MicroStrategy (MSTR) 10-Q31 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 21, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	MSTR
Entity Registrant Name	MICROSTRATEGY INCORPORATED
Entity Central Index Key	0001050446
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-24435
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0323571
Entity Address, Address Line One	1850 Towers Crescent Plaza
Entity Address, City or Town	Tysons Corner
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22182
City Area Code	703
Local Phone Number	848-8600
Document Quarterly Report	true
Document Transition Report	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		183,003,980
Class B Convertible
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,640,250

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 46,343	$ 46,817
Restricted cash	1,862	1,856
Accounts receivable, net	107,169	183,815
Prepaid expenses and other current assets	30,668	35,407
Total current assets	186,042	267,895
Digital assets	6,850,879	3,626,476
Property and equipment, net	27,517	28,941
Right-of-use assets	55,308	57,343
Deposits and other assets	51,109	24,300
Deferred tax assets, net	1,172,726	757,573
Total assets	8,343,581	4,762,528
Current liabilities:
Accounts payable, accrued expenses, and operating lease liabilities	45,714	43,090
Accrued compensation and employee benefits	51,686	50,045
Accrued interest	5,800	1,493
Current portion of long-term debt, net	509	483
Deferred revenue and advance payments	184,402	228,162
Total current liabilities	288,111	323,273
Long-term debt, net	4,211,949	2,182,108
Deferred revenue and advance payments	6,344	8,524
Operating lease liabilities	57,495	61,086
Other long-term liabilities	5,676	22,208
Deferred tax liabilities	357	357
Total liabilities	4,569,932	2,597,556
Commitments and Contingencies
Stockholders' Equity
Preferred stock undesignated, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding	0	0
Additional paid-in capital	6,060,206	3,957,728
Treasury stock, at cost; [8,684] shares and 8,684 shares, respectively	(782,104)	(782,104)
Accumulated other comprehensive loss	(9,580)	(11,444)
Accumulated deficit	(1,495,085)	(999,234)
Total stockholders' equity	3,773,649	2,164,972
Total liabilities and stockholders' equity	8,343,581	4,762,528
Class A
Stockholders' Equity
Common stock	192	24
Class B Convertible
Stockholders' Equity
Common stock	$ 20	$ 2

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	8,684,000	8,684,000
Class A
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	330,000,000	330,000,000
Common stock, shares issued	191,684,000	157,725,000
Common stock, shares outstanding	183,000,000	149,041,000
Class B Convertible
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	165,000,000	165,000,000
Common stock, shares issued	19,640,000	19,640,000
Common stock, shares outstanding	19,640,000	19,640,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues		$ 116,071	$ 129,462	$ 342,759	$ 371,777
Cost of revenues:
Total cost of revenues		34,349	26,661	95,299	81,723
Gross profit		81,722	102,801	247,460	290,054
Operating expenses:
Sales and marketing		35,414	35,606	103,116	109,372
Research and development		33,301	29,660	92,795	90,372
General and administrative		33,505	29,223	104,300	85,959
Digital asset impairment losses		412,084	33,559	783,807	76,613
Total operating expenses		514,304	128,048	1,084,018	362,316
Loss from operations		(432,582)	(25,247)	(836,558)	(72,262)
Interest expense, net		(18,129)	(11,006)	(45,476)	(37,031)
(Loss) gain on debt extinguishment		(22,933)	0	(22,933)	44,686
Other (expense) income, net		(5,034)	2,419	(2,644)	726
Loss before income taxes		(478,678)	(33,834)	(907,611)	(63,881)
(Benefit from) provision for income taxes		(138,504)	109,607	(411,760)	(403,876)
Net (loss) income		$ (340,174)	$ (143,441)	$ (495,851)	$ 339,995
Basic (loss) earnings per share (1)	[1]	$ (1.72)	$ (1.01)	$ (2.71)	$ 2.91
Weighted average shares outstanding used in computing basic (loss) earnings per share		197,273	142,214	182,695	116,648
Diluted (loss) earnings per share (1)	[1]	$ (1.72)	$ (1.01)	$ (2.71)	$ 2.39
Weighted average shares outstanding used in computing diluted (loss) earnings per share		197,273	142,214	182,695	145,125
Total product licenses and subscription services
Revenues:
Total revenues		$ 38,887	$ 45,019	$ 108,157	$ 116,641
Cost of revenues:
Total cost of revenues		12,223	8,370	31,748	24,420
Product licenses
Revenues:
Total revenues		11,087	24,045	33,311	56,979
Cost of revenues:
Total cost of revenues		769	342	2,130	1,320
Subscription services
Revenues:
Total revenues		27,800	20,974	74,846	59,662
Cost of revenues:
Total cost of revenues		11,454	8,028	29,618	23,100
Product support
Revenues:
Total revenues		61,015	66,860	185,440	198,422
Cost of revenues:
Total cost of revenues		8,572	5,531	25,312	17,115
Other services
Revenues:
Total revenues		16,169	17,583	49,162	56,714
Cost of revenues:
Total cost of revenues		$ 13,554	$ 12,760	$ 38,239	$ 40,188

[1] Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE [(LOSS) INCOME] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (340,174)	$ (143,441)	$ (495,851)	$ 339,995
Other comprehensive income (loss), net of applicable taxes:
Foreign currency translation adjustment	3,970	(2,205)	1,864	(1,554)
Total other comprehensive income (loss)	3,970	(2,205)	1,864	(1,554)
Comprehensive (loss) income	$ (336,204)	$ (145,646)	$ (493,987)	$ 338,441

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Class A	Common Stock Class B Convertible	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2022	$ (383,120)	$ 18	$ 2	$ 1,841,120	$ (782,104)	$ (13,801)	$ (1,428,355)
Beginning Balance (in shares) at Dec. 31, 2022		104,532	19,640		(8,684)
Net Income (Loss)	461,193	$ 0	$ 0	0	$ 0	0	461,193
Other comprehensive income (loss)	738	0	0	0	0	738	0
Issuance of class A common stock upon exercise of stock options	6,750	$ 0	$ 0	6,750	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		445	0		0
Issuance of class A common stock under employee stock purchase plan	2,380	$ 0	$ 0	2,380	$ 0	0	0
Issuance of class A common stock under employee stock purchase plan, (in shares)		127	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(514)	$ 0	$ 0	(514)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		38	0		0
Issuance of class A common stock under public offerings, net of issuance costs	338,962	$ 2	$ 0	338,960	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		13,489	0		0
Share-based compensation expense	16,822	$ 0	$ 0	16,822	$ 0	0	0
Ending Balance at Mar. 31, 2023	443,211	$ 20	$ 2	2,205,518	$ (782,104)	(13,063)	(967,162)
Ending Balance (in shares) at Mar. 31, 2023		118,631	19,640		(8,684)
Beginning Balance at Dec. 31, 2022	(383,120)	$ 18	$ 2	1,841,120	$ (782,104)	(13,801)	(1,428,355)
Beginning Balance (in shares) at Dec. 31, 2022		104,532	19,640		(8,684)
Net Income (Loss)	339,995
Other comprehensive income (loss)	(1,554)
Ending Balance at Sep. 30, 2023	840,395	$ 21	$ 2	2,726,191	$ (782,104)	(15,355)	(1,088,360)
Ending Balance (in shares) at Sep. 30, 2023		134,114	19,640		(8,684)
Beginning Balance at Mar. 31, 2023	443,211	$ 20	$ 2	2,205,518	$ (782,104)	(13,063)	(967,162)
Beginning Balance (in shares) at Mar. 31, 2023		118,631	19,640		(8,684)
Net Income (Loss)	22,243	$ 0	$ 0	0	$ 0	0	22,243
Other comprehensive income (loss)	(87)	0	0	0	0	(87)	0
Issuance of class A common stock upon exercise of stock options	5,354	$ 0	$ 0	5,354	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		388	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(242)	$ 0	$ 0	(242)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		62	0		0
Issuance of class A common stock under public offerings, net of issuance costs	333,494	$ 1	$ 0	333,493	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		10,792	0		0
Share-based compensation expense	15,145	$ 0	$ 0	15,145	$ 0	0	0
Ending Balance at Jun. 30, 2023	819,118	$ 21	$ 2	2,559,268	$ (782,104)	(13,150)	(944,919)
Ending Balance (in shares) at Jun. 30, 2023		129,873	19,640		(8,684)
Net Income (Loss)	(143,441)	$ 0	$ 0	0	$ 0	0	(143,441)
Other comprehensive income (loss)	(2,205)	0	0	0	0	(2,205)	0
Issuance of class A common stock upon exercise of stock options	2,113	$ 0	$ 0	2,113	0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		95	0
Issuance of class A common stock under employee stock purchase plan	1,575	$ 0	$ 0	1,575	$ 0	0	0
Issuance of class A common stock under employee stock purchase plan, (in shares)		72	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(747)	$ 0	$ 0	(747)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		40	0
Issuance of class A common stock under public offerings, net of issuance costs	147,218	$ 0	$ 0	147,218	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		4,034	0		0
Share-based compensation expense	16,764	$ 0	$ 0	16,764	$ 0	0	0
Ending Balance at Sep. 30, 2023	840,395	$ 21	$ 2	2,726,191	$ (782,104)	(15,355)	(1,088,360)
Ending Balance (in shares) at Sep. 30, 2023		134,114	19,640		(8,684)
Net Income (Loss)	89,126	$ 0	$ 0	0	$ 0	0	89,126
Other comprehensive income (loss)	3,911	0	0	0	0	3,911	0
Issuance of class A common stock upon exercise of stock options	16,302	$ 1	$ 0	16,301	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		826	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(2,841)	$ 0	$ 0	(2,841)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		120	0		0
Issuance of class A common stock under public offerings, net of issuance costs	1,200,415	$ 2	$ 0	1,200,413	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		22,665	0		0
Share-based compensation expense	17,664	$ 0	$ 0	17,664	$ 0	0	0
Ending Balance at Dec. 31, 2023	2,164,972	$ 24	$ 2	3,957,728	$ (782,104)	(11,444)	(999,234)
Ending Balance (in shares) at Dec. 31, 2023		157,725	19,640		(8,684)
Net Income (Loss)	(53,118)	$ 0	$ 0	0	$ 0	0	(53,118)
Other comprehensive income (loss)	(1,725)	0	0	0	0	(1,725)	0
Issuance of class A common stock upon exercise of stock options	136,088	$ 0	$ 0	136,088	0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		5,731	0
Issuance of class A common stock under employee stock purchase plan	2,071	$ 0	$ 0	2,071	$ 0	0	0
Issuance of class A common stock under employee stock purchase plan, (in shares)		69	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(1,273)	$ 0	$ 0	(1,273)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		39	0		0
Issuance of class A common stock under public offerings, net of issuance costs	137,152	$ 0	$ 0	137,152	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		1,952	0		0
Share-based compensation expense	15,938	$ 0	$ 0	15,938	$ 0	0	0
Ending Balance at Mar. 31, 2024	2,400,105	$ 24	$ 2	4,247,704	$ (782,104)	(13,169)	(1,052,352)
Ending Balance (in shares) at Mar. 31, 2024		165,516	19,640		(8,684)
Beginning Balance at Dec. 31, 2023	2,164,972	$ 24	$ 2	3,957,728	$ (782,104)	(11,444)	(999,234)
Beginning Balance (in shares) at Dec. 31, 2023		157,725	19,640		(8,684)
Net Income (Loss)	(495,851)
Other comprehensive income (loss)	1,864
Ending Balance at Sep. 30, 2024	3,773,649	$ 192	$ 20	6,060,206	$ (782,104)	(9,580)	(1,495,085)
Ending Balance (in shares) at Sep. 30, 2024		191,684	19,640		(8,684)
Beginning Balance at Mar. 31, 2024	2,400,105	$ 24	$ 2	4,247,704	$ (782,104)	(13,169)	(1,052,352)
Beginning Balance (in shares) at Mar. 31, 2024		165,516	19,640		(8,684)
Net Income (Loss)	(102,559)	$ 0	$ 0	0	$ 0	0	(102,559)
Other comprehensive income (loss)	(381)	0	0	0	0	(381)	0
Issuance of class A common stock upon exercise of stock options	17,261	$ 0	$ 0	17,261	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		1,215	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(932)	$ 0	$ 0	(932)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		311	0		0
Issuance of class A common stock upon conversions of convertible senior notes	500,815	$ 2	$ 0	500,813	$ 0	0	0
Issuance of class A common stock upon conversions of convertible senior notes (in shares)		12,672	0		0
Share-based compensation expense	20,490	$ 0	$ 0	20,490	$ 0	0	0
Ending Balance at Jun. 30, 2024	2,834,799	$ 26	$ 2	4,785,336	$ (782,104)	(13,550)	(1,154,911)
Ending Balance (in shares) at Jun. 30, 2024		179,714	19,640		(8,684)
Net Income (Loss)	(340,174)	$ 0	$ 0	0	$ 0	0	(340,174)
Other comprehensive income (loss)	3,970	0	0	0	0	3,970	0
Par value adjustment for class A and B common stock issued upon stock split	0	$ 157	$ 18	(175)	$ 0	0	0
Par value adjustment for class A and B common stock issued upon stock split (in shares)		0	0		0
Issuance of class A common stock upon exercise of stock options	4,192	$ 1	$ 0	4,191	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		193	0		0
Issuance of class A common stock under employee stock purchase plan	2,233	$ 0	$ 0	2,233	$ 0	0	0
Issuance of class A common stock under employee stock purchase plan, (in shares)		25	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(1)	$ 0	$ 0	(1)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		53	0		0
Issuance of class A common stock under public offerings, net of issuance costs	1,105,141	$ 8	$ 0	1,105,133	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		8,048	0		0
Issuance of class A common stock upon conversions of convertible senior notes	144,349	$ 0	$ 0	144,349	$ 0	0	0
Issuance of class A common stock upon conversions of convertible senior notes (in shares)		3,651	0		0
Share-based compensation expense	19,140	$ 0	$ 0	19,140	$ 0	0	0
Ending Balance at Sep. 30, 2024	$ 3,773,649	$ 192	$ 20	$ 6,060,206	$ (782,104)	$ (9,580)	$ (1,495,085)
Ending Balance (in shares) at Sep. 30, 2024		191,684	19,640		(8,684)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net (loss) income	$ (495,851)	$ 339,995
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	12,679	9,405
Reduction in carrying amount of right-of-use assets	6,228	6,438
Credit losses and sales allowances	262	752
Deferred taxes	(419,965)	(425,986)
Release of liabilities for unrecognized tax benefits	(73)	(162)
Share-based compensation expense	57,789	49,855
Digital asset impairment losses	783,807	76,613
Amortization of issuance costs on long-term debt	10,231	6,599
Loss (gain) on debt extinguishment	22,933	(44,686)
Changes in operating assets and liabilities:
Accounts receivable	27,374	6,627
Prepaid expenses and other current assets	4,868	(99)
Deposits and other assets	(6,748)	(321)
Accounts payable and accrued expenses	(8,318)	(8,005)
Accrued compensation and employee benefits	(26,383)	(15,186)
Accrued interest	4,444	7,539
Deferred revenue and advance payments	3,484	9,901
Operating lease liabilities	(7,832)	(7,954)
Other long-term liabilities	(4,637)	203
Net cash (used in) provided by operating activities	(35,708)	11,528
Investing activities:
Purchases of digital assets	(4,008,210)	(687,959)
Purchases of property and equipment	(2,694)	(2,591)
Net cash used in investing activities	(4,010,904)	(690,550)
Financing activities:
Proceeds from convertible senior notes	3,213,750	0
Payments to settle conversions and redemption of convertible senior notes	(398)	0
Repayments of secured debt and third-party extinguishment costs	(515,325)	(160,033)
Principal payments of other long-term secured debt	(401)	(382)
Proceeds from sale of common stock under public offerings	1,246,478	823,945
Issuance costs paid related to sale of common stock under public offerings	(4,185)	(4,286)
Proceeds from exercise of stock options	157,541	14,217
Payment of withholding tax on vesting of restricted stock units	(2,173)	(1,391)
Net cash provided by financing activities	4,046,067	676,025
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	77	(997)
Net decrease in cash, cash equivalents, and restricted cash	(468)	(3,994)
Cash, cash equivalents, and restricted cash, beginning of period	48,673	50,868
Cash, cash equivalents, and restricted cash, end of period	48,205	46,874
Convertible Senior Notes
Financing activities:
Issuance costs paid for convertible senior notes	(53,524)	0
Employee Stock Purchase Plan
Financing activities:
Proceeds from sales under employee stock purchase plan	$ 4,304	$ 3,955

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (340,174)	$ (102,559)	$ (53,118)	$ 89,126	$ (143,441)	$ 22,243	$ 461,193	$ (495,851)	$ 339,995

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying Consolidated Financial Statements of MicroStrategy Incorporated (“MicroStrategy” or the “Company”) are unaudited. In the opinion of management, all adjustments necessary for a fair statement of financial position and results of operations have been included. All such adjustments are of a normal recurring nature, unless otherwise disclosed. Interim results are not necessarily indicative of results for a full year. On July 11, 2024, the Company announced a 10 -for-1 stock split of the Company’s class A common stock and class B common stock. The stock split was effected by means of a stock dividend to the holders of record of the Company’s class A common stock and class B common stock as of the close of business on August 1, 2024, the record date for the dividend. Shares held in treasury by the Company were not impacted by the stock split. The dividend was distributed after the close of trading on August 7, 2024 and trading commenced on a split-adjusted basis at market open on August 8, 2024. As a result of the stock split, all applicable share, per share, and equity award information has been retroactively adjusted in the Consolidated Financial Statements and Notes to Consolidated Financial Statements to reflect the stock split for all periods presented. The Consolidated Financial Statements and Notes to Consolidated Financial Statements are presented as required by the United States Securities and Exchange Commission (“SEC”) and do not contain certain information included in the Company’s annual financial statements and notes. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto filed with the SEC in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in the Company’s accounting policies since December 31, 2023. The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Recent Accounting Standards

Recent Accounting Standards	9 Months Ended
Recent Accounting Standards	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	(2) Recent Accounting Standards Crypto Assets In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires in-scope crypto assets (including the Company's bitcoin holdings) to be measured at fair value in the statement of financial position, with gains and losses from changes in the fair value of such crypto assets recognized in net income each reporting period. ASU 2023-08 also requires certain interim and annual disclosures for crypto assets within the scope of the standard. The standard is effective for the Company for interim and annual periods beginning January 1, 2025, with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which the Company adopts the guidance. Prior periods will not be restated. The Company will adopt ASU 2023-08 effective January 1, 2025. The Company expects the adoption of ASU 2023-08 will have a material impact on its consolidated balance sheets, statements of operations, statements of cash flows and disclosures. Although the Company will continue to initially record its bitcoin purchases at cost, upon adopting ASU 2023-08, any subsequent increases or decreases in fair value will be recognized as incurred in the Company's Consolidated Statements of Operations, and the fair value of the Company’s bitcoin will be reflected within the Company's Consolidated Balance Sheets each reporting period-end. Upon adopting ASU 2023-08, the Company will no longer account for its bitcoin under a cost-less-impairment accounting model. The U.S. enacted the Inflation Reduction Act of 2022 (“IRA”) in August 2022. Among other things, unless an exemption by statute or regulation applies, a provision of the IRA imposes a 15 % corporate alternative minimum tax (“CAMT”) on a corporation with respect to an initial tax year and all subsequent tax years, if the average annual adjusted financial statement income for any consecutive three-tax-year period preceding the initial tax year exceeds $ 1 billion. On September 12, 2024, the Department of Treasury and the Internal Revenue Service issued proposed regulations with respect to the application of the CAMT. As a result of the enactment of the IRA and the adoption of ASU 2023-08, the Company could become subject to CAMT in the tax years 2026 and beyond unless the proposed regulations with respect to CAMT are revised to provide relief. The Company is currently evaluating the potential implications of unrealized fair value gains and losses as they relate to CAMT as well as the broader global tax regulatory landscape. Income Taxes In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires enhanced disclosures surrounding income taxes, particularly related to rate reconciliation and income taxes paid information. In particular, on an annual basis, companies will be required to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Companies will also be required to disclose, on an annual basis, the amount of income taxes paid, disaggregated by federal, state, and foreign taxes, and also disaggregated by individual jurisdictions above a quantitative threshold. The standard is effective for the Company for annual periods beginning January 1, 2025 on a prospective basis, with retrospective application permitted for all prior periods presented. The Company will adopt ASU 2023-09 for the annual period ending December 31, 2025 and is currently evaluating the impact of this guidance on its disclosures. Segment Reporting In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires enhanced disclosures surrounding reportable segments, particularly (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included in the reported measure(s) of a segment's profit and loss and (ii) other segment items that reconcile segment revenue and significant expenses to the reported measure(s) of a segment's profit and loss, both on an annual and interim basis. Companies are also required to provide all annual disclosures currently required under Topic 280 in interim periods, in addition to disclosing the title and position of the CODM and how the CODM uses the reported measure(s) of segment profit and loss in assessing segment performance and allocating resources. The standard is effective for the Company for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025, with updates applied retrospectively. The Company will adopt ASU 2023-07 for the annual period ending December 31, 2024 and is currently evaluating the impact of this guidance on its disclosures.

Digital Assets

Digital Assets	9 Months Ended
Digital Assets	Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Digital Assets	(3) Digital Assets The Company accounts for its digital assets, which are comprised solely of bitcoin, as indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other . The Company’s digital assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. Impairment losses are recognized as “Digital asset impairment losses” in the Company’s Consolidated Statement of Operations in the period in which the impairment occurs. Gains (if any) are not recorded until realized upon sale, at which point they are presented net of any impairment losses in the Company’s Consolidated Statements of Operations. In determining the gain to be recognized upon sale, the Company calculates the difference between the sales price and carrying value of the specific bitcoins sold immediately prior to sale. The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of: September 30, December 31, 2024 2023 Approximate number of bitcoins held 252,220 189,150 Digital assets carrying value $ 6,850,879 $ 3,626,476 Cumulative digital asset impairment losses $ 3,052,820 $ 2,269,013 The carrying value on the Company’s Consolidated Balance Sheet at each period-end represents the lowest fair value (based on Level 1 inputs in the fair value hierarchy) of the bitcoins at any time since their acquisition. Therefore, these fair value measurements were made during the period from their acquisition through September 30, 2024 or December 31, 2023, respectively, and not as of September 30, 2024 or December 31, 2023, respectively. The following table summarizes the Company’s digital asset purchases and digital asset impairment losses (in thousands, except number of bitcoins) for the periods indicated. The Company did no t sell any of its bitcoins during the nine months ended September 30, 2024 or 2023, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Approximate number of bitcoins purchased 25,889 5,912 63,070 25,745 Digital asset purchases $ 1,575,073 $ 161,681 $ 4,008,210 $ 687,959 Digital asset impairment losses $ 412,084 $ 33,559 $ 783,807 $ 76,613 From time to time, the Company’s execution partners may extend short-term trade credits to the Company to purchase bitcoin in advance of using cash funds in the Company’s trading account, or allow the Company to make bitcoin purchases on a delayed settlement basis. Trade credits and delayed settlement payments, as applicable, are due and payable in cash within days after the bitcoin purchases are completed. During the first and third quarters of 2024, certain bitcoin of MacroStrategy LLC (“MacroStrategy”), a wholly-owned subsidiary of the Company, was subject to a first priority security interest and lien in order to secure payments owed by the Company with respect to these arrangements. While trade credits or delayed settlements are outstanding, the Company may incur interest fees and be required to maintain minimum balances in its trading and custody accounts with such execution partners. As of September 30, 2024 , the Company had no outstanding trade credits payable or delayed settlement obligations. As of December 31, 2023 , approximately 16,081 of the bitcoins held by the Company, which had a carrying value of approximately $ 263.9 million on the Company’s Consolidated Balance Sheet as of December 31, 2023 , served as part of the collateral for the Company’s 6.125 % Senior Secured Notes due 2028 (the “2028 Secured Notes”). Upon the redemption of the 2028 Secured Notes during the third quarter of 2024, all collateral securing the 2028 Secured Notes, including the aforementioned bitcoin, was released. Refer to Note 5, Long-term Debt , to the Consolidated Financial Statements for further information regarding the 2028 Secured Notes and their redemption.

Contract Balances

Contract Balances	9 Months Ended
Contract Balances	Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Balances	(4) Contract Balances The Company invoices its customers in accordance with billing schedules established in each contract. The Company’s rights to consideration from customers are presented separately in the Company’s Consolidated Balance Sheets depending on whether those rights are conditional or unconditional. The Company presents unconditional rights to consideration from customers within “Accounts receivable, net” in its Consolidated Balance Sheets. All of the Company’s contracts are generally non-cancellable and/or non-refundable, and therefore an unconditional right generally exists when the customer is billed or amounts are billable per the contract. Accounts receivable (in thousands) consisted of the following, as of: September 30, December 31, 2024 2023 Billed and billable $ 109,303 $ 186,884 Less: allowance for credit losses ( 2,134 ) ( 3,069 ) Accounts receivable, net $ 107,169 $ 183,815 Changes in the allowance for credit losses were not material for the three and nine months ended September 30, 2024. Rights to consideration that are subject to a condition other than the passage of time are considered contract assets until they are expected to become unconditional and transfer to accounts receivable. Current contract assets included in “Prepaid expenses and other current assets” in the Consolidated Balance Sheets consisted of $ 2.0 million and $ 1.2 million, as of September 30, 2024 and December 31, 2023 , respectively, related to performance obligations or services being rendered in advance of future invoicing associated with multi-year contracts and accrued sales and usage-based royalty revenue. In royalty-based arrangements, consideration is not billed or billable until the royalty reporting is received, generally in the subsequent quarter, at which time the contract asset transfers to accounts receivable and a true-up adjustment is recorded to revenue. These true-up adjustments are generally not material. Non-current contract assets included in “Deposits and other assets” in the Consolidated Balance Sheets consisted of $ 5.4 million and $ 0.9 million, as of September 30, 2024 and December 31, 2023, respectively, related to performance obligations or services being rendered in advance of future invoicing associated with multi-year contracts. During the three and nine months ended September 30, 2024 and 2023 , there were no significant impairments to the Company’s contract assets, nor were there any significant changes in the timing of the Company’s contract assets being reclassified to accounts receivable. Contract liabilities are amounts received or due from customers in advance of the Company transferring the software or services to the customer. In the case of multi-year service contract arrangements, the Company generally does not invoice more than one year in advance of services and does not record deferred revenue for amounts that have not been invoiced. Revenue is subsequently recognized in the period(s) in which control of the software or services is transferred to the customer. The Company’s contract liabilities are presented as either current or non-current “Deferred revenue and advance payments” in the Consolidated Balance Sheets, depending on whether the software or services are expected to be transferred to the customer within the next year. The Company’s “Accounts receivable, net” and “Deferred revenue and advance payments” balances in the Consolidated Balance Sheets include unpaid amounts related to contracts under which the Company has an enforceable right to invoice the customer for non-cancellable and/or non-refundable software and services. Changes in accounts receivable and changes in deferred revenue and advance payments are presented net of these unpaid amounts in “Operating activities” in the Consolidated Statements of Cash Flows. Deferred revenue and advance payments (in thousands) from customers consisted of the following, as of: September 30, December 31, 2024 2023 Current: Deferred product licenses revenue $ 409 $ 3,579 Deferred subscription services revenue 74,164 65,512 Deferred product support revenue 106,866 152,012 Deferred other services revenue 2,963 7,059 Total current deferred revenue and advance payments $ 184,402 $ 228,162 Non-current: Deferred product licenses revenue $ 0 $ 0 Deferred subscription services revenue 3,373 3,097 Deferred product support revenue 2,635 4,984 Deferred other services revenue 336 443 Total non-current deferred revenue and advance payments $ 6,344 $ 8,524 During the three and nine months ended September 30, 2024 , the Company recognized revenues of $ 50.2 million and $ 195.2 million, respectively, from amounts included in the total deferred revenue and advance payments balances at the beginning of 2024. During the three and nine months ended September 30, 2023 , the Company recognized revenues of $ 44.6 million and $ 187.6 million, respectively, from amounts included in the total deferred revenue and advance payments balances at the beginning of 2023. For the three and nine months ended September 30, 2024 and 2023, there were no significant changes in the timing of revenue recognition on the Company’s deferred balances. The Company’s remaining performance obligation represents all future revenue under contract and includes deferred revenue and advance payments and billable non-cancellable amounts that will be invoiced and recognized as revenue in future periods. The remaining performance obligation excludes contracts that are billed in arrears, such as certain time and materials contracts. The portions of multi-year contracts that will be invoiced in the future are not presented on the balance sheet within accounts receivable and deferred revenues and are instead included in the following remaining performance obligation disclosure. As of September 30, 2024 , the Company had an aggregate transaction price of $ 380.5 million allocated to the remaining performance obligation related to subscription services, product support, product licenses, and other services contracts. The Company expects to recognize $ 237.1 million within the next 12 months and the remainder thereafter .

Long-term Debt

Long-term Debt	9 Months Ended
Long-term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	(5) Long-term Debt The net carrying value of the Company’s outstanding debt (in thousands) consisted of the following, as of: September 30, 2024 December 31, 2023 2025 Convertible Notes $ 0 $ 643,931 2027 Convertible Notes 1,040,339 1,037,306 2028 Convertible Notes 997,502 0 2030 Convertible Notes 784,194 0 2031 Convertible Notes 593,867 0 2032 Convertible Notes 786,754 0 2028 Secured Notes 0 491,193 Other long-term secured debt 9,802 10,161 Total $ 4,212,458 $ 2,182,591 Reported as: Current portion of long-term debt, net 509 483 Long-term debt, net 4,211,949 2,182,108 Total $ 4,212,458 $ 2,182,591 Convertible Senior Notes The Company has issued the following convertible notes (collectively, the “Convertible Notes”) in private offerings: • $ 650.0 million aggregate principal amount of 0.750 % Convertible Senior Notes due 2025 (the “2025 Convertible Notes”) ; • $ 1.050 billion aggregate principal amount of 0 % Convertible Senior Notes due 2027 (the “2027 Convertible Notes”); • $ 1.010 billion aggregate principal amount of 0.625 % Convertible Senior Notes due 2028 (the “2028 Convertible Notes”); • $ 800.0 million aggregate principal amount of 0.625 % Convertible Senior Notes due 2030 (the “2030 Convertible Notes”); • $ 603.8 million aggregate principal amount of 0.875 % Convertible Senior Notes due 2031 (the “2031 Convertible Notes”); and • $ 800.0 million aggregate principal amount of 2.25 % Convertible Senior Notes due 2032 (the “2032 Convertible Notes”). The Convertible Notes are senior unsecured obligations of the Company and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The following table summarizes the key terms of each of the Convertible Notes (principal at inception, net proceeds, and issuance costs are each reported in thousands): 2025 Convertible Notes 2027 Convertible Notes 2028 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Issuance Date December 2020 February 2021 September 2024 March 2024 March 2024 June 2024 Maturity Date (1) December 15, 2025 February 15, 2027 September 15, 2028 March 15, 2030 March 15, 2031 June 15, 2032 Principal at Inception $ 650,000 $ 1,050,000 $ 1,010,000 $ 800,000 $ 603,750 $ 800,000 Stated Interest Rate (2) 0.750 % 0.000 % 0.625 % 0.625 % 0.875 % 2.250 % Interest Payment Dates (3) June 15 & December 15 February 15 & August 15 March 15 & September 15 March 15 & September 15 March 15 & September 15 June 15 & December 15 Net Proceeds $ 634,749 $ 1,025,830 $ 997,375 $ 782,000 $ 592,567 $ 786,000 Issuance Costs (4) $ 15,251 $ 24,170 $ 12,625 $ 18,000 $ 11,183 $ 14,000 Effective Interest Rate (4) 1.23 % 0.39 % 1.05 % 1.14 % 1.30 % 2.63 % Date of Holder Put Option (5) n/a n/a September 15, 2027 September 15, 2028 September 15, 2028 June 15, 2029 Initial Conversion Rate (6) 25.126 6.981 5.4589 6.677 4.297 4.894 Initial Conversion Price (7) $ 39.80 $ 143.25 $ 183.19 $ 149.77 $ 232.72 $ 204.33 Convertible at any time after the following date (8) (9) June 13, 2024 August 15, 2026 March 15, 2028 September 15, 2029 September 15, 2030 December 15, 2031 Not redeemable by the Company prior to the following date (10) December 20, 2023 February 20, 2024 December 20, 2027 March 22, 2027 March 22, 2028 June 20, 2029 Redemption Date (11) July 15, 2024 n/a n/a n/a n/a n/a (1) “Maturity Date” is the stated maturity date under each applicable indenture governing such notes, unless earlier converted, redeemed, or repurchased in accordance with their terms. (2) Holders may receive additional or special interest under specified circumstances as outlined under each applicable indenture governing the Convertible Notes. (3) For the Convertible Notes issued in 2024, interest payments begin on (a) September 15, 2024 for each of the 2030 Convertible Notes and the 2031 Convertible Notes, (b) December 15, 2024 for the 2032 Convertible Notes, and (c) March 15, 2025 for the 2028 Convertible Notes. (4) “Issuance Costs” reflect the customary offering expenses associated with each of the Convertible Notes. The Company accounts for these issuance costs as a reduction to the principal amount of the respective Convertible Notes and amortizes the issuance costs to interest expense from the respective debt issuance dates through the earlier of the “Maturity Date” or the “Date of Holder Put Option,” if applicable, at the “Effective Interest Rates” stated in the table. (5) “Date of Holder Put Option” represents the respective dates upon which holders of the 2028 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for cash all or any portion of their respective notes at a repurchase price equal to 100 % of the principal amount of such notes to be repurchased, plus any accrued and unpaid interest to, but excluding the repurchase date. (6) The “Initial Conversion Rate” is stated in shares of the Company’s class A common stock per $ 1,000 principal amount. The conversion rates are subject to customary anti-dilution adjustments. In addition, following certain events that may occur prior to the respective maturity dates or if the Company delivers a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its respective Convertible Notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances as provided in each indenture governing the respective Convertible Notes. (7) The “Initial Conversion Price” is stated in dollars per share of the Company’s class A common stock. (8) On or after the stated dates until the close of business on the second scheduled trading day immediately preceding the respective maturity dates, holders may convert the Convertible Notes at any time. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s class A common stock, or a combination of cash and shares of class A common stock, at the Company’s election. For the 2025 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2025 Convertible Notes, which resulted in the 2025 Convertible Notes being convertible at any time thereafter until 5:00 p.m., New York City time, on July 11, 2024. See below under “Conversions and Redemption of 2025 Convertible Notes” for further information. (9) Prior to the respective dates, the Convertible Notes are convertible only under the following circumstances: (a) during any calendar quarter commencing after the calendar quarte r ending on March 31, 2021 for the 2025 Convertible Notes (of which all then outstanding notes were redeemed on July 15, 2024 ), on June 30, 2021 for the 2027 Convertible Notes, on June 30, 2024 for the 2030 Convertible Notes and 2031 Convertible Notes, on September 30, 2024 for the 2032 Convertible Notes, or on December 31, 2024 for the 2028 Convertible Notes (and only during such calendar quarter), if the last reported sale price of the Company’s class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price of the respective Convertible Notes on each applicable trading day; (b) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined under each applicable indenture governing the respective Convertible Notes) per $ 1,000 principal amount of the respective Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the Company’s class A common stock and the applicable conversion rate on each such trading day; (c) if the Company calls any or all of the respective Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (d) upon occurrence of specified corporate events as described in each applicable indenture governing the respective Convertible Notes. (10) The Company may redeem for cash all or a portion of the Convertible Notes at its option, on or after the stated dates, if the last reported sale price of the Company’s class A common stock has been at least 130 % of the conversion price of the respective Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100 % of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. See below “Conversions and Redemption of 2025 Convertible Notes” subsection for information regarding the Company’s notice of redemption of the 2025 Convertible Notes. (11) “Redemption Date” is the date on which the Company redeemed all outstanding 2025 Convertible Notes. See discussion further below under “Conversions and Redemption of 2025 Convertible Notes” pertaining to redemption of the 2025 Convertible Notes. If the Company undergoes a “fundamental change,” as defined in the respective indentures governing the Convertible Notes prior to maturity, subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their respective Convertible Notes at a fundamental change repurchase price equal to 100 % of the principal amount of the respective Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The respective indentures governing the Convertible Notes contain customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of at least 25 % in principal amount outstanding of the respective Convertible Notes may declare 100 % of the principal of, and accrued and unpaid interest, if any, on, all the respective Convertible Notes to be due and payable. Although the Convertible Notes contain embedded conversion features, the Company accounts for the Convertible Notes in their entirety as a liability because the conversion features are indexed to the Company’s class A common stock and meet the criteria for classification in stockholders’ equity and therefore do not qualify for separate derivative accounting. Conversions and Redemption of 2025 Convertible Notes On June 13, 2024, the Company announced that it delivered a notice of redemption (the “Redemption Notice”) to the trustee of the 2025 Convertible Notes for redemption of all $ 650.0 million in aggregate principal amount of the 2025 Convertible Notes then outstanding on July 15, 2024 (the “Redemption Date”). Due to the Company’s issuance of the Redemption Notice, the 2025 Convertible Notes became convertible at the option of the holders of such notes from the delivery of the Redemption Notice until 5:00 p.m., New York City time, on July 11, 2024. The Company elected to satisfy its conversion obligation with respect to the 2025 Convertible Notes by delivering solely shares of its class A common stock, together with cash in lieu of any fractional shares. Holders of the 2025 Convertible Notes requested to convert $ 649.7 million in principal amount of the 2025 Convertible Notes prior to the Redemption Date. The Company settled conversion requests in respect of $ 504.4 million in principal amount of the 2025 Convertible Notes during the quarter ended June 30, 2024, resulting in the issuance of 12,672,400 shares of the Company’s class A common stock and payment of a nominal amount of cash in lieu of fractional shares, and settled conversion requests in respect of $ 145.3 million in principal amount of the 2025 Convertible Notes during July 2024, resulting in the issuance of 3,650,650 shares of the Company’s class A common stock and payment of a nominal amount of cash in lieu of fractional shares, in each case in accordance with the terms and provisions of the indenture governing the 2025 Convertible Notes. On the Redemption Date, the Company redeemed $ 0.3 million aggregate principal amount of 2025 Convertible Notes, constituting all of the 2025 Convertible Notes then outstanding, at an aggregate redemption price of $ 0.3 million in cash, equal to 100 % of the principal amount of the 2025 Convertible Notes redeemed, plus accrued and unpaid interest, to but excluding the Redemption Date. Collective Convertible Notes Disclosures As of September 30, 2024 , the maximum number of shares into which the Convertible Notes could have been potentially converted if the conversion features were triggered at the conversion rates then in effect based on the Convertible Notes then outstanding on such date was 7,330,050 shares, 5,513,489 shares, 5,341,600 shares, 2,594,314 shares, and 3,915,200 shares for the 2027 Convertible Notes, 2028 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes, respectively. Other than the 2025 Convertible Notes (for which convertibility is discussed above under the “Conversions and Redemption of 2025 Convertible Notes” subsection), the Convertible Notes were not convertible at the option of the holders during the nine months ended September 30, 2024 or 2023. Other than the Company’s redemption of the 2025 Convertible Notes, the Company had no t redeemed any of the Convertible Notes as of September 30, 2024. As of September 30, 2024, and December 31, 2023, the net carrying value of the Convertible Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheets. The following is a summary of the Company’s convertible debt instruments as of September 30, 2024 (in thousands): September 30, 2024 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2027 Convertible Notes 1,050,000 ( 9,661 ) 1,040,339 1,439,850 Level 2 2028 Convertible Notes 1,010,000 ( 12,498 ) 997,502 1,219,252 Level 2 2030 Convertible Notes 800,000 ( 15,806 ) 784,194 1,060,704 Level 2 2031 Convertible Notes 603,750 ( 9,883 ) 593,867 629,810 Level 2 2032 Convertible Notes 800,000 ( 13,246 ) 786,754 897,515 Level 2 Total $ 4,263,750 $ ( 61,094 ) $ 4,202,656 $ 5,247,131 The following is a summary of the Company’s convertible debt instruments as of December 31, 2023 (in thousands): December 31, 2023 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Convertible Notes $ 650,000 $ ( 6,069 ) $ 643,931 $ 1,074,713 Level 2 2027 Convertible Notes 1,050,000 ( 12,694 ) 1,037,306 913,808 Level 2 Total $ 1,700,000 $ ( 18,763 ) $ 1,681,237 $ 1,988,521 The fair value of the Convertible Notes is determined using observable market data other than quoted prices, specifically the last traded price at the end of the reporting period of identical instruments in the over-the-counter market (Level 2). For the three months ended September 30, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 23 $ 15 $ 38 $ 1,218 $ 762 $ 1,980 2027 Convertible Notes 0 1,012 1,012 0 1,008 1,008 2028 Convertible Notes 193 127 320 0 0 0 2030 Convertible Notes 1,250 974 2,224 0 0 0 2031 Convertible Notes 1,321 608 1,929 0 0 0 2032 Convertible Notes 4,500 659 5,159 0 0 0 Total $ 7,287 $ 3,395 $ 10,682 $ 1,218 $ 1,770 $ 2,988 For the nine months ended September 30, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 2,371 $ 1,494 $ 3,865 $ 3,656 $ 2,279 $ 5,935 2027 Convertible Notes 0 3,033 3,033 0 3,021 3,021 2028 Convertible Notes 193 127 320 0 0 0 2030 Convertible Notes 2,819 2,194 5,013 0 0 0 2031 Convertible Notes 2,833 1,300 4,133 0 0 0 2032 Convertible Notes 5,150 754 5,904 0 0 0 Total $ 13,366 $ 8,902 $ 22,268 $ 3,656 $ 5,300 $ 8,956 For the nine months ended September 30, 2024 and 2023 , the Company paid $ 7.6 million and $ 2.4 million, respectively, in interest related to the Convertible Notes. The Company has no t paid any additional interest or special interest related to the Convertible Notes to date. Senior Secured Notes On June 14, 2021, the Company issued $ 500.0 million aggregate principal amount of 2028 Secured Notes in a private offering. The 2028 Secured Notes bore interest at a fixed rate of 6.125 % per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021 . The terms of the 2028 Secured Notes are discussed more fully in Note 8, Long-term Debt, to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . The Company redeemed all of the 2028 Secured Notes on September 26, 2024 at a redemption price equal to 103.063 % of the principal amount of the 2028 Secured Notes, plus accrued and unpaid interest to, but excluding, September 26, 2024 (the “Redemption Price”). The Redemption Price consisted of a $ 515.3 million payment to redeem the full $ 500.0 million outstanding principal amount of the 2028 Secured Notes as of September 26, 2024 and an $ 8.6 million payment for accrued unpaid interest on the 2028 Secured Notes to but excluding September 26, 2024. The Company also incurred $ 0.1 million in third party fees in connection with the redemption of the 2028 Secured Notes. The net carrying value of the 2028 Secured Notes as of September 26, 2024, immediately prior to their redemption, was $ 492.5 million, which resulted in a $ 22.9 million loss on debt extinguishment recognized in the Company’s Consolidated Statement of Operations in the third quarter of 2024. As of December 31, 2023, the net carrying value of the 2028 Secured Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheet. The following is a summary of the 2028 Secured Notes as of December 31, 2023 (in thousands): December 31, 2023 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2028 Secured Notes $ 500,000 $ ( 8,807 ) $ 491,193 $ 485,070 Level 2 The fair value of the 2028 Secured Notes was determined using observable market data other than quoted prices, specifically the last traded price at the end of the reporting period of identical instruments in the over-the-counter market (Level 2). For the three months ended September 30, 2024 and 2023, interest expense related to the 2028 Secured Notes was as follows (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 7,315 $ 423 $ 7,738 $ 7,657 $ 415 $ 8,072 For the nine months ended September 30, 2024 and 2023, interest expense related to the 2028 Secured Notes was as follows (in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 22,628 $ 1,287 $ 23,915 $ 22,969 $ 1,224 $ 24,193 For the nine months ended September 30, 2024 and 2023 , the Company paid $ 23.9 million and $ 15.3 million, respectively, in interest related to the 2028 Secured Notes. Secured Term Loan On March 23, 2022, MacroStrategy entered into a Credit and Security Agreement (the “Credit and Security Agreement”) with Silvergate pursuant to which Silvergate issued the $ 205.0 million 2025 Secured Term Loan to MacroStrategy. The terms of the 2025 Secured Term Loan are discussed more fully in Note 8, Long-term Debt, to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. On March 24, 2023, MacroStrategy and Silvergate entered into a Prepayment, Waiver and Payoff to Credit and Security Agreement, pursuant to which MacroStrategy voluntarily prepaid Silvergate approximately $ 161.0 million (the “Payoff Amount”), in full repayment, satisfaction, and discharge of the 2025 Secured Term Loan and all other obligations under the Credit and Security Agreement. Upon Silvergate’s receipt of the Payoff Amount on March 24, 2023, the Credit and Security Agreement was terminated and Silvergate released its security interest in all of MacroStrategy’s assets collateralizing the 2025 Secured Term Loan, including the bitcoin that was serving as collateral. The Payoff Amount consisted of a $ 159.9 million payment to repay the full $ 205.0 million outstanding principal amount of the 2025 Secured Term Loan as of March 24, 2023 and a $ 1.1 million payment for accrued unpaid interest on the 2025 Secured Term Loan as of March 24, 2023. The Company also incurred $ 0.1 million in third party fees in connection with the repayment of the 2025 Secured Term Loan. The net carrying value of the 2025 Secured Term Loan as of March 24, 2023, immediately prior to the loan’s repayment, was $ 204.7 million, which resulted in a $ 44.7 million gain on debt extinguishment recognized in the Company’s Consolidated Statement of Operations in the first quarter of 2023. No interest expense related to the 2025 Secured Term Loan was recognized after the debt was repaid in full during the first quarter of 2023. For the nine months ended September 30, 2023, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Nine Months Ended September 30, 2023 Contractual Amortization of Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 3,781 $ 31 $ 3,812 The Company paid a final $ 5.1 million in interest related to the 2025 Secured Term Loan during the first quarter of 2023, $ 1.1 million of which was included in the Payoff Amount. Other long-term secured debt In June 2022, the Company, through a wholly-owned subsidiary, entered into a secured term loan agreement in the amount of $ 11.1 million, bearing interest at an annual rate of 5.2 %, and maturing in June 2027 . The loan is secured by certain non-bitcoin assets of the Company that are not otherwise serving as collateral for any of the Company’s other indebtedness. After monthly payments made under the terms of the agreement, the loan had a net carrying value of $ 9.8 million and $ 10.2 million as of September 30, 2024 and December 31, 2023, respectively, and an outstanding principal balance of $ 9.9 million and $ 10.3 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023 , $ 0.5 million and $ 0.5 million of the respective net carrying values were short-term and were presented in “Current portion of long-term debt, net” in the Consolidated Balance Sheets. Maturities The following table shows the maturities of the Company’s debt instruments as of September 30, 2024 (in thousands). The principal payments related to the 2028 Convertible Notes are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2028 Convertible Notes on September 15, 2027. The principal payments related to the 2030 Convertible Notes and 2031 Convertible Notes, respectively, are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2030 Convertible Notes and 2031 Convertible Notes on September 15, 2028. The principal payments related to the 2032 Convertible Notes are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2032 Convertible Notes on June 15, 2029. Payments due by period ended September 30, 2027 Convertible Notes 2028 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Other long-term secured debt Total 2025 $ 0 $ 0 $ 0 $ 0 $ 0 $ 562 $ 562 2026 0 0 0 0 0 592 592 2027 1,050,000 1,010,000 0 0 0 8,787 2,068,787 2028 0 0 800,000 603,750 0 0 1,403,750 2029 0 0 0 0 800,000 0 800,000 Thereafter 0 0 0 0 0 0 0 Total $ 1,050,000 $ 1,010,000 $ 800,000 $ 603,750 $ 800,000 $ 9,941 $ 4,273,691

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(6) Commitments and Contingencies (a) Commitments From time to time, the Company enters into certain types of contracts that require it to indemnify parties against third-party claims. These contracts primarily relate to agreements under which the Company assumes indemnity obligations for intellectual property infringement, as well as other obligations from time to time depending on arrangements negotiated with customers and other third parties. The conditions of these obligations vary. Thus, the overall maximum amount of the Company’s indemnification obligations cannot be reasonably estimated. Historically, the Company has not been obligated to make significant payments for these obligations and does not currently expect to incur any material obligations in the future. Accordingly, the Company has not recorded an indemnification liability on its Consolidated Balance Sheets as of September 30, 2024 or December 31, 2023. (b) Contingencies Brazil Matter Following an internal review initiated in 2018, the Company disclosed its belief that its Brazilian subsidiary failed or likely failed to comply with local procurement regulations in conducting business with certain Brazilian government entities. In 2020 the Company learned that the Brazilian Federal Police were investigating alleged corruption and procurement fraud involving certain government officials, including a transaction that was part of the basis of the Company’s previously reported failure or likely failure of its Brazilian subsidiary to comply with local procurement regulations. This investigation was concluded in 2023. Neither employees of the Company’s Brazilian subsidiary nor the subsidiary itself were targets of the Federal Police investigation. The Company’s Brazilian subsidiary voluntarily disclosed information from its 2018 internal review to Brazil’s General Superintendence of the Administrative Council for Economic Defense (“SG/CADE”) and to the Federal Comptroller General (“CGU”). Following this voluntary disclosure and cooperation with these agencies, the Company’s Brazilian subsidiary signed leniency agreements with the SG/CADE in September 2020 and with the CGU and the Federal General Attorney’s Office (“AGU”) in July 2024. In 2023, the SG/CADE launched a public administrative proceeding to investigate potentially anticompetitive conduct by various entities and individuals in Brazil based in part on the information voluntarily disclosed by the Company’s Brazilian subsidiary, which is also one of the defendants in the proceeding. If at the end of the proceeding, SG/CADE’s Tribunal confirms that the Brazilian subsidiary’s obligations under the leniency agreement it signed with SG/CADE have been fulfilled, the Brazilian subsidiary will receive full immunity from fines. Pursuant to its leniency agreement with the CGU and the AGU, the Brazilian subsidiary (i) paid approximately BRL 6.16 million (equivalent to approximately $ 1.1 million) in July 2024, (ii) agreed to certain undertakings regarding its compliance program, and (iii) has been granted immunity from debarment and other sanctions. As a result of this leniency agreement, the CGU dismissed its pending administrative action against the Brazilian subsidiary over alleged procurement violations. In 2023, the Company accrued $ 1.2 million in respect of losses that might be incurred in connection with the investigation by the CGU and AGU into the matters voluntarily disclosed by the Company’s Brazilian subsidiary to them, with such accrued amount included as a component of “Accounts payable, accrued expenses, and operating lease liabilities” in the Consolidated Balance Sheet as of December 31, 2023. During the third quarter of 2024, the Company paid approximately $ 1.1 million in cash in respect of these matters as indicated above. The Company’s Brazilian subsidiary continues to cooperate with requests from government agencies related to the above matters. As of September 30, 2024, the Company remained unable to reasonably estimate a range of loss beyond the third quarter payment described above. Daedalus Matter On November 4, 2020, a complaint was filed against the Company in the U.S. District Court for the Eastern District of Virginia by a patent assertion entity called Daedalus Blue, LLC (“Daedalus”). In its complaint, Daedalus alleged that the Company infringed U.S. Patent Nos. 8,341,172 (the “’172 Patent”) and 9,032,076 (the “’076 Patent”) based on specific functionality in the MicroStrategy platform. The ’172 Patent relates to a method for providing aggregate data access in response to a query, whereas the ’076 Patent relates to a role-based access control system. On January 29, 2024, the parties executed a settlement agreement pursuant to which the Company received a fully paid-up license to all patents owned by Daedalus as of January 5, 2024, including the ’172 Patent and the ’076 Patent and filed a stipulation of dismissal with the court on February 27, 2024, which the court entered the same day thereby dismissing the case with prejudice. False Claims Act Matter On August 31, 2022, the District of Columbia (the “District”), through its Office of the Attorney General, filed a civil complaint in the Superior Court of the District of Columbia naming as defendants (i) Michael J. Saylor, the Chairman of the Company’s Board of Directors and the Company’s Executive Chairman, in his personal capacity, and (ii) the Company. The District sought, among other relief, monetary damages under the District’s False Claims Act for the alleged failure of Mr. Saylor to pay personal income taxes to the District over a number of years together with penalties, interest, and treble damages. The complaint alleged in the sole claim against the Company that it violated the District’s False Claims Act by conspiring to assist Mr. Saylor’s alleged failure to pay personal income taxes. On May 31, 2024, the District, Mr. Saylor, and the Company stipulated to the entry of a Consent Order and Judgment (“Consent Order”) with the court pursuant to which the District, upon receipt of all amounts due under the Consent Order, released Mr. Saylor and the Company from all claims and liabilities that the District asserted, could have asserted, or may assert in the future based on the conduct described in the complaints filed in the case. Under the Consent Order, Mr. Saylor and the Company did not admit to any of the allegations encompassed by the conduct described in the complaint, any violation of law or regulation, any other matter of fact or law, or any liability or wrongdoing, and agreed to pay $ 40,000,000 to the District to settle the case and resolve the litigation with the District. Pursuant to a separate agreement between Mr. Saylor and the Company, Mr. Saylor paid this settlement amount to the District in full and the Company is not obligated to make any contribution to this settlement payment. On July 15, 2024, Mr. Saylor and the Company entered into a separate agreement with counsel to Tributum, LLC, the relator in the case (“Relator”), to resolve the amount due to such counsel in satisfaction of Relator’s claims for statutory expenses, attorneys’ fees and costs. Pursuant to the separate agreement between Mr. Saylor and the Company, Mr. Saylor paid this settlement amount in full and the Company is not obligated to make any contribution to this settlement payment. Various Legal Proceedings and Contingent Liabilities The Company is also involved in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, management does not expect the resolution of these legal proceedings to have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company has contingent liabilities that, in management’s judgment, are not probable of assertion. If such unasserted contingent liabilities were to be asserted, or become probable of assertion, the Company may be required to record significant expenses and liabilities in the period in which these liabilities are asserted or become probable of assertion.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(7) Income Taxes The Company computes its year-to-date provision for (benefit from) income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for (benefit from) income taxes for discrete tax items recorded in the period. The estimated effective tax rate is subject to fluctuation based on the level and mix of earnings and losses by tax jurisdiction, foreign tax rate differentials, and the relative impact of permanent book to tax differences. Each quarter, a cumulative adjustment is recorded for any fluctuations in the estimated annual effective tax rate as compared to the prior quarter. As a result of these factors, and due to potential changes in the Company’s period-to-period results, fluctuations in the Company’s effective tax rate and respective tax provisions or benefits may occur. For the nine months ended September 30, 2024, the Company recorded a benefit from income taxes of $ 411.8 million on a pretax loss of $ 907.6 million, which resulted in an effective tax rate of 45.4 %. For the nine months ended September 30, 2023, the Company recorded a benefit from income taxes of $ 403.9 million on a pretax loss of $ 63.9 million, which resulted in an effective tax rate of 632.2 %. During the nine months ended September 30, 2024, the Company’s benefit from income taxes primarily related to tax benefits (i) from an increase in the Company’s deferred tax asset related to the impairment on its bitcoin holdings and (ii) related to share-based compensation (including the income tax effects of exercises of stock options and vesting of share-settled restricted stock units). During the nine months ended September 30, 2023, the Company’s benefit from income taxes primarily related to the release of a portion of the valuation allowance on the Company’s deferred tax asset related to the impairment on its bitcoin holdings, attributable to the increase in market value of bitcoin as of September 30, 2023 compared to December 31, 2022. As of September 30, 2024 , the Company had a valuation allowance of $ 1.4 million primarily related to the Company’s deferred tax assets related to foreign tax credits in certain jurisdictions that, in the Company’s present estimation, more likely than not will not be realized. As of September 30, 2024, the excess of the market value of the Company’s bitcoin over the cost basis of the Company’s bitcoin results in a significant built-in gain for tax purposes and is therefore a source of future taxable income that is expected to allow all of the U.S. net deferred tax assets to be realized. If the market value of bitcoin declines in future periods, the Company would need to assess other sources of forecasted taxable income of proper character, which could result in additional valuation allowances being recorded. The Company will continue to regularly assess the realizability of deferred tax assets. The Company records liabilities related to its uncertain tax positions. As of September 30, 2024 , the Company had gross unrecognized income tax benefits, including accrued interest, of $ 8.7 million, of which $ 3.9 million was recorded in “Other long-term liabilities” and $ 4.8 million was recorded in “Deferred tax assets, net” in the Company’s Consolidated Balance Sheet. As of December 31, 2023 , the Company had gross unrecognized income tax benefits, including accrued interest, of $ 8.3 million, all of which was recorded in “Other long-term liabilities” in the Company’s Consolidated Balance Sheet. As of September 30, 2024 and December 31, 2023 , the Company had income taxes receivable of $ 5.9 million and $ 15.3 million, respectively, recorded in “Prepaid expenses and other current assets” in the Company’s Consolidated Balance Sheets.

Share-based Compensation

Share-based Compensation	9 Months Ended
Share-based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	(8) Share-based Compensation Stock Incentive Plans Prior to its expiration, the Company maintained the 2013 Stock Incentive Plan (as amended, the “2013 Equity Plan”), under which the Company’s employees, officers, and directors were awarded various types of share-based compensation, including options to purchase shares of the Company’s class A common stock, restricted stock units, and other stock-based awards. In May 2023 , the 2013 Equity Plan expired and no new awards may be granted under the 2013 Equity Plan, although awards previously granted under the 2013 Equity Plan will continue to remain outstanding in accordance with their terms. The Company maintains the 2023 Equity Incentive Plan (the “2023 Equity Plan”) under which the Company’s employees, officers, directors, and other eligible participants may be awarded various types of share-based compensation, including options to purchase shares of the Company’s class A common stock, restricted stock units, performance stock units, and other stock-based awards. An aggregate of up to 19,327,030 shares of the Company’s class A common stock were authorized for issuance under the 2023 Equity Plan. As of September 30, 2024, there were 2,525,109 shares of class A common stock reserved and available for future issuance under the 2023 Equity Plan. The 2013 Equity Plan and the 2023 Equity Plan together are referred to herein as the “Stock Incentive Plans.” Stock option awards As of September 30, 2024, there were options to purchase 5,678,227 shares of class A common stock outstanding under the Stock Incentive Plans. The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the nine months ended September 30, 2024: Stock Options Outstanding Weighted Average Aggregate Weighted Average Exercise Price Intrinsic Remaining Contractual Shares Per Share Value Term (Years) Balance as of January 1, 2024 12,936 $ 28.68 Granted 91 $ 159.47 Exercised ( 7,141 ) $ 22.06 $ 634,522 Forfeited/Expired ( 208 ) $ 45.25 Balance as of September 30, 2024 5,678 $ 38.50 Exercisable as of September 30, 2024 3,052 $ 34.21 $ 410,163 6.0 Expected to vest as of September 30, 2024 2,626 $ 43.48 $ 328,599 7.5 Total 5,678 $ 38.50 $ 738,762 6.7 Stock options outstanding as of September 30, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years): Stock Options Outstanding at September 30, 2024 Weighted Average Weighted Average Exercise Price Remaining Contractual Range of Exercise Prices per Share Shares Per Share Term (Years) $ 12.45 - $ 20.00 1,650 $ 15.64 5.3 $ 20.01 - $ 30.00 1,038 $ 24.98 8.1 $ 30.01 - $ 40.00 23 $ 30.16 8.7 $ 40.01 - $ 50.00 1,688 $ 41.14 7.3 $ 60.01 - $ 70.00 1,188 $ 69.12 6.4 $ 150.01 - $ 159.93 91 $ 159.47 9.5 Total 5,678 $ 38.50 6.7 An aggregate of 1,609,650 stock options with an aggregate grant date fair value of $ 40.2 million vested during the nine months ended September 30, 2024 . The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $ 111.23 and $ 19.09 for each share subject to a stock option granted during the nine months ended September 30, 2024 and 2023, respectively, based on the following assumptions: Nine Months Ended September 30, 2024 2023 Expected term of awards in years 5.5 - 6.3 5.5 - 6.3 Expected volatility 75.1 % - 82.8 % 71.8 % - 74.1 % Risk-free interest rate 4.2 % - 4.5 % 3.7 % - 3.9 % Expected dividend yield 0.0 % 0.0 % For the three and nine months ended September 30, 2024, the Company recognized approximately $ 9.9 million and $ 30.0 million, respectively, in share-based compensation expense from stock options granted under the Stock Incentive Plans. For the three and nine months ended September 30, 2023, the Company recognized approximately $ 10.5 million and $ 33.9 million, respectively, in share-based compensation expense from stock options granted under the Stock Incentive Plans. As of September 30, 2024, there was approximately $ 45.8 million of total unrecognized share-based compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average vesting period of approximately 1.8 years. Share-settled restricted stock units As of September 30, 2024, there were 1,428,401 share-settled restricted stock units outstanding under the Stock Incentive Plans. The following table summarizes the Company’s share-settled restricted stock unit activity (in thousands) for the periods indicated: Share-Settled Restricted Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2024 1,852 Granted 322 Vested ( 428 ) $ 63,386 Forfeited ( 318 ) Balance as of September 30, 2024 1,428 Expected to vest as of September 30, 2024 1,428 $ 240,828 During the nine months ended September 30, 2024, 427,990 share-settled restricted stock units having an aggregate grant date fair value of $ 15.0 million vested, and 25,060 shares were withheld to satisfy tax obligations, resulting in 402,930 issued shares. In the second quarter of 2024, the Company transitioned from a “net settlement” approach, which it previously used in nearly all jurisdictions in which restricted stock units were granted, to generally using a “sell-to-cover” approach for settling its share-settled restricted stock units. Under a “net settlement” approach, when settling restricted stock units, the Company withholds shares equal in value to the statutory withholding obligations and pays the tax withholding amount from its own cash reserves. Under a “sell-to-cover” approach, shares underlying vested awards are issued in full and participants sell shares in the market in amounts necessary to satisfy statutory withholding obligations. The tax withholding obligations are therefore satisfied with proceeds from these sales rather than from the Company’s cash reserves. During the nine months ended September 30, 2023 , 188,910 share-settled restricted stock units having an aggregate grant date fair value of $ 9.0 million vested, and 48,170 shares were withheld to satisfy tax obligations, resulting in 140,740 issued shares. The weighted average grant date fair value of share-settled restricted stock units granted during the nine months ended September 30, 2024 and 2023 was $ 144.88 and $ 28.01 , respectively, based on the fair value of the Company’s class A common stock. For the three and nine months ended September 30, 2024, the Company recognized approximately $ 6.2 million and $ 18.3 million, respectively, in share-based compensation expense from share-settled restricted stock units granted under the Stock Incentive Plans. For the three and nine months ended September 30, 2023, the Company recognized approximately $ 4.9 million and $ 12.2 million, respectively, in share-based compensation expense from share-settled restricted stock units granted under the Stock Incentive Plans. As of September 30, 2024, there was approximately $ 64.9 million of total unrecognized share-based compensation expense related to unvested share-settled restricted stock units, which the Company expects to recognize over a weighted average vesting period of approximately 3.0 years. Share-settled performance stock units As of September 30, 2024, there were 302,850 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the periods indicated: Share-Settled Performance Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2024 254 Granted 56 Vested 0 $ 0 Forfeited ( 7 ) Balance as of September 30, 2024 303 Expected to vest as of September 30, 2024 303 $ 102,121 The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $ 307.13 and $ 48.62 for each performance stock unit granted during the nine months ended September 30, 2024 and 2023, respectively, based on the following assumptions: Nine Months Ended September 30, 2024 2023 Expected term of awards in years 3.0 3.0 Expected volatility 92.7 % 95.6 % Risk-free interest rate 4.4 % 4.1 % Expected dividend yield 0.0 % 0.0 % No performance stock units vested during the nine months ended September 30, 2024 and 2023. For the three and nine months ended September 30, 2024, the Company recognized approximately $ 2.4 million and $ 5.9 million, respectively, in share-based compensation expense from performance stock units granted under the 2023 Equity Plan. For the three and nine months ended September 30, 2023, the Company recognized approximately $ 1.0 million and $ 1.3 million, respectively, in share-based compensation expense from performance stock units granted under the 2023 Equity Plan. As of September 30, 2024, there was approximately $ 21.0 million of total unrecognized share-based compensation expense related to unvested performance stock units, which the Company expects to recognize over a weighted average vesting period of approximately 2.2 years. Other stock-based awards and cash-settled restricted stock units From time to time the Company has granted “other stock-based awards” and “cash-settled restricted stock units” under the 2013 Equity Plan. Other stock-based awards are similar to stock options, and cash-settled restricted stock units are similar to the Company’s share-settled restricted stock units, except in each case these awards are settled in cash only and not in shares of the Company’s class A common stock. Due to their required cash settlement feature, these awards are classified as liabilities in the Company’s Consolidated Balance Sheets and the fair value of the awards is remeasured each quarterly reporting period. For the three and nine months ended September 30, 2024, the Company recognized approximately $ 0.3 million and $ 2.2 million, respectively, in share-based compensation expense from other stock-based awards and cash-settled restricted stock units. For the three months ended September 30, 2023, the share-based compensation expense from other stock-based awards and cash-settled restricted stock units was not material. For the nine months ended September 30, 2023, the Company recognized approximately $ 1.1 million in share-based compensation expense from other stock-based awards and cash-settled restricted stock units. As of September 30, 2024, there was approximately $ 0.3 million of total unrecognized share-based compensation expense related to other stock-based awards and cash-settled restricted stock units, which the Company expects to recognize over a weighted average vesting period of approximately 0.4 years, subject to additional fair value adjustments through the earlier of settlement or expiration. 2021 ESPP The Company also maintains the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The purpose of the 2021 ESPP is to provide eligible employees of the Company and certain of its subsidiaries with opportunities to purchase shares of the Company’s class A common stock in 6-month offering periods commencing on each March 1 and September 1. An aggregate of 1,000,000 shares of the Company’s class A common stock has been authorized for issuance under the 2021 ESPP. During the nine months ended September 30, 2024, 93,668 shares of class A common stock were issued in connection with the 2021 ESPP. As of September 30, 2024, 502,402 shares of the Company’s class A common stock remained available for issuance under the 2021 ESPP. For the three and nine months ended September 30, 2024, the Company recognized approximately $ 0.6 million and $ 1.4 million, respectively, in share-based compensation expense related to the 2021 ESPP. For the three and nine months ended September 30, 2023, the Company recognized approximately $ 0.4 million and $ 1.4 million, respectively, in share-based compensation expense related to the 2021 ESPP. As of September 30, 2024, there was approximately $ 1.1 million of total unrecognized share-based compensation expense related to the 2021 ESPP, which the Company expects to recognize over a period of approximately 0.4 years. Tax Benefits Related to Equity Plans The following table summarizes the tax (benefit) expense related to the Company’s equity plans (in thousands) for the three and nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Tax (benefit) expense related to: Share-based compensation expense $ ( 3,407 ) $ ( 3,417 ) $ ( 11,486 ) $ ( 9,396 ) Exercises of stock options and vesting of share-settled restricted stock units ( 2,726 ) 813 ( 159,992 ) 1,098 Total tax benefit related to the Company's equity plans $ ( 6,133 ) $ ( 2,604 ) $ ( 171,478 ) $ ( 8,298 )

Basic and Diluted (Loss) Earnin

Basic and Diluted (Loss) Earnings per Share	9 Months Ended
Basic and Diluted (Loss) Earnings per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted (Loss) Earnings per Share	(9) Basic and Diluted (Loss) Earnings per Share The Company has two classes of common stock: class A common stock and class B common stock. Holders of class A common stock generally have the same rights, including rights to dividends, as holders of class B common stock, except that holders of class A common stock have one vote per share while holders of class B common stock have ten votes per share. 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. As such, basic and fully diluted earnings per share for class A common stock and for class B common stock are the same. The Company has never declared or paid any cash dividends on either class A or class B common stock. As of September 30, 2024 and December 31, 2023 , there were no shares of preferred stock issued or outstanding. The impact from potential shares of common stock on the diluted earnings per share calculation are included when dilutive. Potential shares of class A common stock issuable upon the exercise of outstanding stock options, the vestin g of restricted stock units and performance stock units considered probable of achievement, and in connection with the 2021 ESPP are computed using the treasury stock method. Potential shares of class A common stock issuable upon conversion of the Convertible Notes are computed using the if-converted method. In computing diluted earnings per share, the Company first calculates the earnings per incremental share (“EPIS”) for each class of potential shares of common stock and ranks the classes from the most dilutive (i.e., lowest EPIS) to the least dilutive (i.e., highest EPIS). Basic earnings per share is then adjusted for the effect of each class of shares, in sequence and cumulatively, until a particular class no longer produces further dilution. The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data) for the periods indicated. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Numerator: Net (loss) income - Basic $ ( 340,174 ) $ ( 143,441 ) $ ( 495,851 ) $ 339,995 Effect of dilutive shares on net (loss) income: Interest expense on 2025 Convertible Notes, net of tax 0 0 0 4,255 Interest expense on 2027 Convertible Notes, net of tax 0 0 0 2,165 Net (loss) income - Diluted $ ( 340,174 ) $ ( 143,441 ) $ ( 495,851 ) $ 346,415 Denominator: Weighted average common shares of class A common stock 177,633 122,574 163,055 97,008 Weighted average common shares of class B common stock 19,640 19,640 19,640 19,640 Total weighted average shares of common stock outstanding - Basic 197,273 142,214 182,695 116,648 Effect of dilutive shares on weighted average common shares outstanding: Stock options 0 0 0 4,307 Restricted stock units 0 0 0 428 Performance stock units 0 0 0 78 Employee stock purchase plan 0 0 0 2 2025 Convertible Notes 0 0 0 16,332 2027 Convertible Notes 0 0 0 7,330 Total weighted average shares of common stock outstanding - Diluted 197,273 142,214 182,695 145,125 (Loss) earnings per share: Basic (loss) earnings per share (1) $ ( 1.72 ) $ ( 1.01 ) $ ( 2.71 ) $ 2.91 Diluted (loss) earnings per share (1) $ ( 1.72 ) $ ( 1.01 ) $ ( 2.71 ) $ 2.39 (1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same. For the three and nine months ended September 30, 2024 and 2023, the following weighted average shares of potential class A common stock were excluded from the diluted (loss) earnings per share calculation because their impact would have been anti-dilutive (in thousands). Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options 5,823 14,056 7,481 6,333 Restricted stock units 1,587 2,042 1,756 339 Performance stock units 606 516 576 0 Employee stock purchase plan 8 27 13 18 2025 Convertible Notes 0 16,332 6,664 0 2027 Convertible Notes 7,330 7,330 7,330 0 2028 Convertible Notes 719 0 240 0 2030 Convertible Notes 5,342 0 4,031 0 2031 Convertible Notes 2,594 0 1,863 0 2032 Convertible Notes 3,915 0 1,506 0 Total 27,924 40,303 31,460 6,690

At-the-Market Equity Offerings

At-the-Market Equity Offerings	9 Months Ended
At-the-Market Equity Offerings	Sep. 30, 2024
At Market Equity Offerings [Abstract]
At-the-Market Equity Offerings	(10) At-the-Market Equity Offerings From time to time, the Company has entered into sales agreements with agents pursuant to which the Company could issue and sell shares of its class A common stock through at-the-market equity offering programs. Pursuant to these agreements, the Company agreed to pay the sales agents commissions for their services in acting as agents with respect to the sale of shares through the at-the-market equity offering programs and also agreed to provide the sales agents with reimbursement for certain incurred expenses and customary indemnification and contribution rights. The following table summarizes the terms and provisions of each sales agreement, and pursuant to each at-the-market equity offering program that was active during the nine months ended September 30, 2024 and the year ended December 31, 2023. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each at-the-market equity offering program in the following table are reported in thousands. August 2024 Sales Agreement November 2023 Sales Agreement August 2023 Sales Agreement May 2023 Sales Agreement 2022 Sales Agreement Agreement effective date August 1, 2024 November 30, 2023 August 1, 2023 May 1, 2023 September 9, 2022 Maximum aggregate offering price $ 2,000,000 $ 750,000 $ 750,000 $ 625,000 $ 500,000 Maximum commissions payable to sales agents on gross proceeds from the sale of shares 2.0 % 2.0 % 2.0 % 2.0 % 2.0 % Date terminated n/a July 31, 2024 November 29, 2023 August 1, 2023 May 1, 2023 As of September 30, 2024: Cumulative shares sold under such sales agreement 8,048,449 12,720,770 15,929,500 10,791,700 15,674,300 Cumulative net proceeds received from shares sold under such sales agreement $ 1,105,141 $ 747,025 $ 737,760 $ 333,494 $ 385,181 Maximum aggregate offering price remaining available for sale under such sales agreement $ 891,286 n/a n/a n/a n/a The following table summarizes the sales activity of each sales agreement that was active during 2024 or 2023 for the periods indicated. The net proceeds (less sales commissions and expenses) for each at-the-market equity offering program are reported in thousands. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Number of shares sold under such sales agreement: 2022 Sales Agreement n/a n/a n/a 13,488,550 May 2023 Sales Agreement n/a 0 n/a 10,791,700 August 2023 Sales Agreement n/a 4,033,620 n/a 4,033,620 November 2023 Sales Agreement 0 n/a 1,951,620 n/a August 2024 Sales Agreement 8,048,449 n/a 8,048,449 n/a Total shares sold pursuant to at-the-market equity offering programs 8,048,449 4,033,620 10,000,069 28,313,870 Net proceeds received from shares sold under such sales agreement: 2022 Sales Agreement n/a n/a n/a $ 338,962 May 2023 Sales Agreement n/a 0 n/a 333,494 August 2023 Sales Agreement n/a 147,218 n/a 147,218 November 2023 Sales Agreement 0 n/a 137,152 n/a August 2024 Sales Agreement 1,105,141 n/a 1,105,141 n/a Total net proceeds received from shares sold pursuant to at-the-market equity offering programs $ 1,105,141 $ 147,218 $ 1,242,293 $ 819,674 The sales commissions and expenses related to each of the above at-the-market equity offering programs ar e considered direct and incremental costs and are charged against “Additional paid-in capital” on the Consolidated Balance Sheet in the period in which the corresponding shares are issued and sold.

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	(11) Segment Information The Company manages its business in one reportable operating segment which is engaged in the design, development, marketing, and sales of its software platform through licensing arrangements and cloud subscriptions and related services. Beginning in 2024, the Company has broken out a Corporate & Other category, which is not considered an operating segment, and includes the impairment charges and other third-party costs associated with the Company’s digital asset holdings. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, does not manage the software segment operating results or allocate resources to the software segment when considering these Corporate & Other costs. The following tables present the breakout of the operations of the software segment and the Corporate & Other costs (in thousands) for the periods indicated: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Software Business Corporate & Other Total Consolidated Software Business Corporate & Other Total Consolidated Total revenues $ 116,071 $ 116,071 $ 129,462 $ 129,462 Total cost of revenues 34,349 34,349 26,661 26,661 Gross profit $ 81,722 $ 81,722 $ 102,801 $ 102,801 Total operating expenses 100,182 414,122 514,304 93,725 34,323 128,048 (Loss) income from operations $ ( 18,460 ) $ ( 414,122 ) $ ( 432,582 ) $ 9,076 $ ( 34,323 ) $ ( 25,247 ) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Software Business Corporate & Other Total Consolidated Software Business Corporate & Other Total Consolidated Total revenues $ 342,759 $ 342,759 $ 371,777 $ 371,777 Total cost of revenues 95,299 95,299 81,723 81,723 Gross profit $ 247,460 $ 247,460 $ 290,054 $ 290,054 Total operating expenses 295,541 788,477 1,084,018 283,733 78,583 362,316 (Loss) income from operations $ ( 48,081 ) $ ( 788,477 ) $ ( 836,558 ) $ 6,321 $ ( 78,583 ) $ ( 72,262 ) The following table presents total revenues, gross profit, (loss) income from operations, and long-lived assets (in thousands) according to geographic region. Long-lived assets are comprised of right-of-use assets and property and equipment, net. The Corporate & Other category disclosed above is included within the U.S. region. Geographic regions: U.S. EMEA Other Regions Consolidated Three months ended September 30, 2024 Total revenues $ 63,958 $ 38,952 $ 13,161 $ 116,071 Gross profit $ 42,306 $ 30,874 $ 8,542 $ 81,722 (Loss) income from operations $ ( 441,144 ) $ 15,062 $ ( 6,500 ) $ ( 432,582 ) Three months ended September 30, 2023 Total revenues $ 71,788 $ 40,222 $ 17,452 $ 129,462 Gross profit $ 56,723 $ 32,574 $ 13,504 $ 102,801 (Loss) income from operations $ ( 41,534 ) $ 18,461 $ ( 2,174 ) $ ( 25,247 ) Nine months ended September 30, 2024 Total revenues $ 192,115 $ 114,273 $ 36,371 $ 342,759 Gross profit $ 132,949 $ 90,964 $ 23,547 $ 247,460 (Loss) income from operations $ ( 862,349 ) $ 44,602 $ ( 18,811 ) $ ( 836,558 ) Nine months ended September 30, 2023 Total revenues $ 212,892 $ 115,351 $ 43,534 $ 371,777 Gross profit $ 167,692 $ 91,080 $ 31,282 $ 290,054 (Loss) income from operations $ ( 107,029 ) $ 47,864 $ ( 13,097 ) $ ( 72,262 ) As of September 30, 2024 Long-lived assets $ 72,241 $ 4,102 $ 6,482 $ 82,825 As of December 31, 2023 Long-lived assets $ 75,004 $ 3,937 $ 7,343 $ 86,284 The EMEA region includes operations in Europe, the Middle East, and Africa. The other regions include all other foreign countries, generally comprising Latin America, the Asia Pacific region, and Canada. For the three months ended September 30, 2024 , Germany accounted for 10% or more of total consolidated revenues. For the three months ended September 30, 2023 and the nine months ended September 30, 2024 and 2023 , no individual foreign country accounted for 10% or more of total consolidated revenues. For the three and nine months ended September 30, 2024 and 2023 , no individual customer accounted for 10% or more of total consolidated revenues. As of September 30, 2024 and December 31, 2023 , no individual foreign country accounted for 10% or more of total consolidated assets.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	(12) Related Party Transactions Saylor Indemnification Agreements On June 24, 2022, concurrently with binding directors and officers (“D&Os”) liability insurance policies (the “Initial Commercial Policies”) with several third-party carriers, the Company and Michael J. Saylor, the Company’s Chairman of the Board of Directors and Executive Chairman, entered into (i) an indemnification agreement (the “Excess Agreement”) for Mr. Saylor to provide $ 10 million in excess indemnity coverage payable only after the exhaustion of the Initial Commercial Policies, and (ii) an indemnification agreement (the “Tail Agreement”) for Mr. Saylor to provide $ 40 million in indemnity coverage for claims made at any time based on actions or omissions occurring prior to the inception date of the Initial Commercial Policies. The Company paid Mr. Saylor $ 600,000 for a one-year term under the Excess Agreement , and $ 150,000 for a 90-day term under the Tail Agreement . At the option of the Company, the Company was permitted to extend the term under the Tail Agreement for up to a total of twenty-three additional 90 -day periods, for $ 150,000 per additional 90-day term. The Company elected to extend the term of the Tail Agreement for three consecutive additional 90 -day periods and paid Mr. Saylor $ 150,000 for each extension. On August 30, 2022, the Company bound additional D&O liability insurance policies (the “Excess Commercial Policies”) with third-party carriers for excess coverage payable only after the exhaustion of the Initial Commercial Policies. Effective as of the same date, the Company and Mr. Saylor executed an amendment (the “Amendment”) to the Excess Agreement to limit Mr. Saylor’s obligation to provide indemnification under the Excess Agreement to claims made during the term of the Excess Agreement which arise from wrongful acts occurring upon or after the commencement of the Excess Agreement but prior to the effective date of the Amendment. In connection with the Amendment, Mr. Saylor refunded $ 489,863 to the Company, representing the pro rata portion of the $ 600,000 originally paid by the Company to Mr. Saylor under the Excess Agreement attributable to the period from the date of the Amendment through the end of the original term of the Excess Agreement. On June 12, 2023, the Company bound new D&O liability insurance policies (the “2023 Commercial Policies”) with third-party carriers that provide coverage substantially equivalent to the aggregate coverage provided under the Initial Commercial Policies and the Excess Commercial Policies for a policy period running from June 12, 2023 through June 12, 2024 except that the 2023 Commercial Policies also provide coverage for claims made with respect to wrongful acts or omissions occurring prior to the binding of the Initial Commercial Policies subject to exclusions with respect to claims previously noticed to and accepted by an earlier D&O insurer, claims related to acts or omissions giving rise to such claims, and demands, investigations, suits or other proceedings entered against an insured prior to June 24, 2022, as well as future interrelated wrongful acts. On June 12, 2023, the Company entered into a new indemnification agreement with Mr. Saylor (the “2023 Tail Agreement”) pursuant to which Mr. Saylor agreed to provide coverage that is similar to the coverage provided under the Tail Agreement, but only for matters excluded from coverage under the 2023 Commercial Policies for an initial one-year term for a payment of $ 157,000 . Pursuant to the terms of the 2023 Tail Agreement, the Company has elected to extend the term of the 2023 Tail Agreement for a period of one-year commencing on June 12, 2024, and has paid Mr. Saylor $ 157,000 during the three months ended June 30, 2024. The Company may elect, at its option, to extend the term under the 2023 Tail Agreement for up to a total of three additional one-year periods, for $ 157,000 per additional one-year term. The Excess Agreement, Tail Agreement and other related party transactions between the Company and Mr. Saylor are described more fully in Note 17 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Allocation Agreements In connection with the Consent Order disclosed in Note 6, Commitments and Contingencies, to the Consolidated Financial Statements, on May 31, 2024 , the Company and Mr. Saylor entered into an agreement pursuant to which Mr. Saylor and the Company agreed that Mr. Saylor would pay $ 40,000,000 due to the District to settle the case and resolve the litigation with the District. Pursuant to a separate agreement between Mr. Saylor and the Company, Mr. Saylor paid this settlement amount to the District in full and the Company is not obligated to make any contribution to the settlement payment. On July 15, 2024, Mr. Saylor and the Company entered into a separate agreement with counsel to the Relator to resolve the amount due to such counsel in satisfaction of Relator’s claims for statutory expenses, attorneys’ fees and costs. Pursuant to the separate agreement between Mr. Saylor and the Company, Mr. Saylor paid this settlement amount in full and the Company is not obligated to make any contribution to this settlement payment.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	(13) Subsequent Events Digital asset impairment The Company has incurred at least $ 18.9 million in digital asset impairment losses during the fourth quarter of 2024 on bitcoin held as of September 30, 2024. See Note 3, Digital Assets, to the Consolidated Financial Statements for further detail on accounting for digital assets. At-the-market equity offering On October 30, 2024, the Company filed a prospectus for a new at-the-market equity offering program pursuant to which the Company may sell class A common stock having an aggregate offering price of up to $ 21 billion from time to time, through TD Securities (USA) LLC, Barclays Capital Inc., The Benchmark Company, LLC, BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Maxim Group LLC, Mizuho Securities USA LLC, and SG Americas Securities, LLC, as agents (the “October 2024 Sales Agents”) under a sales agreement dated October 30, 2024 (the “October 2024 Sales Agreement”).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The accompanying Consolidated Financial Statements of MicroStrategy Incorporated (“MicroStrategy” or the “Company”) are unaudited. In the opinion of management, all adjustments necessary for a fair statement of financial position and results of operations have been included. All such adjustments are of a normal recurring nature, unless otherwise disclosed. Interim results are not necessarily indicative of results for a full year. On July 11, 2024, the Company announced a 10 -for-1 stock split of the Company’s class A common stock and class B common stock. The stock split was effected by means of a stock dividend to the holders of record of the Company’s class A common stock and class B common stock as of the close of business on August 1, 2024, the record date for the dividend. Shares held in treasury by the Company were not impacted by the stock split. The dividend was distributed after the close of trading on August 7, 2024 and trading commenced on a split-adjusted basis at market open on August 8, 2024. As a result of the stock split, all applicable share, per share, and equity award information has been retroactively adjusted in the Consolidated Financial Statements and Notes to Consolidated Financial Statements to reflect the stock split for all periods presented. The Consolidated Financial Statements and Notes to Consolidated Financial Statements are presented as required by the United States Securities and Exchange Commission (“SEC”) and do not contain certain information included in the Company’s annual financial statements and notes. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto filed with the SEC in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in the Company’s accounting policies since December 31, 2023. The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Digital Assets	The Company accounts for its digital assets, which are comprised solely of bitcoin, as indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other . The Company’s digital assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. Impairment losses are recognized as “Digital asset impairment losses” in the Company’s Consolidated Statement of Operations in the period in which the impairment occurs. Gains (if any) are not recorded until realized upon sale, at which point they are presented net of any impairment losses in the Company’s Consolidated Statements of Operations. In determining the gain to be recognized upon sale, the Company calculates the difference between the sales price and carrying value of the specific bitcoins sold immediately prior to sale.
Income Taxes	The Company computes its year-to-date provision for (benefit from) income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for (benefit from) income taxes for discrete tax items recorded in the period. The estimated effective tax rate is subject to fluctuation based on the level and mix of earnings and losses by tax jurisdiction, foreign tax rate differentials, and the relative impact of permanent book to tax differences. Each quarter, a cumulative adjustment is recorded for any fluctuations in the estimated annual effective tax rate as compared to the prior quarter.
Basic and Diluted Earnings per Share	The impact from potential shares of common stock on the diluted earnings per share calculation are included when dilutive. Potential shares of class A common stock issuable upon the exercise of outstanding stock options, the vestin g of restricted stock units and performance stock units considered probable of achievement, and in connection with the 2021 ESPP are computed using the treasury stock method. Potential shares of class A common stock issuable upon conversion of the Convertible Notes are computed using the if-converted method. In computing diluted earnings per share, the Company first calculates the earnings per incremental share (“EPIS”) for each class of potential shares of common stock and ranks the classes from the most dilutive (i.e., lowest EPIS) to the least dilutive (i.e., highest EPIS). Basic earnings per share is then adjusted for the effect of each class of shares, in sequence and cumulatively, until a particular class no longer produces further dilution.

Digital Assets (Tables)

Digital Assets (Tables)	9 Months Ended
Digital Assets (Tables)	Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Summary of Digital Asset Holdings, Digital Asset Purchases and Digital Asset Impairment Losses	The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of: September 30, December 31, 2024 2023 Approximate number of bitcoins held 252,220 189,150 Digital assets carrying value $ 6,850,879 $ 3,626,476 Cumulative digital asset impairment losses $ 3,052,820 $ 2,269,013 The following table summarizes the Company’s digital asset purchases and digital asset impairment losses (in thousands, except number of bitcoins) for the periods indicated. The Company did no t sell any of its bitcoins during the nine months ended September 30, 2024 or 2023, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Approximate number of bitcoins purchased 25,889 5,912 63,070 25,745 Digital asset purchases $ 1,575,073 $ 161,681 $ 4,008,210 $ 687,959 Digital asset impairment losses $ 412,084 $ 33,559 $ 783,807 $ 76,613

Contract Balances (Tables)

Contract Balances (Tables)	9 Months Ended
Contract Balances (Tables)	Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Accounts Receivable	Accounts receivable (in thousands) consisted of the following, as of: September 30, December 31, 2024 2023 Billed and billable $ 109,303 $ 186,884 Less: allowance for credit losses ( 2,134 ) ( 3,069 ) Accounts receivable, net $ 107,169 $ 183,815
Deferred Revenue and Advance Payments	Deferred revenue and advance payments (in thousands) from customers consisted of the following, as of: September 30, December 31, 2024 2023 Current: Deferred product licenses revenue $ 409 $ 3,579 Deferred subscription services revenue 74,164 65,512 Deferred product support revenue 106,866 152,012 Deferred other services revenue 2,963 7,059 Total current deferred revenue and advance payments $ 184,402 $ 228,162 Non-current: Deferred product licenses revenue $ 0 $ 0 Deferred subscription services revenue 3,373 3,097 Deferred product support revenue 2,635 4,984 Deferred other services revenue 336 443 Total non-current deferred revenue and advance payments $ 6,344 $ 8,524

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
Long-term Debt (Tables)	Sep. 30, 2024
Debt Instrument [Line Items]
Schedule of Debt	The net carrying value of the Company’s outstanding debt (in thousands) consisted of the following, as of: September 30, 2024 December 31, 2023 2025 Convertible Notes $ 0 $ 643,931 2027 Convertible Notes 1,040,339 1,037,306 2028 Convertible Notes 997,502 0 2030 Convertible Notes 784,194 0 2031 Convertible Notes 593,867 0 2032 Convertible Notes 786,754 0 2028 Secured Notes 0 491,193 Other long-term secured debt 9,802 10,161 Total $ 4,212,458 $ 2,182,591 Reported as: Current portion of long-term debt, net 509 483 Long-term debt, net 4,211,949 2,182,108 Total $ 4,212,458 $ 2,182,591
Summary the Key Terms of Each of the Convertible Notes	The following table summarizes the key terms of each of the Convertible Notes (principal at inception, net proceeds, and issuance costs are each reported in thousands): 2025 Convertible Notes 2027 Convertible Notes 2028 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Issuance Date December 2020 February 2021 September 2024 March 2024 March 2024 June 2024 Maturity Date (1) December 15, 2025 February 15, 2027 September 15, 2028 March 15, 2030 March 15, 2031 June 15, 2032 Principal at Inception $ 650,000 $ 1,050,000 $ 1,010,000 $ 800,000 $ 603,750 $ 800,000 Stated Interest Rate (2) 0.750 % 0.000 % 0.625 % 0.625 % 0.875 % 2.250 % Interest Payment Dates (3) June 15 & December 15 February 15 & August 15 March 15 & September 15 March 15 & September 15 March 15 & September 15 June 15 & December 15 Net Proceeds $ 634,749 $ 1,025,830 $ 997,375 $ 782,000 $ 592,567 $ 786,000 Issuance Costs (4) $ 15,251 $ 24,170 $ 12,625 $ 18,000 $ 11,183 $ 14,000 Effective Interest Rate (4) 1.23 % 0.39 % 1.05 % 1.14 % 1.30 % 2.63 % Date of Holder Put Option (5) n/a n/a September 15, 2027 September 15, 2028 September 15, 2028 June 15, 2029 Initial Conversion Rate (6) 25.126 6.981 5.4589 6.677 4.297 4.894 Initial Conversion Price (7) $ 39.80 $ 143.25 $ 183.19 $ 149.77 $ 232.72 $ 204.33 Convertible at any time after the following date (8) (9) June 13, 2024 August 15, 2026 March 15, 2028 September 15, 2029 September 15, 2030 December 15, 2031 Not redeemable by the Company prior to the following date (10) December 20, 2023 February 20, 2024 December 20, 2027 March 22, 2027 March 22, 2028 June 20, 2029 Redemption Date (11) July 15, 2024 n/a n/a n/a n/a n/a (1) “Maturity Date” is the stated maturity date under each applicable indenture governing such notes, unless earlier converted, redeemed, or repurchased in accordance with their terms. (2) Holders may receive additional or special interest under specified circumstances as outlined under each applicable indenture governing the Convertible Notes. (3) For the Convertible Notes issued in 2024, interest payments begin on (a) September 15, 2024 for each of the 2030 Convertible Notes and the 2031 Convertible Notes, (b) December 15, 2024 for the 2032 Convertible Notes, and (c) March 15, 2025 for the 2028 Convertible Notes. (4) “Issuance Costs” reflect the customary offering expenses associated with each of the Convertible Notes. The Company accounts for these issuance costs as a reduction to the principal amount of the respective Convertible Notes and amortizes the issuance costs to interest expense from the respective debt issuance dates through the earlier of the “Maturity Date” or the “Date of Holder Put Option,” if applicable, at the “Effective Interest Rates” stated in the table. (5) “Date of Holder Put Option” represents the respective dates upon which holders of the 2028 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for cash all or any portion of their respective notes at a repurchase price equal to 100 % of the principal amount of such notes to be repurchased, plus any accrued and unpaid interest to, but excluding the repurchase date. (6) The “Initial Conversion Rate” is stated in shares of the Company’s class A common stock per $ 1,000 principal amount. The conversion rates are subject to customary anti-dilution adjustments. In addition, following certain events that may occur prior to the respective maturity dates or if the Company delivers a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its respective Convertible Notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances as provided in each indenture governing the respective Convertible Notes. (7) The “Initial Conversion Price” is stated in dollars per share of the Company’s class A common stock. (8) On or after the stated dates until the close of business on the second scheduled trading day immediately preceding the respective maturity dates, holders may convert the Convertible Notes at any time. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s class A common stock, or a combination of cash and shares of class A common stock, at the Company’s election. For the 2025 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2025 Convertible Notes, which resulted in the 2025 Convertible Notes being convertible at any time thereafter until 5:00 p.m., New York City time, on July 11, 2024. See below under “Conversions and Redemption of 2025 Convertible Notes” for further information. (9) Prior to the respective dates, the Convertible Notes are convertible only under the following circumstances: (a) during any calendar quarter commencing after the calendar quarte r ending on March 31, 2021 for the 2025 Convertible Notes (of which all then outstanding notes were redeemed on July 15, 2024 ), on June 30, 2021 for the 2027 Convertible Notes, on June 30, 2024 for the 2030 Convertible Notes and 2031 Convertible Notes, on September 30, 2024 for the 2032 Convertible Notes, or on December 31, 2024 for the 2028 Convertible Notes (and only during such calendar quarter), if the last reported sale price of the Company’s class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price of the respective Convertible Notes on each applicable trading day; (b) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined under each applicable indenture governing the respective Convertible Notes) per $ 1,000 principal amount of the respective Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the Company’s class A common stock and the applicable conversion rate on each such trading day; (c) if the Company calls any or all of the respective Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (d) upon occurrence of specified corporate events as described in each applicable indenture governing the respective Convertible Notes. (10) The Company may redeem for cash all or a portion of the Convertible Notes at its option, on or after the stated dates, if the last reported sale price of the Company’s class A common stock has been at least 130 % of the conversion price of the respective Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100 % of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. See below “Conversions and Redemption of 2025 Convertible Notes” subsection for information regarding the Company’s notice of redemption of the 2025 Convertible Notes. (11) “Redemption Date” is the date on which the Company redeemed all outstanding 2025 Convertible Notes. See discussion further below under “Conversions and Redemption of 2025 Convertible Notes” pertaining to redemption of the 2025 Convertible Notes.
Schedule of Net Carrying Amount of Liability and Equity Component of Convertible Senior Notes	The following is a summary of the Company’s convertible debt instruments as of September 30, 2024 (in thousands): September 30, 2024 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2027 Convertible Notes 1,050,000 ( 9,661 ) 1,040,339 1,439,850 Level 2 2028 Convertible Notes 1,010,000 ( 12,498 ) 997,502 1,219,252 Level 2 2030 Convertible Notes 800,000 ( 15,806 ) 784,194 1,060,704 Level 2 2031 Convertible Notes 603,750 ( 9,883 ) 593,867 629,810 Level 2 2032 Convertible Notes 800,000 ( 13,246 ) 786,754 897,515 Level 2 Total $ 4,263,750 $ ( 61,094 ) $ 4,202,656 $ 5,247,131 The following is a summary of the Company’s convertible debt instruments as of December 31, 2023 (in thousands): December 31, 2023 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Convertible Notes $ 650,000 $ ( 6,069 ) $ 643,931 $ 1,074,713 Level 2 2027 Convertible Notes 1,050,000 ( 12,694 ) 1,037,306 913,808 Level 2 Total $ 1,700,000 $ ( 18,763 ) $ 1,681,237 $ 1,988,521
Schedule of Maturities of Debt Instruments	Maturities The following table shows the maturities of the Company’s debt instruments as of September 30, 2024 (in thousands). The principal payments related to the 2028 Convertible Notes are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2028 Convertible Notes on September 15, 2027. The principal payments related to the 2030 Convertible Notes and 2031 Convertible Notes, respectively, are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2030 Convertible Notes and 2031 Convertible Notes on September 15, 2028. The principal payments related to the 2032 Convertible Notes are included in the table below as if the holders exercised their right to require the Company to repurchase all of the 2032 Convertible Notes on June 15, 2029. Payments due by period ended September 30, 2027 Convertible Notes 2028 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Other long-term secured debt Total 2025 $ 0 $ 0 $ 0 $ 0 $ 0 $ 562 $ 562 2026 0 0 0 0 0 592 592 2027 1,050,000 1,010,000 0 0 0 8,787 2,068,787 2028 0 0 800,000 603,750 0 0 1,403,750 2029 0 0 0 0 800,000 0 800,000 Thereafter 0 0 0 0 0 0 0 Total $ 1,050,000 $ 1,010,000 $ 800,000 $ 603,750 $ 800,000 $ 9,941 $ 4,273,691
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Schedule of Interest Expense Related to Notes	For the three months ended September 30, 2024 and 2023, interest expense related to the 2028 Secured Notes was as follows (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 7,315 $ 423 $ 7,738 $ 7,657 $ 415 $ 8,072 For the nine months ended September 30, 2024 and 2023, interest expense related to the 2028 Secured Notes was as follows (in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 22,628 $ 1,287 $ 23,915 $ 22,969 $ 1,224 $ 24,193
Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Schedule of Interest Expense Related to Notes	For the nine months ended September 30, 2023, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Nine Months Ended September 30, 2023 Contractual Amortization of Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 3,781 $ 31 $ 3,812
Convertible Debt
Debt Instrument [Line Items]
Schedule of Interest Expense Related to Notes	For the three months ended September 30, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 23 $ 15 $ 38 $ 1,218 $ 762 $ 1,980 2027 Convertible Notes 0 1,012 1,012 0 1,008 1,008 2028 Convertible Notes 193 127 320 0 0 0 2030 Convertible Notes 1,250 974 2,224 0 0 0 2031 Convertible Notes 1,321 608 1,929 0 0 0 2032 Convertible Notes 4,500 659 5,159 0 0 0 Total $ 7,287 $ 3,395 $ 10,682 $ 1,218 $ 1,770 $ 2,988 For the nine months ended September 30, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 2,371 $ 1,494 $ 3,865 $ 3,656 $ 2,279 $ 5,935 2027 Convertible Notes 0 3,033 3,033 0 3,021 3,021 2028 Convertible Notes 193 127 320 0 0 0 2030 Convertible Notes 2,819 2,194 5,013 0 0 0 2031 Convertible Notes 2,833 1,300 4,133 0 0 0 2032 Convertible Notes 5,150 754 5,904 0 0 0 Total $ 13,366 $ 8,902 $ 22,268 $ 3,656 $ 5,300 $ 8,956

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
Share-based Compensation (Tables)	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the nine months ended September 30, 2024: Stock Options Outstanding Weighted Average Aggregate Weighted Average Exercise Price Intrinsic Remaining Contractual Shares Per Share Value Term (Years) Balance as of January 1, 2024 12,936 $ 28.68 Granted 91 $ 159.47 Exercised ( 7,141 ) $ 22.06 $ 634,522 Forfeited/Expired ( 208 ) $ 45.25 Balance as of September 30, 2024 5,678 $ 38.50 Exercisable as of September 30, 2024 3,052 $ 34.21 $ 410,163 6.0 Expected to vest as of September 30, 2024 2,626 $ 43.48 $ 328,599 7.5 Total 5,678 $ 38.50 $ 738,762 6.7
Schedule of Range of Exercise Prices per Share	Stock options outstanding as of September 30, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years): Stock Options Outstanding at September 30, 2024 Weighted Average Weighted Average Exercise Price Remaining Contractual Range of Exercise Prices per Share Shares Per Share Term (Years) $ 12.45 - $ 20.00 1,650 $ 15.64 5.3 $ 20.01 - $ 30.00 1,038 $ 24.98 8.1 $ 30.01 - $ 40.00 23 $ 30.16 8.7 $ 40.01 - $ 50.00 1,688 $ 41.14 7.3 $ 60.01 - $ 70.00 1,188 $ 69.12 6.4 $ 150.01 - $ 159.93 91 $ 159.47 9.5 Total 5,678 $ 38.50 6.7
Assumptions Used in Pricing Model	The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $ 111.23 and $ 19.09 for each share subject to a stock option granted during the nine months ended September 30, 2024 and 2023, respectively, based on the following assumptions: Nine Months Ended September 30, 2024 2023 Expected term of awards in years 5.5 - 6.3 5.5 - 6.3 Expected volatility 75.1 % - 82.8 % 71.8 % - 74.1 % Risk-free interest rate 4.2 % - 4.5 % 3.7 % - 3.9 % Expected dividend yield 0.0 % 0.0 %
Summary of Share-Settled Restricted Stock Unit Activity	The following table summarizes the Company’s share-settled restricted stock unit activity (in thousands) for the periods indicated: Share-Settled Restricted Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2024 1,852 Granted 322 Vested ( 428 ) $ 63,386 Forfeited ( 318 ) Balance as of September 30, 2024 1,428 Expected to vest as of September 30, 2024 1,428 $ 240,828
Summary of Share-Settled Performance Stock Unit Activity	As of September 30, 2024, there were 302,850 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the periods indicated: Share-Settled Performance Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2024 254 Granted 56 Vested 0 $ 0 Forfeited ( 7 ) Balance as of September 30, 2024 303 Expected to vest as of September 30, 2024 303 $ 102,121
Summary of Components of Tax (Benefit) Expense Related To Equity Plan	The following table summarizes the tax (benefit) expense related to the Company’s equity plans (in thousands) for the three and nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Tax (benefit) expense related to: Share-based compensation expense $ ( 3,407 ) $ ( 3,417 ) $ ( 11,486 ) $ ( 9,396 ) Exercises of stock options and vesting of share-settled restricted stock units ( 2,726 ) 813 ( 159,992 ) 1,098 Total tax benefit related to the Company's equity plans $ ( 6,133 ) $ ( 2,604 ) $ ( 171,478 ) $ ( 8,298 )
Share-settled Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Assumptions Used in Pricing Model	The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $ 307.13 and $ 48.62 for each performance stock unit granted during the nine months ended September 30, 2024 and 2023, respectively, based on the following assumptions: Nine Months Ended September 30, 2024 2023 Expected term of awards in years 3.0 3.0 Expected volatility 92.7 % 95.6 % Risk-free interest rate 4.4 % 4.1 % Expected dividend yield 0.0 % 0.0 %

Basic and Diluted (Loss) Earn_2

Basic and Diluted (Loss) Earnings per Share (Tables)	9 Months Ended
Basic and Diluted (Loss) Earnings per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted (Loss) Earnings per Share	The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data) for the periods indicated. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Numerator: Net (loss) income - Basic $ ( 340,174 ) $ ( 143,441 ) $ ( 495,851 ) $ 339,995 Effect of dilutive shares on net (loss) income: Interest expense on 2025 Convertible Notes, net of tax 0 0 0 4,255 Interest expense on 2027 Convertible Notes, net of tax 0 0 0 2,165 Net (loss) income - Diluted $ ( 340,174 ) $ ( 143,441 ) $ ( 495,851 ) $ 346,415 Denominator: Weighted average common shares of class A common stock 177,633 122,574 163,055 97,008 Weighted average common shares of class B common stock 19,640 19,640 19,640 19,640 Total weighted average shares of common stock outstanding - Basic 197,273 142,214 182,695 116,648 Effect of dilutive shares on weighted average common shares outstanding: Stock options 0 0 0 4,307 Restricted stock units 0 0 0 428 Performance stock units 0 0 0 78 Employee stock purchase plan 0 0 0 2 2025 Convertible Notes 0 0 0 16,332 2027 Convertible Notes 0 0 0 7,330 Total weighted average shares of common stock outstanding - Diluted 197,273 142,214 182,695 145,125 (Loss) earnings per share: Basic (loss) earnings per share (1) $ ( 1.72 ) $ ( 1.01 ) $ ( 2.71 ) $ 2.91 Diluted (loss) earnings per share (1) $ ( 1.72 ) $ ( 1.01 ) $ ( 2.71 ) $ 2.39 (1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.
Schedule of Weighted Average of Potential Class A Common Stock Excluded from Computation of Basic and Diluted (Loss) Earnings per Share	For the three and nine months ended September 30, 2024 and 2023, the following weighted average shares of potential class A common stock were excluded from the diluted (loss) earnings per share calculation because their impact would have been anti-dilutive (in thousands). Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options 5,823 14,056 7,481 6,333 Restricted stock units 1,587 2,042 1,756 339 Performance stock units 606 516 576 0 Employee stock purchase plan 8 27 13 18 2025 Convertible Notes 0 16,332 6,664 0 2027 Convertible Notes 7,330 7,330 7,330 0 2028 Convertible Notes 719 0 240 0 2030 Convertible Notes 5,342 0 4,031 0 2031 Convertible Notes 2,594 0 1,863 0 2032 Convertible Notes 3,915 0 1,506 0 Total 27,924 40,303 31,460 6,690

At-the-Market Equity Offerings

At-the-Market Equity Offerings (Tables)	9 Months Ended
At-the-Market Equity Offerings (Tables)	Sep. 30, 2024
At Market Equity Offerings [Abstract]
Summary of Active At-the-Market Equity Offering	The following table summarizes the terms and provisions of each sales agreement, and pursuant to each at-the-market equity offering program that was active during the nine months ended September 30, 2024 and the year ended December 31, 2023. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each at-the-market equity offering program in the following table are reported in thousands. August 2024 Sales Agreement November 2023 Sales Agreement August 2023 Sales Agreement May 2023 Sales Agreement 2022 Sales Agreement Agreement effective date August 1, 2024 November 30, 2023 August 1, 2023 May 1, 2023 September 9, 2022 Maximum aggregate offering price $ 2,000,000 $ 750,000 $ 750,000 $ 625,000 $ 500,000 Maximum commissions payable to sales agents on gross proceeds from the sale of shares 2.0 % 2.0 % 2.0 % 2.0 % 2.0 % Date terminated n/a July 31, 2024 November 29, 2023 August 1, 2023 May 1, 2023 As of September 30, 2024: Cumulative shares sold under such sales agreement 8,048,449 12,720,770 15,929,500 10,791,700 15,674,300 Cumulative net proceeds received from shares sold under such sales agreement $ 1,105,141 $ 747,025 $ 737,760 $ 333,494 $ 385,181 Maximum aggregate offering price remaining available for sale under such sales agreement $ 891,286 n/a n/a n/a n/a
Summary of Sales Activity of Sales Agreement for At-the-Market Equity Offering	The following table summarizes the sales activity of each sales agreement that was active during 2024 or 2023 for the periods indicated. The net proceeds (less sales commissions and expenses) for each at-the-market equity offering program are reported in thousands. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Number of shares sold under such sales agreement: 2022 Sales Agreement n/a n/a n/a 13,488,550 May 2023 Sales Agreement n/a 0 n/a 10,791,700 August 2023 Sales Agreement n/a 4,033,620 n/a 4,033,620 November 2023 Sales Agreement 0 n/a 1,951,620 n/a August 2024 Sales Agreement 8,048,449 n/a 8,048,449 n/a Total shares sold pursuant to at-the-market equity offering programs 8,048,449 4,033,620 10,000,069 28,313,870 Net proceeds received from shares sold under such sales agreement: 2022 Sales Agreement n/a n/a n/a $ 338,962 May 2023 Sales Agreement n/a 0 n/a 333,494 August 2023 Sales Agreement n/a 147,218 n/a 147,218 November 2023 Sales Agreement 0 n/a 137,152 n/a August 2024 Sales Agreement 1,105,141 n/a 1,105,141 n/a Total net proceeds received from shares sold pursuant to at-the-market equity offering programs $ 1,105,141 $ 147,218 $ 1,242,293 $ 819,674

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Breakout of Operations of Software Segment and Corporate & Other Costs	The following tables present the breakout of the operations of the software segment and the Corporate & Other costs (in thousands) for the periods indicated: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Software Business Corporate & Other Total Consolidated Software Business Corporate & Other Total Consolidated Total revenues $ 116,071 $ 116,071 $ 129,462 $ 129,462 Total cost of revenues 34,349 34,349 26,661 26,661 Gross profit $ 81,722 $ 81,722 $ 102,801 $ 102,801 Total operating expenses 100,182 414,122 514,304 93,725 34,323 128,048 (Loss) income from operations $ ( 18,460 ) $ ( 414,122 ) $ ( 432,582 ) $ 9,076 $ ( 34,323 ) $ ( 25,247 ) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Software Business Corporate & Other Total Consolidated Software Business Corporate & Other Total Consolidated Total revenues $ 342,759 $ 342,759 $ 371,777 $ 371,777 Total cost of revenues 95,299 95,299 81,723 81,723 Gross profit $ 247,460 $ 247,460 $ 290,054 $ 290,054 Total operating expenses 295,541 788,477 1,084,018 283,733 78,583 362,316 (Loss) income from operations $ ( 48,081 ) $ ( 788,477 ) $ ( 836,558 ) $ 6,321 $ ( 78,583 ) $ ( 72,262 )
Total Revenues, Gross Profit, (Loss) Income from Operations, and Long-Lived Assets, by Geographic Region	The following table presents total revenues, gross profit, (loss) income from operations, and long-lived assets (in thousands) according to geographic region. Long-lived assets are comprised of right-of-use assets and property and equipment, net. The Corporate & Other category disclosed above is included within the U.S. region. Geographic regions: U.S. EMEA Other Regions Consolidated Three months ended September 30, 2024 Total revenues $ 63,958 $ 38,952 $ 13,161 $ 116,071 Gross profit $ 42,306 $ 30,874 $ 8,542 $ 81,722 (Loss) income from operations $ ( 441,144 ) $ 15,062 $ ( 6,500 ) $ ( 432,582 ) Three months ended September 30, 2023 Total revenues $ 71,788 $ 40,222 $ 17,452 $ 129,462 Gross profit $ 56,723 $ 32,574 $ 13,504 $ 102,801 (Loss) income from operations $ ( 41,534 ) $ 18,461 $ ( 2,174 ) $ ( 25,247 ) Nine months ended September 30, 2024 Total revenues $ 192,115 $ 114,273 $ 36,371 $ 342,759 Gross profit $ 132,949 $ 90,964 $ 23,547 $ 247,460 (Loss) income from operations $ ( 862,349 ) $ 44,602 $ ( 18,811 ) $ ( 836,558 ) Nine months ended September 30, 2023 Total revenues $ 212,892 $ 115,351 $ 43,534 $ 371,777 Gross profit $ 167,692 $ 91,080 $ 31,282 $ 290,054 (Loss) income from operations $ ( 107,029 ) $ 47,864 $ ( 13,097 ) $ ( 72,262 ) As of September 30, 2024 Long-lived assets $ 72,241 $ 4,102 $ 6,482 $ 82,825 As of December 31, 2023 Long-lived assets $ 75,004 $ 3,937 $ 7,343 $ 86,284

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
Subsequent Events (Tables)	Sep. 30, 2024
Subsequent Event [Line Items]
Computation of Basic and Diluted (Loss) Earnings per Share	The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data) for the periods indicated. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Numerator: Net (loss) income - Basic $ ( 340,174 ) $ ( 143,441 ) $ ( 495,851 ) $ 339,995 Effect of dilutive shares on net (loss) income: Interest expense on 2025 Convertible Notes, net of tax 0 0 0 4,255 Interest expense on 2027 Convertible Notes, net of tax 0 0 0 2,165 Net (loss) income - Diluted $ ( 340,174 ) $ ( 143,441 ) $ ( 495,851 ) $ 346,415 Denominator: Weighted average common shares of class A common stock 177,633 122,574 163,055 97,008 Weighted average common shares of class B common stock 19,640 19,640 19,640 19,640 Total weighted average shares of common stock outstanding - Basic 197,273 142,214 182,695 116,648 Effect of dilutive shares on weighted average common shares outstanding: Stock options 0 0 0 4,307 Restricted stock units 0 0 0 428 Performance stock units 0 0 0 78 Employee stock purchase plan 0 0 0 2 2025 Convertible Notes 0 0 0 16,332 2027 Convertible Notes 0 0 0 7,330 Total weighted average shares of common stock outstanding - Diluted 197,273 142,214 182,695 145,125 (Loss) earnings per share: Basic (loss) earnings per share (1) $ ( 1.72 ) $ ( 1.01 ) $ ( 2.71 ) $ 2.91 Diluted (loss) earnings per share (1) $ ( 1.72 ) $ ( 1.01 ) $ ( 2.71 ) $ 2.39 (1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Additional Information) (Details)		3 Months Ended
	Aug. 07, 2024	Sep. 30, 2024
Accounting Policies [Abstract]
Stock split, description		On July 11, 2024, the Company announced a 10-for-1 stock split of the Company’s class A common stock and class B common stock. The stock split was effected by means of a stock dividend to the holders of record of the Company’s class A common stock and class B common stock as of the close of business on August 1, 2024, the record date for the dividend. Shares held in treasury by the Company were not impacted by the stock split. The dividend was distributed after the close of trading on August 7, 2024 and trading commenced on a split-adjusted basis at market open on August 8, 2024. As a result of the stock split, all applicable share, per share, and equity award information has been retroactively adjusted in the Consolidated Financial Statements and Notes to Consolidated Financial Statements to reflect the stock split for all periods presented.
Stock split, conversion ratio	10

Recent Accounting Standards - A

Recent Accounting Standards - Additional Information (Detail) $ in Billions	9 Months Ended
	Sep. 30, 2024 USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Corporate alternative minimum tax rate	15%
Corporate alternative minimum tax amount	$ 1

Digital Assets - Summary of Dig

Digital Assets - Summary of Digital Asset Holdings (Details) $ in Thousands	Sep. 30, 2024 USD ($) Bitcoin	Dec. 31, 2023 USD ($) Bitcoin
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Approximate number of bitcoins held \| Bitcoin	252,220	189,150
Digital assets	$ 6,850,879	$ 3,626,476
Cumulative digital asset impairment losses	$ 3,052,820	$ 2,269,013

Digital Assets - Summary of D_2

Digital Assets - Summary of Digital Asset Purchases and Digital Asset Impairment Losses (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Bitcoin	Sep. 30, 2023 USD ($) Bitcoin	Sep. 30, 2024 USD ($) Bitcoin	Sep. 30, 2023 USD ($) Bitcoin
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Approximate number of bitcoins purchased \| Bitcoin	25,889	5,912	63,070	25,745
Digital asset purchases	$ 1,575,073	$ 161,681	$ 4,008,210	$ 687,959
Digital asset impairment losses	$ 412,084	$ 33,559	$ 783,807	$ 76,613

Digital Assets - Additional Inf

Digital Assets - Additional Information (Detail)	9 Months Ended		12 Months Ended
Digital Assets - Additional Information (Detail)	Sep. 30, 2024 USD ($) Bitcoin	Sep. 30, 2023 Bitcoin	Dec. 31, 2023 USD ($) Bitcoin
Digital Assets [Line Items]
Number of bitcoins sold \| Bitcoin	0	0
Trade credit payable, outstanding	$ 0
Carrying value of bitcoin held by the company	$ 6,850,879,000		$ 3,626,476,000
Secured Notes Due Twenty Twenty Eight
Digital Assets [Line Items]
Number of digital assets held as collateral for 2028 Secured Notes \| Bitcoin			16,081
Interest rate, fixed percentage			6.125%
Carrying value of bitcoin held by the company			$ 263,900,000

Contract Balances - Schedule of

Contract Balances - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Billed and billable	$ 109,303	$ 186,884
Less: allowance for credit losses	(2,134)	(3,069)
Accounts receivable, net	$ 107,169	$ 183,815

Contract Balances - Additional

Contract Balances - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Contract With Customer Asset And Liability [Line Items]
Contract asset impairment charges	$ 0	$ 0	$ 0	$ 0
Revenue, Remaining performance obligation	380,500,000		380,500,000
Prepaid Expenses and Other Current Assets
Contract With Customer Asset And Liability [Line Items]
Non-current contract assets	2,000,000		2,000,000		$ 1,200,000
Deposits And Other Assets
Contract With Customer Asset And Liability [Line Items]
Current contract assets	5,400,000		5,400,000		$ 900,000
Current Deferred Revenue and Advanced Payments
Contract With Customer Asset And Liability [Line Items]
Revenue recognized from beginning deferred revenue	$ 50,200,000	$ 44,600,000	$ 195,200,000	$ 187,600,000

Contract Balances - Deferred Re

Contract Balances - Deferred Revenue and Advance Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Revenue Disclosure [Abstract]
Deferred product licenses revenue, Current	$ 409	$ 3,579
Deferred subscription services revenue, Current	74,164	65,512
Deferred product support revenue, Current	106,866	152,012
Deferred other services revenue, Current	2,963	7,059
Total current deferred revenue and advance payments	184,402	228,162
Deferred product licenses revenue, Non-current	0	0
Deferred subscription services revenue, Non-current	3,373	3,097
Deferred product support revenue, Non-current	2,635	4,984
Deferred other services revenue, Non-current	336	443
Total non-current deferred revenue and advance payments	$ 6,344	$ 8,524

Contract Balances - Additiona_2

Contract Balances - Additional Information (Detail1) $ in Millions	Sep. 30, 2024 USD ($)
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligation	$ 380.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligations, Expected timing of satisfaction, Period	12 months
Revenue, Remaining performance obligation	$ 237.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligations, Expected timing of satisfaction, Period

Long-term Debt - Schedule of Ne

Long-term Debt - Schedule of Net Carrying Amount of Outstanding Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term debt, net	$ 509	$ 483
Long-term debt, net	4,211,949	2,182,108
Total	4,212,458	2,182,591
Convertible Senior Notes due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Total	0	643,931
Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Total	1,040,339	1,037,306
Convertible Senior Notes due 2028 \| Convertible Debt
Debt Instrument [Line Items]
Total	997,502	0
Convertible Senior Notes due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Total	784,194	0
Convertible Senior Notes due 2031 \| Convertible Debt
Debt Instrument [Line Items]
Total	593,867	0
Convertible Senior Notes due 2032 \| Convertible Debt
Debt Instrument [Line Items]
Total	786,754	0
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Total	0	491,193
Other Long-Term Secured Debt
Debt Instrument [Line Items]
Current portion of long-term debt, net	500	500
Total	$ 9,802	$ 10,161

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($)							1 Months Ended	3 Months Ended				9 Months Ended
Long-term Debt - Additional Information (Detail) - USD ($)		Sep. 26, 2024	Jul. 15, 2024	Jul. 15, 2024	Mar. 24, 2023	Jun. 14, 2021	Jun. 30, 2022	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 14, 2024	Jun. 13, 2024	Dec. 31, 2023	Mar. 23, 2022
Debt Instrument [Line Items]
Redemption price in cash												$ 398,000	$ 0
Payment to extinguishment of debt												515,325,000	160,033,000
Gain on extinguishment of debt								$ (22,933,000)		$ 0		(22,933,000)	44,686,000
Current portion of long-term debt, net								509,000				509,000				$ 483,000
Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount								4,263,750,000				4,263,750,000				1,700,000,000
Total Interest Paid												7,600,000	2,400,000
Interest expense								7,287,000		1,218,000		13,366,000	3,656,000
Additional interest paid												$ 0	0
Convertible Debt \| Fundamental Change
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed												100%
Convertible Debt \| Events of Default
Debt Instrument [Line Items]
Percentage of principal accrued and unpaid interest												100%
Convertible Debt \| Events of Default \| Minimum
Debt Instrument [Line Items]
Minimum percentage principal amount of holders required to declare the principal of, and accrued and unpaid interest, on Notes is due and payable upon an event of default												25%
Senior Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 500,000,000
Debt instrument call premium and redemption price		$ 515,300,000
Outstanding principal amount		500,000,000
Accrued unpaid interest		$ 8,600,000
Interest rate, fixed percentage						6.125%
Periodic payment description						The 2028 Secured Notes bore interest at a fixed rate of 6.125% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021.
Payment start date						Dec. 15, 2021
Redemption Date		Sep. 26, 2024
Debt instrument, redemption price, percentage of principal amount redeemed		103.063%
Class A \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed												100%
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 300,000	$ 300,000				$ 650,000,000				$ 650,000,000			$ 650,000,000
Redemption price in cash			$ 300,000
Debt instrument, redemption, description												On June 13, 2024, the Company announced that it delivered a notice of redemption (the “Redemption Notice”) to the trustee of the 2025 Convertible Notes for redemption of all $650.0 million in aggregate principal amount of the 2025 Convertible Notes then outstanding on July 15, 2024 (the “Redemption Date”). Due to the Company’s issuance of the Redemption Notice, the 2025 Convertible Notes became convertible at the option of the holders of such notes from the delivery of the Redemption Notice until 5:00 p.m., New York City time, on July 11, 2024. The Company elected to satisfy its conversion obligation with respect to the 2025 Convertible Notes by delivering solely shares of its class A common stock, together with cash in lieu of any fractional shares. Holders of the 2025 Convertible Notes requested to convert $649.7 million in principal amount of the 2025 Convertible Notes prior to the Redemption Date. The Company settled conversion requests in respect of $504.4 million in principal amount of the 2025 Convertible Notes during the quarter ended June 30, 2024, resulting in the issuance of 12,672,400 shares of the Company’s class A common stock and payment of a nominal amount of cash in lieu of fractional shares, and settled conversion requests in respect of $145.3 million in principal amount of the 2025 Convertible Notes during July 2024, resulting in the issuance of 3,650,650 shares of the Company’s class A common stock and payment of a nominal amount of cash in lieu of fractional shares, in each case in accordance with the terms and provisions of the indenture governing the 2025 Convertible Notes. On the Redemption Date, the Company redeemed $0.3 million aggregate principal amount of 2025 Convertible Notes, constituting all of the 2025 Convertible Notes then outstanding, at an aggregate redemption price of $0.3 million in cash, equal to 100% of the principal amount of the 2025 Convertible Notes redeemed, plus accrued and unpaid interest, to but excluding the Redemption Date.
Interest rate, fixed percentage	[1]							0.75%				0.75%
Redemption Date	[2]											Jul. 15, 2024
Debt instrument, redemption price, percentage of principal amount redeemed			100%
Convertible notes redeemed								$ 0				$ 0
Debt instrument, maturity date	[3]											Dec. 15, 2025
Convertible Senior Notes due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Interest expense								23,000		1,218,000		$ 2,371,000	3,656,000
Convertible Senior Notes due 2025 \| Class A
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 145,300,000	$ 145,300,000					$ 504,400,000					$ 649,700,000
Debt instrument, issuance of conversion shares				3,650,650					12,672,400
Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 1,050,000,000				$ 1,050,000,000
Interest rate, fixed percentage	[1]							0%				0%
Debt instrument, maturity date	[3]											Feb. 15, 2027
Number of shares convertible from notes								7,330,050				7,330,050
Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount								$ 1,050,000,000				$ 1,050,000,000				1,050,000,000
Interest expense								0		0		0	0
Convertible Senior Notes due 2028
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 1,010,000,000				$ 1,010,000,000
Interest rate, fixed percentage	[1]							0.625%				0.625%
Debt instrument, maturity date	[3]											Sep. 15, 2028
Number of shares convertible from notes								5,513,489				5,513,489
Convertible Senior Notes due 2028 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount								$ 1,010,000,000				$ 1,010,000,000
Interest expense								193,000		0		193,000	0
Convertible Senior Notes due 2030
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 800,000,000				$ 800,000,000
Interest rate, fixed percentage	[1]							0.625%				0.625%
Debt instrument, maturity date	[3]											Mar. 15, 2030
Number of shares convertible from notes								5,341,600				5,341,600
Convertible Senior Notes due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount								$ 800,000,000				$ 800,000,000
Interest expense								1,250,000		0		2,819,000	0
Convertible Senior Notes due 2031
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 603,750,000				$ 603,750,000
Interest rate, fixed percentage	[1]							0.875%				0.875%
Debt instrument, maturity date	[3]											Mar. 15, 2031
Number of shares convertible from notes								2,594,314				2,594,314
Convertible Senior Notes due 2031 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount								$ 603,750,000				$ 603,750,000
Interest expense								1,321,000		0		2,833,000	0
Convertible Senior Notes due 2032
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 800,000,000				$ 800,000,000
Interest rate, fixed percentage	[1]							2.25%				2.25%
Debt instrument, maturity date	[3]											Jun. 15, 2032
Number of shares convertible from notes								3,915,200				3,915,200
Convertible Senior Notes due 2032 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount								$ 800,000,000				$ 800,000,000
Interest expense								4,500,000		0		5,150,000	0
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Outstanding principal amount																$ 500,000,000
Interest rate, fixed percentage																6.125%
Total Interest Paid												23,900,000	15,300,000
Interest expense								7,315,000		$ 7,657,000		22,628,000	22,969,000
Extinguishment of third party fees		$ 100,000
Repayment of debt		$ 492,500,000
Secured Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 205,000,000												$ 205,000,000
Total Interest Paid											$ 5,100,000
Interest expense												0	$ 3,781,000
Interest paid included in Payoff Amount					1,100,000						1,100,000
Prepayment of Debt					161,000,000
Payment to extinguishment of debt					159,900,000
Extinguishment of third party fees					100,000
Repayment of debt					$ 204,700,000
Gain on extinguishment of debt								22,900,000			$ 44,700,000
Other Long-Term Secured Debt
Debt Instrument [Line Items]
Outstanding Principal Balance								9,900,000				9,900,000				$ 10,300,000
Debt Instrument, Face Amount							$ 11,100,000
Interest rate, fixed percentage							5.20%
Debt instrument, maturity year month							2027-06
Net carrying value								9,800,000				9,800,000				10,200,000
Current portion of long-term debt, net								$ 500,000				$ 500,000				$ 500,000

[1] Holders may receive additional or special interest under specified circumstances as outlined under each applicable indenture governing the Convertible Notes. “Redemption Date” is the date on which the Company redeemed all outstanding 2025 Convertible Notes. See discussion further below under “Conversions and Redemption of 2025 Convertible Notes” pertaining to redemption of the 2025 Convertible Notes. “Maturity Date” is the stated maturity date under each applicable indenture governing such notes, unless earlier converted, redeemed, or repurchased in accordance with their terms.

Long-term Debt - Summary the Ke

Long-term Debt - Summary the Key Terms of Each of the Convertible Notes (Details) $ / shares in Units, $ in Thousands

1 Months Ended

9 Months Ended

Sep. 30, 2024 USD ($) $ / shares

Jun. 30, 2024 $ / shares

Mar. 31, 2024 $ / shares

Feb. 28, 2021 $ / shares

Dec. 31, 2020 $ / shares

Sep. 30, 2024 USD ($) $ / shares

Jun. 30, 2024 USD ($) $ / shares

Mar. 31, 2024 USD ($) $ / shares

Feb. 28, 2021 USD ($) $ / shares

Dec. 31, 2020 USD ($) $ / shares

Sep. 30, 2024 USD ($) $ / shares

Jul. 15, 2024 USD ($)

Jun. 13, 2024 USD ($)

Convertible Senior Notes due 2025

Debt Instrument [Line Items]

Issuance Date

Dec. 31, 2020

Maturity Date

[1]

Dec. 15, 2025

Principal at Inception

$ 650,000

$ 300

$ 650,000

Stated Interest Rate

[2]

0.75%

Interest Payment Dates One

[3]

--06-15

Interest Payment Dates Two

[3]

--12-15

Net Proceeds

$ 634,749

Issuance Costs

[4]

$ 15,251

Effective Interest Rate

[4]

1.23%

Initial Conversion Rate

[5]

0.25126

Initial Conversion Price | $ / shares

[6]

$ 39.8

Convertible at any time after the following date

[7],[8]

Jun. 13, 2024

Not redeemable by the company prior to the following date

[9]

Dec. 20, 2023

Redemption Date

[10]

Jul. 15, 2024

Convertible Senior Notes due 2027

Debt Instrument [Line Items]

Issuance Date

Feb. 28, 2021

Maturity Date

[1]

Feb. 15, 2027

Principal at Inception

$ 1,050,000

Stated Interest Rate

[2]

Interest Payment Dates One

[3]

--02-15

Interest Payment Dates Two

[3]

--08-15

Net Proceeds

$ 1,025,830

Issuance Costs

[4]

$ 24,170

Effective Interest Rate

[4]

0.39%

Initial Conversion Rate

[5]

0.06981

Initial Conversion Price | $ / shares

[6]

$ 143.25

Convertible at any time after the following date

[7],[8]

Aug. 15, 2026

Not redeemable by the company prior to the following date

[9]

Feb. 20, 2024

Convertible Senior Notes due 2028

Debt Instrument [Line Items]

Issuance Date

Sep. 30, 2024

Maturity Date

[1]

Sep. 15, 2028

Principal at Inception

$ 1,010,000

Stated Interest Rate

[2]

0.625%

Interest Payment Dates One

[3]

--03-15

Interest Payment Dates Two

[3]

--09-15

Net Proceeds

$ 997,375

Issuance Costs

[4]

$ 12,625

Effective Interest Rate

[4]

1.05%

Date of Holder Put Option

[11]

Sep. 15, 2027

Initial Conversion Rate

[5]

0.054589

Initial Conversion Price | $ / shares

[6]

$ 183.19

Convertible at any time after the following date

[7],[8]

Mar. 15, 2028

Not redeemable by the company prior to the following date

[9]

Dec. 20, 2027

Convertible Senior Notes due 2030

Debt Instrument [Line Items]

Issuance Date

Mar. 31, 2024

Maturity Date

[1]

Mar. 15, 2030

Principal at Inception

$ 800,000

Stated Interest Rate

[2]

0.625%

Interest Payment Dates One

[3]

--03-15

Interest Payment Dates Two

[3]

--09-15

Net Proceeds

$ 782,000

Issuance Costs

[4]

$ 18,000

Effective Interest Rate

[4]

1.14%

Date of Holder Put Option

[11]

Sep. 15, 2028

Initial Conversion Rate

[5]

0.06677

Initial Conversion Price | $ / shares

[6]

$ 149.77

Convertible at any time after the following date

[7],[8]

Sep. 15, 2029

Not redeemable by the company prior to the following date

[9]

Mar. 22, 2027

Convertible Senior Notes due 2031

Debt Instrument [Line Items]

Issuance Date

Mar. 31, 2024

Maturity Date

[1]

Mar. 15, 2031

Principal at Inception

$ 603,750

Stated Interest Rate

[2]

0.875%

Interest Payment Dates One

[3]

--03-15

Interest Payment Dates Two

[3]

--09-15

Net Proceeds

$ 592,567

Issuance Costs

[4]

$ 11,183

Effective Interest Rate

[4]

1.30%

Date of Holder Put Option

[11]

Sep. 15, 2028

Initial Conversion Rate

[5]

0.04297

Initial Conversion Price | $ / shares

[6]

$ 232.72

Convertible at any time after the following date

[7],[8]

Sep. 15, 2030

Not redeemable by the company prior to the following date

[9]

Mar. 22, 2028

Convertible Senior Notes due 2032

Debt Instrument [Line Items]

Issuance Date

Jun. 30, 2024

Maturity Date

[1]

Jun. 15, 2032

Principal at Inception

$ 800,000

Stated Interest Rate

[2]

2.25%

Interest Payment Dates One

[3]

--06-15

Interest Payment Dates Two

[3]

--12-15

Net Proceeds

$ 786,000

Issuance Costs

[4]

$ 14,000

Effective Interest Rate

[4]

2.63%

Date of Holder Put Option

[11]

Jun. 15, 2029

Initial Conversion Rate

[5]

0.04894

Initial Conversion Price | $ / shares

[6]

$ 204.33

Convertible at any time after the following date

[7],[8]

Dec. 15, 2031

Not redeemable by the company prior to the following date

[9]

Jun. 20, 2029

[1] “Maturity Date” is the stated maturity date under each applicable indenture governing such notes, unless earlier converted, redeemed, or repurchased in accordance with their terms. Holders may receive additional or special interest under specified circumstances as outlined under each applicable indenture governing the Convertible Notes. For the Convertible Notes issued in 2024, interest payments begin on (a) September 15, 2024 for each of the 2030 Convertible Notes and the 2031 Convertible Notes, (b) December 15, 2024 for the 2032 Convertible Notes, and (c) March 15, 2025 for the 2028 Convertible Notes. “Issuance Costs” reflect the customary offering expenses associated with each of the Convertible Notes. The Company accounts for these issuance costs as a reduction to the principal amount of the respective Convertible Notes and amortizes the issuance costs to interest expense from the respective debt issuance dates through the earlier of the “Maturity Date” or the “Date of Holder Put Option,” if applicable, at the “Effective Interest Rates” stated in the table. The “Initial Conversion Rate” is stated in shares of the Company’s class A common stock per $ 1,000 principal amount. The conversion rates are subject to customary anti-dilution adjustments. In addition, following certain events that may occur prior to the respective maturity dates or if the Company delivers a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its respective Convertible Notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances as provided in each indenture governing the respective Convertible Notes. The “Initial Conversion Price” is stated in dollars per share of the Company’s class A common stock. On or after the stated dates until the close of business on the second scheduled trading day immediately preceding the respective maturity dates, holders may convert the Convertible Notes at any time. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s class A common stock, or a combination of cash and shares of class A common stock, at the Company’s election. For the 2025 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2025 Convertible Notes, which resulted in the 2025 Convertible Notes being convertible at any time thereafter until 5:00 p.m., New York City time, on July 11, 2024. See below under “Conversions and Redemption of 2025 Convertible Notes” for further information. Prior to the respective dates, the Convertible Notes are convertible only under the following circumstances: (a) during any calendar quarter commencing after the calendar quarte r ending on March 31, 2021 for the 2025 Convertible Notes (of which all then outstanding notes were redeemed on July 15, 2024 ), on June 30, 2021 for the 2027 Convertible Notes, on June 30, 2024 for the 2030 Convertible Notes and 2031 Convertible Notes, on September 30, 2024 for the 2032 Convertible Notes, or on December 31, 2024 for the 2028 Convertible Notes (and only during such calendar quarter), if the last reported sale price of the Company’s class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price of the respective Convertible Notes on each applicable trading day; (b) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined under each applicable indenture governing the respective Convertible Notes) per $ 1,000 principal amount of the respective Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the Company’s class A common stock and the applicable conversion rate on each such trading day; (c) if the Company calls any or all of the respective Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (d) upon occurrence of specified corporate events as described in each applicable indenture governing the respective Convertible Notes. The Company may redeem for cash all or a portion of the Convertible Notes at its option, on or after the stated dates, if the last reported sale price of the Company’s class A common stock has been at least 130 % of the conversion price of the respective Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100 % of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. See below “Conversions and Redemption of 2025 Convertible Notes” subsection for information regarding the Company’s notice of redemption of the 2025 Convertible Notes. “Redemption Date” is the date on which the Company redeemed all outstanding 2025 Convertible Notes. See discussion further below under “Conversions and Redemption of 2025 Convertible Notes” pertaining to redemption of the 2025 Convertible Notes. “Date of Holder Put Option” represents the respective dates upon which holders of the 2028 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for cash all or any portion of their respective notes at a repurchase price equal to 100 % of the principal amount of such notes to be repurchased, plus any accrued and unpaid interest to, but excluding the repurchase date.

Long-term Debt - Summary the _2

Long-term Debt - Summary the Key Terms of Each of the Convertible Notes (Parenthetical) (Details)						9 Months Ended
		Jun. 15, 2029	Sep. 15, 2028	Sep. 15, 2027	Jul. 15, 2024	Sep. 30, 2024 Days $ / shares
Class A
Debt Instrument [Line Items]
Price per share \| $ / shares						$ 1,000
Convertible Senior Notes \| Class A
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed						100%
Debt instrument, convertible, trading days						20
Debt instrument, convertible, consecutive trading days						30
Conversion price percentage applicable trading days						130%
Trading price per share \| $ / shares						$ 1,000
Convertible Senior Notes \| Class A \| Measurement Period Trading Price, Less Than 98%
Debt Instrument [Line Items]
Debt instrument, convertible, trading days						5
Debt instrument, convertible, consecutive trading days						5
Convertible Senior Notes \| Class A \| Maximum
Debt Instrument [Line Items]
Conversion price percentage applicable trading days						98%
Convertible Senior Notes \| Class A \| Minimum
Debt Instrument [Line Items]
Conversion price percentage applicable trading days						130%
Convertible Senior Notes \| Stock Price Trigger \| Class A
Debt Instrument [Line Items]
Debt instrument, convertible, trading days						20
Debt instrument, convertible, consecutive trading days						30
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed					100%
Debt instrument, convertible, earliest date	[1],[2]					Jun. 13, 2024
Convertible Senior Notes due 2025 \| Class A \| Convertible Under Certain Circumstances
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date						Mar. 31, 2021
Debt instrument, redemption period						Jul. 15, 2024
Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date	[1],[2]					Aug. 15, 2026
Convertible Senior Notes due 2027 \| Class A \| Convertible Under Certain Circumstances
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date						Jun. 30, 2021
Convertible Senior Notes due 2030
Debt Instrument [Line Items]
Interest payment, beginning date						Sep. 15, 2024
Debt instrument, convertible, earliest date	[1],[2]					Sep. 15, 2029
Convertible Senior Notes due 2030 \| Scenario Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed			100%
Convertible Senior Notes due 2030 \| Class A \| Convertible Under Certain Circumstances
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date						Jun. 30, 2024
Convertible Senior Notes due 2031
Debt Instrument [Line Items]
Interest payment, beginning date						Sep. 15, 2024
Debt instrument, convertible, earliest date	[1],[2]					Sep. 15, 2030
Convertible Senior Notes due 2031 \| Scenario Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed			100%
Convertible Senior Notes due 2031 \| Class A \| Convertible Under Certain Circumstances
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date						Jun. 30, 2024
Convertible Senior Notes due 2032
Debt Instrument [Line Items]
Interest payment, beginning date						Dec. 15, 2024
Debt instrument, convertible, earliest date	[1],[2]					Dec. 15, 2031
Convertible Senior Notes due 2032 \| Scenario Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed		100%
Convertible Senior Notes due 2032 \| Class A \| Convertible Under Certain Circumstances
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date						Sep. 30, 2024
Convertible Senior Notes due 2028
Debt Instrument [Line Items]
Interest payment, beginning date						Mar. 15, 2025
Debt instrument, convertible, earliest date	[1],[2]					Mar. 15, 2028
Convertible Senior Notes due 2028 \| Scenario Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed				100%
Convertible Senior Notes due 2028 \| Class A \| Convertible Under Certain Circumstances
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date						Dec. 31, 2024

[1] On or after the stated dates until the close of business on the second scheduled trading day immediately preceding the respective maturity dates, holders may convert the Convertible Notes at any time. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s class A common stock, or a combination of cash and shares of class A common stock, at the Company’s election. For the 2025 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2025 Convertible Notes, which resulted in the 2025 Convertible Notes being convertible at any time thereafter until 5:00 p.m., New York City time, on July 11, 2024. See below under “Conversions and Redemption of 2025 Convertible Notes” for further information. Prior to the respective dates, the Convertible Notes are convertible only under the following circumstances: (a) during any calendar quarter commencing after the calendar quarte r ending on March 31, 2021 for the 2025 Convertible Notes (of which all then outstanding notes were redeemed on July 15, 2024 ), on June 30, 2021 for the 2027 Convertible Notes, on June 30, 2024 for the 2030 Convertible Notes and 2031 Convertible Notes, on September 30, 2024 for the 2032 Convertible Notes, or on December 31, 2024 for the 2028 Convertible Notes (and only during such calendar quarter), if the last reported sale price of the Company’s class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price of the respective Convertible Notes on each applicable trading day; (b) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined under each applicable indenture governing the respective Convertible Notes) per $ 1,000 principal amount of the respective Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the Company’s class A common stock and the applicable conversion rate on each such trading day; (c) if the Company calls any or all of the respective Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (d) upon occurrence of specified corporate events as described in each applicable indenture governing the respective Convertible Notes.

Long-term Debt - Schedule of _2

Long-term Debt - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	$ 4,263,750	$ 1,700,000
Unamortized Issuance Costs	(61,094)	(18,763)
Net Carrying Value		1,681,237
Net Carrying Value	4,202,656
Fair Value	5,247,131	1,988,521
Convertible Senior Note due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount		650,000
Unamortized Issuance Costs		(6,069)
Net Carrying Value		643,931
Fair Value		1,074,713
Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	1,050,000	1,050,000
Unamortized Issuance Costs	(9,661)	(12,694)
Net Carrying Value	1,040,339	1,037,306
Fair Value	1,439,850	913,808
Convertible Senior Notes due 2028 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	1,010,000
Unamortized Issuance Costs	(12,498)
Net Carrying Value	997,502
Fair Value	1,219,252
Convertible Senior Notes due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	800,000
Unamortized Issuance Costs	(15,806)
Net Carrying Value	784,194
Fair Value	1,060,704
Convertible Senior Notes due 2031 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	603,750
Unamortized Issuance Costs	(9,883)
Net Carrying Value	593,867
Fair Value	629,810
Convertible Senior Notes due 2032 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	800,000
Unamortized Issuance Costs	(13,246)
Net Carrying Value	786,754
Fair Value	$ 897,515
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Outstanding principal amount		500,000
Unamortized Issuance Costs		(8,807)
Fair Value		485,070
Net Carrying		$ 491,193

Long-term Debt - Schedule of In

Long-term Debt - Schedule of Interest Expense Related to Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Amortization of Issuance Costs			$ 10,231	$ 6,599
Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	$ 7,287	$ 1,218	13,366	3,656
Amortization of Issuance Costs	3,395	1,770	8,902	5,300
Total interest expense	10,682	2,988	22,268	8,956
Convertible Senior Notes due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	23	1,218	2,371	3,656
Amortization of Issuance Costs	15	762	1,494	2,279
Total interest expense	38	1,980	3,865	5,935
Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	0	0	0	0
Amortization of Issuance Costs	1,012	1,008	3,033	3,021
Total interest expense	1,012	1,008	3,033	3,021
Convertible Senior Notes due 2028 \| Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	193	0	193	0
Amortization of Issuance Costs	127	0	127	0
Total interest expense	320	0	320	0
Convertible Senior Notes due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	1,250	0	2,819	0
Amortization of Issuance Costs	974	0	2,194	0
Total interest expense	2,224	0	5,013	0
Convertible Senior Notes due 2031 \| Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	1,321	0	2,833	0
Amortization of Issuance Costs	608	0	1,300	0
Total interest expense	1,929	0	4,133	0
Convertible Senior Notes due 2032 \| Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	4,500	0	5,150	0
Amortization of Issuance Costs	659	0	754	0
Total interest expense	5,159	0	5,904	0
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Contractual Interest Expense	7,315	7,657	22,628	22,969
Amortization of Issuance Costs	423	415	1,287	1,224
Total interest expense	$ 7,738	$ 8,072	23,915	24,193
Secured Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Contractual Interest Expense			$ 0	3,781
Amortization of Issuance Costs				31
Total interest expense				$ 3,812

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Debt Instruments (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 562
2026	592
2027	2,068,787
2028	1,403,750
2029	800,000
Thereafter	0
Total	4,273,691
Convertible Senior Notes due 2027
Debt Instrument [Line Items]
2025	0
2026	0
2027	1,050,000
2028	0
2029	0
Thereafter	0
Total	1,050,000
Convertible Senior Notes due 2028
Debt Instrument [Line Items]
2025	0
2026	0
2027	1,010,000
2028	0
2029	0
Thereafter	0
Total	1,010,000
Convertible Senior Notes due 2030
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	800,000
2029	0
Thereafter	0
Total	800,000
Convertible Senior Notes due 2031
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	603,750
2029	0
Thereafter	0
Total	603,750
Convertible Senior Notes due 2032
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	800,000
Thereafter	0
Total	800,000
Other Long-Term Secured Debt
Debt Instrument [Line Items]
2025	562
2026	592
2027	8,787
2028	0
2029	0
Thereafter	0
Total	$ 9,941

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) R$ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)	Jul. 31, 2024 BRL (R$)	Jul. 31, 2024 USD ($)	May 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Litigation settlement amount payable		R$ 6160	$ 1,100,000
Loss contingency, accrual					$ 1,200,000
Loss contingency accrual, payments	$ 1,100,000
Board of Directors & Executive Chairman
Loss Contingencies [Line Items]
Litigation settlement amount payable				$ 40,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Taxes [Line Items]
Effective tax rate from operations			45.40%	632.20%
Benefit from income taxes	$ 138,504	$ (109,607)	$ 411,760	$ 403,876
Pretax loss	478,678	$ 33,834	907,611	$ 63,881
Valuation allowance	1,400		1,400
Unrecognized tax benefits	8,700		8,700
Other Long-Term Liabilities
Income Taxes [Line Items]
Unrecognized tax benefits	3,900		3,900		$ 8,300
Deferred Tax Assets, Net
Income Taxes [Line Items]
Unrecognized tax benefits	4,800		4,800
Prepaid Expenses and Other Current Assets
Income Taxes [Line Items]
Income taxes receivable	$ 5,900		$ 5,900		$ 15,300

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail)		1 Months Ended	3 Months Ended		9 Months Ended
Share-based Compensation - Additional Information (Detail)	Aug. 07, 2024	May 31, 2023	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 shares	May 23, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, description			On July 11, 2024, the Company announced a 10-for-1 stock split of the Company’s class A common stock and class B common stock. The stock split was effected by means of a stock dividend to the holders of record of the Company’s class A common stock and class B common stock as of the close of business on August 1, 2024, the record date for the dividend. Shares held in treasury by the Company were not impacted by the stock split. The dividend was distributed after the close of trading on August 7, 2024 and trading commenced on a split-adjusted basis at market open on August 8, 2024. As a result of the stock split, all applicable share, per share, and equity award information has been retroactively adjusted in the Consolidated Financial Statements and Notes to Consolidated Financial Statements to reflect the stock split for all periods presented.
Stock split, conversion ratio	10
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, shares			5,678,000		5,678,000		12,936,000
Stock options vested					1,609,650
Aggregate fair value of stock option vested \| $					$ 40,200,000
Weighted average grant date fair value of stock option awards \| $ / shares					$ 111.23	$ 19.09
Share-based compensation expense recognized \| $			$ 9,900,000	$ 10,500,000	$ 30,000,000	$ 33,900,000
Unrecognized share-based compensation expense \| $			45,800,000		$ 45,800,000
Unrecognized compensation expense expected to be recognized					1 year 9 months 18 days
Share-settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of stock option vested \| $					$ 15,000,000	9,000,000
Share-based compensation expense recognized \| $			$ 6,200,000	4,900,000	$ 18,300,000	$ 12,200,000
Unrecognized compensation expense expected to be recognized					3 years
Restricted stock units outstanding			1,428,401		1,428,401		1,852,000
Share-settled restricted stock units vested					427,990	188,910
Number of shares withheld to satisfy tax obligations					25,060	48,170
Shares issued					402,930	140,740
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares					$ 144.88	$ 28.01
Unrecognized share-based compensation expense \| $			$ 64,900,000		$ 64,900,000
Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of stock option vested \| $					$ 0	$ 0
Unrecognized compensation expense expected to be recognized					2 years 2 months 12 days
Restricted stock units outstanding			303,000		303,000		254,000
Unrecognized share-based compensation expense \| $			$ 21,000,000		$ 21,000,000
Class A \| Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, shares			5,678,227		5,678,227
2013 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation plan expiration period		2023-05
2013 Equity Plan \| Other Stock Based Awards and Cash Settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense recognized \| $			$ 300,000		$ 2,200,000	$ 1,100,000
Unrecognized compensation expense expected to be recognized					4 months 24 days
Unrecognized share-based compensation expense \| $			300,000		$ 300,000
2023 Equity Plan \| Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of stock option awards \| $ / shares					$ 307.13	$ 48.62
Share-based compensation expense recognized \| $			$ 2,400,000	1,000,000	$ 5,900,000	$ 1,300,000
Restricted stock units outstanding			302,850		302,850
2023 Equity Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized								19,327,030
Shares of class A common stock reserved and available for future issuance			2,525,109		2,525,109
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense recognized \| $			$ 600,000	$ 400,000	$ 1,400,000	$ 1,400,000
Unrecognized compensation expense expected to be recognized					4 months 24 days
Unrecognized share-based compensation expense \| $			$ 1,100,000		$ 1,100,000
2021 Employee Stock Purchase Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized			1,000,000		1,000,000
Shares of class A common stock reserved and available for future issuance			502,402		502,402
Common stock, shares issued					93,668

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) - Stock Option Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024
Options outstanding, shares
Beginning Balance	12,936
Granted	91
Exercised	(7,141)
Forfeited/Expired	(208)
Ending Balance	5,678
Exercisable as of September 30, 2024	3,052
Expected to vest as of September 30, 2024	2,626
Total	5,678
Weighted Average Exercise Price Per Share
Beginning Balance	$ 28.68
Granted	159.47
Exercised	22.06
Forfeited/Expired	45.25
Ending Balance	38.5
Exercisable as of September 30, 2024	34.21
Expected to vest as of September 30, 2024	43.48
Total	$ 38.5
Aggregate Intrinsic Value
Exercised	$ 634,522
Exercisable as of September 30, 2024	410,163
Expected to vest as of September 30, 2024	328,599
Total	$ 738,762
Weighted Average Remaining Contractual Term (Years)
Exercisable as of September 30, 2024	6 years
Expected to vest as of September 30, 2024	7 years 6 months
Total	6 years 8 months 12 days

Schedule of Range of Exercise P

Schedule of Range of Exercise Prices per Share (Detail) - Stock Option Awards shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Shares, Stock Options Outstanding \| shares	5,678
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 38.5
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	6 years 8 months 12 days
12.45 - 20.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 12.45
Range of Exercise Prices per Share, maximum	$ 20
Shares, Stock Options Outstanding \| shares	1,650
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 15.64
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	5 years 3 months 18 days
20.01 - 30.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 20.01
Range of Exercise Prices per Share, maximum	$ 30
Shares, Stock Options Outstanding \| shares	1,038
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 24.98
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	8 years 1 month 6 days
30.01 - 40.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 30.01
Range of Exercise Prices per Share, maximum	$ 40
Shares, Stock Options Outstanding \| shares	23
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 30.16
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	8 years 8 months 12 days
40.01 - 50.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 40.01
Range of Exercise Prices per Share, maximum	$ 50
Shares, Stock Options Outstanding \| shares	1,688
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 41.14
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	7 years 3 months 18 days
60.01 - 70.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 60.01
Range of Exercise Prices per Share, maximum	$ 70
Shares, Stock Options Outstanding \| shares	1,188
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 69.12
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	6 years 4 months 24 days
150.01 - 159.93
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 150.01
Range of Exercise Prices per Share, maximum	$ 159.93
Shares, Stock Options Outstanding \| shares	91
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 159.47
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	9 years 6 months

Assumptions Used in Black-Schol

Assumptions Used in Black-Scholes Pricing Model (Detail)	9 Months Ended
Assumptions Used in Black-Scholes Pricing Model (Detail)	Sep. 30, 2024	Sep. 30, 2023
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	75.10%	71.80%
Expected volatility, maximum	82.80%	74.10%
Risk-free interest rate, minimum	4.20%	3.70%
Risk-free interest rate, maximum	4.50%	3.90%
Expected dividend yield	0%	0%
Stock Option Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of award in years	5 years 6 months	5 years 6 months
Stock Option Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of award in years	6 years 3 months 18 days	6 years 3 months 18 days
Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of award in years	3 years	3 years
Expected volatility	92.70%	95.60%
Risk-free interest rate	4.40%	4.10%
Expected dividend yield	0%	0%

Summary of Share-Settled Restri

Summary of Share-Settled Restricted Stock Unit Activity (Detail) - Share-settled Restricted Stock Units $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Number of Shares/Units
Beginning Balance	1,852,000
Granted	322,000
Vested	(428,000)
Forfeited	(318,000)
Ending Balance	1,428,401
Expected to vest as of September 30, 2024	1,428,000
Aggregate Intrinsic Value
Vested \| $	$ 63,386
Expected to vest as of September 30, 2024 \| $	$ 240,828

Share-based Compensation - Summ

Share-based Compensation - Summary of Share-Settled Performance Stock Unit (Detail) - Share-settled Performance Stock Units shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance	254
Granted	56
Vested	0
Forfeited	(7)
Ending Balance	303
Expected to vest as of September 30, 2024	303
Aggregate Intrinsic Value
Vested \| $	$ 0
Expected to vest as of September 30, 2024 \| $	$ 102,121

Summary of Components of Tax (B

Summary of Components of Tax (Benefit) Expense Related To Equity Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Tax (benefit) expense related to:
Share-based compensation expense	$ (3,407)	$ (3,417)	$ (11,486)	$ (9,396)
Exercises of stock options and vesting of share-settled restricted stock units	(2,726)	813	(159,992)	1,098
Total tax benefit related to the Company's equity plans	$ (6,133)	$ (2,604)	$ (171,478)	$ (8,298)

Basic and Diluted (Loss) Earn_3

Basic and Diluted (Loss) Earnings per Share - Additional Information (Detail)		9 Months Ended
	Aug. 07, 2024	Sep. 30, 2024 shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Stock split, conversion ratio	10
Class A
Class of Stock [Line Items]
Common stock, votes per share		one
Class B Convertible
Class of Stock [Line Items]
Common stock, votes per share		ten

Basic and Diluted (Loss) Earn_4

Basic and Diluted (Loss) Earnings per Share - Computation of Basic and Diluted (Loss) Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Net (loss) income - Basic		$ (340,174)	$ (143,441)	$ (495,851)	$ 339,995
Net (loss) income - Diluted		$ (340,174)	$ (143,441)	$ (495,851)	$ 346,415
Total weighted average shares of common stock outstanding - Basic		197,273	142,214	182,695	116,648
Total weighted average shares of common stock outstanding - Diluted		197,273	142,214	182,695	145,125
(Loss) earnings per share:
Basic (loss) earnings per share	[1]	$ (1.72)	$ (1.01)	$ (2.71)	$ 2.91
Diluted (loss) earnings per share	[1]	$ (1.72)	$ (1.01)	$ (2.71)	$ 2.39
Employee Stock Option
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	0	4,307
RSU
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	0	428
Employee Stock Purchase Plan
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	0	2
Performance stock units
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	0	78
2025 Convertible Notes
Class of Stock [Line Items]
Interest expense on Convertible Notes, net of tax		$ 0	$ 0	$ 0	$ 4,255
Total weighted average shares of common stock outstanding - Diluted		0	0	0	16,332
2027 Convertible Notes
Class of Stock [Line Items]
Interest expense on Convertible Notes, net of tax		$ 0	$ 0	$ 0	$ 2,165
Total weighted average shares of common stock outstanding - Diluted		0	0	0	7,330
Class A
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Basic		177,633	122,574	163,055	97,008
Class B
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Basic		19,640	19,640	19,640	19,640

[1] Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

Basic and Diluted (Loss) Earn_5

Basic and Diluted (Loss) Earnings per Share - Schedule of Weighted Average of Potential Class A Common Stock Excluded from Computation of Basic and Diluted (Loss) Earnings per Share (Detail) - Class A - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	27,924	40,303	31,460	6,690
2025 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	0	16,332	6,664	0
2027 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	7,330	7,330	7,330	0
2028 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	719	0	240	0
2030 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	5,342	0	4,031	0
2031 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	2,594	0	1,863	0
2032 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	3,915	0	1,506	0
Employee Stock Option
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	5,823	14,056	7,481	6,333
RSU
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	1,587	2,042	1,756	339
Performance stock units
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	606	516	576	0
Employee stock purchase plan
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted (loss) earnings per share	8	27	13	18

At-the-Market Equity Offering_2

At-the-Market Equity Offerings - Additional Information (Details)	Aug. 07, 2024
At Market Equity Offerings [Abstract]
Stock split, conversion ratio	10

At-the-Market Equity Offering_3

At-the-Market Equity Offerings - Summary of Active At-the-Market Equity Offering (Detail) - USD ($)

2 Months Ended

3 Months Ended

4 Months Ended

8 Months Ended

9 Months Ended

Aug. 01, 2024

Jul. 31, 2024

Nov. 30, 2023

Nov. 29, 2023

Aug. 01, 2023

May 01, 2023

Sep. 09, 2022

Sep. 30, 2024

Sep. 30, 2023

Jul. 31, 2023

Nov. 29, 2023

Jul. 31, 2024

May 01, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 1,105,141,000

$ 147,218,000

$ 1,242,293,000

$ 819,674,000

Class A

At Market Equity Offerings [Line Items]

Cumulative shares sold under such sales agreement

191,684,000

157,725,000

August 2024 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 1,105,141,000

Cumulative shares sold under such sales agreement

8,048,449

August 2024 Sales Agreement | TD Securities (USA) LLC, The Benchmark Company, LLC, BTIG, LLC, Canaccord Genuity LLC, Maxim Group LLC and SG Americas Securities, LLC

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 1,105,141,000

August 2024 Sales Agreement | TD Securities (USA) LLC, The Benchmark Company, LLC, BTIG, LLC, Canaccord Genuity LLC, Maxim Group LLC and SG Americas Securities, LLC | Class A

At Market Equity Offerings [Line Items]

Agreement effective date

Aug. 01, 2024

Maximum aggregate offering price

$ 2,000,000,000

Maximum commissions payable to sales agents on gross proceeds from the sale of shares

Maximum aggregate offering price remaining available for sale under such sales agreement

$ 891,286

November 2023 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 0

$ 137,152,000

Cumulative shares sold under such sales agreement

12,720,770

November 2023 Sales Agreement | Cowen and Company LLC, Canaccord Genuity LLC, and BTIG, LLC

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 747,025,000

November 2023 Sales Agreement | Cowen and Company LLC, Canaccord Genuity LLC, and BTIG, LLC | Class A

At Market Equity Offerings [Line Items]

Agreement effective date

Nov. 30, 2023

Maximum aggregate offering price

$ 750,000,000

Maximum commissions payable to sales agents on gross proceeds from the sale of shares

Date terminated

Jul. 31, 2024

August 2023 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

147,218,000

Cumulative shares sold under such sales agreement

15,929,500

August 2023 Sales Agreement | Cowen, Canaccord and Berenberg Capital Markets LLC

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 737,760,000

August 2023 Sales Agreement | Cowen, Canaccord and Berenberg Capital Markets LLC | Class A

At Market Equity Offerings [Line Items]

Agreement effective date

Aug. 01, 2023

Maximum aggregate offering price

$ 750,000,000

Maximum commissions payable to sales agents on gross proceeds from the sale of shares

Date terminated

Nov. 29, 2023

May 2023 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 0

333,494,000

Cumulative shares sold under such sales agreement

10,791,700

May 2023 Sales Agreement | Cowen and Canaccord Genuity

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 333,494,000

May 2023 Sales Agreement | Cowen and Canaccord Genuity | Class A

At Market Equity Offerings [Line Items]

Agreement effective date

May 01, 2023

Maximum aggregate offering price

$ 625,000,000

Maximum commissions payable to sales agents on gross proceeds from the sale of shares

Date terminated

Aug. 01, 2023

2022 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 338,962,000

Cumulative shares sold under such sales agreement

15,674,300

2022 Sales Agreement | Cowen and Canaccord Genuity

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 385,181,000

2022 Sales Agreement | Cowen and Canaccord Genuity | Class A

At Market Equity Offerings [Line Items]

Agreement effective date

Sep. 09, 2022

Maximum aggregate offering price

$ 500,000,000

Maximum commissions payable to sales agents on gross proceeds from the sale of shares

Date terminated

May 01, 2023

At-the-Market Equity Offering_4

At-the-Market Equity Offerings - Summary of Sales Activity of Sales Agreement for At-the-Market Equity Offering (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement	8,048,449	4,033,620	10,000,069	28,313,870
Net proceeds received from shares sold under such sales agreement	$ 1,105,141	$ 147,218	$ 1,242,293	$ 819,674
2022 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement				13,488,550
Net proceeds received from shares sold under such sales agreement				$ 338,962
May 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement		0		10,791,700
Net proceeds received from shares sold under such sales agreement		$ 0		$ 333,494
August 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement		4,033,620		4,033,620
Net proceeds received from shares sold under such sales agreement		$ 147,218		$ 147,218
November 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement	0		1,951,620
Net proceeds received from shares sold under such sales agreement	$ 0		$ 137,152
August 2024 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement	8,048,449		8,048,449
Net proceeds received from shares sold under such sales agreement	$ 1,105,141		$ 1,105,141

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended		9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2024 Country Customer	Sep. 30, 2023 Customer Country	Sep. 30, 2024 Segment Customer Country	Sep. 30, 2023 Customer Country	Dec. 31, 2023 Country
Segment Reporting Information
Number of operating segments \| Segment			1
Geographic Concentration Risk
Segment Reporting Information
Number of Individual Country accounted for 10% or more of total revenues	1	0	0	0
Number of Individual country accounted for 10% or more of total consolidated assets	0		0		0
Customer Concentration Risk \| Sales Revenue, Goods, Net
Segment Reporting Information
Number of Individual Customer accounted for 10% or more of total consolidated revenues \| Customer	0	0	0	0

Segment Information - Breakout

Segment Information - Breakout of Operations of Software Segment and Corporate & Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 116,071	$ 129,462	$ 342,759	$ 371,777
Total cost of revenues	34,349	26,661	95,299	81,723
Gross profit	81,722	102,801	247,460	290,054
Total operating expenses	514,304	128,048	1,084,018	362,316
Loss from operations	(432,582)	(25,247)	(836,558)	(72,262)
Operating Segments \| Software Business
Segment Reporting Information [Line Items]
Total revenues	116,071	129,462	342,759	371,777
Total cost of revenues	34,349	26,661	95,299	81,723
Gross profit	81,722	102,801	247,460	290,054
Total operating expenses	100,182	93,725	295,541	283,733
Loss from operations	(18,460)	9,076	(48,081)	6,321
Corporate & Other
Segment Reporting Information [Line Items]
Total operating expenses	414,122	34,323	788,477	78,583
Loss from operations	$ (414,122)	$ (34,323)	$ (788,477)	$ (78,583)

Total Revenues, Gross Profit, (

Total Revenues, Gross Profit, (Loss) Income from Operations, and Long-Lived Assets, by Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 116,071	$ 129,462	$ 342,759	$ 371,777
Gross profit	81,722	102,801	247,460	290,054
(Loss) income from operations	(432,582)	(25,247)	(836,558)	(72,262)
Long-lived assets	82,825		82,825		$ 86,284
U.S
Revenues from External Customers and Long-Lived Assets
Total revenues	63,958	71,788	192,115	212,892
Gross profit	42,306	56,723	132,949	167,692
(Loss) income from operations	(441,144)	(41,534)	(862,349)	(107,029)
Long-lived assets	72,241		72,241		75,004
EMEA
Revenues from External Customers and Long-Lived Assets
Total revenues	38,952	40,222	114,273	115,351
Gross profit	30,874	32,574	90,964	91,080
(Loss) income from operations	15,062	18,461	44,602	47,864
Long-lived assets	4,102		4,102		3,937
Other Regions
Revenues from External Customers and Long-Lived Assets
Total revenues	13,161	17,452	36,371	43,534
Gross profit	8,542	13,504	23,547	31,282
(Loss) income from operations	(6,500)	$ (2,174)	(18,811)	$ (13,097)
Long-lived assets	$ 6,482		$ 6,482		$ 7,343

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) R$ in Thousands				3 Months Ended	9 Months Ended
	Jun. 12, 2024	Jun. 12, 2023 USD ($) Extended Term	Jun. 24, 2022 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jul. 31, 2024 BRL (R$)	Jul. 31, 2024 USD ($)	May 31, 2024 USD ($)
Related Party Transaction [Line Items]
Litigation settlement amount payable						R$ 6160	$ 1,100,000
Board of Directors & Executive Chairman
Related Party Transaction [Line Items]
Litigation settlement amount payable								$ 40,000,000
Board of Directors & Executive Chairman \| Excess Agreement
Related Party Transaction [Line Items]
One time payment fee			$ 600,000
Related party transaction, description			The Company paid Mr. Saylor $600,000 for a one-year term under the Excess Agreement
Excess indemnity coverage payable			$ 10,000,000
Refund of pro rate portion of previous payment			489,863
Board of Directors & Executive Chairman \| Tail Agreement
Related Party Transaction [Line Items]
One time payment fee		$ 157,000	150,000
Coverage amount			40,000,000
Additional amount			$ 150,000		$ 150,000
Related party transaction, description			$150,000 for a 90-day term under the Tail Agreement
Extended term			90 days		90 days
Board of Directors & Executive Chairman \| 2023 Tail Agreement
Related Party Transaction [Line Items]
One time payment fee				$ 157,000
Additional amount per one year term extension		$ 157,000
Extended term	1 year	1 year
Option to extend number of additional one-year period under agreement \| Extended Term		3

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Oct. 30, 2024	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Digital asset impairment losses			$ 412,084	$ 33,559	$ 783,807	$ 76,613
Class A \| TD Securities (USA) LLC, Barclays Capital Inc., The Benchmark Company, LLC, BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Maxim Group LLC, Mizuho Securities USA LLC, Santander US Capital Markets LLC and SG Americas Securities, LLC \| Maximum \| October 2024 Sales Agreement \| Subsequent Event
Subsequent Event [Line Items]
Aggregate offering	$ 21,000,000
Scenario Forecast \| Minimum
Subsequent Event [Line Items]
Digital asset impairment losses		$ 18,900