

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss	$ (1,009,936)	$ (25,344)	$ (203,202)
Denominator:
Weighted average number of common shares outstanding used to compute net loss per share, basic (in shares)	236,270,347	64,910,056	63,104,219
Weighted average number of common shares outstanding used to compute net loss per share, diluted (in shares)	236,270,347	64,910,056	63,104,219
Net loss per share, basic (in usd per share)	$ (4.27)	$ (0.39)	$ (3.22)
Net loss per share, diluted (in usd per share)	$ (4.27)	$ (0.39)	$ (3.22)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table summarizes the assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	December 31, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	349,860	$	—	$	—

Marketable securities:
U.S. government securities	563,594		—		—
U.S. agency securities	—		24,234		—
Total assets	$	913,454	$	24,234	$	—
Liabilities
Product obligation	$	—	$	—	$	147,382
Total liabilities	$	—	$	—	$	147,382


	December 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	268,002	$	—	$	—
Marketable securities:
U.S. government securities	352,627		—		—
U.S. agency securities	—		16,262		—
Total assets	$	620,629	$	16,262	$	—
Liabilities
Product obligation	$	—	$	—	$	114,377
Total liabilities	$	—	$	—	$	114,377

Schedule of Significant Observable Inputs


December 31, 2025
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	3.48%-3.48%	3.48	%
Expected loss rate	0.27% -100%	8.80	%


December 31, 2024
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	4.16%-5.16%	4.17	%
Expected loss rate	0.27% -100%	9.46	%

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - Narrative (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jun. 13, 2025

Jun. 30, 2025

Dec. 31, 2025

USD ($)

vote

$ / shares

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

Nov. 05, 2025

USD ($)

Class of Stock [Line Items]

Preferred stock, authorized (in shares)

100,000,000

Preferred stock, par value (in usd per share) | $ / shares

$ 0.0001

Warrants outstanding (in shares)

787,840

Weighted average exercise price (in usd per share) | $ / shares

$ 0.10

Weighted average remaining life

2 years 10 days

Issuance of common stock in connection with initial public offering, net of issuance costs (in shares)

785,350

Share repurchase program authorized, amount | $

$ 200,000

Repurchases of common stock (in shares)

3,700,000

Aggregate amount | $

$ 77,538

$ 853

$ 55

Remained available and authorized for repurchase | $

$ 122,500

Common Stock

Class of Stock [Line Items]

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

^[1]

258,667,796

Issuance of common stock in connection with initial public offering, net of issuance costs (in shares)

^[1]

30,700,765

Repurchases of common stock (in shares)

^[1]

3,738,698

42,890

3,200

Common Class A

Class of Stock [Line Items]

Common stock, voting rights | vote

Common Class B

Class of Stock [Line Items]

Common stock, voting rights | vote

Percentage of common stock outstanding

66.67%

Percentage of minimum ownership threshold

35.00%

Common Class B | Minimum

Class of Stock [Line Items]

Transition period

30 days

Common Class B | Maximum

Class of Stock [Line Items]

Transition period

180 days

Class C common stock

Class of Stock [Line Items]

Common stock, voting rights | vote

Preferred Stock

Class of Stock [Line Items]

Preferred stock, authorized (in shares)

100,000,000.0

[1]

LOANS HELD FOR INVESTMENT, NET - Schedule of Loans Held For Investment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Loans held for investment	$ 148,221	$ 130,448
Less: allowance for expected credit losses	(76,640)	(30,649)	$ 0
Total loans held for investment, net	$ 71,581	$ 99,799

SIGNIFICANT BALANCE SHEET COMPONENTS -Schedule of Accrued Transaction Dispute Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss Contingency Accrual [Roll Forward]
Accrued transaction dispute losses, beginning of the period	$ 7,759	$ 4,385
Provision for transaction dispute losses	63,561	50,614
Realized losses	(60,823)	(47,240)
Accrued transaction dispute losses, end of the period	$ 10,497	$ 7,759

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	1 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Jun. 30, 2025 shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 installment shares
Related Party Transaction [Line Items]
Sponsor fees			$ 11,200	$ 11,500
Accounts payable		$ 38,680	35,846
Stock-based charitable contribution		11,168	0	0
General and administrative		512,113	177,229	154,945
Related Party
Related Party Transaction [Line Items]
Accounts payable			0	0
Common stock, shares held by related party (in shares) \| shares					3,210,192
Number of equal installments \| installment					10
Shares issued in first installment (in shares) \| shares	321,019
Stock-based charitable contribution		11,200	0	0
General and administrative		$ 3,000	$ 1,700	$ 1,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Cash Flows Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating cash flows:
Payments for operating lease liabilities	$ 19,771	$ 17,161	$ 10,961
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$ 53,865	$ 1,909	$ 1,576

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)

Common Stock

Voting Rights

The Company has three series of authorized common stock: Class A common stock, Class B common stock, and Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 20 votes per share and is convertible at any time into one share of Class A common stock. Shares of Class C common stock have zero voting rights, except as otherwise required by law. Common stockholders are entitled to dividends when and if declared by the board of directors. There were no dividends declared or paid to common stockholders during the years ended December 31, 2025 and 2024.

Conversion of Class B Common Stock

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. All of the Class B common stock will convert into shares of Class A common stock (that is, “sunset”) on the earlier of (i) the date determined by the holders of two-thirds of the then outstanding shares of Class B common stock and (ii) when both of the Company’s co-founders have experienced a “Triggering Event” (subject to a transition period of between 30 and 180 days as determined by the Company’s board of directors) A “Triggering Event” is the first to occur of any of the following with respect to each co-founder: (A) the aggregate number of shares of the Company’s capital stock and shares underlying any securities (including RSUs, options, or other convertible instruments) held by such co-founder and his related entities and permitted transferees represent less than 35% of the Class B common stock held by such co-founder and his related entities and permitted transferees as of immediately following the completion of this offering, (B) the date such co-founder is no longer providing services to the Company as an officer, employee, or consultant and such co-founder is no longer a member of the Company’s board of directors, (C) the date that such co-founder’s employment with the Company is terminated for cause, or (D) the date of the death or disability of such co-founder.

Conversion of Class C Common Stock

After the conversion or exchange of all outstanding shares of the Company’s Class B common stock into shares of Class A common stock, all outstanding shares of Class C common stock will convert automatically into Class A common stock, on a share-for-share basis, on the date or time specified by the holders of a majority of the outstanding shares of Class A common stock, voting as a separate class.

Dividend Rights

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock are entitled to receive dividends out of funds legally available if the Company’s board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that the Company’s board of directors may determine.

Liquidation Rights

If the Company becomes subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to its stockholders would be distributable ratably among the holders of the Company’s common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

No Preemptive or Similar Rights

The Company’s common stock is not entitled to preemptive rights, and is not subject to conversion, redemption, or sinking fund provisions.

Redeemable Convertible Preferred Stock

Immediately prior to the completion of the Company’s IPO, all of the Company’s then-outstanding shares of redeemable convertible preferred stock were automatically converted into 258,667,796 shares of common stock and, in connection with the IPO, all shares of voting common stock underlying the redeemable convertible preferred stock were reclassified into an equivalent number of shares of Class A common stock. The holders of the Company’s redeemable convertible preferred stock had certain voting, dividend, and redemption rights, as well as liquidation preferences and conversion privileges, in respect of the redeemable convertible preferred stock. All of such rights, preferences, and privileges associated with the redeemable convertible preferred stock were terminated at the time of the Company’s IPO in conjunction with the conversion mentioned above.

The following table summarizes redeemable convertible preferred stock as of December 31, 2024 and immediately prior to the conversion into common stock upon completion of the IPO:


Class	Shares Authorized	Shares Issued and Outstanding	Per Share Liquidation Preference		Aggregate Liquidation Preference		Per Share Dividend Per Annum		Carrying Value, Net of Issuance Costs
Series Seed	8,447,522	8,447,522	$	0.172000	$	1,453	$	0.01032	$	1,437
Series A	22,879,812	22,879,812	0.272000		6,223		0.01632		6,109
Series A-2	18,051,770	18,051,770	0.259180		4,679		0.01555		4,604
Series B	28,863,992	28,863,992	0.470340		13,576		0.02822		12,615
Series C	31,700,221	31,700,221	2.125790		67,388		0.17006		67,266
Series C-1	770,230	770,230	2.125790		1,637		0.17006		36
Series D	76,687,100	76,687,100	5.224700		400,667		0.41798		400,420
Series E	40,551,970	40,551,970	17.261800		700,000		1.38090		699,674
Series F	14,662,469	14,513,241	40.920800		593,893		3.27370		593,608
Series G	15,998,308	15,998,298	69.069800		1,104,999		5.52560		1,104,352
Total	258,613,394	258,464,156			$	2,894,515			$	2,890,121

Preferred Stock

In connection with the Company’s IPO, the Charter became effective which authorized the issuance of 100.0 million shares of preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors.

Common Stock Warrants

The Company has issued warrants to purchase its common stock to non-employee service providers and others in connection with debt financings, credit facilities, and promissory notes. The Company recorded the warrants within stockholders’ equity.

As of December 31, 2024, there were 787,840 warrants outstanding and exercisable with a weighted average exercise price of $0.10 and a weighted average remaining life of 2.03 years. All warrants outstanding as of December 31, 2024 were exercised in the year ended December 31, 2025. As a result, 785,350 shares of Class A common stock were issued and there were no warrants outstanding as of December 31, 2025.

Share Repurchase Program

In November 2025, the Company’s board of directors authorized a share repurchase program to repurchase up to $200.0 million of our outstanding shares of Class A common stock. During the year ended December 31, 2025, the Company repurchased and immediately retired 3.7 million shares of its Class A common stock for an aggregate amount of $77.5 million. As of December 31, 2025, $122.5 million remained available and authorized for repurchase under the share repurchase program. The share repurchase program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details