MicroStrategy (MSTR) 10-K 18 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 04, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	MICROSTRATEGY INCORPORATED
Entity Central Index Key	0001050446
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Well Known Seasoned Issuer	Yes
Entity Public Float			$ 23,499
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-42509
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 Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference	Portions of the definitive proxy statement for the 2025 Annual Meeting of Stockholders of the Registrant to be filed subsequently with the SEC are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent indicated herein.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Opinion [Text Block]	Opinion on Internal Control Over Financial Reporting We have audited MicroStrategy Incorporated and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive (loss) income, stockholders’ equity (deficit), and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and the financial statement schedule, Schedule II, Valuation and Qualifying Accounts (collectively, the consolidated financial statements), and our report dated February 18, 2025 expressed an unqualified opinion on those consolidated financial statements.
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		237,711,607
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Trading Symbol	MSTR
Security Exchange Name	NASDAQ
Class B Convertible
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,640,250
8.00% Series A Perpetual Strike Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.00% Series A Perpetual Strike Preferred Stock, par value $0.001 per share
Trading Symbol	STRK
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 38,117	$ 46,817
Restricted cash		1,780	1,856
Accounts receivable, net		181,203	183,815
Prepaid expenses and other current assets		31,224	35,407
Total current assets		252,324	267,895
Digital assets		23,909,373	3,626,476
Property and equipment, net		26,327	28,941
Right-of-use assets		54,560	57,343
Deposits and other assets		75,794	24,300
Deferred tax assets, net		1,525,307	757,573
Total assets	[1]	25,843,685	4,762,528
Current liabilities:
Accounts payable, accrued expenses, and operating lease liabilities		52,982	43,090
Accrued compensation and employee benefits		58,362	50,045
Accrued interest		5,549	1,493
Current portion of long-term debt, net		517	483
Deferred revenue and advance payments		237,974	228,162
Total current liabilities		355,384	323,273
Long-term debt, net		7,191,158	2,182,108
Deferred revenue and advance payments		4,970	8,524
Operating lease liabilities		56,403	61,086
Other long-term liabilities		5,379	22,208
Deferred tax liabilities		407	357
Total liabilities		7,613,701	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		20,411,998	3,957,728
Treasury stock, at cost; 0 shares and 8,684 shares, respectively		0	(782,104)
Accumulated other comprehensive loss		(15,384)	(11,444)
Accumulated deficit		(2,166,876)	(999,234)
Total stockholders' equity		18,229,984	2,164,972
Total liabilities and stockholders' equity		25,843,685	4,762,528
Common Class A
Stockholders' Equity
Common stock		226	24
Class B Convertible
Stockholders' Equity
Common stock		$ 20	$ 2
[1] Segment assets allocated to the Corporate & Other category are the Company’s digital assets and deferred tax assets related primarily to digital asset impairment losses and interest expense.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	0	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	226,138,000	157,725,000
Common stock, shares outstanding	226,138,000	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		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues		$ 463,456	$ 496,261	$ 499,264
Cost of revenues:
Total cost of revenues		129,468	109,944	102,989
Gross profit		333,988	386,317	396,275
Operating expenses:
Sales and marketing		138,081	149,671	146,882
Research and development		118,486	120,530	127,428
General and administrative		140,537	115,312	111,421
Digital asset impairment losses (gains on sale), net		1,789,862	115,851	1,286,286
Total operating expenses		2,186,966	501,364	1,672,017
Loss from operations		(1,852,978)	(115,047)	(1,275,742)
Interest expense, net	[1]	(61,941)	(48,960)	(53,136)
(Loss) gain on debt extinguishment		(22,933)	44,686	0
Other income (expense), net		3,506	(5,204)	6,413
Loss before income taxes		(1,934,346)	(124,525)	(1,322,465)
(Benefit from) provision for income taxes	[2]	(767,685)	(553,646)	147,332
Net (loss) income		$ (1,166,661)	$ 429,121	$ (1,469,797)
Basic (loss) earnings per share	[3]	$ (6.06)	$ 3.14	$ (12.98)
Weighted average shares outstanding used in computing basic (loss) earnings per share		192,549	136,706	113,209
Diluted (loss) earnings per share	[3]	$ (6.06)	$ 2.64	$ (12.98)
Weighted average shares outstanding used in computing diluted (loss) earnings per share		192,549	165,662	113,209
Total product licenses and subscription services
Revenues:
Total revenues		$ 155,343	$ 156,530	$ 147,244
Cost of revenues:
Total cost of revenues		45,500	33,705	26,442
Product licenses
Revenues:
Total revenues		48,567	75,351	86,498
Cost of revenues:
Total cost of revenues		3,060	1,929	1,672
Subscription services
Revenues:
Total revenues		106,776	81,179	60,746
Cost of revenues:
Total cost of revenues		42,440	31,776	24,770
Product support
Revenues:
Total revenues		243,805	263,888	266,521
Cost of revenues:
Total cost of revenues		33,289	22,434	21,264
Other services
Revenues:
Total revenues		64,308	75,843	85,499
Cost of revenues:
Total cost of revenues		$ 50,679	$ 53,805	$ 55,283
[1] Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin. All of the Company’s interest income and expense are presented in the Corporate & Other category. Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including digital asset impairment, interest expense, gains and losses on debt extinguishments, and other third-party expenses. 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,166,661)	$ 429,121	$ (1,469,797)
Other comprehensive (loss) income, net of applicable taxes:
Foreign currency translation adjustment	(3,940)	2,357	(6,258)
Total other comprehensive (loss) income	(3,940)	2,357	(6,258)
Comprehensive (loss) income	$ (1,170,601)	$ 431,478	$ (1,476,055)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Common Class A	Common Stock Class B Convertible	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	(Accumulated Deficit) Retained Earnings
Beginning Balance at Dec. 31, 2021	$ 978,958	$ 18	$ 2	$ 1,727,143	$ (782,104)	$ (7,543)	$ 41,442
Beginning Balance (in shares) at Dec. 31, 2021		101,899	19,640		(8,684)
Net (loss) income	(1,469,797)	$ 0	$ 0	0	$ 0	0	(1,469,797)
Other comprehensive income (loss)	(6,258)	0	0	0	0	(6,258)	0
Issuance of class A common stock upon exercise of stock options	1,393	$ 0	$ 0	1,393	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		101	0		0
Issuance of class A common stock under employee stock purchase plan	4,473	$ 0	$ 0	4,473	$ 0	0	0
Issuance of class A common stock under employee stock purchase plan, (in shares)		159	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(2,213)	$ 0	$ 0	(2,213)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		187	0		0
Issuance of class A common stock under public offerings, net of issuance costs	46,219	$ 0	$ 0	46,219	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		2,186	0		0
Share-based compensation expense	64,105	$ 0	$ 0	64,105	$ 0	0	0
Ending Balance at Dec. 31, 2022	(383,120)	$ 18	$ 2	1,841,120	$ (782,104)	(13,801)	(1,428,355)
Ending Balance (in shares) at Dec. 31, 2022		104,532	19,640		(8,684)
Net (loss) income	429,121	$ 0	$ 0	0	$ 0	0	429,121
Other comprehensive income (loss)	2,357	0	0	0	0	2,357	0
Issuance of class A common stock upon exercise of stock options	30,519	$ 1	$ 0	30,518	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		1,756	0		0
Issuance of class A common stock under employee stock purchase plan	3,955	$ 0	$ 0	3,955	$ 0	0	0
Issuance of class A common stock under employee stock purchase plan, (in shares)		198	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(4,344)	$ 0	$ 0	(4,344)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		260	0		0
Issuance of class A common stock under public offerings, net of issuance costs	2,020,089	$ 5	$ 0	2,020,084	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		50,979	0		0
Share-based compensation expense	66,395	$ 0	$ 0	66,395	$ 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 (loss) income	(1,166,661)	$ 0	$ 0	0	$ 0	0	(1,166,661)
Other comprehensive income (loss)	(3,940)	0	0	0	0	(3,940)	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
Retirement of treasury stock	0	$ (9)	$ 0	(781,114)	$ 782,104	0	(981)
Retirement of treasury stock (in shares)		(8,684)	0		8,684
Issuance of class A common stock upon exercise of stock options	184,287	$ 2	$ 0	184,285	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		7,826	0		0
Issuance of class A common stock under employee stock purchase plan	4,304	$ 0	$ 0	4,304	$ 0	0	0
Issuance of class A common stock under employee stock purchase plan, (in shares)		94	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(2,207)	$ 0	$ 0	(2,207)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		545	0		0
Issuance of class A common stock under public offerings, net of issuance costs	16,329,857	$ 50	$ 0	16,329,807	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		52,309	0		0
Issuance of class A common stock upon conversions of convertible senior notes	645,164	$ 2	$ 0	645,162	$ 0	0	0
Issuance of class A common stock upon conversions of convertible senior notes (in shares)		16,323	0		0
Share-based compensation expense	74,208	$ 0	$ 0	74,208	$ 0	0	0
Ending Balance at Dec. 31, 2024	$ 18,229,984	$ 226	$ 20	$ 20,411,998	$ 0	$ (15,384)	$ (2,166,876)
Ending Balance (in shares) at Dec. 31, 2024		226,138	19,640		0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net (loss) income	$ (1,166,661)	$ 429,121	$ (1,469,797)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	17,808	14,527	10,874
Reduction in carrying amount of right-of-use assets	8,475	8,643	8,072
Credit losses and sales allowances	649	1,387	939
Deferred taxes	(774,586)	(568,949)	131,493
Release of liabilities for unrecognized tax benefits	(1,265)	(506)	(360)
Share-based compensation expense	77,124	69,571	63,619
Digital asset impairment losses (gains on sale), net	1,789,862	115,851	1,286,286
Amortization of issuance costs on long-term debt	15,336	8,808	8,694
Loss (gain) on debt extinguishment	22,933	(44,686)	0
Changes in operating assets and liabilities:
Accounts receivable	5,688	10,307	(5,292)
Prepaid expenses and other current assets	3,804	(11,358)	(6,342)
Deposits and other assets	(10,668)	(632)	(7,455)
Accounts payable and accrued expenses	1,141	(634)	(3,521)
Accrued compensation and employee benefits	(34,563)	(12,000)	(12,344)
Accrued interest	4,193	(1,336)	1,336
Deferred revenue and advance payments	1,049	2,362	14,839
Operating lease liabilities	(10,510)	(10,218)	(9,634)
Other long-term liabilities	(2,841)	2,454	(8,196)
Net cash (used in) provided by operating activities	(53,032)	12,712	3,211
Investing activities:
Purchases of digital assets	(22,072,759)	(1,902,299)	(287,921)
Proceeds from sale of digital assets	0	0	11,817
Advance deposits on purchases of property and equipment	(10,500)	0	0
Purchases of property and equipment	(2,978)	(2,938)	(2,486)
Net cash used in investing activities	(22,086,237)	(1,905,237)	(278,590)
Financing activities:
Proceeds from convertible senior notes	6,213,750	0	0
Payments to settle conversions and redemption of convertible senior notes	(398)	0	0
Proceeds from secured term loan, net of lender fees	0	0	204,693
Issuance costs paid for secured term loan, excluding lender fees	0	0	(107)
Repayments of secured debt and third-party extinguishment costs	(515,414)	(160,033)	0
Proceeds from other long-term secured debt	0	0	11,100
Issuance costs paid for other long-term secured debt	0	0	(270)
Principal payments of other long-term secured debt	(539)	(513)	(246)
Proceeds from sale of common stock under public offerings	16,363,023	2,029,214	46,592
Issuance costs paid related to sale of common stock under public offerings	(33,166)	(9,141)	(358)
Proceeds from exercise of stock options	184,287	30,518	1,393
Payment of withholding tax on vesting of restricted stock units	(2,173)	(4,114)	(2,082)
Net cash provided by financing activities	22,132,641	1,889,886	265,188
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(2,148)	444	(3,375)
Net decrease in cash, cash equivalents, and restricted cash	(8,776)	(2,195)	(13,566)
Cash, cash equivalents, and restricted cash, beginning of year	48,673	50,868	64,434
Cash, cash equivalents, and restricted cash, end of year	39,897	48,673	50,868
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	44,571	41,229	43,448
Cash paid during the year for income taxes, net of tax refunds	1,059	30,318	21,973
Convertible Senior Notes
Financing activities:
Issuance costs paid	(81,033)	0	0
Employee Stock Purchase Plan
Financing activities:
Proceeds from sales under employee stock purchase plan	$ 4,304	$ 3,955	$ 4,473

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,166,661)	$ 429,121	$ (1,469,797)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity As part of our cybersecurity risk management framework, we have implemented comprehensive Corporate Incident Response Plans (IRPs) and other policies and procedures designed to ensure the assessment, identification, and management of material risks from cybersecurity threats, and to facilitate timely disclosure of material cybersecurity incidents in accordance with SEC rules. Our policies provide for cybersecurity awareness training for employees and engagement in due diligence processes in accordance with industry best practices for third-party vendors, including those handling critical services or sensitive data on our behalf. Our policies also provide for regular, senior management-led table-top exercises simulating cyberattack scenarios to ensure preparedness and response agility. We undertake an annual review of our policies to help ensure their effectiveness and relevance in light of evolving cybersecurity threats. Additionally, we maintain cyber insurance to help cover costs associated with the occurrence of certain cybersecurity events. We do not currently engage any other third parties as part of our cybersecurity risk management framework, but we do use third party services and products in the ordinary course with respect to certain common cybersecurity threats. Our IRPs, which are tailored to address potential cybersecurity threats in both our product and corporate infrastructure technology environments, are designed to provide a comprehensive, structured response to cybersecurity incidents, and apply to all Strategy personnel, including employees, directors, temporary staff, and contractors. In accordance with our IRPs, we train our personnel to report any cybersecurity incidents to our Information Security Team (IST). Upon identification of a cybersecurity incident, the IRPs mandate that the IST conduct an immediate evaluation and assign a severity rating to the incident and, depending on the severity, report the incident to our Chief Information Security Officer (CISO) . Based on the severity of the incident, a Security Incident Response Team (SIRT), the members of which include our Chief Technology Officer (CTO), the CISO, and personnel from various departments, including legal, is convened. The SIRT, with assistance from the IST, is tasked with executing a timely and effective response to the incident, and SIRT members are assigned specific roles and responsibilities, including assessment of the incident's materiality for disclosure purposes . Our CTO and CISO oversee our cybersecurity preparedness. Our CTO has over 25 years of experience in the technology sector, including specifically in the cybersecurity industry, and held various leadership positions prior to joining Strategy in 2018. Our CISO, who joined Strategy as CISO in 2021, has over 20 years of experience with cybersecurity and privacy, and has experience with IT infrastructure technologies, including cloud, network, server, endpoint, and mobile technologies. Our CISO holds a master’s degree in computer science and multiple industry-recognized cybersecurity certifications. The IST operates under our CISO’s leadership, who in turn reports to our CTO . We administer our cybersecurity risk management framework separately from our other risk management systems and processes, under the oversight of the audit committee of our board of directors and senior management. Strategy's management, including our CTO and CISO, provides the audit committee with regular updates on cybersecurity incidents and emerging threats. The audit committee actively engages with management on the development and implementation of cybersecurity policies and practices, offering insights and guidance . Additionally, board members with significant experience in software technology, such as Michael J. Saylor and Leslie J. Rechan, each with over 30 years of software industry experience, and Phong Le, our Chief Executive Officer, contribute their expertise to our cybersecurity risk management. Unauthorized parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as well as those of our third-party vendors, through various means, such as hacking, social engineering, phishing, and fraud. However, the Company does not believe that there are currently any risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. See “Item 1A. Risk Factors – Risks Related to Our Bitcoin Strategy and Holdings – If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our bitcoin, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our bitcoin and our financial condition and results of operations could be materially adversely affected” and “Item 1A. Risk Factors – Risks Related to Our Operations – If we or our third-party service providers experience a disruption due to a cybersecurity attack or security breach and unauthorized parties obtain access to our customers’, prospects’, vendors’, or channel partners’ data, our data, our networks or other systems, or the cloud environments we manage, our offerings may be perceived as not being secure, our reputation may be harmed, demand for our offerings may be reduced, our operations may be disrupted, we may incur significant legal and financial liabilities, and our business could be materially adversely affected.”
Cybersecurity Risk Management Third Party Engaged [Flag]	false
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	We administer our cybersecurity risk management framework separately from our other risk management systems and processes, under the oversight of the audit committee of our board of directors and senior management. Strategy's management, including our CTO and CISO, provides the audit committee with regular updates on cybersecurity incidents and emerging threats. The audit committee actively engages with management on the development and implementation of cybersecurity policies and practices, offering insights and guidance . Additionally, board members with significant experience in software technology, such as Michael J. Saylor and Leslie J. Rechan, each with over 30 years of software industry experience, and Phong Le, our Chief Executive Officer, contribute their expertise to our cybersecurity risk management. Unauthorized parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as well as those of our third-party vendors, through various means, such as hacking, social engineering, phishing, and fraud. However, the Company does not believe that there are currently any risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. See “Item 1A. Risk Factors – Risks Related to Our Bitcoin Strategy and Holdings – If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our bitcoin, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our bitcoin and our financial condition and results of operations could be materially adversely affected” and “Item 1A. Risk Factors – Risks Related to Our Operations – If we or our third-party service providers experience a disruption due to a cybersecurity attack or security breach and unauthorized parties obtain access to our customers’, prospects’, vendors’, or channel partners’ data, our data, our networks or other systems, or the cloud environments we manage, our offerings may be perceived as not being secure, our reputation may be harmed, demand for our offerings may be reduced, our operations may be disrupted, we may incur significant legal and financial liabilities, and our business could be materially adversely affected.”
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Strategy's management, including our CTO and CISO, provides the audit committee with regular updates on cybersecurity incidents and emerging threats. The audit committee actively engages with management on the development and implementation of cybersecurity policies and practices, offering insights and guidance
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Additionally, board members with significant experience in software technology, such as Michael J. Saylor and Leslie J. Rechan, each with over 30 years of software industry experience, and Phong Le, our Chief Executive Officer, contribute their expertise to our cybersecurity risk management.
Cybersecurity Risk Role of Management [Text Block]	Our IRPs, which are tailored to address potential cybersecurity threats in both our product and corporate infrastructure technology environments, are designed to provide a comprehensive, structured response to cybersecurity incidents, and apply to all Strategy personnel, including employees, directors, temporary staff, and contractors. In accordance with our IRPs, we train our personnel to report any cybersecurity incidents to our Information Security Team (IST). Upon identification of a cybersecurity incident, the IRPs mandate that the IST conduct an immediate evaluation and assign a severity rating to the incident and, depending on the severity, report the incident to our Chief Information Security Officer (CISO) . Based on the severity of the incident, a Security Incident Response Team (SIRT), the members of which include our Chief Technology Officer (CTO), the CISO, and personnel from various departments, including legal, is convened. The SIRT, with assistance from the IST, is tasked with executing a timely and effective response to the incident, and SIRT members are assigned specific roles and responsibilities, including assessment of the incident's materiality for disclosure purposes . Our CTO and CISO oversee our cybersecurity preparedness. Our CTO has over 25 years of experience in the technology sector, including specifically in the cybersecurity industry, and held various leadership positions prior to joining Strategy in 2018. Our CISO, who joined Strategy as CISO in 2021, has over 20 years of experience with cybersecurity and privacy, and has experience with IT infrastructure technologies, including cloud, network, server, endpoint, and mobile technologies. Our CISO holds a master’s degree in computer science and multiple industry-recognized cybersecurity certifications. The IST operates under our CISO’s leadership, who in turn reports to our CTO
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Based on the severity of the incident, a Security Incident Response Team (SIRT), the members of which include our Chief Technology Officer (CTO), the CISO, and personnel from various departments, including legal, is convened.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CTO has over 25 years of experience in the technology sector, including specifically in the cybersecurity industry, and held various leadership positions prior to joining Strategy in 2018. Our CISO, who joined Strategy as CISO in 2021, has over 20 years of experience with cybersecurity and privacy, and has experience with IT infrastructure technologies, including cloud, network, server, endpoint, and mobile technologies. Our CISO holds a master’s degree in computer science and multiple industry-recognized cybersecurity certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The SIRT, with assistance from the IST, is tasked with executing a timely and effective response to the incident, and SIRT members are assigned specific roles and responsibilities, including assessment of the incident's materiality for disclosure purposes
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Organization	(1) Organization MicroStrategy Incorporated d/b/a Strategy (the “Company”) is the world’s first and largest Bitcoin Treasury Company. By using proceeds from equity and debt financings, as well as cash flows from its operations, the Company strategically accumulates Bitcoin and advocates for its role as digital capital. The Company’s treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. In addition, the Company provides industry-leading AI-powered enterprise analytics software, advancing its vision of Intelligence Everywhere. The Company leverages its development capabilities to explore innovation in Bitcoin applications, integrating analytics expertise with its commitment to digital asset growth. The Company’s enterprise analytics software business, which it has operated for over 30 years, is its predominant operational focus.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation 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. 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. (b) Use of Estimates The preparation of the Consolidated Financial Statements, in conformity with GAAP, requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. On an on-going basis, the Company evaluates its estimates, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts, investments, fixed assets, digital assets, leases, debt, share-based compensation, income taxes, including the carrying value of deferred tax assets, and litigation and contingencies, including liabilities that the Company deems not probable of assertion. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets, liabilities, and equity that are not readily apparent from other sources. Actual results and outcomes could differ from these estimates and assumptions. (c) Fair Value Measurements The Company measures certain assets and liabilities at fair value on a recurring or nonrecurring basis. Fair value is defined as the price that is expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The three levels of the fair value hierarchy are described below: Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices that are either directly or indirectly observable, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs that are generally unobservable, supported by little or no market activity, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The categorization of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques used by the Company when measuring fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company also estimates the fair value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and accrued compensation and employee benefits. The Company considers the carrying value of these instruments in the Consolidated Financial Statements to approximate fair value due to their short maturities. (d) Cash and Cash Equivalents and Restricted Cash Cash equivalents may include bank demand deposits, money market instruments, certificates of deposit, U.S. Treasury securities, and equivalent funds. The Company generally considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash consists of cash balances restricted in use by contractual obligations with third parties. (e) Credit Losses on Accounts Receivable The Company maintains an allowance for credit losses on its accounts receivable balances, which represents its best estimate of current expected credit losses over the contractual life of the accounts receivable. When evaluating the adequacy of its allowance for credit losses each reporting period, the Company analyzes accounts receivable balances with similar risk characteristics on a collective basis, considering factors such as the aging of receivable balances, payment terms, geographic location, historical loss experience, current information, and future expectations. Each reporting period, the Company reassesses whether any accounts receivable no longer share similar risk characteristics and should instead be evaluated as part of another pool or on an individual basis. Changes to the allowance for credit losses are adjusted through credit loss expense, which is presented within “General and administrative” operating expenses in the Consolidated Statements of Operations. (f) Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. The Company places its cash equivalents with high credit-quality financial institutions and has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity. The Company sells its offerings to various companies across several industries throughout the world in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of December 31, 2024 and 2023 , no individual customer accounted for 10% or more of net accounts receivable, and for the years ended December 31, 2024, 2023, and 2022 , no individual customer accounted for 10% or more of revenue. (g) 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 has ownership of and control over its bitcoin and uses third-party custodial services at multiple locations that are geographically dispersed to store its bitcoin. The Company’s digital assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. The Company determines the fair value of its bitcoin on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement , based on quoted (unadjusted) prices on the Coinbase exchange, the active exchange that the Company has determined is its principal market for bitcoin (Level 1 inputs). The Company performs an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted (unadjusted) prices on the active exchange, indicate that it is more likely than not that any of the assets are impaired. In determining if an impairment has occurred, the Company considers the lowest price of one bitcoin quoted on the active exchange at any time since acquiring the specific bitcoin held by the Company. If the carrying value of a bitcoin exceeds that lowest price, an impairment loss has occurred with respect to that bitcoin in the amount equal to the difference between its carrying value and such lowest price. Impairment losses are recognized in the period in which the impairment occurs and are reflected within “Digital asset impairment losses (gains on sale), net” in the Company’s Consolidated Statements of Operations. The impaired digital assets are written down to their fair value at the time of impairment and this new cost basis will not be adjusted upward for any subsequent increase in fair value. 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. See Note 4, Digital Assets, to the Consolidated Financial Statements for further information regarding the Company’s purchases and sales of digital assets. See Note 3, Recent Accounting Standards, to the Consolidated Financial Statements for further information regarding the Company’s adoption of Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets , effective January 1, 2025, and resulting changes to the Company’s accounting policy for digital assets. (h) Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: three years for computer equipment and purchased software; five years for office equipment; 10 years for office furniture; and 19 years for the Company’s corporate aircraft, which has an estimated salvage value of 21 %. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the term of the lease, whichever is shorter. The Company periodically evaluates the appropriateness of the estimated useful lives and salvage value of all property and equipment. Any change in the estimated useful life or salvage value is treated as a change in estimate and accounted for prospectively in the period of change. Expenditures for maintenance and repairs are charged to expense as incurred. When assets are retired or sold, the capitalized cost and related accumulated depreciation are removed from the property and equipment accounts and any resulting gain or loss is recognized in the results of operations. Eligible internal-use software development costs are capitalized subsequent to the completion of the preliminary project stage. Such costs include external direct material and service costs, employee payroll, and payroll-related costs. After all substantial testing and deployment is completed and the software is ready for its intended use, capitalization ceases and internal-use software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three years . The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If an asset is impaired, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset. (i) Leases A lease is a contract, or part of a contract, that conveys the right to both (i) obtain economic benefits from and (ii) direct the use of an identified asset for a period of time in exchange for consideration. The Company evaluates its contracts to determine if they contain a lease and classifies any lease components identified as an operating or finance lease. For each lease component, the Company recognizes a right-of-use (“ROU”) asset and a lease liability. ROU assets and lease liabilities are presented separately for operating and finance leases; however, the Company currently has no material finance leases. The Company’s operating leases are primarily related to office space in the United States and foreign locations. In a contract that contains a lease, a component is an item or activity that transfers a good or service to the lessee. Such contracts may be comprised of lease components, non-lease components, and elements that are not components. Each lease component represents a lessee’s right to use an underlying asset in the contract if the lessee can benefit from the right of use of the asset either on its own or together with other readily available resources and if the right of use is neither highly dependent nor highly interrelated with other rights of use. Non-lease components include items such as common area maintenance and utilities provided by the lessor. The Company has elected the practical expedient to not separate lease components from non-lease components for office space, which is the Company’s only material underlying asset class. For each lease within this asset class, the non-lease components and related lease components are accounted for as a single lease component. Items or activities that do not transfer goods or services to the lessee, such as administrative tasks to set up the contract and reimbursement or payment of lessor costs, are not components of the contract and therefore no contract consideration is allocated to such items or activities. Consideration in the contract is comprised of any fixed payments and variable payments that depend on an index or rate. Payments in the Company’s operating lease arrangements are typically comprised of base office rent and parking fees. Costs related to the Company’s non-lease components, as described above, are generally variable and do not depend on an index or rate and are therefore excluded from the contract consideration allocated to the lease components. The Company’s operating lease arrangements generally do not contain any payments related to items or activities that are not components. Operating lease liabilities are initially and subsequently measured at the present value of unpaid lease payments, discounted at the discount rate of the lease. Operating lease ROU assets are initially measured as the sum of the initial lease liability, any initial direct costs incurred, and any prepaid lease payments, less any lease incentives received. The ROU asset is amortized over the term of the lease. The amortization of operating lease ROU assets is included in “Reduction in carrying amount of right-of-use assets” within the operating activities section of the Consolidated Statements of Cash Flows. A single lease expense is recorded within operating expenses in the Consolidated Statements of Operations on a straight-line basis over the lease term. Variable lease payments that are not included in the measurement of the lease liability are recognized in the period when the obligations for those payments are incurred. In the Company’s lease agreements, these variable payments typically include certain taxes, utilities, and maintenance costs, and other fees. The Company uses its incremental borrowing rate as the discount rate for all of its leases, as the rate implicit in the lease is not readily determinable in any of its lease contracts. In order to estimate a collateralized borrowing rate curve, the Company first estimates a synthetic credit rating and then applies modeling methodologies to an unsecured borrowing rate curve. In determining the incremental borrowing rate of each lease, the Company uses a centralized treasury approach and considers the currency of the contract, the economic environment in which the lease exists, and the term of the lease. The Company does not recognize lease liabilities or ROU assets for any short-term leases with a non-cancellable lease term of 12 months or less. Instead, the lease payments for these short-term leases are expensed on a straight-line basis over the lease term, and any variable payments are recognized in the period when the obligations for those payments are incurred. The Company believes that, using this methodology, the expense recorded reasonably reflects the Company’s short-term lease commitments. (j) Software Development Costs The Company did no t capitalize any software development costs during the years ended December 31, 2024, 2023, and 2022 . Due to the pace of the Company’s software development efforts and frequency of its software releases, the Company’s software development costs are expensed as incurred within “Research and development” in the Consolidated Statements of Operations. (k) Loss Contingencies and Legal Costs The Company accrues loss contingencies that are believed to be probable and can be reasonably estimated. As events evolve during the administration and litigation process and additional information becomes known, the Company reassesses its estimates related to loss contingencies. Legal costs are expensed in the period in which the costs are incurred. (l) Deferred Revenue and Advance Payments Deferred revenue and advance payments are contract liabilities that represent amounts received or due from customers in advance of the Company transferring its software or services to the customer under an enforceable contract. Revenue is subsequently recognized in the period(s) in which control of the software or services is transferred to the customer. Deferred revenue is comprised of deferred product licenses and subscription services, product support, or other services revenue based on the transaction price allocated to the specific performance obligation in the contract with the customer, and presented as either current or non-current in the Consolidated Balance Sheets, depending on whether the software or services are expected to be transferred to the customer within the next year. (m) Debt Arrangement s As discussed in Note 8, Long-term Debt , to the Consolidated Financial Statements, the Company has issued convertible senior notes and senior secured notes, and entered into secured term loan agreements in recent years. The embedded conversion features in each of the convertible notes are indexed to the Company’s class A common stock and meet the criteria for classification in stockholders’ equity, and therefore derivative accounting does not apply. The Company records the aggregate principal amount of each of its debt instruments as a liability on its Consolidated Balance Sheets, offset by the issuance costs associated with each instrument. The issuance costs are amortized to interest expense using the effective interest method over the expected term of each debt instrument. (n) Revenue Recognition The Company recognizes revenue using a five-step model: (i) Identifying the contract(s) with a customer, (ii) Identifying the performance obligation(s), (iii) Determining the transaction price, (iv) Allocating the transaction price to the performance obligations in the contract, and (v) Recognizing revenue when, or as, the Company satisfies a performance obligation. The Company has elected to exclude taxes assessed by government authorities in determining the transaction price, and therefore revenue is recognized net of taxes collected from customers. The Company enters into non-cancellable nonrefundable orders with customers and does not have a history of granting returns or refunds and therefore does not have a reserve for future returns. Performance Obligations and Timing of Revenue Recognition The Company primarily sells goods and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (i) capable of being distinct (i.e., the customer can benefit from the good or service on its own or together with readily available resources, including those purchased separately from the Company) and distinct within the context of the contract (i.e., separately identifiable from other promises in the contract) or (ii) a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. Aside from the Company’s term and perpetual product licenses, which are delivered at a point in time, the majority of the Company’s services are delivered over time. Product Licenses The Company sells different types of business intelligence software, licensed on a term or perpetual basis and installed either on premises or on a public cloud that is procured and managed by the customer. Although product licenses are sold with product support, the software is fully functional at the outset of the arrangement and is considered a distinct performance obligation. Revenue from product license sales is recognized when control of the license is transferred to the customer, which is the later of delivery or commencement of the license term. The Company may also sell through resellers and OEMs who purchase the Company’s software for resale. In reseller arrangements, revenue is generally recognized when control of the license is transferred to the end user. In OEM arrangements, revenue is recognized when control of the license is transferred to the OEM. Subscription Services The Company also sells access to its software through fully managed cloud environments for commercial or government use, wherein customers access the software through a cloud environment that the Company manages on behalf of the customer. Control of the software itself does not transfer to the customer under this arrangement and is not considered a separate performance obligation. Cloud subscriptions are regularly sold on a standalone basis and include technical support, monitoring, backups, updates, and quarterly service reviews. Additionally, customers with existing on-premise software licenses may convert their installations to a cloud environment, at which time the on-premise licenses are typically terminated and replaced by a new subscription to the cloud service. At conversion, an analysis is performed for each contract to determine whether any revenue adjustments are necessary given that the contract modifications revoke previously transferred rights to perpetual on-premise software. Such revenue adjustments were not material for the years ended December 31, 2024, 2023, and 2022. Revenue related to cloud subscriptions is recognized on a straight-line basis over the contract period, which is the period over which the customer has continuous access to the software. Product Support In all product license transactions, customers are required to purchase a standard product support package (either separately or as an included component of a term license transaction) that may subsequently be renewed at their option. Customers may also purchase a premium product support package for a fixed annual fee. All product support packages include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services that are substantially the same and have the same duration and measure of progress. Revenue from product support is recognized on a straight-line basis over the contract period, which is the period over which the customer has continuous access to product support. Consulting Services The Company sells consulting services to help customers plan and execute deployment of the Company’s software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and either (i) prepaid upfront or (ii) sold on a time and materials basis. Consulting arrangements are each considered separate performance obligations because they do not integrate with each other or with other offerings to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other offerings, and do not affect the customer’s ability to use the other consulting services or the Company’s other offerings. Revenue under consulting arrangements is recognized over time as services are delivered. For time and materials-based consulting arrangements, the Company has elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of the Company’s service to date. Education Services The Company sells various education and training services to its customers. Education services are sold on a standalone basis under two different types of arrangements: (i) annual subscriptions to live and on-demand training courses and (ii) custom courses purchased on an hourly basis. Education arrangements are each considered separate performance obligations because they do not integrate with each other or with other offerings to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other offerings, and do not affect the customer’s ability to use the other education services or the Company’s other offerings. Revenue on annual subscriptions is recognized on a straight-line basis over the contract period, which is the period over which the customer has continuous access to the training courses. Revenue on custom courses is recognized on a time and materials basis as the services are delivered. See Note 16, Segment Information, to the Consolidated Financial Statements for information regarding total revenues by geographic region. Estimates and Judgments The Company makes estimates and judgments to allocate the transaction price based on an observable or estimated SSP. The Company also makes estimates and judgments with respect to capitalizing incremental costs to obtain a customer contract and determining the subsequent amortization period. These estimates and judgments are discussed further below. Determining the Transaction Price The transaction price includes both fixed and variable consideration. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal will not occur. The amount of variable consideration excluded from the transaction price was not material for the years ended December 31, 2024, 2023, and 2022. The Company’s estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to its transaction prices. Such true-up adjustments have not been and are not expected to be material. The Company has the following sources of variable consideration: (i) Performance penalties – Subscription services and product support arrangements generally contain performance response time guarantees. For subscription services arrangements, the Company estimates variable consideration using a portfolio approach because performance penalties are tied to standard up-time requirements. For product support arrangements, the Company estimates variable consideration on a contract basis because such arrangements are customer-specific. For both subscription services and product support arrangements, the Company uses an expected value approach to estimate variable consideration based on historical business practices and current and future performance expectations to determine the likelihood of incurring penalties. (ii) Extended payment terms – The Company’s standard payment terms are generally within 180 days of invoicing. If extended payment terms are granted to customers, those terms generally do not exceed one year. For contracts with extended payment terms, the Company estimates variable consideration on a contract basis because such estimates are customer-specific and uses an expected value approach to analyze historical business experience on a customer-by-customer basis to determine the likelihood that extended payment terms lead to an implied price concession. (iii) Sales and usage-based royalties – Certain product license arrangements include sales or usage-based royalties, covering both product license and product support. In these arrangements, the Company uses an expected value approach to estimate and recognize revenue for royalty sales each period, utilizing historical data on a contract-by-contract basis. True-up adjustments are recorded in subsequent periods when royalty reporting is received from the OEMs and during the years ended December 31, 2024, 2023, and 2022 were not material. The Company provides a standard software assurance warranty to repair, replace, or refund software that does not perform in accordance with documentation. The standard software assurance warranty period is generally less than one year. Assurance warranty claims were not material for the years ended December 31, 2024, 2023, and 2022. The Company does not adjust the transaction price for significant financing components where the time period between cash payment and performance is one year or less. However, there are circumstances where the timing between cash payment and performance may exceed one year. These circumstances generally involve prepaid multi-year license, product support and subscription services arrangements where the customer determines when the service is utilized. In these circumstances, the Company has determined no significant financing component exists because the customer controls when to utilize the service and because there are significant business purposes behind the timing difference between payment and performance (e.g., ensuring collectability in the case of subscription services). Allocating the Transaction Price Based on Standalone Selling Prices (SSP) The Company allocates the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the price, or estimated price, of the software or service when sold on a standalone basis at contract inception. In circumstances where SSP is not directly observable, the Company estimates SSP using the following methodologies: (i) Product licenses – Product licenses are not sold on a standalone basis and pricing is highly variable. The Company establishes SSP of product licenses using a residual approach after first establishing the SSP of standard product support. Standard product support is sold on a standalone basis within a narrow range of the stated net license fee, and because an economic relationship exists between product licenses and standard product support, the Company has concluded that the residual method to estimate SSP of product licenses sold on both a perpetual and term basis is a fair allocation of the transaction price. (ii) Subscription services – Given the highly variable selling price of subscription services, the Company establishes the SSP of its subscription services arrangements using a similar residual approach after first establishing the SSP of consulting and education services to the extent they are included in the arrangement. The Company has concluded that the residual method to estimate SSP of its subscription services is a fair allocation of the transaction price. (iii) Standard product support – The Company establishes SSP of standard product support as a percentage of the stated net license fee, given such pricing is consistent with its normal pricing practices and there exists sufficient history of customers renewing standard product support on a standalone basis at similar percentages. Semi-annually, the Company tracks renewal rates negotiated when standard product support is initially sold with a perpetual license in order to determine the SSP of standard product support within each geographic region for the upcoming quarter. If the stated standard product support fee falls within the SSP range, the specific rate in the contract will be used to determine SSP. If the stated fee is above or below SSP, the highest or lowest end of the range, respectively, will generally be used to determine SSP of standard product support for perpetual licenses. For term licenses, the Company determines SSP of standard product support at the lower end of the SSP range used for perpetual licenses because the term licenses are time bound, resulting in a lower value placed on product support as compared to a perpetual license. (iv) Premium product support, consulting services, and education services –SSP of premium product support, consulting services, and education services is established by using a bell-shaped curve approach to define a narrow range within each geographic region

Recent Accounting Standards

Recent Accounting Standards	12 Months Ended
	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	(3) 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 Company will adopt this guidance effective January 1, 2025 on a prospective basis, with a cumulative-effect adjustment to the opening balance of retained earnings. Prior periods will not be restated. The Company is in the process of implementing changes to internal controls over financial reporting to allow the Company to timely compile the information needed to account for crypto assets under this new guidance. 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 and will no longer establish a deferred tax asset related to bitcoin impairment losses. Instead, the Company will establish a deferred tax liability if the market value of bitcoin at the reporting date is greater than the average cost basis of the Company’s bitcoin holdings at such reporting date, and any subsequent increases or decreases in the market value of bitcoin will increase or decrease the deferred tax liability. 12.745 billion, which reflects a $ 17.880 billion increase in digital assets, partially offset by a $ 3.969 billion increase in deferred tax liabilities, and a $ 1.166 billion decrease in deferred tax assets. Additionally, the Company will provide quantitative and qualitative disclosures to meet the new requirements under ASU 2023-08, including a roll-forward of its bitcoin holdings during the reporting period and period-end cost basis, fair value, number of units held, and restrictions. 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 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. For purposes of calculating the adjusted financial statement income, the Company will be required to ratably allocate from 2025 through 2028 the increase to the Company’s retained earnings. When determining whether the Company is subject to CAMT and when calculating any related tax liability for an applicable tax year, the proposed regulations provide that, among other adjustments, the Company’s adjusted financial statement income must include this ratable amount in addition to any unrealized gains or losses reported in the applicable tax year. Accordingly, as a result of the enactment of the IRA and the Company’s adoption of ASU 2023-08 on January 1, 2025, unless the IRA is amended or the proposed regulations, when finalized, are revised to provide relief (or other interim relief is granted), the Company could become subject to CAMT in the tax years 2026 and beyond. If the Company becomes subject to the CAMT, it could result in a material tax obligation that the Company would need to satisfy in cash, which could materially affect its financial results, including its earnings and cash flow, and its financial condition. 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 Company has adopted ASU 2023-07 for the year-ended December 31, 2024 and included all required annual disclosures in Note 16, Segment Information, to the Consolidated Financial Statements, including retroactive application to all prior periods presented. The Company will adopt ASU 2023-07 for interim periods beginning January 1, 2025. Disaggregation of Income Statement Expenses In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires specified information about certain costs and expenses be disclosed in the notes to the financial statements, including the expense caption on the face of the income statement in which they are disclosed, in addition to a qualitative description of remaining amounts not separately disaggregated. Entities will also be required to disclose their definition of “selling expenses” and the total amount in each annual period. The standard is effective for the Company for annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028, with updates applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures.

Digital Assets

Digital Assets	12 Months Ended
	Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Digital Assets	(4) Digital Assets The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of: December 31, 2024 2023 Approximate number of bitcoins held 447,470 189,150 Digital assets carrying value $ 23,909,373 $ 3,626,476 Cumulative digital asset impairment losses $ 4,058,875 $ 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 December 31, 2024 or 2023, respectively, and not as of December 31, 2024 or 2023, respectively. The following table summarizes the Company’s digital asset purchases, digital asset sales, digital asset impairment losses, and gains on sale of digital assets (in thousands, except number of bitcoins) for the periods indicated: Years Ended December 31, 2024 2023 2022 Approximate number of bitcoins purchased 258,320 56,650 8,813 Approximate number of bitcoins sold 0 0 704 Digital asset purchases $ 22,072,759 $ 1,902,299 $ 287,921 Digital asset sales $ 0 $ 0 $ 11,817 Digital asset impairment losses $ 1,789,862 $ 115,851 $ 1,287,213 Gains on sale of digital assets $ 0 $ 0 $ 927 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 after the bitcoin purchases are completed. In 2024 and 2023, certain bitcoin of MacroStrategy LLC (“MacroStrategy”), a wholly-owned subsidiary of the Company, were 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 December 31, 2024 and 2023 , 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 8, Long-term Debt, to the Consolidated Financial Statements for further information regarding the 2028 Secured Notes and their redemption. The vast majority of the Company’s assets are concentrated in its bitcoin holdings. Bitcoin is a digital asset, which is a novel asset class that is subject to significant legal, commercial, regulatory and technical uncertainty. Holding bitcoin does not generate any cash flows and involves custodial fees and other costs. Additionally, the price of bitcoin has historically experienced significant price volatility, and a significant decrease in the price of bitcoin would adversely affect the Company’s financial condition and results of operations. The Company’s strategy of acquiring and holding bitcoin also exposes it to counterparty risks with respect to the custody of its bitcoin, cybersecurity risks, and other risks inherent to holding a digital asset. In particular, the Company is subject to the risk that, if its private keys with respect to its digital assets are lost or destroyed or other similar circumstances or events occur, the Company may lose some or all of its digital assets, which could materially adversely affect the Company’s financial condition and results of operations.

Contract Balances

Contract Balances	12 Months Ended
	Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Balances	(5) 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: December 31, 2024 2023 Billed and billable $ 183,391 $ 186,884 Less: allowance for credit losses ( 2,188 ) ( 3,069 ) Accounts receivable, net $ 181,203 $ 183,815 Changes in the allowance for credit losses were not material for the year ended December 31, 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 $ 2.6 million and $ 1.2 million, as of December 31, 2024 and 2023 , respectively, related primarily to performance obligations or services being rendered in advance of future invoicing associated with multi-year contracts. 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 $ 6.8 million and $ 0.9 million, as of December 31, 2024 and 2023, respectively, related to performance obligations or services being rendered in advance of future invoicing associated with multi-year contracts. During the years ended December 31, 2024, 2023, and 2022 , 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 and presented as "Deferred revenue and advance payments" in the Consolidated Balance Sheets. 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 “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: December 31, 2024 2023 Current: Deferred product licenses revenue $ 1,777 $ 3,579 Deferred subscription services revenue 107,119 65,512 Deferred product support revenue 124,684 152,012 Deferred other services revenue 4,394 7,059 Total current deferred revenue and advance payments $ 237,974 $ 228,162 Non-current: Deferred product licenses revenue $ 174 $ 0 Deferred subscription services revenue 2,263 3,097 Deferred product support revenue 2,111 4,984 Deferred other services revenue 422 443 Total non-current deferred revenue and advance payments $ 4,970 $ 8,524 During the years ended December 31, 2024, 2023, and 2022 , the Company recognized revenues of $ 225.4 million, $ 215.9 million, and $ 203.1 million, respectively, from amounts included in the total deferred revenue and advance payments balances at the beginning of the respective year. For the years ended December 31, 2024, 2023, and 2022, 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-cancelable 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 December 31, 2024 , the Company had an aggregate transaction price of $ 454.9 million allocated to the remaining performance obligation related to subscription services, product support, product licenses, and other services contracts. The Company expects to recognize $ 278.4 million within the next 12 months and the remainder thereafter .

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	(6) Property and Equipment Property and equipment (in thousands) consisted of the following, as of: December 31, 2024 2023 Corporate aircraft and related equipment $ 48,645 $ 48,645 Computer equipment and purchased software 61,828 60,979 Furniture and equipment 9,708 9,920 Leasehold improvements 29,547 29,944 Internally developed software 9,917 9,917 Property and equipment, gross 159,645 159,405 Less: accumulated depreciation and amortization ( 133,318 ) ( 130,464 ) Property and equipment, net $ 26,327 $ 28,941 Depreciation and amortization expenses related to property and equipment were $ 5.6 million, $ 6.4 million, and $ 6.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. In December 2024, the Company entered into an agreement to purchase a new corporate aircraft and paid an initial deposit of $ 10.5 million, which is included in the “Deposits and other assets” line on the Consolidated Balance Sheet as of December 31, 2024. Additional installment payments totaling $ 68.0 million in the aggregate are expected through completion and delivery of the aircraft, currently anticipated in 2026.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	(7) Leases The Company leases office space in the United States and foreign locations under operating lease agreements. Office space is the Company’s only material underlying asset class under operating lease agreements. The Company has no material finance leases. Under the Company’s office space lease agreements, fixed payments and variable payments that depend on an index or rate are typically comprised of base rent and parking fees. Additionally, under these agreements the Company is generally responsible for certain variable payments that typically include certain taxes, utilities and maintenance costs, and other fees. These variable lease payments are generally based on the Company’s occupation or usage percentages and are subject to adjustments by the lessor. The Company’s ROU asset and total lease liability balances were $ 54.6 million and $ 66.8 million, respectively, as of December 31, 2024 , and $ 57.3 million and $ 71.5 million, respectively, as of December 31, 2023 . The Company’s most significant lease is for its corporate headquarters in Northern Virginia. The ROU asset and total lease liability balances related to the Company’s corporate headquarters lease were $ 42.8 million and $ 54.6 million, respectively, as of December 31, 2024 , and $ 48.1 million and $ 61.7 million, respectively, as of December 31, 2023 . The lease agreement for the Company’s corporate headquarters location is set to expire in December 2030 , with an option for the Company to extend the term for an additional five or 10 consecutive years . The Company is currently not reasonably certain it will exercise this renewal option and therefore has not included the renewal option in the lease term. Several of the Company’s remaining leases contain options for renewal or options to terminate all or a portion of the leased space. The Company continually assesses the likelihood of exercising these options and recognizes an option as part of its ROU assets and lease liabilities if and when it is reasonably certain that it will exercise the option. The following table presents the Company’s total lease cost and other lease details for the periods indicated (in thousands, except years and discount rates): Years Ended December 31, 2024 2023 2022 Lease cost: Operating lease cost $ 12,577 $ 13,081 $ 13,008 Short-term lease cost 619 579 582 Variable lease cost 632 783 514 Total lease cost $ 13,828 $ 14,443 $ 14,104 Other information: Cash paid for amounts included in the measurement of operating lease liabilities $ 14,525 $ 9,862 $ 14,224 ROU assets obtained in exchange for new operating lease liabilities $ 6,032 $ 6,183 $ 1,563 Weighted average remaining lease term in years – operating leases 5.8 6.6 7.5 Weighted average discount rate – operating leases 6.0 % 6.0 % 6.1 % The following table presents the maturities of the Company’s operating lease liabilities as of December 31, 2024 (in thousands): For the year ended December 31, 2025 $ 14,037 2026 14,596 2027 13,826 2028 13,667 2029 12,943 Thereafter 9,548 Total lease payments 78,617 Less: imputed interest ( 11,830 ) Total $ 66,787 Reported as: Current operating lease liabilities $ 10,384 Non-current operating lease liabilities 56,403 Total $ 66,787

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	(8) Long-term Debt The net carrying value of the Company’s outstanding debt (in thousands) consisted of the following as of: December 31, 2024 2023 2025 Convertible Notes $ 0 $ 643,931 2027 Convertible Notes 1,041,352 1,037,306 2028 Convertible Notes 998,543 0 2029 Convertible Notes 2,975,037 0 2030 Convertible Notes 785,172 0 2031 Convertible Notes 594,476 0 2032 Convertible Notes 787,417 0 2028 Secured Notes 0 491,193 Other long-term secured debt 9,678 10,161 Total $ 7,191,675 $ 2,182,591 Reported as: Current portion of long-term debt, net 517 483 Long-term debt, net 7,191,158 2,182,108 Total $ 7,191,675 $ 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”), all of which were previously redeemed or converted into our class A common stock by July 15, 2024; • $ 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”); • $ 3.000 billion aggregate principal amount of 0 % Convertible Senior Notes due 2029 (the “2029 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 outstanding 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 outstanding Convertible Notes also rank senior in right of payment to the Company’s Series A perpetual strike preferred stock issued in the first quarter of 2025. Refer to Note 18, Subsequent Events to the Consolidated Financial Statements for further information on the Company’s Series A perpetual strike preferred stock issuance. 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 2029 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Issuance Date December 2020 February 2021 September 2024 November 2024 March 2024 March 2024 June 2024 Maturity Date (1) December 15, 2025 February 15, 2027 September 15, 2028 December 1, 2029 March 15, 2030 March 15, 2031 June 15, 2032 Principal at Inception $ 650,000 $ 1,050,000 $ 1,010,000 $ 3,000,000 $ 800,000 $ 603,750 $ 800,000 Stated Interest Rate (2) 0.750 % 0.000 % 0.625 % 0.000 % 0.625 % 0.875 % 2.250 % Interest Payment Dates (3) June 15 & December 15 February 15 & August 15 March 15 & September 15 June 1 & December 1 March 15 & September 15 March 15 & September 15 June 15 & December 15 Net Proceeds $ 634,749 $ 1,025,830 $ 997,375 $ 2,974,250 $ 782,000 $ 592,567 $ 786,000 Issuance Costs (4) $ 15,251 $ 24,170 $ 12,625 $ 25,750 $ 18,000 $ 11,183 $ 14,000 Effective Interest Rate (4) 1.23 % 0.39 % 1.05 % 0.24 % 1.14 % 1.30 % 2.63 % Date of Holder Put Option (5) n/a n/a September 15, 2027 June 1, 2028 September 15, 2028 September 15, 2028 June 15, 2029 Initial Conversion Rate (6) 25.126 6.981 5.4589 1.4872 6.677 4.297 4.894 Initial Conversion Price (7) $ 39.80 $ 143.25 $ 183.19 $ 672.40 $ 149.77 $ 232.72 $ 204.33 Convertible at any time after the following date (8) (9) June 13, 2024 January 24, 2025 March 15, 2028 June 1, 2029 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 December 4, 2026 March 22, 2027 March 22, 2028 June 20, 2029 Redemption Date (11) July 15, 2024 February 24, 2025 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 Con vertible 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, (c) March 15, 2025 for the 2028 Convertible Notes, and (d) June 1, 2025 (special interest only, if any) for the 2029 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, 2029 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for c ash 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. For the 2027 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2027 Convertible Notes, which resulted in the 2027 Convertible Notes being convertible at any time thereafter until 5:00pm New York City time, on February 20, 2025. See Note 18, Subsequent Events , to the Consolidated Financial Statements 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 quarter 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, on December 31, 2024 for the 2028 Convertible Notes, o r on March 31, 2025 for the 2029 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” for the 2025 Convertible Notes 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. “Redemption Date” for the 2027 Convertible Notes is the date on which the Company will redeem all outstanding 2027 Convertible Notes, as discussed under Note 18, Subsequent Events , to the Consolidated Financial Statements. 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, for which the Company issued 16,323,050 shares of the Company’s class A common stock and paid a nominal amount of cash in lieu of fraction shares upon settlement of such conversion requests, 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 December 31, 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 share s, 4,461,600 shares, 5,341,600 shares, 2,594,314 shares, and 3,915,200 shares for the 2027 Convertible Notes, 2028 Convertible Notes, 2029 Convertible Notes, 2030 Co nvertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes, respectively. Other than the 2025 Convertible Notes (which were convertible during the first quarter of 2022, the first and second quarters of 2024, and upon the Company’s issuance of the Redemption Notice in June 2024 as 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 years ended December 31, 2024, 2023, and 2022. The Convertible Notes may be convertible in future periods if one or more of the conversion conditions is satisfied during future measurement periods. As of December 31, 2024 , the last reported sale price of the Company’s class A common stock for at least 20 trading days during the 30 consecutive trading days ending on, and including, December 31, 2024 was greater than or equal to 130 % of the conversion price of each of the 2027 Convertible Notes, 2028 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes on each applicable trading day. Therefore, the 2027 Convertible Notes, 2028 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes are convertible at the option of the holders of the respective Convertible Notes during the first quarter of 2025. As a result of the notice of redemption delivered January 24, 2025 to holders of the 2027 Convertible Notes, the 2027 Convertible Notes are convertible at any time thereafter until 5:00pm New York City time, on February 20, 2025. See Note 18, Subsequent Events, to the Consolidated Financial Statements for further information. No conversions of the Convertible Notes occurred during the years ended December 31, 2024, 2023, and 2022, except for the 2025 Convertible Notes as discussed above under the “Conversions and Redemption of 2025 Convertible Notes” subsection. Other than the Company’s redemption of the 2025 Convertible Notes, the Company had not redeemed any of the Convertible Notes as of December 31, 2024. As of December 31, 2024 and 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 December 31, 2024 (in thousands): December 31, 2024 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2027 Convertible Notes $ 1,050,000 $ ( 8,648 ) $ 1,041,352 $ 2,134,125 Level 2 2028 Convertible Notes 1,010,000 ( 11,457 ) 998,543 1,927,828 Level 2 2029 Convertible Notes 3,000,000 ( 24,963 ) 2,975,037 2,447,682 Level 2 2030 Convertible Notes 800,000 ( 14,828 ) 785,172 1,657,323 Level 2 2031 Convertible Notes 603,750 ( 9,274 ) 594,476 877,559 Level 2 2032 Convertible Notes 800,000 ( 12,583 ) 787,417 1,324,602 Level 2 Total $ 7,263,750 $ ( 81,753 ) $ 7,181,997 $ 10,369,119 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 years ended December 31, 2024, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Contractual Amortization of Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 2,371 $ 1,494 $ 3,865 $ 4,875 $ 3,043 $ 7,918 $ 4,875 $ 3,006 $ 7,881 2027 Convertible Notes 0 4,046 4,046 0 4,029 4,029 0 4,014 4,014 2028 Convertible Notes 1,771 1,168 2,939 0 0 0 0 0 0 2029 Convertible Notes 0 787 787 0 0 0 0 0 0 2030 Convertible Notes 4,069 3,172 7,241 0 0 0 0 0 0 2031 Convertible Notes 4,154 1,909 6,063 0 0 0 0 0 0 2032 Convertible Notes 9,650 1,417 11,067 0 0 0 0 0 0 Total $ 22,015 $ 13,993 $ 36,008 $ 4,875 $ 7,072 $ 11,947 $ 4,875 $ 7,020 $ 11,895 The Company paid $ 16.5 million, $ 4.9 million and $ 4.9 million, respectively, in interest related to the Convertible Notes during the years ended December 31, 2024, 2023, and 2022 . 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. The 2028 Secured Notes were sold under a purchase agreement, dated as of June 8, 2021, entered into by and among the Company, MicroStrategy Services Corporation, a wholly owned subsidiary of the Company (the “Guarantor”), and Jefferies LLC, for resale to qualified institutional buyers. The terms of the 2028 Secured Notes were governed by an indenture, dated as of June 14, 2021 (the “2028 Secured Notes Indenture”), among the Company, the Guarantor, and U.S. Bank National Association, as trustee and collateral agent. The 2028 Secured Notes were unconditionally guaranteed, jointly and severally, on a senior secured basis by the Guarantor and certain subsidiaries of the Company (excluding MacroStrategy) (collectively, the “Subsidiary Guarantors”). 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 2028 Secured Notes had a stated maturity date of June 15, 2028, unless earlier redeemed or repurchased in accordance with their terms and subject to a springing maturity date of September 15, 2025 or November 16, 2026 under certain conditions outlined in the 2028 Secured Notes Indenture. The springing maturity feature was not triggered while the 2028 Secured Notes were outstanding. 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. While outstanding, the 2028 Secured Notes were secured, on a senior secured basis with the Company’s existing and future senior indebtedness, by a first priority security interest in substantially all of the Company’s and the Subsidiary Guarantors’ assets (the “Collateral”). The Collateral included any bitcoins or other digital assets acquired by the Company or a Subsidiary Guarantor on or after June 14, 2021. As of December 31, 2023, approximately 16,081 of the bitcoins held by the Company served as part of the Collateral. Upon the redemption of the 2028 Secured Notes in September 2024, all collateral securing the 2028 Secured Notes was released. The 2028 Secured Notes Indenture contained certain covenants with which the Company was required to comply, including covenants with respect to limitations on (i) additional indebtedness, (ii) liens, (iii) certain payments and investments, (iv) the ability to merge or consolidate with another person, or sell or otherwise dispose of substantially all the Company’s assets, and (v) certain transactions with affiliates. The Company was in compliance with its debt covenants as of December 31, 2023 and through to the redemption of the 2028 Secured Notes in September 2024. The Company incurred approximately $ 12.8 million in customary offering expenses associated with the 2028 Secured Notes. The Company accounted for these issuance costs as a reduction to the principal amount of the 2028 Secured Notes and amortized the issuance costs to interest expense over the contractual term of the 2028 Secured Notes at an effective interest rate of 6.58 %. 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 years ended December 31, 2024, 2023, and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Contractual Amortization of Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 22,628 $ 1,287 $ 23,915 $ 30,625 $ 1,646 $ 32,271 $ 30,625 $ 1,541 $ 32,166 The Company paid $ 23.9 million, $ 30.6 million, and $ 30.6 million, respectively, in interest related to the 2028 Secured Notes during the years ended December 31, 2024, 2023, and 2022. Secured Term Loan On March 23, 2022, MacroStrategy, a wholly-owned subsidiary of the Company, 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. 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. Prior to the prepayment, the 2025 Secured Term Loan was a senior secured obligation of MacroStrategy that bore interest at a floating rate equal to the Secured Overnight Financing Rate 30 Day Average , as published by the Federal Reserve Bank of New York’s website, plus 3.70 %, with a floor of 3.75 %, with interest payable monthly in arrears beginning May 2022 . The 2025 Secured Term Loan was scheduled to mature on March 23, 2025 , unless earlier prepaid or repaid in accordance with the terms of the Credit and Security Agreement. The total net proceeds from the 2025 Secured Term Loan, after deducting lender fees and third-party costs, were approximately $ 204.6 million. In accordance with the terms of the Credit and Security Agreement, the 2025 Secured Term Loan was initially collateralized at closing by bitcoin with a value of approximately $ 820.0 million placed in a collateral account (the “Bitcoin Collateral Account”) with a custodian mutually authorized by Silvergate and MacroStrategy. While the 2025 Secured Term Loan was outstanding, MacroStrategy was required to maintain a loan to collateral value ratio (“LTV Ratio”) of less than 50 %. As a result, MacroStrategy was required to maintain more than $ 410.0 million of bitcoin in the Bitcoin Collateral Account, assuming the full $ 205.0 million of 2025 Secured Term Loan principal remained outstanding. The Company incurred approximately $ 0.4 million in lender fees and third-party costs (“issuance costs”) associated with the 2025 Secured Term Loan. The Company accounted for these issuance costs as a reduction to the principal amount of the 2025 Secured Term Loan and amortized the issuance costs to interest expense over the contractual term of the 2025 Secured Term Loan at an effective interest rate of 3.87 % until the 2025 Secured Term Loan's prepayment in March 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 years ended December 31, 2023 and 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 3,781 $ 31 $ 3,812 $ 9,006 $ 103 $ 9,109 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. The Company paid $ 7.7 million in interest related to the 2025 Secured Term Loan during the year ended December 31, 2022. 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 $ 9.7 million and $ 10.2 million as of December 31, 2024 and 2023, respectively, and an outstanding principal balance of $ 9.8 million and $ 10.3 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, $ 0.5 million and $ 0.5 million of the respective net carrying values were short-term and 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 December 31, 2024 (in thousands). The principal payments related to the 2028 Convertible Notes, 2029 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 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 respective convertible notes on their respective Date of Holder Put Option. Payments due by period ended December 31, 2027 Convertible Notes 2028 Convertible Notes 2029 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Other long-term secured debt Total 2025 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 569 $ 569 2026 0 0 0 0 0 0 600 600 2027 1,050,000 1,010,000 0 0 0 0 8,634 2,068,634 2028 0 0 3,000,000 800,000 603,750 0 0 4,403,750 2029 0 0 0 0 0 800,000 0 800,000 Thereafter 0 0 0 0 0 0 0 0 Total $ 1,050,000 $ 1,010,000 $ 3,000,000 $ 800,000 $ 603,750 $ 800,000 $ 9,803 $ 7,273,553 As part of the Company’s bitcoin strategy, the Company expects to incur or continue to incur additional indebtedness and other fixed charges for the purposes of acquiring additional bitcoin and to satisfy its financial and other obligations. The Company’s ability to obtain equity and debt financing is subject to market conditions and other factors outside of its control, and the Company may not be able to secure equity or debt financing in a timely manner, on favorable terms, or at all. If the Company is unable to obtain equity or debt financing, the Company could seek to use proceeds from the sale of its bitcoin to meet its obligations. Historically, the bitcoin market has been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. Dur

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(9) 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 December 31, 2024 or December 31, 2023. The following table shows future minimum payments related to noncancelable purchase agreements with initial terms of greater than one year and anticipated payments related to the mandatory deemed repatriation transition tax resulting from the U.S. Tax Cuts and Jobs Act (“Transition Tax”) based on the expected due dates of the various installments as of December 31, 2024 (in thousands): Year Purchase Transition 2025 $ 64,215 $ 9,223 2026 84,205 0 2027 32,747 0 2028 288 0 2029 0 0 Thereafter 0 0 $ 181,455 $ 9,223 (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. To the best of the Company’s knowledge, 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 these matters, 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 2024, the Company paid approximately $ 1.1 million in cash in respect of these matters as indicated above and accrued an additional $ 0.3 million in respect of losses that might be incurred with respect to these matters, resulting in a net accrual of $ 0.4 million as of December 31, 2024, 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, 2024. The Company’s Brazilian subsidiary continues to cooperate with requests from government authorities related to the above matters. As of December 31, 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 Strategy 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	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(10) Income Taxes U.S. and international components of (loss) income before income taxes (in thousands) were comprised of the following for the periods indicated: Years Ended December 31, 2024 2023 2022 U.S. $ ( 1,966,444 ) $ ( 157,810 ) $ ( 1,362,230 ) Foreign 32,098 33,285 39,765 Total $ ( 1,934,346 ) $ ( 124,525 ) $ ( 1,322,465 ) The (benefit from) provision for income taxes (in thousands) consisted of the following for the periods indicated: Years Ended December 31, 2024 2023 2022 Current: Federal $ ( 5,202 ) $ 2,774 $ 9,278 State 72 3,376 5,362 Foreign 5,368 9,146 8,139 $ 238 $ 15,296 $ 22,779 Deferred: Federal $ ( 505,359 ) $ ( 374,800 ) $ 89,581 State ( 262,441 ) ( 194,374 ) 34,521 Foreign ( 123 ) 232 451 $ ( 767,923 ) $ ( 568,942 ) $ 124,553 Total (benefit) provision $ ( 767,685 ) $ ( 553,646 ) $ 147,332 The benefit from or provision for income taxes differs from the amount computed by applying the federal statutory income tax rate to the Company’s loss before income taxes as follows for the periods indicated: Years Ended December 31, 2024 2023 2022 Income tax expense at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal tax effect 10.7 % 8.4 % 7.3 % Other international components ( 0.5 )% ( 3.4 )% ( 0.1 )% Change in valuation allowance 0.0 % 409.5 % ( 38.6 )% Non-deductible officers compensation ( 0.9 )% ( 5.5 )% ( 0.3 )% Research and development tax credit 0.5 % 2.7 % 0.1 % Share-based compensation 8.7 % 3.4 % ( 0.1 )% Rate changes, including states ( 0.1 )% 11.0 % ( 0.3 )% Other permanent differences (1) 0.3 % ( 2.5 )% ( 0.1 )% Effective income tax rate 39.7 % 444.6 % ( 11.1 )% (1) Included in the “Other permanent differences” category in the table above are other permanent items, each below the threshold required for separate presentation in the table. The Company’s U.S. and foreign effective tax rates for loss before income taxes were as follows for the periods indicated: Years Ended December 31, 2024 2023 2022 U.S. 39.3 % 356.8 % ( 10.2 )% Foreign 16.3 % 28.2 % 21.6 % Combined 39.7 % 444.6 % ( 11.1 )% The change in the Company’s effective tax rate in 2024, as compared to 2023, was primarily due to (i) increased tax benefits related to share-based compensation (including the income tax effects of exercises of stock options and vesting of share-settled restricted stock units), compared to (ii) the release of the valuation allowance during 2023 on the Company’s deferred tax asset related to the impairment on its bitcoin holdings, attributable to the increase in the market value of bitcoin as of December 31, 2023 compared to December 31, 2022, and (iii) the effects of changes in state tax rates in 2023. As of December 31, 2024 and 2023 , the amount of cash and cash equivalents held by the Company’s U.S. entities was $ 8.8 million and $ 10.5 million, respectively, and by the Company’s non-U.S. entities was $ 29.3 million and $ 36.3 million, respectively. The Company earns a significant amount of its revenues outside the United States. The Company repatriated foreign earnings and profits of $ 6.5 million during 2024 and $ 20.3 million during 2023. As of December 31, 2024 , the Company has not indefinitely reinvested any of its undistributed foreign earnings and has recorded a deferred tax liability of $ 4.0 million on undistributed foreign earnings related to foreign withholding tax and U.S. state income taxes. Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities (in thousands) were as follows for the periods indicated: December 31, 2024 2023 Deferred tax assets, net: Net operating loss carryforwards $ 231,063 $ 727 Tax credit carryforwards 6,287 1,841 Intangible assets, including capitalized R&D 88,362 57,410 Deferred revenue 902 1,481 Accrued compensation 5,204 5,882 Share-based compensation expense 14,042 30,345 Digital asset impairment losses 1,165,831 652,280 Interest expense carryforward 24,974 11,627 Lease liability 16,734 18,197 Other 1,854 4,699 Deferred tax assets before valuation allowance 1,555,253 784,489 Valuation allowance ( 494 ) ( 1,427 ) Deferred tax assets, net of valuation allowance 1,554,759 783,062 Deferred tax liabilities: Prepaid expenses and other 8,278 3,681 Property and equipment 373 1,062 Deferred tax on undistributed foreign earnings 3,962 2,923 Right of use asset 17,246 18,180 Total deferred tax liabilities 29,859 25,846 Total net deferred tax asset $ 1,524,900 $ 757,216 Reported as: Non-current deferred tax assets 1,525,307 757,573 Non-current deferred tax liabilities ( 407 ) ( 357 ) Total net deferred tax asset $ 1,524,900 $ 757,216 The Company had $ 775.9 million of U.S. NOL carryforwards as of December 31, 2024 that can be carried forward indefinitely and no U.S. NOL carryforwards as of December 31, 2023. In addition, as of December 31, 2024 , the Company had $ 6.3 million of tax credits that will expire by 2044 . The Company also had $ 5.9 million and $ 3.0 million of foreign NOL carryforwards as of December 31, 2024 and 2023, respectively. As of December 31, 2024 , the Company also had gross state NOLs of $ 1.207 billion of which $ 381.1 million will expire between 2034 and 2044 , and the remainder can be carried forward indefinitely. The Company’s valuation allowance of $ 0.5 million and $ 1.4 million at December 31, 2024 and 2023, respectively, 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. Valuation allowances have been established where the Company has concluded that it is more likely than not that such deferred tax assets are not realizable. The Company’s ability to realize its remaining deferred tax assets as of December 31, 2024 is primarily dependent upon generating sufficient taxable income of the proper character in future years. Management has concluded that there is sufficient positive evidence to support the expected realization of these deferred tax assets primarily due to the fact that the excess of the market value of the Company’s bitcoin over the cost basis of the Company’s bitcoin as of December 31, 2024 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. As part of the assessment of the amount of the valuation allowance, the Company considered that it has the ability and intent to execute tax planning strategies if necessary, including selling bitcoin with a built-in gain. After consideration of all available evidence, the Company has concluded that, as of December 31, 2024, it is more likely than not that its deferred tax assets, with the exception of certain foreign tax credits for which a valuation allowance has been established, will 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. As of December 31, 2024, the Company had income taxes payable of $ 9.5 million recorded in "Accounts payable, accrued expenses, and operating lease liabilities" in the Company’s Consolidated Balance Sheets. As of December 31, 2023 , the Company had income taxes receivable of $ 15.3 million recorded in “Prepaid expenses and other current assets” in the Company’s Consolidated Balance Sheets. As of December 31, 2024, the Company had gross unrecognized income tax benefits of $ 10.2 million, including accrued interest, $ 2.9 million of which was recorded in “Other long-term liabilities” and $ 7.3 million of which was recorded in “Deferred tax assets, net” in the Company’s Consolidated Balance Sheets. The change in unrecognized income tax benefits (in thousands) is presented in the table below for the periods indicated: 2024 2023 2022 Unrecognized income tax benefits at beginning of year $ 7,898 $ 5,811 $ 5,960 Increase (decrease) related to positions taken in prior period 216 1,458 ( 67 ) Increase related to positions taken in current period 2,898 930 318 Decrease related to settlement with tax authorities 0 0 ( 40 ) Decrease related to expiration of statute of limitations ( 959 ) ( 301 ) ( 360 ) Unrecognized income tax benefits at end of year 10,053 7,898 5,811 Accrued interest 195 352 276 Gross unrecognized income tax benefits at end of year $ 10,248 $ 8,250 $ 6,087 If recognized, $ 10.0 million of the gross unrecognized income tax benefits as of December 31, 2024 would impact the Company’s effective tax rate. Over the next 12 months, the amount of the Company’s liability for unrecognized income tax benefits shown above is not expected to change materially. The Company recognizes estimated accrued interest related to unrecognized income tax benefits in the (benefit from) provision for income taxes. During the years ended December 31, 2024, 2023, and 2022, the Company released or recognized an immaterial amount of accrued interest. The amount of accumulated accrued interest related to the above unrecognized income tax benefits was approximately $ 0.2 million and $ 0.4 million as of December 31, 2024 and 2023, respectively. The Company files tax returns in numerous foreign countries as well as the United States and its tax returns may be subject to audit by tax authorities in all countries in which it files. Each country has its own statute of limitations for making assessment of additional tax liabilities. The Company’s U.S. tax returns for tax years from 2021 and forward are subject to potential examination by the Internal Revenue Service. However, due to the Company’s use of state NOL carryovers in the United States, state tax authorities may attempt to reduce or fully offset the amount of state NOL carryovers from tax years ended 2011 and forward that the Company used in later tax years. The Company’s major foreign tax jurisdictions and the tax years that remain subject to potential examination are Italy and Poland for tax years 2020 and forward; and Spain, Germany, and the United Kingdom for tax years 2021 and forward. To date there have been no material audit assessments related to audits in the United States or any of the applicable foreign jurisdictions. The U.S. enacted the IRA in August 2022. Among other things, unless an exemption by statute or regulation applies, a provision of the IRA imposes a 15 % CAMT on a corporation with respect to an initial tax year and 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. Due to the Company’s adoption of ASU 2023-08, the Company is required to recognize a cumulative-effect adjustment of $ 12.745 billion to the opening balance of its retained earnings as of January 1, 2025. The Company will additionally be required to recognize unrealized gains or losses from changes in the fair value of digital assets in future reporting periods as income or losses. For purposes of calculating the adjusted financial statement income, the Company will be required to ratably allocate from 2025 through 2028 the increase to the Company’s retained earnings. When determining whether the Company is subject to CAMT and when calculating any related tax liability for an applicable tax year, the proposed regulations provide that, among other adjustments, the Company’s adjusted financial statement income must include this ratable amount in addition to any unrealized gains or losses reported in the applicable tax year. Accordingly, as a result of the enactment of the IRA and the Company’s adoption of ASU 2023-08 on January 1, 2025, unless the IRA is amended or the proposed regulations, when finalized, are revised to provide relief (or other interim relief is granted), the Company could become subject to CAMT in the tax years 2026 and beyond. If the Company becomes subject to the CAMT, it could result in a material tax obligation that the Company would need to satisfy in cash, which could materially affect its financial results, including its earnings and cash flow, and its financial condition.

Share-based Compensation

Share-based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	(11) Share-based Compensation Stock Incentive Plans On May 24, 2023, the Company’s stockholders approved the Company’s 2023 Equity Plan, which became effective as of such date. No awards may be granted under the 2023 Equity Plan more than 10 years after the 2023 Equity Plan’s effective date. No new awards will be granted under the Company’s 2013 Equity Plan, though awards previously granted under the 2013 Equity Plan remain outstanding in accordance with their terms. Under the Stock Incentive Plans, the Company’s employees, officers, directors, and other eligible participants may be (with respect to the 2023 Equity Plan) and have been (with respect to both the 2023 Equity Plan and the 2013 Equity Plan) 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. Additionally, under the 2023 Equity Plan, awards may be and have been granted that are subject to the achievement of one or more performance measures established by the Company’s Board of Directors or a duly authorized committee thereof. Any shares issued under the Stock Incentive Plans may consist in whole or in part of authorized but unissued shares or treasury shares. An aggregate of up to 19,327,030 shares of the Company’s class A common stock were initially authorized for issuance under the 2023 Equity Plan, comprised of (i) 2,000,000 shares of the Company’s class A common stock authorized under the 2023 Equity Plan and (ii) up to an aggregate of 17,327,030 shares of the Company’s class A common stock consisting of: (a) the shares of class A common stock reserved for issuance under the 2013 Equity Plan that remained available for grant as of May 23, 2023, and (b) shares of class A common stock subject to awards granted under the 2013 Equity Plan that were outstanding as of May 23, 2023 and which subsequently expire, terminate or are otherwise surrendered, cancelled or forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right, including shares subject to awards granted under the 2013 Equity Plan that are delivered (either by actual delivery, attestation or net exercise) to the Company by a participant to (x) purchase shares upon the exercise of such award or (y) satisfy tax withholding obligations with respect to such awards, including shares retained from the award creating the tax obligation, subject, in the case of incentive stock options, to any limitations under the Internal Revenue Code of 1986, as amended. As of December 31, 2024, there were 2,608,540 shares of class A common stock reserved and available for future issuance under the 2023 Equity Plan. In determining related share-based compensation expense for any award under the Stock Incentive Plans, the Company has made an accounting policy election to account for forfeitures of awards as they occur and therefore share-based compensation expense presented below has not been adjusted for any estimated forfeitures. Stock option awards Stock options granted under the Stock Incentive Plans must have an exercise price equal to at least the fair market value of the Company’s class A common stock on the date of grant, become exercisable as established by the Board of Directors or the Compensation Committee, and expire no later than 10 years following the date of grant. The Company recognizes share-based compensation expense associated with such stock option awards on a straight-line basis over the award’s requisite service period (generally, the vesting period). With the exception of stock option awards to non-employee members of the Company’s Board of Directors under the 2023 Equity Plan, which vest in full after one year , the stock option awards granted to date vest in equal annual installments over an approximately four-year vesting period (unless accelerated in connection with a change in control event under specified conditions as set forth in the applicable option agreement or otherwise in accordance with provisions of the Stock Incentive Plans). Share-based compensation expense related to stock option awards is based on the fair value of the stock option awards on the date of grant, as estimated using the Black-Scholes valuation model. The Black-Scholes valuation model requires the input of certain management assumptions, including the expected term, expected stock price volatility, risk-free interest rate, and expected dividend yield. The Company estimates the term over which option holders are expected to hold their stock options by using the simplified method for “plain-vanilla” stock option awards because the Company’s stock option exercise history does not provide a reasonable basis to compute the expected term for stock options granted under the Stock Incentive Plans. The Company primarily relies on historical stock price volatility using a simple average calculation method to estimate the expected stock price volatility over the expected term. The volatility assumption may be further adjusted to incorporate implied volatility if such impact would be significant to the overall fair value estimate. The risk-free interest rate is based on U.S. Treasury securities with terms that approximate the expected term of the stock options. The expected dividend yield is zero , as the Company has not previously declared cash dividends and does not currently intend to declare cash dividends on its class A common stock in the foreseeable future. These assumptions are based on management’s best judgment, and changes to these assumptions could materially affect the fair value estimates and amount of share-based compensation expense recognized. As of December 31, 2024, there were options to purchas e 4,956,022 s hares 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 periods indicated: Stock Options Outstanding Weighted Average Aggregate Weighted Average Exercise Price Intrinsic Remaining Contractual Shares Per Share Value Term (Years) Balance as of January 1, 2022 11,668 $ 26.87 Granted 4,400 34.61 Exercised ( 101 ) 13.75 $ 1,469 Forfeited/Expired ( 198 ) 49.87 Balance as of December 31, 2022 15,769 28.83 Granted 368 29.01 Exercised ( 1,756 ) 17.38 $ 36,636 Forfeited/Expired ( 1,445 ) 44.15 Balance as of December 31, 2023 12,936 28.68 Granted 97 163.16 Exercised ( 7,826 ) 23.55 $ 807,096 Forfeited/Expired ( 251 ) 45.58 Balance as of December 31, 2024 4,956 $ 38.56 Exercisable as of December 31, 2024 2,484 $ 32.10 $ 639,759 5.9 Expected to vest as of December 31, 2024 2,472 $ 45.04 604,514 7.2 Total 4,956 $ 38.56 $ 1,244,273 6.5 Stock options outstanding as of December 31, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years): Stock Options Outstanding at December 31, 2024 Weighted Average Weighted Average Exercise Price Remaining Contractual Range of Exercise Prices per Share Shares Per Share Term (Years) $ 12.45 - $ 20.00 1,324 $ 15.64 5.1 $ 20.01 - $ 30.00 1,021 $ 24.94 7.8 $ 30.01 - $ 40.00 23 $ 30.16 8.4 $ 40.01 - $ 50.00 1,567 $ 41.18 7.0 $ 60.01 - $ 70.00 924 $ 69.12 6.1 $ 150.01 - $ 160.00 91 $ 159.47 9.2 $ 220.01 - $ 222.99 6 $ 222.99 9.8 Total 4,956 $ 38.56 6.5 An aggregate of 1,727,360 , 2,606,250 , and 2,455,000 stock options with an aggregate grant date fair value of $ 41.3 million, $ 51.6 million, and $ 35.8 million vested during the years ended December 31, 2024, 2023, and 2022, respectively. The weighted average grant date fair value of stock option awards using the Black-Scholes valuation mod el was $ 114.18 , $ 19.49 , and $ 20.16 for each share subject to a stock option granted during the years ended December 31, 2024, 2023, and 2022 , respectively, based on the following assumptions: Years Ended December 31, 2024 2023 2022 Expected term of awards in years 5.5 - 6.3 5.5 - 6.3 6.3 Expected volatility 75.1 % - 82.8 % 70.6 % - 74.1 % 58.4 % - 75.5 % Risk-free interest rate 4.2 % - 4.5 % 3.7 % - 4.4 % 1.9 % - 3.9 % Expected dividend yield 0 0.0 % 0.0 % The Company recognized approximately $ 39.4 million, $ 44.8 million, and $ 48.3 million in share-based compensation expense for the years ended December 31, 2024, 2023, and 2022, respectively, from stock options granted under the Stock Incentive Plans. As of December 31, 2024, there was approximately $ 36.1 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 approximatel y 1.8 years. Share-settled restricted stock units Share-settled restricted stock units granted under the Stock Incentive Plans entitle recipients to receive a number of shares of the Company’s class A common stock over a vesting period, as specified in the applicable restricted stock unit agreement. Although the Company may in its sole discretion elect to pay fully or partially in cash in lieu of settling solely in shares, it does not currently intend to do so. Share-based compensation expense related to share-settled restricted stock units is based on the fair value of the Company’s class A common stock on the date of grant. The Company recognizes share-based compensation expense associated with such share-settled restricted stock unit awards on a straight-line basis over the award’s requisite service period (generally, the vesting period). With the exception of share-settled restricted stock unit awards to non-employee members of the Company’s Board of Directors, which vest in full after one year , the share-settled restricted stock unit awards granted to date vest in equal annual installments over a four-year period (unless accelerated in connection with a change in control event under specified conditions as set forth in the applicable restricted stock unit agreement or otherwise in accordance with provisions of the Stock Incentive Plan or applicable restricted stock unit agreement). 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 reserv es. The tax payment under the “net settlement” approach is reflected as a financing activity on the Consolidated Statements of Cash Flows. 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. As of December 31, 2024, there we re 1,230,672 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, 2022 1,051 Granted 602 Vested ( 282 ) $ 6,604 Forfeited ( 175 ) Balance as of December 31, 2022 1,196 Granted 1,229 Vested ( 365 ) $ 14,817 Forfeited ( 208 ) Balance as of December 31, 2023 1,852 Granted 328 Vested ( 571 ) $ 112,476 Forfeited ( 378 ) Balance as of December 31, 2024 1,231 Expected to vest as of December 31, 2024 1,231 $ 356,427 During the year ended December 31, 2024 , 570,980 share-settled restricted stock units having an aggregate grant date fair value of $ 19.0 million vested, and 25,060 shares were withheld to satisfy tax obligations, resulting in 545,920 issued shares. During the year ended December 31, 2023, 365,020 share-settled restricted stock units having an aggregate grant date fair value of $ 13.5 million vested, and 104,400 shares were withheld to satisfy tax obligations, resulting in 260,620 issued shares. During the year ended December 31, 2022, 281,800 share-settled restricted stock units having an aggregate grant date fair value of $ 12.3 million vested, and 94,670 shares were withheld to satisfy tax obligations, resulting in 187,130 issued shares. The weighted average grant date fair value of share-settled restricted stock units granted during the years ended December 31, 2024, 2023, and 2022 was $ 146.50 , $ 29.28 and $ 24.62 , respectively, based on the fair value of the Company’s class A common stock. The Company recognized approximately $ 24.2 million, $ 17.4 million, and $ 13.4 million in share-based compensation expense for the years ended December 31, 2024, 2023, and 2022, respectively, from share-settled restricted stock units granted under the Stock Incentive Plans. As of December 31, 2024, there was approximately $ 57.4 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 approximatel y 2.8 years. Share-settled performance stock units During 2023 and 2024, the Company granted performance stock units under the 2023 Equity Plan. Performance stock units entitle recipients to receive a number of shares of the Company’s class A common stock at a specified date in the future based on achievement of one or more performance measures, as specified in the applicable performance stock unit agreement. Although the Company may in its sole discretion elect to pay fully or partially in cash in lieu of settling solely in shares, it does not currently intend to do so. The vesting of each performance stock unit granted is subject to the Company’s achievement of a relative total shareholder return (“TSR”) performance goal over a three-year performance period with the number of performance stock units granted representing the number of performance stock units that would vest based on target performance. As more fully specified in the applicable grant agreements, the number of performance stock units that will vest will be based on the percentile ranking of the Company’s TSR over the three-year performance period as compared to the TSR of the members of the Nasdaq Composite Index over the same period (the “TSR Goal”), with the payout factor ranging from 0 % to 200 % of the number of performance stock units granted. The performance stock units, to the extent vested, will vest on the date the Compensation Committee of the Company’s Board of Directors certifies the level of achievement of the TSR Goal. Vesting of the performance stock units is also generally subject to the provision of service through the vesting date of the award (unless accelerated in connection with a termination following a change in control event as set forth in the applicable performance stock unit agreement or otherwise in accordance with provisions of the 2023 Equity Plan or applicable performance stock unit agreement). The TSR Goal is considered a “market condition” under ASC 718, Compensation—Stock Compensation . The Company uses a Monte Carlo simulation model to determine the grant date fair value of performance awards with a market condition. The Monte Carlo simulation takes into consideration the assumptions noted below, in addition to the probability that the market condition will be achieved based on predicted stock price paths compared to peer companies in the Nasdaq Composite Index. The Company did not grant any performance awards prior to 2023. The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $ 313.86 and $ 48.62 for each performance stock unit granted during the years ended December 31, 2024 and 2023, respectively, based on the following assumptions: Years ending December 31, 2024 2023 Expected term of awards in years 3.0 3.0 Expected volatility 92.67 % - 95.50 % 95.6 % Risk-free interest rate 4.1 % - 4.4 % 4.1 % Expected dividend yield 0.0 % 0.0 % Since the Company accounts for forfeitures as they occur, as long as the performance stock unit recipient provides service to the Company during the requisite service period, share-based compensation expense associated with the grant date fair value of the performance stock units is recognized ratably over the performance period, regardless of the Company’s actual level of achievement against the TSR Goal. As of December 31, 2024, there were 306,939 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the period indicated: Share-Settled Performance Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2023 0 Granted 267 Vested 0 $ 0 Forfeited ( 13 ) Balance as of December 31, 2023 254 Granted 60 Vested 0 $ 0 Forfeited ( 7 ) Balance as of December 31, 2024 307 Expected to vest as of December 31, 2024 307 $ 177,791 No performance stock units vested during the years ended December 31, 2024 or 2023. For the years ended December 31, 2024 and 2023, the Company recognized approximately $ 8.4 mil lion and $ 2.3 million, respectively, in share-based compensation expense from performance stock units granted under the 2023 Equity Plan. As of December 31, 2024, there was approximately $ 20.1 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 2.1 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. No other stock-based awards or cash-settled restricted stock units were granted in 2024, 2023, or 2022. As of December 31, 2024 , there were a total of 3,750 other stock-based awards outstanding and 1,250 cash-settled restricted stock units outstanding, respectively, 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. The Company recognized approximately $ 2.8 m illion and $ 3.2 million, respectively, in share-based compensation expense from other stock-based awards and cash-settled restricted stock units for the years ended December 31, 2024 and 2023. During the year ended December 31, 2022, the Company recognized a reduction of approximately $ 0.5 million in share-based compensation expense from other stock-based awards and cash-settled restricted stock units. As of December 31, 2024, there was approximately $ 0.2 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 0.1 years, subject to additional fair value adjustments through the earlier of settlement or expiration. 2021 ESPP The Company also maintains 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 years ended December 31, 2024, 2023, and 2022, 93,668 shares, 198,560 shares, and 159,250 shares, respectively, of class A common stock were issued in connection with the 2021 ESPP. As of December 31, 2024 , 502,402 shares of the Company’s class A common stock remained available for issuance under the 2021 ESPP. Unless otherwise determined by the Board of Directors, shares are purchased at a price equal to 85 % of the lesser of the closing price of the Company’s class A common stock on the first or last business day of the offering period, respectively . Share-based compensation expense is based on the grant date fair value, which consists of the intrinsic value of the 15 % discounted share purchase rights and the fair value of the look-back provision using the Black-Scholes valuation model , recognized on a straight-line basis over the offering period. The grant date is the offering period commencement date. During the years ended December 31, 2024, 2023, and 2022, the Company recognized approximately $ 2.2 million, $ 1.9 million and $ 2.4 million, respectively, in share-based compensation expense related to the 2021 ESPP. As of December 31, 2024, there was approximately $ 0.5 million of total unrecognized share-based compensation expense related to the 2021 ESPP, which the Company expects to recognize over a period of approximately 0.2 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 periods indicated: Years Ended December 31, 2024 2023 2022 Tax (benefit) expense related to: Share-based compensation expense $ ( 15,652 ) $ ( 12,874 ) $ ( 12,155 ) Exercises of stock options and vesting of share-settled restricted stock units ( 216,477 ) ( 3,367 ) 1,370 Total tax benefit related to the Company's equity plans $ ( 232,129 ) $ ( 16,241 ) $ ( 10,785 )

Basic and Diluted (Loss) Earnin

Basic and Diluted (Loss) Earnings per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted (Loss) Earnings per Share	(12) 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: Years Ended December 31, 2024 2023 2022 Numerator: Net (loss) income - Basic $ ( 1,166,661 ) $ 429,121 $ ( 1,469,797 ) Effect of dilutive shares on net (loss) income: Interest expense on 2025 Convertible Notes, net of tax 0 5,648 0 Interest expense on 2027 Convertible Notes, net of tax 0 2,874 0 Net (loss) income - Diluted $ ( 1,166,661 ) $ 437,643 $ ( 1,469,797 ) Denominator: Weighted average common shares of class A common stock 172,909 117,066 93,569 Weighted average common shares of class B common stock 19,640 19,640 19,640 Total weighted average shares of common stock outstanding - Basic 192,549 136,706 113,209 Effect of dilutive shares on weighted average common shares outstanding: Stock options 0 4,613 0 Restricted stock units 0 546 0 Performance stock units 0 130 0 Employee stock purchase plan 0 5 0 2025 Convertible Notes 0 16,332 0 2027 Convertible Notes 0 7,330 0 Total weighted average shares of common stock outstanding - Diluted 192,549 165,662 113,209 (Loss) earnings per share: Basic (loss) earnings per share (1) $ ( 6.06 ) $ 3.14 $ ( 12.98 ) Diluted (loss) earnings per share (1) $ ( 6.06 ) $ 2.64 $ ( 12.98 ) (1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same. 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): Years Ended December 31, 2024 2023 2022 Stock options 6,926 5,896 14,615 Restricted stock units 1,647 297 1,195 Performance stock units 585 0 0 Employee stock purchase plan 16 52 64 2025 Convertible Notes 4,998 0 16,332 2027 Convertible Notes 7,330 0 7,330 2028 Convertible Notes 1,558 0 0 2029 Convertible Notes 497 0 0 2030 Convertible Notes 4,358 0 0 2031 Convertible Notes 2,046 0 0 2032 Convertible Notes 2,108 0 0 Total 32,069 6,245 39,536

At-the-Market Equity Offerings

At-the-Market Equity Offerings	12 Months Ended
	Dec. 31, 2024
At Market Equity Offerings [Abstract]
At-the-Market Equity Offerings	(13) 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 2024, 2023, or 2022. 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. October 2024 Sales Agreement August 2024 Sales Agreement November 2023 Sales Agreement August 2023 Sales Agreement May 2023 Sales Agreement 2022 Sales Agreement Agreement effective date October 30, 2024 August 1, 2024 November 30, 2023 August 1, 2023 May 1, 2023 September 9, 2022 Maximum aggregate offering price $ 21,000,000 $ 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 % 2.0 % Date terminated n/a n/a July 31, 2024 November 29, 2023 August 1, 2023 May 1, 2023 As of December 31, 2024: Cumulative shares sold under such sales agreement 38,671,537 11,685,355 12,720,770 15,929,500 10,791,700 15,674,300 Cumulative net proceeds received from shares sold under such sales agreement $ 14,199,432 $ 1,993,273 $ 747,025 $ 737,760 $ 333,494 $ 385,181 Maximum aggregate offering price remaining available for sale under such sales agreement $ 6,774,741 $ 0 n/a n/a n/a n/a The following table summarizes the sales activity of each sales agreement that was active during 2024, 2023, or 2022 for the periods indicated. The net proceeds (less sales commissions and expenses) for each at-the-market equity offering program are reported in thousands. Years Ended December 31, 2024 2023 2022 Number of shares sold under such sales agreement: 2022 Sales Agreement n/a 13,488,550 2,185,750 May 2023 Sales Agreement n/a 10,791,700 n/a August 2023 Sales Agreement n/a 15,929,500 n/a November 2023 Sales Agreement 1,951,620 10,769,150 n/a August 2024 Sales Agreement 11,685,355 n/a n/a October 2024 Sales Agreement 38,671,537 n/a n/a Total shares sold pursuant to at-the-market equity offering programs 52,308,512 50,978,900 2,185,750 Net proceeds received from shares sold under such sales agreement: 2022 Sales Agreement n/a 338,962 $ 46,219 May 2023 Sales Agreement n/a 333,494 n/a August 2023 Sales Agreement n/a 737,760 n/a November 2023 Sales Agreement 137,152 609,873 n/a August 2024 Sales Agreement 1,993,273 n/a n/a October 2024 Sales Agreement 14,199,432 n/a n/a Total net proceeds received from shares sold pursuant to at-the-market equity offering programs $ 16,329,857 $ 2,020,089 $ 46,219 The sales commissions and expenses related to each of the above at-the-market equity offering programs are 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.

Treasury Stock

Treasury Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Treasury Stock	(14) Treasury Stock The Board of Directors previously authorized the Company’s repurchase of up to an aggregate of $ 800.0 million of its class A common stock from time to time on the open market through April 29, 2023 under the Share Repurchase Program. The Share Repurchase Program expired by its own terms on April 29, 2023, and no shares of the Company’s class A common stock remain available for repurchase under the Share Repurchase Program. At the time of expiration, the Company had repurchased an aggregate of 5,674,226 shares of its class A common stock at an average price per share of $ 104.13 and an aggregate cost of $ 590.9 million pursuant to the Share Repurchase Program. The average price per share and aggregate cost amounts disclosed above include broker commissions. During 2023 and 2022, the Company did no t repurchase any shares of its class A common stock pursuant to the Share Repurchase Program. In the fourth quarter of 2024, the Company retired all 8,684,291 shares of its class A common stock previously held in treasury and returned the shares to the status of authorized, but unissued. Upon retirement, it is the Company’s policy to allocate the excess of the aggregated purchase price of the shares being retired over their par value, first to additional paid in capital (based on the proportion of shares retired to the number of total shares issued, applied to the additional paid in capital balance, each as of the retirement date) and then any remaining portion to retained earnings (deficit).

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	(15) Employee Benefit Plan The Company sponsors a benefit plan to provide retirement benefits for its employees, known as the MicroStrategy 401(k) Savings Plan (the “401(k) Plan”). Participants may make voluntary contributions to the 401(k) Plan of up to 75 % (and prior to September 30, 2022, up to 50 %) of their annual base pre-tax compensation, cash bonuses, and commissions not to exceed the federally determined maximum allowable contribution amounts. Participants may designate all or a portion of the 401(k) Plan elective deferral contributions as Roth elective deferral contributions instead of pre-tax elective deferral contributions. The 401(k) Plan permits for discretionary Company contributions. The Company makes a matching contribution to each 401(k) Plan participant in the amount of 50 % of the first 12 % of a participant’s contributions, up to a maximum of $ 5,000 per year. Further, all active participants become fully vested in the Company’s matching contributions after completing four years of employment, vesting in 25 % increments at the end of each year of employment with the Company. The Company made contributions to the 401(k) Plan totaling $ 2.3 million, $ 2.8 million, and $ 3.1 million during the years ended December 31, 2024, 2023, and 2022 , respectively.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	(16) Segment Information The Company has one reportable operating segment, the “Software Business,” which is engaged in the design, development, marketing, and sales of the Company’s enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services (i.e., product support, consulting, and education). The “Corporate & Other” category presented in the following tables is not considered an operating segment. It consists primarily of costs and expenses related to executing the Company’s bitcoin strategy and includes the impairment charges and other third-party costs associated with the Company’s bitcoin holdings, net interest expense primarily related to long-term debt obligations (the net proceeds of which were primarily used to purchase bitcoin), and income tax effects generated from the Company’s bitcoin holdings and related debt issuances. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer, who manages the entity on a consolidated basis. The CODM uses “net income (loss)” to assess the profitability of the software business by comparing actual to budgeted results on a monthly basis. In doing so, he focuses on “controllable costs” across main functions of the Software Business and will allocate personnel and budget accordingly to maximize potential profitability. The CODM also uses “net income (loss)” to understand the impact from income taxes and debt-related items for general tax and liquidity planning purposes. The following tables present (for each of the Software Business segment and Corporate & Other category, and on a consolidated basis) the Company’s revenues and significant expenses regularly provided to the CODM, reconciled to net income (loss) (in thousands) for each of the periods presented. Total segment assets (in thousands) provided to the CODM are also disclosed in the tables below for each period presented. Year-Ended December 31, 2024 Software Business Corporate & Other Total Consolidated Total revenues $ 463,456 $ 463,456 Significant expenses (1) Controllable Sales and marketing ( 105,782 ) ( 105,782 ) Maintenance ( 28,739 ) ( 28,739 ) Consulting ( 56,472 ) ( 56,472 ) Cloud ( 42,731 ) ( 42,731 ) Technology ( 105,140 ) ( 105,140 ) Corporate resources ( 85,479 ) ( 85,479 ) Non-Controllable Digital asset impairment losses ( 1,789,862 ) ( 1,789,862 ) Digital asset custody fees ( 5,956 ) ( 5,956 ) Share-based compensation expense ( 77,124 ) ( 77,124 ) Payroll taxes on equity award exercises and vestings ( 13,723 ) ( 13,723 ) Other segment items (2) ( 167 ) ( 1,753 ) ( 1,920 ) Interest expense, net (3) ( 61,941 ) ( 61,941 ) Loss on debt extinguishment ( 22,933 ) ( 22,933 ) Income tax benefit (4) 226,961 540,724 767,685 Net income (loss) $ 175,060 $ ( 1,341,721 ) $ ( 1,166,661 ) Total assets, as of December 31, 2024 (5) $ 743,190 $ 25,100,495 $ 25,843,685 Year Ended December 31, 2023 Software Business Corporate & Other Total Consolidated Total revenues $ 496,261 $ 496,261 Significant expenses (1) Controllable Sales and marketing ( 112,408 ) ( 112,408 ) Maintenance ( 20,058 ) ( 20,058 ) Consulting ( 61,019 ) ( 61,019 ) Cloud ( 31,466 ) ( 31,466 ) Technology ( 106,901 ) ( 106,901 ) Corporate resources ( 84,947 ) ( 84,947 ) Non-Controllable Digital asset impairment losses ( 115,851 ) ( 115,851 ) Digital asset custody fees ( 1,572 ) ( 1,572 ) Share-based compensation expense ( 69,571 ) ( 69,571 ) Payroll taxes on equity award exercises and vestings ( 820 ) ( 820 ) Other segment items (2) ( 10,717 ) ( 1,182 ) ( 11,899 ) Interest expense, net (3) ( 48,960 ) ( 48,960 ) Gain on debt extinguishment 44,686 44,686 Income tax benefit (4) 10,553 543,093 553,646 Net income $ 8,907 $ 420,214 $ 429,121 Total assets, as of December 31, 2023 (5) $ 470,353 $ 4,292,175 $ 4,762,528 Year Ended December 31, 2022 Software Business Corporate & Other Total Consolidated Total revenues $ 499,264 $ 499,264 Significant expenses (1) Controllable Sales and marketing ( 106,348 ) ( 106,348 ) Maintenance ( 19,211 ) ( 19,211 ) Consulting ( 64,843 ) ( 64,843 ) Cloud ( 24,488 ) ( 24,488 ) Technology ( 115,225 ) ( 115,225 ) Corporate resources ( 86,541 ) ( 86,541 ) Non-Controllable Digital asset impairment losses (gains on sale), net ( 1,286,286 ) ( 1,286,286 ) Digital asset custody fees ( 1,870 ) ( 1,870 ) Share-based compensation expense ( 63,619 ) ( 63,619 ) Payroll taxes on equity award exercises and vestings ( 238 ) ( 238 ) Other segment items (2) 1,058 ( 982 ) 76 Interest expense, net (3) ( 53,136 ) ( 53,136 ) Income tax provision (4) ( 14,798 ) ( 132,534 ) ( 147,332 ) Net income (loss) $ 5,011 $ ( 1,474,808 ) $ ( 1,469,797 ) (1) Significant expenses regularly provided to the CODM include both: (i) costs that the CODM considers to be “controllable”, for which the Company can manage future expense via the budgeting process (e.g. salaries, commissions, travel and entertainment expenses, third party-service provider fees, etc.), and that support each specific function of the Software Business (i.e. sales and marketing, maintenance, consulting, cloud, technology, and corporate resources) and (ii) costs that the CODM considers to be “non-controllable”, for which future expenses are primarily outside the Company’s control, such as digital asset impairment and custody fees, share-based compensation expense, and employer payroll taxes related to the exercise or vesting of certain awards under the Stock Incentive Plans. (2) Other segment items for the Software Business are primarily related to foreign currency transaction gains and losses, costs supporting the Company’s education function, one-time corporate initiatives, and certain expenses that are not easily allocable to specific functions. Other segment items for the Corporate & Other category are primarily related to third-party consulting and advisory fees. (3) Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin. All of the Company’s interest income and expense are presented in the Corporate & Other category. (4) Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including digital asset impairment, interest expense, gains and losses on debt extinguishments, and other third-party expenses. (5) Segment assets allocated to the Corporate & Other category are the Company’s digital assets and deferred tax assets related primarily to digital asset impairment losses and interest expense. Depreciation and amortization are included in net income (loss), but are not regularly reported to the CODM, except for the amortization of debt issuance costs, which is included as interest expense under the Corporate & Other category. All remaining depreciation and amortization is related to the Software Business, and separately presented in the Company’s Consolidated Statements of Cash Flows. Significant non-cash items include digital asset impairment, share-based compensation, and gains and losses on debt extinguishments and are presented in the table above and in the Company’s Consolidated Statements of Operations and/or Statements of Cash Flows. The Company does not regularly report capital expenditures on long-lived assets to the CODM. The following table presents total revenues 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. Geographic regions: U.S. EMEA Other Regions Consolidated Total revenues Year ended December 31, 2024 $ 259,582 $ 155,923 $ 47,951 $ 463,456 Year ended December 31, 2023 $ 284,174 $ 155,914 $ 56,173 $ 496,261 Year ended December 31, 2022 $ 294,697 $ 152,614 $ 51,953 $ 499,264 Long-lived assets As of December 31, 2024 $ 69,767 $ 3,556 $ 7,564 $ 80,887 As of December 31, 2023 $ 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 years ended December 31, 2024, 2023, and 2022 , no individual foreign country accounted for 10% or more of total consolidated revenues. For the years ended December 31, 2024, 2023, and 2022 , no individual customer accounted for 10% or more of total consolidated revenues. As of December 31, 2024 and 2023 , no individual foreign country accounted for 10% or more of total consolidated assets.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	(17) Related Party Transactions Saylor Indemnification Agreements In June 2021, Michael J. Saylor, the Company’s Chairman of the Board of Directors and Executive Chairman and, at that time, the Company’s Chief Executive Officer, entered into an indemnification agreement (the “Original Agreement”) with the Company for an initial term of 90 days and subject to successive 90-day term extensions at the election of the Company, all of such term extensions were exercised. Pursuant to the Original Agreement, Mr. Saylor provided during the term of the agreement, from his personal funds, indemnity coverage to the Company for the benefit of the directors and officers (“D&Os”) of the Company and its subsidiaries in the event such coverage was not indemnifiable by the Company, up to a total of $ 40 million. In return, the Company paid Mr. Saylor $ 388,945 for each of the initial and successive 90-day terms. On June 12, 2022, Mr. Saylor and the Company entered into a renewed indemnification agreement (the “Renewed Agreement”) for an initial term of 90 days, which became effective upon the expiration of the final 90-day extension of the Original Agreement. In return, the Company paid Mr. Saylor a one-time fee of $ 388,945 for the initial 90-day term (the “Renewal Payment”). On June 24, 2022, the Company bound D&O liability insurance policies (the “Initial Commercial Policies”) with several third-party carriers for $ 30 million in coverage. Concurrently, Mr. Saylor and the Company also 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 “2022 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 2022 Tail Agreement. At the option of the Company, the Company was permitted to extend the term under the 2022 Tail Agreement for up to a total of twenty-three additional 90 -day periods, for $ 150,000 per additional 90-day term. In connection with the execution of the Initial Commercial Policies and the release of his obligations under the Renewed Agreement, Mr. Saylor refunded the Company $ 337,086 , which was the pro rata portion of the Renewal Payment attributable to the period from the date of the Initial Commercial Policies through the end of the original term of the Renewed Agreement. On August 30, 2022, the Company bound additional D&O liability insurance policies (the “Excess Commercial Policies”) with third-party carriers for $ 10 million in 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. During the third and fourth quarters of 2022 and the first quarter of 2023, pursuant to the terms of the 2022 Tail Agreement, the Company elected to extend the term of the 2022 Tail Agreement for additional 90 -day periods and paid Mr. Saylor $ 150,000 for each such extension. 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 (collectively, the “Excluded Claims”). 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 2022 Tail Agreement, but only to cover the Excluded Claims for an initial one-year term and 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 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. Prior to entering into the Original Agreement, Renewed Agreement, Excess Agreement, 2022 Tail Agreement, and 2023 Tail Agreement with Mr. Saylor, the Company obtained and considered market quotes for D&O liability insurance policies. The Company determined that the policies considered at such times would have provided insufficient coverage and would have required substantial premiums to the extent coverage were available, and that obtaining indemnification coverage provided by Mr. Saylor was appropriate and in the best interests of the Company. Allocation Agreements In connection with the Consent Order disclosed in Note 9, 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	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	(18) Subsequent Events Digital asset purchases During the period between January 1, 2025 and February 14, 2025, the Company has purchased approximately 31,270 bitcoins for $ 3.165 million, or approximately $ 101,225 per bitcoin. Under ASU 2023-08, which the Company will adopt on January 1, 2025, the Company will account for its bitcoin under a fair value accounting model (in which both realized and unrealized gains and losses will be reflected in net income in the period incurred) instead of a cost-less-impairment accounting model. See Note 2(g), Summary of Significant Accounting Policies – Digital Assets, and Note 4, Digital Assets, to the Consolidated Financial Statements, for further detail on accounting for digital assets under the current accounting model and Note 3, Recent Accounting Standards, to the Consolidated Financial Statements, for further detail on accounting under ASU 2023-08. At-the-market equity offering During the period between January 1, 2025 and February 14, 2025 , the Company sold an aggregate of 7,004,067 shares of its class A common stock under the October 2024 Sales Agreement for aggregate net proceeds to the Company (less sales commissions) of approximately $ 2.602 billion. As of February 14, 2025 , approximately $ 4.168 billion shares of its class A common stock remained available for issuance and sale pursuant to the October 2024 Sales Agreement. Amendment of 2023 Equity Plan On January 21, 2025, the Company’s stockholders approved an amendment (the “2024 Plan Amendment”) to the Company’s 2023 Equity Plan at the Company’s 2025 Special Meeting of Stockholders. The 2024 Plan Amendment had been previously adopted by the Company’s Board of Directors (the “Board”), subject to stockholder approval, on December 20, 2024. The 2024 Plan Amendment amended the 2023 Equity Plan to provide that, beginning on December 20, 2024, each non-employee director who is newly appointed to the Board shall automatically receive, upon the date of such director’s initial appointment to the Board, equity awards having an aggregate fair value equal to $ 2,000,000 , one-half of which ($ 1,000,000 ) will consist of a non-statutory stock option and one-half of which ($ 1,000,000 ) will consist of restricted stock units, with each award vesting annually in equal installments over four years . No other amendments were made to the 2023 Equity Plan. Increase in authorized shares On January 22, 2025, the Company filed with the Secretary of State of the State of Delaware an amendment (the “Certificate of Amendment”) to the Company’s Second Restated Certificate of Incorporation to (i) increase the number of authorized shares of Class A common stock from 330,000,000 to 10,330,000,000 ; (ii) increase the number of authorized shares of preferred stock from 5,000,000 to 1,005,000,000 ; and (iii) correspondingly increase the total number of authorized shares of capital stock (which is the sum of the authorized number of class A common stock, class B common stock, and preferred stock) from 500,000,000 to 11,500,000,000 shares of capital stock. The Certificate of Amendment became effective on January 22, 2025 upon filing with the Secretary of State of the State of Delaware. Redemption of 2027 Convertible Notes On January 24, 2025, the Company delivered a notice of full redemption (the “2027 Notice”) to the trustee of the Company’s 2027 Convertible Notes. The 2027 Notice calls for the redemption of all of the outstanding 2027 Convertible Notes on February 24, 2025 (the “2027 Redemption Date”), at a redemption price equal to 100 % of the principal amount of the 2027 Convertible Notes to be redeemed, plus accrued and unpaid special interest, if any, to but excluding the 2027 Redemption Date, unless earlier converted. Series A perpetual strike preferred stock offering On February 5, 2025, the Company completed a registered public offering of 7,300,000 shares of the Company’s 8.00% Series A Perpetual Strike Preferred Stock (“Series A Strike Preferred”), at a price to the public of $ 80.00 per share, for net proceeds of $ 563.4 million, after deducting the underwriting discounts and commissions and the Company’s estimated offering expenses. The Company filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware designating and establishing the terms of the Series A Strike Preferred. The Series A Strike Preferred was listed for trading on the Nasdaq Global Select Market under the symbol “STRK.” The outstanding shares of Series A Strike Preferred have an aggregate liquidation preference of $ 730 million and accumulate cumulative dividends (“Regular Dividends”) at a rate per annum equal to 8.00 % on the liquidation preference thereof, regardless of whether or not declared or funds are legally available for their payment. Declared Regular Dividends on the Series A Strike Preferred are payable, at the Company’s election, in cash, shares of class A common stock or a combination of cash and shares of class A common stock, in the manner, and subject to the terms, set forth in the Certificate of Designations. Subject to certain limitations, holders of Series A Strike Preferred have the right to convert some or all of their shares into shares of class A common stock at the then-applicable conversion rate. The initial conversion rate is 0.1000 shares of class A common stock per share of Series A Strike Preferred, which represents an initial conversion price of $ 1,000.00 per share of class A common stock, and is subject to adjustment as provided in the Certificate of Designations.

Schedule II Valuation And Quali

Schedule II Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation And Qualifying Accounts	SCHEDULE II VALUATION AND QUA LIFYING ACCOUNTS For the years ended December 31, 2024, 2023, and 2022 (in thousands) Balance at the Balance at beginning of the end of the period Additions (1) Deductions the period Allowance for credit losses: December 31, 2024 $ 3,069 722 ( 1,603 ) $ 2,188 December 31, 2023 $ 2,564 797 ( 292 ) $ 3,069 December 31, 2022 $ 2,775 383 ( 594 ) $ 2,564 Deferred tax valuation allowance: December 31, 2024 $ 1,427 0 ( 933 ) $ 494 December 31, 2023 $ 511,412 193 ( 510,178 ) $ 1,427 December 31, 2022 $ 999 510,488 ( 75 ) $ 511,412 (1) Reductions in/charges to revenues and expenses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation 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. 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.
Use of Estimates	(b) Use of Estimates The preparation of the Consolidated Financial Statements, in conformity with GAAP, requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. On an on-going basis, the Company evaluates its estimates, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts, investments, fixed assets, digital assets, leases, debt, share-based compensation, income taxes, including the carrying value of deferred tax assets, and litigation and contingencies, including liabilities that the Company deems not probable of assertion. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets, liabilities, and equity that are not readily apparent from other sources. Actual results and outcomes could differ from these estimates and assumptions.
Fair Value Measurements	(c) Fair Value Measurements The Company measures certain assets and liabilities at fair value on a recurring or nonrecurring basis. Fair value is defined as the price that is expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The three levels of the fair value hierarchy are described below: Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices that are either directly or indirectly observable, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs that are generally unobservable, supported by little or no market activity, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The categorization of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques used by the Company when measuring fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company also estimates the fair value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and accrued compensation and employee benefits. The Company considers the carrying value of these instruments in the Consolidated Financial Statements to approximate fair value due to their short maturities.
Cash and Cash Equivalents and Restricted Cash	(d) Cash and Cash Equivalents and Restricted Cash Cash equivalents may include bank demand deposits, money market instruments, certificates of deposit, U.S. Treasury securities, and equivalent funds. The Company generally considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash consists of cash balances restricted in use by contractual obligations with third parties.
Credit Losses on Accounts Receivable	(e) Credit Losses on Accounts Receivable The Company maintains an allowance for credit losses on its accounts receivable balances, which represents its best estimate of current expected credit losses over the contractual life of the accounts receivable. When evaluating the adequacy of its allowance for credit losses each reporting period, the Company analyzes accounts receivable balances with similar risk characteristics on a collective basis, considering factors such as the aging of receivable balances, payment terms, geographic location, historical loss experience, current information, and future expectations. Each reporting period, the Company reassesses whether any accounts receivable no longer share similar risk characteristics and should instead be evaluated as part of another pool or on an individual basis. Changes to the allowance for credit losses are adjusted through credit loss expense, which is presented within “General and administrative” operating expenses in the Consolidated Statements of Operations.
Concentrations of Credit Risk	(f) Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. The Company places its cash equivalents with high credit-quality financial institutions and has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity. The Company sells its offerings to various companies across several industries throughout the world in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of December 31, 2024 and 2023 , no individual customer accounted for 10% or more of net accounts receivable, and for the years ended December 31, 2024, 2023, and 2022 , no individual customer accounted for 10% or more of revenue.
Digital Assets	(g) 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 has ownership of and control over its bitcoin and uses third-party custodial services at multiple locations that are geographically dispersed to store its bitcoin. The Company’s digital assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. The Company determines the fair value of its bitcoin on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement , based on quoted (unadjusted) prices on the Coinbase exchange, the active exchange that the Company has determined is its principal market for bitcoin (Level 1 inputs). The Company performs an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted (unadjusted) prices on the active exchange, indicate that it is more likely than not that any of the assets are impaired. In determining if an impairment has occurred, the Company considers the lowest price of one bitcoin quoted on the active exchange at any time since acquiring the specific bitcoin held by the Company. If the carrying value of a bitcoin exceeds that lowest price, an impairment loss has occurred with respect to that bitcoin in the amount equal to the difference between its carrying value and such lowest price. Impairment losses are recognized in the period in which the impairment occurs and are reflected within “Digital asset impairment losses (gains on sale), net” in the Company’s Consolidated Statements of Operations. The impaired digital assets are written down to their fair value at the time of impairment and this new cost basis will not be adjusted upward for any subsequent increase in fair value. 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. See Note 4, Digital Assets, to the Consolidated Financial Statements for further information regarding the Company’s purchases and sales of digital assets. See Note 3, Recent Accounting Standards, to the Consolidated Financial Statements for further information regarding the Company’s adoption of Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets , effective January 1, 2025, and resulting changes to the Company’s accounting policy for digital assets.
Property and Equipment	(h) Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows: three years for computer equipment and purchased software; five years for office equipment; 10 years for office furniture; and 19 years for the Company’s corporate aircraft, which has an estimated salvage value of 21 %. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the term of the lease, whichever is shorter. The Company periodically evaluates the appropriateness of the estimated useful lives and salvage value of all property and equipment. Any change in the estimated useful life or salvage value is treated as a change in estimate and accounted for prospectively in the period of change. Expenditures for maintenance and repairs are charged to expense as incurred. When assets are retired or sold, the capitalized cost and related accumulated depreciation are removed from the property and equipment accounts and any resulting gain or loss is recognized in the results of operations. Eligible internal-use software development costs are capitalized subsequent to the completion of the preliminary project stage. Such costs include external direct material and service costs, employee payroll, and payroll-related costs. After all substantial testing and deployment is completed and the software is ready for its intended use, capitalization ceases and internal-use software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three years . The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If an asset is impaired, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset.
Leases	(i) Leases A lease is a contract, or part of a contract, that conveys the right to both (i) obtain economic benefits from and (ii) direct the use of an identified asset for a period of time in exchange for consideration. The Company evaluates its contracts to determine if they contain a lease and classifies any lease components identified as an operating or finance lease. For each lease component, the Company recognizes a right-of-use (“ROU”) asset and a lease liability. ROU assets and lease liabilities are presented separately for operating and finance leases; however, the Company currently has no material finance leases. The Company’s operating leases are primarily related to office space in the United States and foreign locations. In a contract that contains a lease, a component is an item or activity that transfers a good or service to the lessee. Such contracts may be comprised of lease components, non-lease components, and elements that are not components. Each lease component represents a lessee’s right to use an underlying asset in the contract if the lessee can benefit from the right of use of the asset either on its own or together with other readily available resources and if the right of use is neither highly dependent nor highly interrelated with other rights of use. Non-lease components include items such as common area maintenance and utilities provided by the lessor. The Company has elected the practical expedient to not separate lease components from non-lease components for office space, which is the Company’s only material underlying asset class. For each lease within this asset class, the non-lease components and related lease components are accounted for as a single lease component. Items or activities that do not transfer goods or services to the lessee, such as administrative tasks to set up the contract and reimbursement or payment of lessor costs, are not components of the contract and therefore no contract consideration is allocated to such items or activities. Consideration in the contract is comprised of any fixed payments and variable payments that depend on an index or rate. Payments in the Company’s operating lease arrangements are typically comprised of base office rent and parking fees. Costs related to the Company’s non-lease components, as described above, are generally variable and do not depend on an index or rate and are therefore excluded from the contract consideration allocated to the lease components. The Company’s operating lease arrangements generally do not contain any payments related to items or activities that are not components. Operating lease liabilities are initially and subsequently measured at the present value of unpaid lease payments, discounted at the discount rate of the lease. Operating lease ROU assets are initially measured as the sum of the initial lease liability, any initial direct costs incurred, and any prepaid lease payments, less any lease incentives received. The ROU asset is amortized over the term of the lease. The amortization of operating lease ROU assets is included in “Reduction in carrying amount of right-of-use assets” within the operating activities section of the Consolidated Statements of Cash Flows. A single lease expense is recorded within operating expenses in the Consolidated Statements of Operations on a straight-line basis over the lease term. Variable lease payments that are not included in the measurement of the lease liability are recognized in the period when the obligations for those payments are incurred. In the Company’s lease agreements, these variable payments typically include certain taxes, utilities, and maintenance costs, and other fees. The Company uses its incremental borrowing rate as the discount rate for all of its leases, as the rate implicit in the lease is not readily determinable in any of its lease contracts. In order to estimate a collateralized borrowing rate curve, the Company first estimates a synthetic credit rating and then applies modeling methodologies to an unsecured borrowing rate curve. In determining the incremental borrowing rate of each lease, the Company uses a centralized treasury approach and considers the currency of the contract, the economic environment in which the lease exists, and the term of the lease. The Company does not recognize lease liabilities or ROU assets for any short-term leases with a non-cancellable lease term of 12 months or less. Instead, the lease payments for these short-term leases are expensed on a straight-line basis over the lease term, and any variable payments are recognized in the period when the obligations for those payments are incurred. The Company believes that, using this methodology, the expense recorded reasonably reflects the Company’s short-term lease commitments.
Software Development Costs	(j) Software Development Costs The Company did no t capitalize any software development costs during the years ended December 31, 2024, 2023, and 2022 . Due to the pace of the Company’s software development efforts and frequency of its software releases, the Company’s software development costs are expensed as incurred within “Research and development” in the Consolidated Statements of Operations.
Loss Contingencies and Legal Costs	(k) Loss Contingencies and Legal Costs The Company accrues loss contingencies that are believed to be probable and can be reasonably estimated. As events evolve during the administration and litigation process and additional information becomes known, the Company reassesses its estimates related to loss contingencies. Legal costs are expensed in the period in which the costs are incurred.
Deferred Revenue and Advance Payments	(l) Deferred Revenue and Advance Payments Deferred revenue and advance payments are contract liabilities that represent amounts received or due from customers in advance of the Company transferring its software or services to the customer under an enforceable contract. Revenue is subsequently recognized in the period(s) in which control of the software or services is transferred to the customer. Deferred revenue is comprised of deferred product licenses and subscription services, product support, or other services revenue based on the transaction price allocated to the specific performance obligation in the contract with the customer, and presented as either current or non-current in the Consolidated Balance Sheets, depending on whether the software or services are expected to be transferred to the customer within the next year.
Debt Arrangements	(m) Debt Arrangement s As discussed in Note 8, Long-term Debt , to the Consolidated Financial Statements, the Company has issued convertible senior notes and senior secured notes, and entered into secured term loan agreements in recent years. The embedded conversion features in each of the convertible notes are indexed to the Company’s class A common stock and meet the criteria for classification in stockholders’ equity, and therefore derivative accounting does not apply. The Company records the aggregate principal amount of each of its debt instruments as a liability on its Consolidated Balance Sheets, offset by the issuance costs associated with each instrument. The issuance costs are amortized to interest expense using the effective interest method over the expected term of each debt instrument.
Revenue Recognition	(n) Revenue Recognition The Company recognizes revenue using a five-step model: (i) Identifying the contract(s) with a customer, (ii) Identifying the performance obligation(s), (iii) Determining the transaction price, (iv) Allocating the transaction price to the performance obligations in the contract, and (v) Recognizing revenue when, or as, the Company satisfies a performance obligation. The Company has elected to exclude taxes assessed by government authorities in determining the transaction price, and therefore revenue is recognized net of taxes collected from customers. The Company enters into non-cancellable nonrefundable orders with customers and does not have a history of granting returns or refunds and therefore does not have a reserve for future returns. Performance Obligations and Timing of Revenue Recognition The Company primarily sells goods and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (i) capable of being distinct (i.e., the customer can benefit from the good or service on its own or together with readily available resources, including those purchased separately from the Company) and distinct within the context of the contract (i.e., separately identifiable from other promises in the contract) or (ii) a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. Aside from the Company’s term and perpetual product licenses, which are delivered at a point in time, the majority of the Company’s services are delivered over time. Product Licenses The Company sells different types of business intelligence software, licensed on a term or perpetual basis and installed either on premises or on a public cloud that is procured and managed by the customer. Although product licenses are sold with product support, the software is fully functional at the outset of the arrangement and is considered a distinct performance obligation. Revenue from product license sales is recognized when control of the license is transferred to the customer, which is the later of delivery or commencement of the license term. The Company may also sell through resellers and OEMs who purchase the Company’s software for resale. In reseller arrangements, revenue is generally recognized when control of the license is transferred to the end user. In OEM arrangements, revenue is recognized when control of the license is transferred to the OEM. Subscription Services The Company also sells access to its software through fully managed cloud environments for commercial or government use, wherein customers access the software through a cloud environment that the Company manages on behalf of the customer. Control of the software itself does not transfer to the customer under this arrangement and is not considered a separate performance obligation. Cloud subscriptions are regularly sold on a standalone basis and include technical support, monitoring, backups, updates, and quarterly service reviews. Additionally, customers with existing on-premise software licenses may convert their installations to a cloud environment, at which time the on-premise licenses are typically terminated and replaced by a new subscription to the cloud service. At conversion, an analysis is performed for each contract to determine whether any revenue adjustments are necessary given that the contract modifications revoke previously transferred rights to perpetual on-premise software. Such revenue adjustments were not material for the years ended December 31, 2024, 2023, and 2022. Revenue related to cloud subscriptions is recognized on a straight-line basis over the contract period, which is the period over which the customer has continuous access to the software. Product Support In all product license transactions, customers are required to purchase a standard product support package (either separately or as an included component of a term license transaction) that may subsequently be renewed at their option. Customers may also purchase a premium product support package for a fixed annual fee. All product support packages include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services that are substantially the same and have the same duration and measure of progress. Revenue from product support is recognized on a straight-line basis over the contract period, which is the period over which the customer has continuous access to product support. Consulting Services The Company sells consulting services to help customers plan and execute deployment of the Company’s software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and either (i) prepaid upfront or (ii) sold on a time and materials basis. Consulting arrangements are each considered separate performance obligations because they do not integrate with each other or with other offerings to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other offerings, and do not affect the customer’s ability to use the other consulting services or the Company’s other offerings. Revenue under consulting arrangements is recognized over time as services are delivered. For time and materials-based consulting arrangements, the Company has elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of the Company’s service to date. Education Services The Company sells various education and training services to its customers. Education services are sold on a standalone basis under two different types of arrangements: (i) annual subscriptions to live and on-demand training courses and (ii) custom courses purchased on an hourly basis. Education arrangements are each considered separate performance obligations because they do not integrate with each other or with other offerings to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other offerings, and do not affect the customer’s ability to use the other education services or the Company’s other offerings. Revenue on annual subscriptions is recognized on a straight-line basis over the contract period, which is the period over which the customer has continuous access to the training courses. Revenue on custom courses is recognized on a time and materials basis as the services are delivered. See Note 16, Segment Information, to the Consolidated Financial Statements for information regarding total revenues by geographic region. Estimates and Judgments The Company makes estimates and judgments to allocate the transaction price based on an observable or estimated SSP. The Company also makes estimates and judgments with respect to capitalizing incremental costs to obtain a customer contract and determining the subsequent amortization period. These estimates and judgments are discussed further below. Determining the Transaction Price The transaction price includes both fixed and variable consideration. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal will not occur. The amount of variable consideration excluded from the transaction price was not material for the years ended December 31, 2024, 2023, and 2022. The Company’s estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to its transaction prices. Such true-up adjustments have not been and are not expected to be material. The Company has the following sources of variable consideration: (i) Performance penalties – Subscription services and product support arrangements generally contain performance response time guarantees. For subscription services arrangements, the Company estimates variable consideration using a portfolio approach because performance penalties are tied to standard up-time requirements. For product support arrangements, the Company estimates variable consideration on a contract basis because such arrangements are customer-specific. For both subscription services and product support arrangements, the Company uses an expected value approach to estimate variable consideration based on historical business practices and current and future performance expectations to determine the likelihood of incurring penalties. (ii) Extended payment terms – The Company’s standard payment terms are generally within 180 days of invoicing. If extended payment terms are granted to customers, those terms generally do not exceed one year. For contracts with extended payment terms, the Company estimates variable consideration on a contract basis because such estimates are customer-specific and uses an expected value approach to analyze historical business experience on a customer-by-customer basis to determine the likelihood that extended payment terms lead to an implied price concession. (iii) Sales and usage-based royalties – Certain product license arrangements include sales or usage-based royalties, covering both product license and product support. In these arrangements, the Company uses an expected value approach to estimate and recognize revenue for royalty sales each period, utilizing historical data on a contract-by-contract basis. True-up adjustments are recorded in subsequent periods when royalty reporting is received from the OEMs and during the years ended December 31, 2024, 2023, and 2022 were not material. The Company provides a standard software assurance warranty to repair, replace, or refund software that does not perform in accordance with documentation. The standard software assurance warranty period is generally less than one year. Assurance warranty claims were not material for the years ended December 31, 2024, 2023, and 2022. The Company does not adjust the transaction price for significant financing components where the time period between cash payment and performance is one year or less. However, there are circumstances where the timing between cash payment and performance may exceed one year. These circumstances generally involve prepaid multi-year license, product support and subscription services arrangements where the customer determines when the service is utilized. In these circumstances, the Company has determined no significant financing component exists because the customer controls when to utilize the service and because there are significant business purposes behind the timing difference between payment and performance (e.g., ensuring collectability in the case of subscription services). Allocating the Transaction Price Based on Standalone Selling Prices (SSP) The Company allocates the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the price, or estimated price, of the software or service when sold on a standalone basis at contract inception. In circumstances where SSP is not directly observable, the Company estimates SSP using the following methodologies: (i) Product licenses – Product licenses are not sold on a standalone basis and pricing is highly variable. The Company establishes SSP of product licenses using a residual approach after first establishing the SSP of standard product support. Standard product support is sold on a standalone basis within a narrow range of the stated net license fee, and because an economic relationship exists between product licenses and standard product support, the Company has concluded that the residual method to estimate SSP of product licenses sold on both a perpetual and term basis is a fair allocation of the transaction price. (ii) Subscription services – Given the highly variable selling price of subscription services, the Company establishes the SSP of its subscription services arrangements using a similar residual approach after first establishing the SSP of consulting and education services to the extent they are included in the arrangement. The Company has concluded that the residual method to estimate SSP of its subscription services is a fair allocation of the transaction price. (iii) Standard product support – The Company establishes SSP of standard product support as a percentage of the stated net license fee, given such pricing is consistent with its normal pricing practices and there exists sufficient history of customers renewing standard product support on a standalone basis at similar percentages. Semi-annually, the Company tracks renewal rates negotiated when standard product support is initially sold with a perpetual license in order to determine the SSP of standard product support within each geographic region for the upcoming quarter. If the stated standard product support fee falls within the SSP range, the specific rate in the contract will be used to determine SSP. If the stated fee is above or below SSP, the highest or lowest end of the range, respectively, will generally be used to determine SSP of standard product support for perpetual licenses. For term licenses, the Company determines SSP of standard product support at the lower end of the SSP range used for perpetual licenses because the term licenses are time bound, resulting in a lower value placed on product support as compared to a perpetual license. (iv) Premium product support, consulting services, and education services –SSP of premium product support, consulting services, and education services is established by using a bell-shaped curve approach to define a narrow range within each geographic region in which the services are discounted off of the list price on a standalone basis. The Company often provides options to purchase future offerings at a discount. The Company analyzes the option price against the previously established SSP of the goods or services to determine if the options represent material rights that should be accounted for as separate performance obligations. In general, an option sold at or above SSP is not considered a material right because the customer could have received that right without entering into the contract. If a material right exists, revenue associated with the option is deferred and recognized when the future goods or services are transferred, or when the option expires. During the years ended December 31, 2024, 2023, and 2022 , separate performance obligations arising from future purchase options have not been material.
Incremental Costs to Obtain Customer Contracts	(o) Incremental Costs to Obtain Customer Contracts The Company capitalizes costs incurred to obtain a contract with a customer when they are deemed incremental to obtaining the contract and expected to be recoverable. Capitalizable costs are generally limited to sales incentives paid to the Company’s sales team. The Company capitalizes the amounts related to new product support, cloud subscription, and term license contracts. Co sts capitalized are amortized over a period of time that is consistent with the pattern of transfer to the customer, which the Company has determined is generally three years and includes consideration for contract length, anticipated renewals, product life cycle, and customer behavior. The Company amortizes the cost over this period on a straight-line basis for product support and subscription service components, and at point(s) in time coinciding with delivery of the license component of term license contracts. The Company has elected the practical expedient to expense capitalizable costs as incurred where the amortization period would be one year or less, which includes those amounts earned on perpetual license, consulting, and education contracts, and renewals of product support, cloud subscription, and term license contracts, if applicable. As of December 31, 2024 and 2023 , capitalized costs to obtain customer contracts, net of accumulated amortization, were $ 48.3 million and $ 15.7 million, respectively, and are presented within “Deposits and other assets” in the Consolidated Balance Sheets. During the years ended December 31, 2024, 2023, and 2022 , amortization expenses related to these capitalized costs were $ 12.3 million, $ 8.1 million, and $ 4.5 million, respectively, and are reflected within “Sales and marketing” in the Consolidated Statements of Operations.
Share-based Compensation	(p) Share-based Compensation The Company maintains the 2013 Stock Incentive Plan (as amended, the “2013 Equity Plan”), and the 2023 Equity Incentive Plan (the “2023 Equity Plan,” and, together with the 2013 Equity Plan, the “Stock Incentive Plans”). As of May 2023, no new awards will be granted under the 2013 Equity Plan, though awards previously granted under the 2013 Equity Plan remain outstanding in accordance with their terms. Under the Stock Incentive Plans, the Company’s employees, officers, directors, and other eligible participants may be (with respect to the 2023 Equity Plan) and have been (with respect to both the 2023 Equity Plan and the 2013 Equity Plan) 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. Additionally, under the 2023 Equity Plan, awards may be and have been granted that are subject to the achievement of one or more performance measures established by the Company’s Board of Directors or a duly authorized committee thereof. During 2021, the Company adopted and the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), under which eligible employees of the Company and certain of its subsidiaries may be provided with opportunities to purchase shares of the Company’s class A common stock. For options and other stock-based awards, the share-based compensation expense is based on the fair value of the awards on the date of grant, as estimated using the Black-Scholes valuation model. For restricted stock units, the share-based compensation expense is based on the fair value of the Company’s class A common stock on the date of grant. The fair value of liability-classified awards (e.g., the other stock-based awards and cash-settled restricted stock units) is remeasured at each reporting date. For performance stock units subject to a market condition, the Company uses a Monte Carlo simulation model to determine the grant date fair value. For the 2021 ESPP, the share-based compensation expense is based on the grant date fair value, which consists of the intrinsic value of any purchase discount and the fair value of the look-back provision using the Black-Scholes valuation model. The Company recognizes share-based compensation expense for service-conditioned awards granted under the Stock Incentive Plans and the 2021 ESPP on a straight-line basis over the requisite service period (generally, the vesting period for service-conditioned awards under the Stock Incentive Plans and the offering period under the 2021 ESPP). The Company recognizes share-based compensation expense for market-conditioned performance stock units granted under the 2023 Equity Plan ratably over the performance period using an accelerated attribution cost recognition method. Share-based compensation expense is recorded in cost of revenues or operating expense line items in the Statement of Operations corresponding to the respective participant’s role or function. See Note 11, Share-based Compensation , to the Consolidated Financial Statements for further information regarding the Stock Incentive Plans, the 2021 ESPP, related share-based compensation expense, and assumptions used in determining fair value.
Income Taxes	(q) Income Taxes The Company is subject to federal, state, and local income taxes in the United States and a number of foreign countries. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and deferred tax liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and deferred tax liabilities on the basis of differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which differences are expected to reverse. The effect of a change in the tax rates on deferred tax assets and deferred tax liabilities is recognized in income in the period that includes the enactment date. For uncertain income tax positions, the Company uses a more-likely-than-not recognition threshold based on the technical merits of the income tax position taken. Income tax positions that meet the more-likely-than-not recognition threshold are measured in order to determine the tax benefit recognized in the financial statements. The Company recognizes accrued interest related to unrecognized tax benefits as part of income tax expense. Penalties, if incurred, are recognized as a component of income tax expense. The Company provides a valuation allowance to reduce deferred tax assets to the amount more-likely-than-not to be realized.
Basic and Diluted Earnings (Loss) Per Share	(r) Basic and Diluted Earnings (Loss) Per Share Basic earnings (loss) per share is determined by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock, including shares of class A common stock and class B common stock, outstanding during the period. Diluted earnings (loss) per share is determined by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and potential shares of common stock outstanding during the period. The impact from potential shares of common stock on the diluted earnings per share calculation are included when dilutive. Potential shares of common stock consisting of class A common stock issuable upon the exercise of outstanding employee stock options, the vesting 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 Company’s convertible senior 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 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 December 31, 2024 and 2023 , there were no shares of preferred stock issued or outstanding. In the first quarter of 2025, the Company issued shares of its series A perpetual strike preferred stock. See Note 18, Subsequent Events , to the Consolidated Financial Statements for further information. As a result of the preferred stock issuance, potential shares of class A common stock issuable upon conversion of the series A perpetual strike preferred stock computed using the if-converted method would also be included in computing diluted earnings per share when dilutive.
Foreign Currency Translation	(s) Foreign Currency Translation The functional currency of the Company’s international operations is generally the local currency. Accordingly, such assets and liabilities of international subsidiaries are translated using exchange rates in effect at the end of the period, and revenue and expenses are translated using average monthly exchange rates for the period in which the transactions occur. The related translation adjustments are reported in “Accumulated other comprehensive loss” in stockholders’ equity (deficit). In general, upon complete or substantially complete liquidation of an investment in an international subsidiary, the amount of accumulated translation adjustments attributable to that subsidiary is reclassified from stockholders’ equity (deficit) to the statement of operations. Transaction gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in the results of operations. As of December 31, 2024, 2023, and 2022 , the cumulative foreign currency translation balances were $( 15.4 ) million, $( 11.4 ) million, and $( 13.8 ) million, respectively. No taxes were recognized on the temporary differences resulting from foreign currency translation adjustments for the years ended December 31, 2024, 2023, and 2022. Transaction gains and losses arising from transactions denominated in foreign currencies resulted in a net gain of $ 2.9 million in 2024, net loss of $ 5.6 million in 2023, and net gain of $ 6.2 million in 2022, respectively, and are included in “Other (expense) income, net” in the Consolidated Statements of Operations.

Digital Assets (Tables)

Digital Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Summary of Digital Asset Holdings, Digital Asset Purchases, Digital Asset Sales, Digital Asset Impairment Losses, and Gains on Sale of Digital Assets	The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of: December 31, 2024 2023 Approximate number of bitcoins held 447,470 189,150 Digital assets carrying value $ 23,909,373 $ 3,626,476 Cumulative digital asset impairment losses $ 4,058,875 $ 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 December 31, 2024 or 2023, respectively, and not as of December 31, 2024 or 2023, respectively. The following table summarizes the Company’s digital asset purchases, digital asset sales, digital asset impairment losses, and gains on sale of digital assets (in thousands, except number of bitcoins) for the periods indicated: Years Ended December 31, 2024 2023 2022 Approximate number of bitcoins purchased 258,320 56,650 8,813 Approximate number of bitcoins sold 0 0 704 Digital asset purchases $ 22,072,759 $ 1,902,299 $ 287,921 Digital asset sales $ 0 $ 0 $ 11,817 Digital asset impairment losses $ 1,789,862 $ 115,851 $ 1,287,213 Gains on sale of digital assets $ 0 $ 0 $ 927

Contract Balances (Tables)

Contract Balances (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2024 2023 Billed and billable $ 183,391 $ 186,884 Less: allowance for credit losses ( 2,188 ) ( 3,069 ) Accounts receivable, net $ 181,203 $ 183,815
Deferred Revenue and Advance Payments	Deferred revenue and advance payments (in thousands) from customers consisted of the following, as of: December 31, 2024 2023 Current: Deferred product licenses revenue $ 1,777 $ 3,579 Deferred subscription services revenue 107,119 65,512 Deferred product support revenue 124,684 152,012 Deferred other services revenue 4,394 7,059 Total current deferred revenue and advance payments $ 237,974 $ 228,162 Non-current: Deferred product licenses revenue $ 174 $ 0 Deferred subscription services revenue 2,263 3,097 Deferred product support revenue 2,111 4,984 Deferred other services revenue 422 443 Total non-current deferred revenue and advance payments $ 4,970 $ 8,524

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment (in thousands) consisted of the following, as of: December 31, 2024 2023 Corporate aircraft and related equipment $ 48,645 $ 48,645 Computer equipment and purchased software 61,828 60,979 Furniture and equipment 9,708 9,920 Leasehold improvements 29,547 29,944 Internally developed software 9,917 9,917 Property and equipment, gross 159,645 159,405 Less: accumulated depreciation and amortization ( 133,318 ) ( 130,464 ) Property and equipment, net $ 26,327 $ 28,941

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Components of Lease Cost and Other Lease	The following table presents the Company’s total lease cost and other lease details for the periods indicated (in thousands, except years and discount rates): Years Ended December 31, 2024 2023 2022 Lease cost: Operating lease cost $ 12,577 $ 13,081 $ 13,008 Short-term lease cost 619 579 582 Variable lease cost 632 783 514 Total lease cost $ 13,828 $ 14,443 $ 14,104 Other information: Cash paid for amounts included in the measurement of operating lease liabilities $ 14,525 $ 9,862 $ 14,224 ROU assets obtained in exchange for new operating lease liabilities $ 6,032 $ 6,183 $ 1,563 Weighted average remaining lease term in years – operating leases 5.8 6.6 7.5 Weighted average discount rate – operating leases 6.0 % 6.0 % 6.1 %
Schedule of Maturities of Operating Lease Liabilities	The following table presents the maturities of the Company’s operating lease liabilities as of December 31, 2024 (in thousands): For the year ended December 31, 2025 $ 14,037 2026 14,596 2027 13,826 2028 13,667 2029 12,943 Thereafter 9,548 Total lease payments 78,617 Less: imputed interest ( 11,830 ) Total $ 66,787 Reported as: Current operating lease liabilities $ 10,384 Non-current operating lease liabilities 56,403 Total $ 66,787

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2024 2023 2025 Convertible Notes $ 0 $ 643,931 2027 Convertible Notes 1,041,352 1,037,306 2028 Convertible Notes 998,543 0 2029 Convertible Notes 2,975,037 0 2030 Convertible Notes 785,172 0 2031 Convertible Notes 594,476 0 2032 Convertible Notes 787,417 0 2028 Secured Notes 0 491,193 Other long-term secured debt 9,678 10,161 Total $ 7,191,675 $ 2,182,591 Reported as: Current portion of long-term debt, net 517 483 Long-term debt, net 7,191,158 2,182,108 Total $ 7,191,675 $ 2,182,591
Summary of Key Terms of the 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 2029 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Issuance Date December 2020 February 2021 September 2024 November 2024 March 2024 March 2024 June 2024 Maturity Date (1) December 15, 2025 February 15, 2027 September 15, 2028 December 1, 2029 March 15, 2030 March 15, 2031 June 15, 2032 Principal at Inception $ 650,000 $ 1,050,000 $ 1,010,000 $ 3,000,000 $ 800,000 $ 603,750 $ 800,000 Stated Interest Rate (2) 0.750 % 0.000 % 0.625 % 0.000 % 0.625 % 0.875 % 2.250 % Interest Payment Dates (3) June 15 & December 15 February 15 & August 15 March 15 & September 15 June 1 & December 1 March 15 & September 15 March 15 & September 15 June 15 & December 15 Net Proceeds $ 634,749 $ 1,025,830 $ 997,375 $ 2,974,250 $ 782,000 $ 592,567 $ 786,000 Issuance Costs (4) $ 15,251 $ 24,170 $ 12,625 $ 25,750 $ 18,000 $ 11,183 $ 14,000 Effective Interest Rate (4) 1.23 % 0.39 % 1.05 % 0.24 % 1.14 % 1.30 % 2.63 % Date of Holder Put Option (5) n/a n/a September 15, 2027 June 1, 2028 September 15, 2028 September 15, 2028 June 15, 2029 Initial Conversion Rate (6) 25.126 6.981 5.4589 1.4872 6.677 4.297 4.894 Initial Conversion Price (7) $ 39.80 $ 143.25 $ 183.19 $ 672.40 $ 149.77 $ 232.72 $ 204.33 Convertible at any time after the following date (8) (9) June 13, 2024 January 24, 2025 March 15, 2028 June 1, 2029 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 December 4, 2026 March 22, 2027 March 22, 2028 June 20, 2029 Redemption Date (11) July 15, 2024 February 24, 2025 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 Con vertible 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, (c) March 15, 2025 for the 2028 Convertible Notes, and (d) June 1, 2025 (special interest only, if any) for the 2029 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, 2029 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for c ash 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. For the 2027 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2027 Convertible Notes, which resulted in the 2027 Convertible Notes being convertible at any time thereafter until 5:00pm New York City time, on February 20, 2025. See Note 18, Subsequent Events , to the Consolidated Financial Statements 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 quarter 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, on December 31, 2024 for the 2028 Convertible Notes, o r on March 31, 2025 for the 2029 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” for the 2025 Convertible Notes 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. “Redemption Date” for the 2027 Convertible Notes is the date on which the Company will redeem all outstanding 2027 Convertible Notes, as discussed under Note 18, Subsequent Events , to the Consolidated Financial Statements.
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 December 31, 2024 (in thousands): December 31, 2024 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2027 Convertible Notes $ 1,050,000 $ ( 8,648 ) $ 1,041,352 $ 2,134,125 Level 2 2028 Convertible Notes 1,010,000 ( 11,457 ) 998,543 1,927,828 Level 2 2029 Convertible Notes 3,000,000 ( 24,963 ) 2,975,037 2,447,682 Level 2 2030 Convertible Notes 800,000 ( 14,828 ) 785,172 1,657,323 Level 2 2031 Convertible Notes 603,750 ( 9,274 ) 594,476 877,559 Level 2 2032 Convertible Notes 800,000 ( 12,583 ) 787,417 1,324,602 Level 2 Total $ 7,263,750 $ ( 81,753 ) $ 7,181,997 $ 10,369,119 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 December 31, 2024 (in thousands). The principal payments related to the 2028 Convertible Notes, 2029 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 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 respective convertible notes on their respective Date of Holder Put Option. Payments due by period ended December 31, 2027 Convertible Notes 2028 Convertible Notes 2029 Convertible Notes 2030 Convertible Notes 2031 Convertible Notes 2032 Convertible Notes Other long-term secured debt Total 2025 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 569 $ 569 2026 0 0 0 0 0 0 600 600 2027 1,050,000 1,010,000 0 0 0 0 8,634 2,068,634 2028 0 0 3,000,000 800,000 603,750 0 0 4,403,750 2029 0 0 0 0 0 800,000 0 800,000 Thereafter 0 0 0 0 0 0 0 0 Total $ 1,050,000 $ 1,010,000 $ 3,000,000 $ 800,000 $ 603,750 $ 800,000 $ 9,803 $ 7,273,553 As part of the Company’s bitcoin strategy, the Company expects to incur or continue to incur additional indebtedness and other fixed charges for the purposes of acquiring additional bitcoin and to satisfy its financial and other obligations. The Company’s ability to obtain equity and debt financing is subject to market conditions and other factors outside of its control, and the Company may not be able to secure equity or debt financing in a timely manner, on favorable terms, or at all. If the Company is unable to obtain equity or debt financing, the Company could seek to use proceeds from the sale of its bitcoin to meet its obligations. Historically, the bitcoin market has been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of market instability, the Company may not be able to sell its bitcoin at favorable prices or at all. As a result, the Company’s bitcoin holdings may not be able to serve as a source of liquidity for the Company to the same extent as cash and cash equivalents. Further, the Company’s bitcoin holdings do not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.
Convertible Debt
Debt Instrument [Line Items]
Schedule of Interest Expense Related to Notes	For the years ended December 31, 2024, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Contractual Amortization of Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 2,371 $ 1,494 $ 3,865 $ 4,875 $ 3,043 $ 7,918 $ 4,875 $ 3,006 $ 7,881 2027 Convertible Notes 0 4,046 4,046 0 4,029 4,029 0 4,014 4,014 2028 Convertible Notes 1,771 1,168 2,939 0 0 0 0 0 0 2029 Convertible Notes 0 787 787 0 0 0 0 0 0 2030 Convertible Notes 4,069 3,172 7,241 0 0 0 0 0 0 2031 Convertible Notes 4,154 1,909 6,063 0 0 0 0 0 0 2032 Convertible Notes 9,650 1,417 11,067 0 0 0 0 0 0 Total $ 22,015 $ 13,993 $ 36,008 $ 4,875 $ 7,072 $ 11,947 $ 4,875 $ 7,020 $ 11,895
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Schedule of Debt	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
Schedule of Interest Expense Related to Notes	For the years ended December 31, 2024, 2023, and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Contractual Amortization of Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 22,628 $ 1,287 $ 23,915 $ 30,625 $ 1,646 $ 32,271 $ 30,625 $ 1,541 $ 32,166
Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Schedule of Interest Expense Related to Notes	For the years ended December 31, 2023 and 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 3,781 $ 31 $ 3,812 $ 9,006 $ 103 $ 9,109

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments under Contractual Obligations	The following table shows future minimum payments related to noncancelable purchase agreements with initial terms of greater than one year and anticipated payments related to the mandatory deemed repatriation transition tax resulting from the U.S. Tax Cuts and Jobs Act (“Transition Tax”) based on the expected due dates of the various installments as of December 31, 2024 (in thousands): Year Purchase Transition 2025 $ 64,215 $ 9,223 2026 84,205 0 2027 32,747 0 2028 288 0 2029 0 0 Thereafter 0 0 $ 181,455 $ 9,223

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of (Loss) Income Before Income Taxes	U.S. and international components of (loss) income before income taxes (in thousands) were comprised of the following for the periods indicated: Years Ended December 31, 2024 2023 2022 U.S. $ ( 1,966,444 ) $ ( 157,810 ) $ ( 1,362,230 ) Foreign 32,098 33,285 39,765 Total $ ( 1,934,346 ) $ ( 124,525 ) $ ( 1,322,465 )
Schedule of (Benefit from) Provision for Income Taxes	The (benefit from) provision for income taxes (in thousands) consisted of the following for the periods indicated: Years Ended December 31, 2024 2023 2022 Current: Federal $ ( 5,202 ) $ 2,774 $ 9,278 State 72 3,376 5,362 Foreign 5,368 9,146 8,139 $ 238 $ 15,296 $ 22,779 Deferred: Federal $ ( 505,359 ) $ ( 374,800 ) $ 89,581 State ( 262,441 ) ( 194,374 ) 34,521 Foreign ( 123 ) 232 451 $ ( 767,923 ) $ ( 568,942 ) $ 124,553 Total (benefit) provision $ ( 767,685 ) $ ( 553,646 ) $ 147,332
Schedule of Effective Income Tax Rate Reconciliation	The benefit from or provision for income taxes differs from the amount computed by applying the federal statutory income tax rate to the Company’s loss before income taxes as follows for the periods indicated: Years Ended December 31, 2024 2023 2022 Income tax expense at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal tax effect 10.7 % 8.4 % 7.3 % Other international components ( 0.5 )% ( 3.4 )% ( 0.1 )% Change in valuation allowance 0.0 % 409.5 % ( 38.6 )% Non-deductible officers compensation ( 0.9 )% ( 5.5 )% ( 0.3 )% Research and development tax credit 0.5 % 2.7 % 0.1 % Share-based compensation 8.7 % 3.4 % ( 0.1 )% Rate changes, including states ( 0.1 )% 11.0 % ( 0.3 )% Other permanent differences (1) 0.3 % ( 2.5 )% ( 0.1 )% Effective income tax rate 39.7 % 444.6 % ( 11.1 )% (1) Included in the “Other permanent differences” category in the table above are other permanent items, each below the threshold required for separate presentation in the table.
Schedule of Effective Tax Rate for Loss Before Income Taxes	The Company’s U.S. and foreign effective tax rates for loss before income taxes were as follows for the periods indicated: Years Ended December 31, 2024 2023 2022 U.S. 39.3 % 356.8 % ( 10.2 )% Foreign 16.3 % 28.2 % 21.6 % Combined 39.7 % 444.6 % ( 11.1 )%
Schedule of Components of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities (in thousands) were as follows for the periods indicated: December 31, 2024 2023 Deferred tax assets, net: Net operating loss carryforwards $ 231,063 $ 727 Tax credit carryforwards 6,287 1,841 Intangible assets, including capitalized R&D 88,362 57,410 Deferred revenue 902 1,481 Accrued compensation 5,204 5,882 Share-based compensation expense 14,042 30,345 Digital asset impairment losses 1,165,831 652,280 Interest expense carryforward 24,974 11,627 Lease liability 16,734 18,197 Other 1,854 4,699 Deferred tax assets before valuation allowance 1,555,253 784,489 Valuation allowance ( 494 ) ( 1,427 ) Deferred tax assets, net of valuation allowance 1,554,759 783,062 Deferred tax liabilities: Prepaid expenses and other 8,278 3,681 Property and equipment 373 1,062 Deferred tax on undistributed foreign earnings 3,962 2,923 Right of use asset 17,246 18,180 Total deferred tax liabilities 29,859 25,846 Total net deferred tax asset $ 1,524,900 $ 757,216 Reported as: Non-current deferred tax assets 1,525,307 757,573 Non-current deferred tax liabilities ( 407 ) ( 357 ) Total net deferred tax asset $ 1,524,900 $ 757,216
Schedule of Change In Unrecognized Tax Benefits	The change in unrecognized income tax benefits (in thousands) is presented in the table below for the periods indicated: 2024 2023 2022 Unrecognized income tax benefits at beginning of year $ 7,898 $ 5,811 $ 5,960 Increase (decrease) related to positions taken in prior period 216 1,458 ( 67 ) Increase related to positions taken in current period 2,898 930 318 Decrease related to settlement with tax authorities 0 0 ( 40 ) Decrease related to expiration of statute of limitations ( 959 ) ( 301 ) ( 360 ) Unrecognized income tax benefits at end of year 10,053 7,898 5,811 Accrued interest 195 352 276 Gross unrecognized income tax benefits at end of year $ 10,248 $ 8,250 $ 6,087

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 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 periods indicated: Stock Options Outstanding Weighted Average Aggregate Weighted Average Exercise Price Intrinsic Remaining Contractual Shares Per Share Value Term (Years) Balance as of January 1, 2022 11,668 $ 26.87 Granted 4,400 34.61 Exercised ( 101 ) 13.75 $ 1,469 Forfeited/Expired ( 198 ) 49.87 Balance as of December 31, 2022 15,769 28.83 Granted 368 29.01 Exercised ( 1,756 ) 17.38 $ 36,636 Forfeited/Expired ( 1,445 ) 44.15 Balance as of December 31, 2023 12,936 28.68 Granted 97 163.16 Exercised ( 7,826 ) 23.55 $ 807,096 Forfeited/Expired ( 251 ) 45.58 Balance as of December 31, 2024 4,956 $ 38.56 Exercisable as of December 31, 2024 2,484 $ 32.10 $ 639,759 5.9 Expected to vest as of December 31, 2024 2,472 $ 45.04 604,514 7.2 Total 4,956 $ 38.56 $ 1,244,273 6.5
Schedule of Range of Exercise Prices per Share	Stock options outstanding as of December 31, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years): Stock Options Outstanding at December 31, 2024 Weighted Average Weighted Average Exercise Price Remaining Contractual Range of Exercise Prices per Share Shares Per Share Term (Years) $ 12.45 - $ 20.00 1,324 $ 15.64 5.1 $ 20.01 - $ 30.00 1,021 $ 24.94 7.8 $ 30.01 - $ 40.00 23 $ 30.16 8.4 $ 40.01 - $ 50.00 1,567 $ 41.18 7.0 $ 60.01 - $ 70.00 924 $ 69.12 6.1 $ 150.01 - $ 160.00 91 $ 159.47 9.2 $ 220.01 - $ 222.99 6 $ 222.99 9.8 Total 4,956 $ 38.56 6.5
Assumptions Used in Pricing Model	The weighted average grant date fair value of stock option awards using the Black-Scholes valuation mod el was $ 114.18 , $ 19.49 , and $ 20.16 for each share subject to a stock option granted during the years ended December 31, 2024, 2023, and 2022 , respectively, based on the following assumptions: Years Ended December 31, 2024 2023 2022 Expected term of awards in years 5.5 - 6.3 5.5 - 6.3 6.3 Expected volatility 75.1 % - 82.8 % 70.6 % - 74.1 % 58.4 % - 75.5 % Risk-free interest rate 4.2 % - 4.5 % 3.7 % - 4.4 % 1.9 % - 3.9 % Expected dividend yield 0 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, 2022 1,051 Granted 602 Vested ( 282 ) $ 6,604 Forfeited ( 175 ) Balance as of December 31, 2022 1,196 Granted 1,229 Vested ( 365 ) $ 14,817 Forfeited ( 208 ) Balance as of December 31, 2023 1,852 Granted 328 Vested ( 571 ) $ 112,476 Forfeited ( 378 ) Balance as of December 31, 2024 1,231 Expected to vest as of December 31, 2024 1,231 $ 356,427
Summary of Share-Settled Performance Stock Unit Activity	As of December 31, 2024, there were 306,939 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the period indicated: Share-Settled Performance Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2023 0 Granted 267 Vested 0 $ 0 Forfeited ( 13 ) Balance as of December 31, 2023 254 Granted 60 Vested 0 $ 0 Forfeited ( 7 ) Balance as of December 31, 2024 307 Expected to vest as of December 31, 2024 307 $ 177,791
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 periods indicated: Years Ended December 31, 2024 2023 2022 Tax (benefit) expense related to: Share-based compensation expense $ ( 15,652 ) $ ( 12,874 ) $ ( 12,155 ) Exercises of stock options and vesting of share-settled restricted stock units ( 216,477 ) ( 3,367 ) 1,370 Total tax benefit related to the Company's equity plans $ ( 232,129 ) $ ( 16,241 ) $ ( 10,785 )
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 $ 313.86 and $ 48.62 for each performance stock unit granted during the years ended December 31, 2024 and 2023, respectively, based on the following assumptions: Years ending December 31, 2024 2023 Expected term of awards in years 3.0 3.0 Expected volatility 92.67 % - 95.50 % 95.6 % Risk-free interest rate 4.1 % - 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)	12 Months Ended
	Dec. 31, 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: Years Ended December 31, 2024 2023 2022 Numerator: Net (loss) income - Basic $ ( 1,166,661 ) $ 429,121 $ ( 1,469,797 ) Effect of dilutive shares on net (loss) income: Interest expense on 2025 Convertible Notes, net of tax 0 5,648 0 Interest expense on 2027 Convertible Notes, net of tax 0 2,874 0 Net (loss) income - Diluted $ ( 1,166,661 ) $ 437,643 $ ( 1,469,797 ) Denominator: Weighted average common shares of class A common stock 172,909 117,066 93,569 Weighted average common shares of class B common stock 19,640 19,640 19,640 Total weighted average shares of common stock outstanding - Basic 192,549 136,706 113,209 Effect of dilutive shares on weighted average common shares outstanding: Stock options 0 4,613 0 Restricted stock units 0 546 0 Performance stock units 0 130 0 Employee stock purchase plan 0 5 0 2025 Convertible Notes 0 16,332 0 2027 Convertible Notes 0 7,330 0 Total weighted average shares of common stock outstanding - Diluted 192,549 165,662 113,209 (Loss) earnings per share: Basic (loss) earnings per share (1) $ ( 6.06 ) $ 3.14 $ ( 12.98 ) Diluted (loss) earnings per share (1) $ ( 6.06 ) $ 2.64 $ ( 12.98 ) (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	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): Years Ended December 31, 2024 2023 2022 Stock options 6,926 5,896 14,615 Restricted stock units 1,647 297 1,195 Performance stock units 585 0 0 Employee stock purchase plan 16 52 64 2025 Convertible Notes 4,998 0 16,332 2027 Convertible Notes 7,330 0 7,330 2028 Convertible Notes 1,558 0 0 2029 Convertible Notes 497 0 0 2030 Convertible Notes 4,358 0 0 2031 Convertible Notes 2,046 0 0 2032 Convertible Notes 2,108 0 0 Total 32,069 6,245 39,536

At-the-Market Equity Offerings

At-the-Market Equity Offerings (Tables)	12 Months Ended
	Dec. 31, 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 2024, 2023, or 2022. 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. October 2024 Sales Agreement August 2024 Sales Agreement November 2023 Sales Agreement August 2023 Sales Agreement May 2023 Sales Agreement 2022 Sales Agreement Agreement effective date October 30, 2024 August 1, 2024 November 30, 2023 August 1, 2023 May 1, 2023 September 9, 2022 Maximum aggregate offering price $ 21,000,000 $ 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 % 2.0 % Date terminated n/a n/a July 31, 2024 November 29, 2023 August 1, 2023 May 1, 2023 As of December 31, 2024: Cumulative shares sold under such sales agreement 38,671,537 11,685,355 12,720,770 15,929,500 10,791,700 15,674,300 Cumulative net proceeds received from shares sold under such sales agreement $ 14,199,432 $ 1,993,273 $ 747,025 $ 737,760 $ 333,494 $ 385,181 Maximum aggregate offering price remaining available for sale under such sales agreement $ 6,774,741 $ 0 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, 2023, or 2022 for the periods indicated. The net proceeds (less sales commissions and expenses) for each at-the-market equity offering program are reported in thousands. Years Ended December 31, 2024 2023 2022 Number of shares sold under such sales agreement: 2022 Sales Agreement n/a 13,488,550 2,185,750 May 2023 Sales Agreement n/a 10,791,700 n/a August 2023 Sales Agreement n/a 15,929,500 n/a November 2023 Sales Agreement 1,951,620 10,769,150 n/a August 2024 Sales Agreement 11,685,355 n/a n/a October 2024 Sales Agreement 38,671,537 n/a n/a Total shares sold pursuant to at-the-market equity offering programs 52,308,512 50,978,900 2,185,750 Net proceeds received from shares sold under such sales agreement: 2022 Sales Agreement n/a 338,962 $ 46,219 May 2023 Sales Agreement n/a 333,494 n/a August 2023 Sales Agreement n/a 737,760 n/a November 2023 Sales Agreement 137,152 609,873 n/a August 2024 Sales Agreement 1,993,273 n/a n/a October 2024 Sales Agreement 14,199,432 n/a n/a Total net proceeds received from shares sold pursuant to at-the-market equity offering programs $ 16,329,857 $ 2,020,089 $ 46,219

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Software Business Segment and Corporate & Other Category on a Consolidated Basis	The following tables present (for each of the Software Business segment and Corporate & Other category, and on a consolidated basis) the Company’s revenues and significant expenses regularly provided to the CODM, reconciled to net income (loss) (in thousands) for each of the periods presented. Total segment assets (in thousands) provided to the CODM are also disclosed in the tables below for each period presented. Year-Ended December 31, 2024 Software Business Corporate & Other Total Consolidated Total revenues $ 463,456 $ 463,456 Significant expenses (1) Controllable Sales and marketing ( 105,782 ) ( 105,782 ) Maintenance ( 28,739 ) ( 28,739 ) Consulting ( 56,472 ) ( 56,472 ) Cloud ( 42,731 ) ( 42,731 ) Technology ( 105,140 ) ( 105,140 ) Corporate resources ( 85,479 ) ( 85,479 ) Non-Controllable Digital asset impairment losses ( 1,789,862 ) ( 1,789,862 ) Digital asset custody fees ( 5,956 ) ( 5,956 ) Share-based compensation expense ( 77,124 ) ( 77,124 ) Payroll taxes on equity award exercises and vestings ( 13,723 ) ( 13,723 ) Other segment items (2) ( 167 ) ( 1,753 ) ( 1,920 ) Interest expense, net (3) ( 61,941 ) ( 61,941 ) Loss on debt extinguishment ( 22,933 ) ( 22,933 ) Income tax benefit (4) 226,961 540,724 767,685 Net income (loss) $ 175,060 $ ( 1,341,721 ) $ ( 1,166,661 ) Total assets, as of December 31, 2024 (5) $ 743,190 $ 25,100,495 $ 25,843,685 Year Ended December 31, 2023 Software Business Corporate & Other Total Consolidated Total revenues $ 496,261 $ 496,261 Significant expenses (1) Controllable Sales and marketing ( 112,408 ) ( 112,408 ) Maintenance ( 20,058 ) ( 20,058 ) Consulting ( 61,019 ) ( 61,019 ) Cloud ( 31,466 ) ( 31,466 ) Technology ( 106,901 ) ( 106,901 ) Corporate resources ( 84,947 ) ( 84,947 ) Non-Controllable Digital asset impairment losses ( 115,851 ) ( 115,851 ) Digital asset custody fees ( 1,572 ) ( 1,572 ) Share-based compensation expense ( 69,571 ) ( 69,571 ) Payroll taxes on equity award exercises and vestings ( 820 ) ( 820 ) Other segment items (2) ( 10,717 ) ( 1,182 ) ( 11,899 ) Interest expense, net (3) ( 48,960 ) ( 48,960 ) Gain on debt extinguishment 44,686 44,686 Income tax benefit (4) 10,553 543,093 553,646 Net income $ 8,907 $ 420,214 $ 429,121 Total assets, as of December 31, 2023 (5) $ 470,353 $ 4,292,175 $ 4,762,528 Year Ended December 31, 2022 Software Business Corporate & Other Total Consolidated Total revenues $ 499,264 $ 499,264 Significant expenses (1) Controllable Sales and marketing ( 106,348 ) ( 106,348 ) Maintenance ( 19,211 ) ( 19,211 ) Consulting ( 64,843 ) ( 64,843 ) Cloud ( 24,488 ) ( 24,488 ) Technology ( 115,225 ) ( 115,225 ) Corporate resources ( 86,541 ) ( 86,541 ) Non-Controllable Digital asset impairment losses (gains on sale), net ( 1,286,286 ) ( 1,286,286 ) Digital asset custody fees ( 1,870 ) ( 1,870 ) Share-based compensation expense ( 63,619 ) ( 63,619 ) Payroll taxes on equity award exercises and vestings ( 238 ) ( 238 ) Other segment items (2) 1,058 ( 982 ) 76 Interest expense, net (3) ( 53,136 ) ( 53,136 ) Income tax provision (4) ( 14,798 ) ( 132,534 ) ( 147,332 ) Net income (loss) $ 5,011 $ ( 1,474,808 ) $ ( 1,469,797 ) (1) Significant expenses regularly provided to the CODM include both: (i) costs that the CODM considers to be “controllable”, for which the Company can manage future expense via the budgeting process (e.g. salaries, commissions, travel and entertainment expenses, third party-service provider fees, etc.), and that support each specific function of the Software Business (i.e. sales and marketing, maintenance, consulting, cloud, technology, and corporate resources) and (ii) costs that the CODM considers to be “non-controllable”, for which future expenses are primarily outside the Company’s control, such as digital asset impairment and custody fees, share-based compensation expense, and employer payroll taxes related to the exercise or vesting of certain awards under the Stock Incentive Plans. (2) Other segment items for the Software Business are primarily related to foreign currency transaction gains and losses, costs supporting the Company’s education function, one-time corporate initiatives, and certain expenses that are not easily allocable to specific functions. Other segment items for the Corporate & Other category are primarily related to third-party consulting and advisory fees. (3) Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin. All of the Company’s interest income and expense are presented in the Corporate & Other category. (4) Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including digital asset impairment, interest expense, gains and losses on debt extinguishments, and other third-party expenses. (5) Segment assets allocated to the Corporate & Other category are the Company’s digital assets and deferred tax assets related primarily to digital asset impairment losses and interest expense.
Total Revenues and Long-Lived Assets, by Geographic Region	The following table presents total revenues 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. Geographic regions: U.S. EMEA Other Regions Consolidated Total revenues Year ended December 31, 2024 $ 259,582 $ 155,923 $ 47,951 $ 463,456 Year ended December 31, 2023 $ 284,174 $ 155,914 $ 56,173 $ 496,261 Year ended December 31, 2022 $ 294,697 $ 152,614 $ 51,953 $ 499,264 Long-lived assets As of December 31, 2024 $ 69,767 $ 3,556 $ 7,564 $ 80,887 As of December 31, 2023 $ 75,004 $ 3,937 $ 7,343 $ 86,284

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Aug. 07, 2024	Dec. 31, 2024 USD ($) Customer shares	Dec. 31, 2023 USD ($) Customer shares	Dec. 31, 2022 USD ($) Customer
Summary Of Significant Accounting Policies [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
Additions to capitalized software development costs		$ 0	$ 0	$ 0
Payment terms		The Company’s standard payment terms are generally within 180 days of invoicing. If extended payment terms are granted to customers, those terms generally do not exceed one year.
Description of warranty		The Company provides a standard software assurance warranty to repair, replace, or refund software that does not perform in accordance with documentation. The standard software assurance warranty period is generally less than one year.
Amortization period for capitalized contract costs		3 years
Capitalized cost to obtain customer contracts net		$ 48,300,000	$ 15,700,000
Common stock, conversion ratio		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
Preferred stock, shares issued | shares		0	0
Preferred stock, shares outstanding | shares		0	0
Cumulative foreign currency translation amount		$ (15,400,000)	$ (11,400,000)	(13,800,000)
Foreign currency translation adjustments, tax		0	0	0
Transaction gains (losses) arising from transactions denominated in foreign currencies		$ 2,900,000	$ (5,600,000)	$ 6,200,000
Customer Concentration Risk | Sales Revenue, Goods, Net
Summary Of Significant Accounting Policies [Line Items]
Number of individual customer accounted for 10% or more of net accounts receivable | Customer		0	0
Number of individual customer accounted for 10% or more of total revenues | Customer		0	0	0
Common Class A
Summary Of Significant Accounting Policies [Line Items]
Common stock, voting rights, per share		one
Class B Convertible
Summary Of Significant Accounting Policies [Line Items]
Common stock, voting rights, per share		ten
Sales and Marketing
Summary Of Significant Accounting Policies [Line Items]
Amortization expenses related to capitalized cost		$ 12,300,000	$ 8,100,000	$ 4,500,000
Computer Equipment And Purchased Software
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets, years		3 years
Office Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets, years		5 years
Office Furniture
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets, years		10 years
Corporate Aircraft
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets, years		19 years
Estimated salvage value		21%
Internal-use Software Development Costs
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets, years		3 years

Recent Accounting Standards - A

Recent Accounting Standards - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Corporate alternative minimum tax rate	15%
Corporate alternative minimum tax amount	$ 1,000
ASU 2023-08
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increase in retained earnings	12,745
Increase in digital assets	17,880
Increase in deferred tax liabilities	3,969
Decrease in deferred tax assets, net of valuation allowances	$ 1,166

Digital Assets - Summary of Dig

Digital Assets - Summary of Digital Asset Holdings (Details) $ in Thousands	Dec. 31, 2024 USD ($) Bitcoin	Dec. 31, 2023 USD ($) Bitcoin
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Approximate number of bitcoins held | Bitcoin	447,470	189,150
Digital assets	$ 23,909,373	$ 3,626,476
Cumulative digital asset impairment losses	$ 4,058,875	$ 2,269,013

Digital Assets - Summary of D_2

Digital Assets - Summary of Digital Asset Purchases, Digital Asset Sales, Digital Asset Impairment Losses, and Gains on Sale of Digital Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Bitcoin	Dec. 31, 2023 USD ($) Bitcoin	Dec. 31, 2022 USD ($) Bitcoin
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Approximate number of bitcoins purchased | Bitcoin	258,320	56,650	8,813
Approximate number of bitcoins sold | Bitcoin	0	0	704
Digital asset purchases	$ 22,072,759	$ 1,902,299	$ 287,921
Digital asset sales	0	0	11,817
Digital asset impairment losses	$ 1,789,862	$ 115,851	$ 1,287,213
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment Of Intangible Assets Net Gains On Sale	Impairment Of Intangible Assets Net Gains On Sale	Impairment Of Intangible Assets Net Gains On Sale
Gains on sale of digital assets	$ 0	$ 0	$ 927

Digital Assets - Additional Inf

Digital Assets - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) Bitcoin	Dec. 31, 2024 USD ($)
Digital Assets [Line Items]
Trade credit payable, outstanding	$ 0	$ 0
Carrying value of bitcoin held by the company	$ 3,626,476,000	$ 23,909,373,000
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	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Billed and billable	$ 183,391	$ 186,884
Less: allowance for credit losses	(2,188)	(3,069)
Accounts receivable, net	$ 181,203	$ 183,815

Contract Balances - Additional

Contract Balances - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer Asset And Liability [Line Items]
Contract asset impairment charges	$ 0	$ 0	$ 0
Revenue, Remaining performance obligation	454,900,000
Current Deferred Revenue and Advanced Payments
Contract With Customer Asset And Liability [Line Items]
Revenue recognized from beginning deferred revenue	225,400,000	215,900,000	$ 203,100,000
Prepaid Expenses and Other Current Assets
Contract With Customer Asset And Liability [Line Items]
Current contract assets	2,600,000	1,200,000
Deposits and Other Assets
Contract With Customer Asset And Liability [Line Items]
Non-current contract assets	$ 6,800,000	$ 900,000

Contract Balances - Deferred Re

Contract Balances - Deferred Revenue and Advance Payments (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Revenue Disclosure [Abstract]
Deferred product licenses revenue, Current	$ 1,777	$ 3,579
Deferred subscription services revenue, Current	107,119	65,512
Deferred product support revenue, Current	124,684	152,012
Deferred other services revenue, Current	4,394	7,059
Total current deferred revenue and advance payments	237,974	228,162
Deferred product licenses revenue, Non-current	174	0
Deferred subscription services revenue, Non-current	2,263	3,097
Deferred product support revenue, Non-current	2,111	4,984
Deferred other services revenue, Non-current	422	443
Total non-current deferred revenue and advance payments	$ 4,970	$ 8,524

Contract Balances - Additiona_2

Contract Balances - Additional Information (Detail1) $ in Millions	Dec. 31, 2024 USD ($)
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligation	$ 454.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligation	$ 278.4
Revenue, Remaining performance obligations, Expected timing of satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligations, Expected timing of satisfaction, Period

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 159,645	$ 159,405
Less: accumulated depreciation and amortization	(133,318)	(130,464)
Property and equipment, net	26,327	28,941
Corporate Aircraft and Related Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	48,645	48,645
Computer Equipment And Purchased Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	61,828	60,979
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,708	9,920
Leaseholds Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,547	29,944
Internally Developed Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,917	$ 9,917

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization		$ 5,600	$ 6,400	$ 6,700
Initial deposit to purchase corporate aircraft		10,500	$ 0	$ 0
Corporate Aircraft
Property, Plant and Equipment [Line Items]
Initial deposit to purchase corporate aircraft	$ 10,500
Additional installment payments to purchase aircraft	$ 68,000	$ 68,000

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating lease, right of use asset	$ 54,560	$ 57,343
Operating lease, liability	66,787	71,500
UNITED STATES | Northern Virginia Office Space
Operating Leased Assets [Line Items]
Operating lease, right of use asset	42,800	48,100
Operating lease, liability	$ 54,600	$ 61,700
Lease term expiration date	Dec. 31, 2030
Lease option to extend, description	option for the Company to extend the term for an additional five or 10 consecutive years
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Minimum | UNITED STATES | Northern Virginia Office Space
Operating Leased Assets [Line Items]
Lease extension term	5 years
Maximum | UNITED STATES | Northern Virginia Office Space
Operating Leased Assets [Line Items]
Lease extension term	10 years

Leases - Components of Lease Co

Leases - Components of Lease Cost and Other Lease (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease cost:
Operating lease cost	$ 12,577	$ 13,081	$ 13,008
Short-term lease cost	619	579	582
Variable lease cost	632	783	514
Total lease cost	13,828	14,443	14,104
Other information:
Cash paid for amounts included in the measurement of operating lease liabilities	14,525	9,862	14,224
ROU assets obtained in exchange for new operating lease liabilities	$ 6,032	$ 6,183	$ 1,563
Weighted average remaining lease term in years – operating leases	5 years 9 months 18 days	6 years 7 months 6 days	7 years 6 months
Weighted average discount rate – operating leases	6%	6%	6.10%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating lease liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 14,037
2026	14,596
2027	13,826
2028	13,667
2029	12,943
Thereafter	9,548
Total lease payments	78,617
Less: imputed interest	(11,830)
Operating Lease, Liability	66,787	$ 71,500
Current operating lease liabilities	$ 10,384
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current
Non-current operating lease liabilities	$ 56,403	61,086
Total	$ 66,787	$ 71,500

Long-term Debt - Schedule of Ne

Long-term Debt - Schedule of Net Carrying Amount of Long-term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term debt, net	$ 517	$ 483
Long-term debt, net	7,191,158	2,182,108
Total	7,191,675	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	1,041,352	1,037,306
Convertible Senior Notes due 2028 | Convertible Debt
Debt Instrument [Line Items]
Total	998,543	0
Convertible Senior Notes due 2029 | Convertible Debt
Debt Instrument [Line Items]
Total	2,975,037	0
Convertible Senior Notes due 2030 | Convertible Debt
Debt Instrument [Line Items]
Total	785,172	0
Convertible Senior Notes due 2031 | Convertible Debt
Debt Instrument [Line Items]
Total	594,476	0
Convertible Senior Notes due 2032 | Convertible Debt
Debt Instrument [Line Items]
Total	787,417	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	$ 9,678	$ 10,161

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Nov. 30, 2024 $ / shares

Sep. 30, 2024 $ / shares

Sep. 26, 2024 USD ($)

Jul. 15, 2024 USD ($)

Jul. 14, 2024 USD ($)

Jun. 30, 2024 $ / shares

Mar. 31, 2024 $ / shares

Mar. 24, 2023 USD ($)

Mar. 23, 2022 USD ($)

Jun. 14, 2021 USD ($)

Feb. 28, 2021 $ / shares

Dec. 31, 2020 $ / shares

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

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

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

Jun. 30, 2022 USD ($)

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

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

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

Jun. 30, 2024 $ / shares shares

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2024 USD ($) Days $ / shares shares

Dec. 31, 2023 USD ($) Bitcoin

Dec. 31, 2022 USD ($)

Jun. 13, 2024 USD ($)

Debt Instrument [Line Items]

Payment to extinguishment of debt

$ 515,414

$ 160,033

$ 0

Gain on debt extinguishment

(22,933)

44,686

0

Current portion of long-term debt, net

$ 483

517

483

Payments to settle conversions and redemption of convertible senior notes

398

0

0

Convertible Debt

Debt Instrument [Line Items]

Outstanding principal amount

1,700,000

7,263,750

1,700,000

Interest expense

$ 22,015

4,875

4,875

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%

Senior Secured Notes Due Twenty Twenty Eight

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 500,000

Interest rate, fixed percentage

6.125%

Redemption Date

Sep. 26, 2024

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

Debt instrument, redemption price, percentage of principal amount redeemed

103.063%

Debt instrument call premium and redemption price

$ 515,300

Outstanding principal amount

500,000

Accrued unpaid interest

8,600

Minimum | Convertible Debt | Events of Default

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%

Common Class A

Debt Instrument [Line Items]

Price per share | $ / shares

$ 1,000

Debt instrument, convertible, trading days | Days

20

Debt instrument, convertible, consecutive trading days | Days

30

Common Class A | Convertible Debt

Debt Instrument [Line Items]

Debt instrument, convertible, trading days | Days

20

Debt instrument, convertible, consecutive trading days | Days

30

Conversion price percentage applicable trading days

130%

Trading price per share | $ / shares

$ 1,000

Debt instrument, redemption price, percentage of principal amount redeemed

100%

Common Class A | Early Conversion by Noteholders before June 15, 2025 | Convertible Debt

Debt Instrument [Line Items]

Debt instrument, convertible, trading days | Days

20

Debt instrument, convertible, consecutive trading days | Days

30

Common Class A | Minimum | Convertible Debt

Debt Instrument [Line Items]

Conversion price percentage applicable trading days

130%

Common Class A | Maximum | Convertible Debt

Debt Instrument [Line Items]

Conversion price percentage applicable trading days

98%

Convertible Senior Notes due 2025

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 300

$ 650,000

$ 650,000

Interest rate, fixed percentage

[1]

0.75%

Redemption Date

[2]

Jul. 15, 2024

Debt instrument, maturity date

[3]

Dec. 15, 2025

Proceeds from debt

$ 634,749

Initial conversion rate

[4]

25.126

Initial conversion price | $ / shares

[5]

$ 39.8

$ 39.8

Debt instrument, convertible, earliest date

[6],[7]

Jun. 13, 2024

Debt instrument, redemption price, percentage of principal amount redeemed

100%

Customary offering expense

[8]

$ 15,251

Effective interest rate percentage

[8]

1.23%

Total interest paid

$ 16,500

4,900

4,900

Additional interest paid

$ 0

0

0

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, for which the Company issued 16,323,050 shares of the Company’s class A common stock and paid a nominal amount of cash in lieu of fraction shares upon settlement of such conversion requests, 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.

Payments to settle conversions and redemption of convertible senior notes

$ 300

Convertible Senior Notes due 2025 | Convertible Debt

Debt Instrument [Line Items]

Outstanding principal amount

650,000

650,000

Interest expense

$ 2,371

4,875

4,875

Convertible Senior Notes due 2025 | Common Class A

Debt Instrument [Line Items]

Debt instrument, converted principal amount

$ 649,700

Debt instrument, issuance of conversion shares | shares

16,323,050

Convertible Senior Notes due 2025 | Common Class A | Minimum

Debt Instrument [Line Items]

Debt instrument, convertible, consecutive trading days | Days

130

Convertible Senior Notes due 2027

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 1,050,000

Interest rate, fixed percentage

[1]

0%

Redemption Date

[2]

Feb. 24, 2025

Debt instrument, maturity date

[3]

Feb. 15, 2027

Proceeds from debt

$ 1,025,830

Initial conversion rate

[4]

6.981

Initial conversion price | $ / shares

[5]

$ 143.25

$ 143.25

Number of shares convertible from notes | shares

7,330,050

Debt instrument, convertible, earliest date

[6],[7]

Jan. 24, 2025

Customary offering expense

[8]

$ 24,170

Effective interest rate percentage

[8]

0.39%

Convertible Senior Notes due 2027 | Convertible Debt

Debt Instrument [Line Items]

Outstanding principal amount

$ 1,050,000

$ 1,050,000

1,050,000

Interest expense

0

0

0

Convertible Senior Notes due 2028

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 1,010,000

Interest rate, fixed percentage

[1]

0.625%

Debt instrument, maturity date

[3]

Sep. 15, 2028

Proceeds from debt

$ 997,375

Initial conversion rate

[4]

5.4589

Initial conversion price | $ / shares

[5]

$ 183.19

$ 183.19

$ 183.19

Number of shares convertible from notes | shares

5,513,489

Debt instrument, convertible, earliest date

[6],[7]

Mar. 15, 2028

Customary offering expense

[8]

$ 12,625

Effective interest rate percentage

[8]

1.05%

Convertible Senior Notes due 2028 | Convertible Debt

Debt Instrument [Line Items]

Outstanding principal amount

$ 1,010,000

Interest expense

1,771

0

0

Convertible Senior Notes due 2029

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 3,000,000

Interest rate, fixed percentage

[1]

0%

Debt instrument, maturity date

[3]

Dec. 01, 2029

Proceeds from debt

$ 2,974,250

Initial conversion rate

[4]

1.4872

Initial conversion price | $ / shares

[5]

$ 672.4

$ 672.4

Number of shares convertible from notes | shares

4,461,600

Debt instrument, convertible, earliest date

[6],[7]

Jun. 01, 2029

Customary offering expense

[8]

$ 25,750

Effective interest rate percentage

[8]

0.24%

Convertible Senior Notes due 2029 | Convertible Debt

Debt Instrument [Line Items]

Outstanding principal amount

$ 3,000,000

Interest expense

0

0

0

Convertible Senior Notes due 2030

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 800,000

Interest rate, fixed percentage

[1]

0.625%

Debt instrument, maturity date

[3]

Mar. 15, 2030

Proceeds from debt

$ 782,000

Initial conversion rate

[4]

6.677

Initial conversion price | $ / shares

[5]

$ 149.77

$ 149.77

Number of shares convertible from notes | shares

5,341,600

Debt instrument, convertible, earliest date

[6],[7]

Sep. 15, 2029

Customary offering expense

[8]

$ 18,000

Effective interest rate percentage

[8]

1.14%

Convertible Senior Notes due 2031

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 603,750

Interest rate, fixed percentage

[1]

0.875%

Debt instrument, maturity date

[3]

Mar. 15, 2031

Proceeds from debt

$ 592,567

Initial conversion rate

[4]

4.297

Initial conversion price | $ / shares

[5]

$ 232.72

$ 232.72

Number of shares convertible from notes | shares

2,594,314

Debt instrument, convertible, earliest date

[6],[7]

Sep. 15, 2030

Customary offering expense

[8]

$ 11,183

Effective interest rate percentage

[8]

1.30%

Convertible Senior Notes due 2032

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 800,000

Interest rate, fixed percentage

[1]

2.25%

Debt instrument, maturity date

[3]

Jun. 15, 2032

Proceeds from debt

$ 786,000

Initial conversion rate

[4]

4.894

Initial conversion price | $ / shares

[5]

$ 204.33

$ 204.33

Number of shares convertible from notes | shares

3,915,200

Debt instrument, convertible, earliest date

[6],[7]

Dec. 15, 2031

Customary offering expense

[8]

$ 14,000

Effective interest rate percentage

[8]

2.63%

Convertible Senior Notes due 2027

Debt Instrument [Line Items]

Total interest paid

$ 0

$ 0

0

Secured Notes Due Twenty Twenty Eight

Debt Instrument [Line Items]

Interest rate, fixed percentage

6.125%

6.125%

Outstanding principal amount

$ 500,000

$ 500,000

Repayment of debt

492,500

Customary offering expense

$ 12,800

Effective interest rate percentage

6.58%

Interest expense

$ 22,628

30,625

30,625

Total interest paid

23,900

$ 30,600

30,600

Extinguishment of third party fees

$ 100

Number of digital assets held as collateral for 2028 Secured Notes | Bitcoin

16,081

Secured Term Loan Due Twenty Twenty Five

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 205,000

$ 205,000

Prepayment of Debt

161,000

Payment to extinguishment of debt

159,900

Debt instrument, maturity date

Mar. 23, 2025

Proceeds from debt

$ 204,600

Customary offering expense

$ 400

Effective interest rate percentage

3.87%

Interest expense

0

$ 3,781

9,006

Total interest paid

$ 5,100

$ 7,700

Interest paid included in Payoff Amount

1,100

1,100

Extinguishment of third party fees

100

Repayment of debt

$ 204,700

Gain on debt extinguishment

$ 22,900

$ 44,700

Secured overnight financing rate 30 Day average

Secured Overnight Financing Rate 30 Day Average

Debt instrument, basis spread on variable rate

3.70%

Variable Interest Rate Floor

3.75%

Debt instrument monthly payable beginning date

2022-05

Secured Term Loan Due Twenty Twenty Five | Collateral Pledged

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 205,000

Initial Value of Bitcoin collateral amount

$ 820,000

LTV Percentage Maximum

50

Debt instrument covenant description

While the 2025 Secured Term Loan was outstanding, MacroStrategy was required to maintain a loan to collateral value ratio (“LTV Ratio”) of less than 50%. As a result, MacroStrategy was required to maintain more than $410.0 million of bitcoin in the Bitcoin Collateral Account, assuming the full $205.0 million of 2025 Secured Term Loan principal remained outstanding.

Secured Term Loan Due Twenty Twenty Five | Minimum | Collateral Pledged

Debt Instrument [Line Items]

Bitcoin Collateral Account required limit

$ 410,000

Other Long-Term Secured Debt

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 11,100

Interest rate, fixed percentage

5.20%

Debt instrument, maturity year month

2027-06

Net carrying value

10,200

9,700

10,200

Outstanding Principal Balance

10,300

9,800

10,300

Current portion of long-term debt, net

$ 500

$ 500

$ 500

[1] Holders may receive additional or special interest under specified circumstances as outlined under each applicable indenture governing the Convertible Notes. “Redemption Date” for the 2025 Convertible Notes 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. “Redemption Date” for the 2027 Convertible Notes is the date on which the Company will redeem all outstanding 2027 Convertible Notes, as discussed under Note 18, Subsequent Events , to the Consolidated Financial Statements. “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. 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. For the 2027 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2027 Convertible Notes, which resulted in the 2027 Convertible Notes being convertible at any time thereafter until 5:00pm New York City time, on February 20, 2025. See Note 18, Subsequent Events , to the Consolidated Financial Statements 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 quarter 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, on December 31, 2024 for the 2028 Convertible Notes, o r on March 31, 2025 for the 2029 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. “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.

Long-term Debt - Summary of Key

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

1 Months Ended

12 Months Ended

Nov. 30, 2024 $ / shares

Sep. 30, 2024 $ / shares

Jun. 30, 2024 $ / shares

Mar. 31, 2024 $ / shares

Feb. 28, 2021 $ / shares

Dec. 31, 2020 $ / shares

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

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

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

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

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

Dec. 31, 2024 USD ($)

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]

25.126

Initial conversion price | $ / shares

[6]

$ 39.8

$ 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]

0%

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]

6.981

Initial conversion price | $ / shares

[6]

$ 143.25

$ 143.25

Convertible at any time after the following date

[7],[8]

Jan. 24, 2025

Not redeemable by the company prior to the following date

[9]

Feb. 20, 2024

Redemption Date

[10]

Feb. 24, 2025

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]

5.4589

Initial conversion price | $ / shares

[6]

$ 183.19

$ 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 2029

Debt Instrument [Line Items]

Issuance Date

Nov. 30, 2024

Maturity Date

[1]

Dec. 01, 2029

Principal at Inception

$ 3,000,000

Stated Interest Rate

[2]

0%

Interest Payment Dates One

[3]

--06-01

Interest Payment Dates Two

[3]

--12-01

Net Proceeds

$ 2,974,250

Issuance Costs

[4]

$ 25,750

Effective Interest Rate

[4]

0.24%

Date of Holder Put Option

[11]

Jun. 01, 2028

Initial conversion rate

[5]

1.4872

Initial conversion price | $ / shares

[6]

$ 672.4

$ 672.4

Convertible at any time after the following date

[7],[8]

Jun. 01, 2029

Not redeemable by the company prior to the following date

[9]

Dec. 04, 2026

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]

6.677

Initial conversion price | $ / shares

[6]

$ 149.77

$ 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]

4.297

Initial conversion price | $ / shares

[6]

$ 232.72

$ 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]

4.894

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 Con vertible 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, (c) March 15, 2025 for the 2028 Convertible Notes, and (d) June 1, 2025 (special interest only, if any) for the 2029 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. For the 2027 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2027 Convertible Notes, which resulted in the 2027 Convertible Notes being convertible at any time thereafter until 5:00pm New York City time, on February 20, 2025. See Note 18, Subsequent Events , to the Consolidated Financial Statements 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 quarter 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, on December 31, 2024 for the 2028 Convertible Notes, o r on March 31, 2025 for the 2029 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” for the 2025 Convertible Notes 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. “Redemption Date” for the 2027 Convertible Notes is the date on which the Company will redeem all outstanding 2027 Convertible Notes, as discussed under Note 18, Subsequent Events , to the Consolidated Financial Statements. “Date of Holder Put Option” represents the respective dates upon which holders of the 2028 Convertible Notes, 2029 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for c ash 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 of K_2

Long-term Debt - Summary of Key Terms of Each of the Convertible Notes (Parenthetical) (Detail)								12 Months Ended
		Jun. 15, 2029	Sep. 15, 2028	Jun. 01, 2028	Sep. 15, 2027	Feb. 24, 2025	Jul. 15, 2024	Dec. 31, 2024 Days $ / shares
Class A
Debt Instrument [Line Items]
Price per share | $ / shares								$ 1,000
Debt instrument, convertible, trading days								20
Debt instrument, convertible, consecutive trading days								30
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 [Member] | 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 2025 | Class A | Minimum
Debt Instrument [Line Items]
Debt instrument, convertible, consecutive trading days								130
Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date	[1],[2]							Jan. 24, 2025
Convertible Senior Notes due 2027 | Scenario Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed						100%
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 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
Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Interest payment, beginning date								Jun. 01, 2025
Debt instrument, convertible, earliest date	[1],[2]							Jun. 01, 2029
Convertible Senior Notes due 2029 | Scenario Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed				100%
Convertible Senior Notes due 2029 | Class A | Convertible Under Certain Circumstances
Debt Instrument [Line Items]
Debt instrument, convertible, earliest date								Mar. 31, 2025
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
[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. For the 2027 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2027 Convertible Notes, which resulted in the 2027 Convertible Notes being convertible at any time thereafter until 5:00pm New York City time, on February 20, 2025. See Note 18, Subsequent Events , to the Consolidated Financial Statements 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 quarter 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, on December 31, 2024 for the 2028 Convertible Notes, o r on March 31, 2025 for the 2029 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	Dec. 31, 2024	Dec. 31, 2023
Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	$ 7,263,750	$ 1,700,000
Unamortized Issuance Costs	(81,753)	(18,763)
Net Carrying Value	7,181,997	1,681,237
Fair Value	10,369,119	1,988,521
Convertible Senior Notes 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	(8,648)	(12,694)
Net Carrying Value	1,041,352	1,037,306
Fair Value	2,134,125	913,808
Convertible Senior Notes due 2028 | Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	1,010,000
Unamortized Issuance Costs	(11,457)
Net Carrying Value	998,543
Fair Value	1,927,828
Convertible Senior Notes due 2029 | Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	3,000,000
Unamortized Issuance Costs	(24,963)
Net Carrying Value	2,975,037
Fair Value	2,447,682
Convertible Senior Notes due 2030 | Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	800,000
Unamortized Issuance Costs	(14,828)
Net Carrying Value	785,172
Fair Value	1,657,323
Convertible Senior Notes due 2031 | Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	603,750
Unamortized Issuance Costs	(9,274)
Net Carrying Value	594,476
Fair Value	877,559
Convertible Senior Notes due 2032 | Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	800,000
Unamortized Issuance Costs	(12,583)
Net Carrying Value	787,417
Fair Value	$ 1,324,602
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	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of Issuance Costs		$ 15,336	$ 8,808	$ 8,694
Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		22,015	4,875	4,875
Amortization of Issuance Costs		13,993	7,072	7,020
Total interest expense		36,008	11,947	11,895
Convertible Senior Notes due 2025 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		2,371	4,875	4,875
Amortization of Issuance Costs		1,494	3,043	3,006
Total interest expense		3,865	7,918	7,881
Convertible Senior Notes due 2027 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		0	0	0
Amortization of Issuance Costs		4,046	4,029	4,014
Total interest expense		4,046	4,029	4,014
Convertible Senior Notes due 2028 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		1,771	0	0
Amortization of Issuance Costs		1,168	0	0
Total interest expense		2,939	0	0
Convertible Senior Notes due 2029 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		0	0	0
Amortization of Issuance Costs		787	0	0
Total interest expense		787	0	0
Convertible Senior Notes due 2030 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		4,069	0	0
Amortization of Issuance Costs		3,172	0	0
Total interest expense		7,241	0	0
Convertible Senior Notes due 2031 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		4,154	0	0
Amortization of Issuance Costs		1,909	0	0
Total interest expense		6,063	0	0
Convertible Senior Notes due 2032 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense		9,650	0	0
Amortization of Issuance Costs		1,417	0	0
Total interest expense		11,067	0	0
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Contractual Interest Expense		22,628	30,625	30,625
Amortization of Issuance Costs		1,287	1,646	1,541
Total interest expense		$ 23,915	32,271	32,166
Secured Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Contractual Interest Expense	$ 0		3,781	9,006
Amortization of Issuance Costs			31	103
Total interest expense			$ 3,812	$ 9,109

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Debt Instruments (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 569
2026	600
2027	2,068,634
2028	4,403,750
2029	800,000
Thereafter	0
Total	7,273,553
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 2029
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	3,000,000
2029	0
Thereafter	0
Total	3,000,000
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	569
2026	600
2027	8,634
2028	0
2029	0
Thereafter	0
Total	$ 9,803

Future Minimum Payments Related

Future Minimum Payments Related to Noncancelable Purchase Agreements and Anticipated Payments Related to One-Time Transition Tax (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 64,215
2026	84,205
2027	32,747
2028	288
2029	0
Thereafter	0
Total future minimum payments related to non cancelable purchase agreements	181,455
2025	9,223
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total anticipated payments related to one-time transition tax	$ 9,223

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) R$ in Thousands	12 Months Ended
	Dec. 31, 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	$ 400,000				$ 1,200,000
Loss contingency accrual, payments	1,100,000
Loss contingency, additional accrual	$ 300,000
Board of Directors & Executive Chairman
Loss Contingencies [Line Items]
Litigation settlement amount payable				$ 40,000,000

Schedule of Components of (Loss

Schedule of Components of (Loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ (1,966,444)	$ (157,810)	$ (1,362,230)
Foreign	32,098	33,285	39,765
Loss before income taxes	$ (1,934,346)	$ (124,525)	$ (1,322,465)

Schedule of (Benefit from) Prov

Schedule of (Benefit from) Provision for Income Taxes (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal, Current		$ (5,202)	$ 2,774	$ 9,278
State, Current		72	3,376	5,362
Foreign, Current		5,368	9,146	8,139
Income tax expense (benefit), Current, total		238	15,296	22,779
Federal, Deferred		(505,359)	(374,800)	89,581
State, Deferred		(262,441)	(194,374)	34,521
Foreign, Deferred		(123)	232	451
Income tax expense (benefit), Deferred, total		(767,923)	(568,942)	124,553
Total (benefit) provision	[1]	$ (767,685)	$ (553,646)	$ 147,332
[1] Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including digital asset impairment, interest expense, gains and losses on debt extinguishments, and other third-party expenses.

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate Reconciliation (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21%	21%	21%
State taxes, net of federal tax effect	10.70%	8.40%	7.30%
Other international components	(0.50%)	(3.40%)	(0.10%)
Change in valuation allowance	0%	409.50%	(38.60%)
Non-deductible officers compensation	(0.90%)	(5.50%)	(0.30%)
Research and development tax credit	0.50%	2.70%	0.10%
Share-based compensation	8.70%	3.40%	(0.10%)
Rate changes, including states	(0.10%)	11%	(0.30%)
Other permanent differences	0.30%	(2.50%)	(0.10%)
Effective income tax rate	39.70%	444.60%	(11.10%)

Schedule of Effective Tax Rate

Schedule of Effective Tax Rate for [Loss] Before Income Taxes (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Effective Tax Rates [Line Items]
Effective tax rates	39.70%	444.60%	(11.10%)
U.S.
Schedule Of Effective Tax Rates [Line Items]
Effective tax rates	39.30%	356.80%	(10.20%)
Foreign
Schedule Of Effective Tax Rates [Line Items]
Effective tax rates	16.30%	28.20%	21.60%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Deferred tax liability on undistributed foreign earnings	$ 3,962,000	$ 2,923,000
Gross unrecognized tax benefits	10,200,000
Unrecognized tax benefits would impact the effective tax rate	10,000,000
Accumulated interest accrued	195,000	352,000	$ 276,000
Tax credits, amount	$ 6,300,000
Tax credit carryforwards, expiration year	2044
Valuation allowances	$ 494,000	1,427,000
Corporate alternative minimum tax rate	15%
Corporate alternative minimum tax amount	$ 1,000,000,000
ASU 2023-08
Income Taxes [Line Items]
Increase in retained earnings	$ 12,745,000,000
Accounting standard adoption cumulative effect adjustment, description	Due to the Company’s adoption of ASU 2023-08, the Company is required to recognize a cumulative-effect adjustment of $12.745 billion to the opening balance of its retained earnings as of January 1, 2025. The Company will additionally be required to recognize unrealized gains or losses from changes in the fair value of digital assets in future reporting periods as income or losses. For purposes of calculating the adjusted financial statement income, the Company will be required to ratably allocate from 2025 through 2028 the increase to the Company’s retained earnings.
Accounts Payable, Accrued Expenses, and Operating Lease Liabilities
Income Taxes [Line Items]
Income taxes payable	$ 9,500,000
Prepaid Expenses and Other Current Assets
Income Taxes [Line Items]
Income taxes receivable		15,300,000
Other Long-Term Liabilities
Income Taxes [Line Items]
Gross unrecognized tax benefits	2,900,000
Deferred Tax Assets, Net
Income Taxes [Line Items]
Gross unrecognized tax benefits	7,300,000
U.S
Income Taxes [Line Items]
Cash and cash equivalents and short-term investments	$ 8,800,000	10,500,000
Tax years subject to examination	2021 2022 2023 2024
Operating loss carryforwards	$ 775,900,000	0
Foreign
Income Taxes [Line Items]
Cash and cash equivalents and short-term investments	29,300,000	36,300,000
Deferred tax liability on undistributed foreign earnings	4,000,000
Foreign earnings repatriated	6,500,000	20,300,000
Operating loss carryforwards	5,900,000	$ 3,000,000
State
Income Taxes [Line Items]
Operating loss carryforwards	1,207,000,000
Operating loss carryforwards, subject to expiration	$ 381,100,000
State | Earliest Tax Year
Income Taxes [Line Items]
Operating loss carryforwards, expiration year	2034
State | Latest Tax Year
Income Taxes [Line Items]
Operating loss carryforwards, expiration year	2044
ITALY
Income Taxes [Line Items]
Tax years subject to examination	2020 2021 2022 2023 2024
Poland
Income Taxes [Line Items]
Tax years subject to examination	2020 2021 2022 2023 2024
Spain
Income Taxes [Line Items]
Tax years subject to examination	2021 2022 2023 2024
Germany
Income Taxes [Line Items]
Tax years subject to examination	2021 2022 2023 2024
United Kingdom
Income Taxes [Line Items]
Tax years subject to examination	2021 2022 2023 2024

Schedule of Components of Defer

Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Components of Deferred Tax Assets and Liabilities [Abstract]
Deferred tax assets, Net operating loss carryforwards	$ 231,063	$ 727
Deferred tax assets, Tax credits carryforwards	6,287	1,841
Deferred tax assets, Intangible assets, including capitalized R&D	88,362	57,410
Deferred tax assets, Deferred revenue	902	1,481
Deferred tax assets, Accrued Compensation	5,204	5,882
Deferred tax assets, Share-based compensation expense	14,042	30,345
Deferred tax assets, Digital asset impairment losses	1,165,831	652,280
Deferred tax assets, Interest expense carryforward	24,974	11,627
Deferred tax assets, Lease liability	16,734	18,197
Deferred tax assets, Other	1,854	4,699
Deferred tax assets before valuation allowance	1,555,253	784,489
Deferred tax assets, Valuation allowance	(494)	(1,427)
Deferred tax assets, net of valuation allowance	1,554,759	783,062
Deferred tax liabilities, Prepaid expenses and other	8,278	3,681
Deferred tax liabilities, Property and equipment	373	1,062
Deferred tax liability on undistributed foreign earnings	3,962	2,923
Deferred tax liabilities, Right of use asset	17,246	18,180
Total deferred tax liabilities	29,859	25,846
Total net deferred tax asset	1,524,900	757,216
Deferred tax assets, net	1,525,307	757,573
Non-current deferred tax liabilities	$ (407)	$ (357)

Schedule of Change in Unrecogni

Schedule of Change in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Uncertainties [Abstract]
Unrecognized income tax benefits at beginning of year	$ 7,898	$ 5,811	$ 5,960
Increase (decrease) related to positions taken in prior period	216	1,458	(67)
Increase related to positions taken in current period	2,898	930	318
Decrease related to settlement with tax authorities	0	0	(40)
Decrease related to expiration of statute of limitations	(959)	(301)	(360)
Unrecognized income tax benefits at end of year	10,053	7,898	5,811
Accrued interest	195	352	276
Gross unrecognized income tax benefits at end of year	$ 10,248	$ 8,250	$ 6,087

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 23, 2023	Dec. 31, 2021
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%	0%	0%
Options outstanding, shares	4,956,000	12,936,000	15,769,000		11,668,000
Stock options vested	1,727,360	2,606,250	2,455,000
Aggregate fair value of stock option vested	$ 41,300,000	$ 51,600,000	$ 35,800,000
Weighted average grant date fair value of stock option awards	$ 114.18	$ 19.49	$ 20.16
Share-based compensation expense recognized	$ 39,400,000	$ 44,800,000	$ 48,300,000
Unrecognized share-based compensation expense	$ 36,100,000
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	$ 19,000,000	13,500,000	12,300,000
Share-based compensation expense recognized	$ 24,200,000	$ 17,400,000	$ 13,400,000
Unrecognized compensation expense expected to be recognized	2 years 9 months 18 days
Restricted stock units outstanding	1,231,000	1,852,000	1,196,000		1,051,000
Share-settled restricted stock units vested	570,980	365,020	281,800
Number of shares withheld to satisfy tax obligations	25,060	104,400	94,670
Shares issued	545,920	260,620	187,130
Granted, weighted average grant date fair value (in dollars per share)	$ 146.50	$ 29.28	$ 24.62
Unrecognized share-based compensation expense	$ 57,400,000
Granted	328,000	1,229,000	602,000
Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%	0%
Aggregate fair value of stock option vested	$ 0	$ 0
Unrecognized compensation expense expected to be recognized	2 years 1 month 6 days
Restricted stock units outstanding	307,000	254,000	0
Unrecognized share-based compensation expense	$ 20,100,000
Granted	60,000	267,000
Class A | Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation award expiration period	10 years
Vesting period	4 years
Options outstanding, shares	4,956,022
2013 Equity Plan | Other Stock-based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0	0	0
Outstanding	3,750
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	$ 2,800,000	$ 3,200,000	$ 500,000
Unrecognized compensation expense expected to be recognized	1 month 6 days
Unrecognized share-based compensation expense	$ 200,000
2013 Equity Plan | Cash Settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0	0	0
Outstanding	1,250
2023 Equity Plan | Share-settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2023 Equity Plan | Share-settled Restricted Stock Units | Board of Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
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	$ 313.86	$ 48.62
Share-based compensation expense recognized	$ 8,400,000	$ 2,300,000
Restricted stock units outstanding	306,939
2023 Equity Plan | Minimum | Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target performance stock unit awards granted	0%
2023 Equity Plan | Maximum | Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target performance stock unit awards granted	200%
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	2,608,540
2023 Equity Plan | Class A | Stock Option Awards | Board of Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
2023 Equity Plan | Class A | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized				17,327,030
2023 Equity Plan | New Shares of Class A Authorized for Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized				2,000,000
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense recognized	$ 2,200,000	$ 1,900,000	$ 2,400,000
Unrecognized compensation expense expected to be recognized	2 months 12 days
Unrecognized share-based compensation expense	$ 500,000
Percentage of discounted share purchase right	15%
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
Shares of class A common stock reserved and available for future issuance	502,402
Common stock, shares issued	93,668	198,560	159,250
Share Purchase Price Description	shares are purchased at a price equal to 85% of the lesser of the closing price of the Company’s class A common stock on the first or last business day of the offering period, respectively
Purchase price of common stock, percentage of fair market value	85%
Share-Based Payment Arrangement, Valuation Technique [Extensible Enumeration]	us-gaap:BlackScholesMertonModelMember
Stock Incentive Plan | Share-settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding	1,230,672

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) - Stock Option Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Options outstanding, shares
Beginning Balance	12,936	15,769	11,668
Granted	97	368	4,400
Exercised	(7,826)	(1,756)	(101)
Forfeited/Expired	(251)	(1,445)	(198)
Ending Balance	4,956	12,936	15,769
Exercisable as of December 31, 2024	2,484
Expected to vest as of December 31, 2024	2,472
Total	4,956
Weighted Average Exercise Price Per Share
Beginning Balance	$ 28.68	$ 28.83	$ 26.87
Granted	163.16	29.01	34.61
Exercised	23.55	17.38	13.75
Forfeited/Expired	45.58	44.15	49.87
Ending Balance	38.56	$ 28.68	$ 28.83
Exercisable as of December 31, 2024	32.10
Expected to vest as of December 31, 2024	45.04
Total	$ 38.56
Aggregate Intrinsic Value
Exercised	$ 807,096	$ 36,636	$ 1,469
Exercisable as of December 31, 2024	639,759
Expected to vest as of December 31, 2024	604,514
Total	$ 1,244,273
Weighted Average Remaining Contractual Term (Years)
Exercisable as of December 31, 2024	5 years 10 months 24 days
Expected to vest as of December 31, 2024	7 years 2 months 12 days
Total	6 years 6 months

Schedule of Range of Exercise P

Schedule of Range of Exercise Prices per Share (Detail) - Stock Option Awards shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Shares, Stock Options Outstanding | shares	4,956
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 38.56
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	6 years 6 months
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	1,324
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 15.64
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	5 years 1 month 6 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	1,021
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 24.94
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	7 years 9 months 18 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 4 months 24 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	1,567
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 41.18
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	7 years
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	924
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 69.12
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	6 years 1 month 6 days
150.01 - 160.00
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	$ 160
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 2 months 12 days
220.01 - 222.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 220.01
Range of Exercise Prices per Share, maximum	$ 222.99
Shares, Stock Options Outstanding | shares	6
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 222.99
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	9 years 9 months 18 days

Assumptions Used in Black-Schol

Assumptions Used in Black-Scholes Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of awards in years			6 years 3 months 18 days
Expected volatility, minimum	75.10%	70.60%	58.40%
Expected volatility, maximum	82.80%	74.10%	75.50%
Risk-free interest rate, minimum	4.20%	3.70%	1.90%
Risk-free interest rate, maximum	4.50%	4.40%	3.90%
Expected dividend yield	0%	0%	0%
Stock Option Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of awards 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 awards 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 awards in years	3 years	3 years
Expected volatility		95.60%
Risk-free interest rate		4.10%
Expected dividend yield	0%	0%
Share-settled Performance Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	92.67%
Risk-free interest rate	4.10%
Share-settled Performance Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	95.50%
Risk-free interest rate	4.40%

Summary of Share-Settled Restri

Summary of Share-Settled Restricted Stock Unit Activity (Detail) - Share-settled Restricted Stock Units - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares/Units
Beginning Balance	1,852	1,196	1,051
Granted	328	1,229	602
Vested	(571)	(365)	(282)
Forfeited	(378)	(208)	(175)
Ending Balance	1,231	1,852	1,196
Expected to vest as of December 31, 2024	1,231
Aggregate Intrinsic Value
Vested	$ 112,476	$ 14,817	$ 6,604
Expected to vest as of December 31, 2024	$ 356,427

Share-based Compensation - Summ

Share-based Compensation - Summary of Share-Settled Performance Stock Unit (Detail) - Share-settled Performance Stock Units - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance	254	0
Granted	60	267
Vested	0	0
Forfeited	(7)	(13)
Ending Balance	307	254
Expected to vest as of December 31, 2024	307
Aggregate Intrinsic Value
Vested	$ 0	$ 0
Expected to vest as of December 31, 2024	$ 177,791

Summary of Components of Tax (B

Summary of Components of Tax (Benefit) Expense Related To Equity Plan (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax (benefit) expense related to:
Share-based compensation expense	$ (15,652)	$ (12,874)	$ (12,155)
Exercises of stock options and vesting of share-settled restricted stock units	(216,477)	(3,367)	1,370
Total tax benefit related to the Company's equity plans	$ (232,129)	$ (16,241)	$ (10,785)

Basic and Diluted (Loss) Earn_3

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		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net (loss) income - Basic		$ (1,166,661)	$ 429,121	$ (1,469,797)
Net (loss) income - Diluted		$ (1,166,661)	$ 437,643	$ (1,469,797)
Total weighted average shares of common stock outstanding - Basic		192,549	136,706	113,209
Total weighted average shares of common stock outstanding - Diluted		192,549	165,662	113,209
(Loss) earnings per share:
Basic (loss) earnings per share	[1]	$ (6.06)	$ 3.14	$ (12.98)
Diluted (loss) earnings per share	[1]	$ (6.06)	$ 2.64	$ (12.98)
Employee Stock Option [Member]
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	4,613	0
RSU
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	546	0
Performance stock units
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	130	0
Employee Stock Purchase Plan
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	5	0
2025 Convertible Notes
Class of Stock [Line Items]
Interest expense on Convertible Notes, net of tax		$ 0	$ 5,648	$ 0
Total weighted average shares of common stock outstanding - Diluted		0	16,332	0
2027 Convertible Notes
Class of Stock [Line Items]
Interest expense on Convertible Notes, net of tax		$ 0	$ 2,874	$ 0
Total weighted average shares of common stock outstanding - Diluted		0	7,330	0
Class A
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Basic		172,909	117,066	93,569
Class B
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Basic		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_4

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	32,069	6,245	39,536
2025 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	4,998	0	16,332
2027 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	7,330	0	7,330
2028 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	1,558	0	0
2029 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	497	0	0
2030 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	4,358	0	0
2031 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	2,046	0	0
2032 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	2,108	0	0
Employee Stock Option
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	6,926	5,896	14,615
RSU
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	1,647	297	1,195
Performance stock units
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	585	0	0
Employee stock purchase plan
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings (loss) per share	16	52	64

At-the-Market Equity Offering_2

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

2 Months Ended

3 Months Ended

4 Months Ended

5 Months Ended

8 Months Ended

12 Months Ended

Dec. 31, 2024

Oct. 30, 2024

Aug. 01, 2024

Jul. 31, 2024

Nov. 30, 2023

Nov. 29, 2023

Aug. 01, 2023

May 01, 2023

Sep. 09, 2022

Dec. 31, 2024

Jul. 31, 2023

Nov. 29, 2023

Dec. 31, 2024

Jul. 31, 2024

May 01, 2023

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 16,329,857

$ 2,020,089

$ 46,219

Class A

At Market Equity Offerings [Line Items]

Cumulative shares sold under such sales agreement

226,138,000

226,138,000

226,138,000

226,138,000

157,725,000

October 2024 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 14,199,432

Cumulative shares sold under such sales agreement

38,671,537

38,671,537

38,671,537

38,671,537

October 2024 Sales Agreement | LLC, BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Maxim Group LLC, Mizuho Securities USA LLC, and SG Americas Securities, LLC

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 14,199,432

October 2024 Sales Agreement | LLC, BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Maxim Group LLC, Mizuho Securities USA LLC, and SG Americas Securities, LLC | Class A

At Market Equity Offerings [Line Items]

Agreement effective date

Oct. 30, 2024

Maximum aggregate offering price

$ 21,000,000

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

2%

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

$ 6,774,741

August 2024 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 1,993,273

Cumulative shares sold under such sales agreement

11,685,355

11,685,355

11,685,355

11,685,355

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

$ 1,993,273

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

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

2%

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

$ 0

November 2023 Sales Agreement

At Market Equity Offerings [Line Items]

Net proceeds received from shares sold under such sales agreement

$ 137,152

$ 609,873

Cumulative shares sold under such sales agreement

12,720,770

12,720,770

12,720,770

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

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

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

2%

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

737,760

Cumulative shares sold under such sales agreement

15,929,500

15,929,500

15,929,500

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

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

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

2%

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

333,494

Cumulative shares sold under such sales agreement

10,791,700

10,791,700

10,791,700

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

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

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

2%

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

$ 46,219

Cumulative shares sold under such sales agreement

15,674,300

15,674,300

15,674,300

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

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

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

2%

Date terminated

May 01, 2023

At-the-Market Equity Offering_3

At-the-Market Equity Offerings - Summary of Sales Activity of Sales Agreement for At-the-Market Equity Offering (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement	52,308,512	50,978,900	2,185,750
Net proceeds received from shares sold under such sales agreement	$ 16,329,857	$ 2,020,089	$ 46,219
2022 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement		13,488,550	2,185,750
Net proceeds received from shares sold under such sales agreement		$ 338,962	$ 46,219
May 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement		10,791,700
Net proceeds received from shares sold under such sales agreement		$ 333,494
August 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement		15,929,500
Net proceeds received from shares sold under such sales agreement		$ 737,760
November 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement	1,951,620	10,769,150
Net proceeds received from shares sold under such sales agreement	$ 137,152	$ 609,873
August 2024 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement	11,685,355
Net proceeds received from shares sold under such sales agreement	$ 1,993,273
October 2024 Sales Agreement
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement	38,671,537
Net proceeds received from shares sold under such sales agreement	$ 14,199,432

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 29, 2023
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares	0	0	8,684,000
Treasury stock, cost	$ 0	$ 0	$ 782,104,000
Class A
Equity, Class of Treasury Stock [Line Items]
Treasury stock retired	8,684,291
Class A | Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased program expiration date		Apr. 29, 2023
Stock authorized to repurchase by board of directors	$ 800,000,000	$ 800,000,000
Treasury stock, shares repurchased			0	0
Treasury stock, shares	5,674,226	5,674,226
Shares repurchased, average price per share	$ 104.13	$ 104.13
Treasury stock, cost	$ 590,900,000	$ 590,900,000
Stock remaining available for repurchase					$ 0

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - USD ($)		12 Months Ended
	Sep. 29, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Maximum employee contribution to 401k	50%	75%
Employer matching contribution percent for plan participant		50%
Defined Contribution Plan, Sponsor Location [Extensible Enumeration]		us-gaap:DomesticPlanMember
Defined Contribution Plan, Tax Status [Extensible Enumeration]		us-gaap:QualifiedPlanMember
Maximum contribution by participant that employer will match at 50%		12%
Maximum annual contribution by employer		$ 5,000
Employer contribution to the plan		$ 2,300,000	$ 2,800,000	$ 3,100,000
Employer matching contributtion vesting percentage		25%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Customer Country Segment	Dec. 31, 2023 Country Customer	Dec. 31, 2022 Country Customer
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	0	0	0
Number of Individual country accounted for 10% or more of total consolidated assets	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

Segment Information - Schedule

Segment Information - Schedule of Software Business Segment and Corporate & Other Category on a Consolidated Basis (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues		$ 463,456	$ 496,261	$ 499,264
Sales and marketing		(138,081)	(149,671)	(146,882)
Digital asset impairment losses (gains on sale), net		(1,789,862)	(115,851)	(1,286,286)
Income (loss) from operations		(1,852,978)	(115,047)	(1,275,742)
Interest expense, net	[1]	(61,941)	(48,960)	(53,136)
(Loss) gain on debt extinguishment		(22,933)	44,686	0
Income tax benefit (provision)	[2]	767,685	553,646	(147,332)
Other segment items	[3]	(1,920)	(11,899)	76
Net (loss) income		(1,166,661)	429,121	(1,469,797)
Total assets	[4]	25,843,685	4,762,528
Controllable
Segment Reporting Information [Line Items]
Sales and marketing	[5]	(105,782)	(112,408)	(106,348)
Maintenance	[5]	(28,739)	(20,058)	(19,211)
Consulting	[5]	(56,472)	(61,019)	(64,843)
Cloud	[5]	(42,731)	(31,466)	(24,488)
Technology	[5]	(105,140)	(106,901)	(115,225)
Corporate resources	[5]	(85,479)	(84,947)	(86,541)
Non-Controllable
Segment Reporting Information [Line Items]
Digital asset impairment losses (gains on sale), net	[5]	(1,789,862)	(115,851)	(1,286,286)
Digital asset custody fees	[5]	(5,956)	(1,572)	(1,870)
Share-based compensation expense	[5]	(77,124)	(69,571)	(63,619)
Payroll taxes on equity award exercises and vestings	[5]	(13,723)	(820)	(238)
Operating Segments | Software Business
Segment Reporting Information [Line Items]
Total revenues		463,456	496,261	499,264
Income tax benefit (provision)	[2]	226,961	10,553	(14,798)
Other segment items	[3]	(167)	(10,717)	1,058
Net (loss) income		175,060	8,907	5,011
Total assets	[4]	743,190	470,353
Operating Segments | Software Business | Controllable
Segment Reporting Information [Line Items]
Sales and marketing	[5]	(105,782)	(112,408)	(106,348)
Maintenance	[5]	(28,739)	(20,058)	(19,211)
Consulting	[5]	(56,472)	(61,019)	(64,843)
Cloud	[5]	(42,731)	(31,466)	(24,488)
Technology	[5]	(105,140)	(106,901)	(115,225)
Corporate resources	[5]	(85,479)	(84,947)	(86,541)
Operating Segments | Software Business | Non-Controllable
Segment Reporting Information [Line Items]
Share-based compensation expense	[5]	(77,124)	(69,571)	(63,619)
Payroll taxes on equity award exercises and vestings	[5]	(13,723)	(820)	(238)
Corporate & Other
Segment Reporting Information [Line Items]
Interest expense, net	[1]	(61,941)	(48,960)	(53,136)
(Loss) gain on debt extinguishment		(22,933)	44,686
Income tax benefit (provision)	[2]	540,724	543,093	(132,534)
Other segment items	[3]	(1,753)	(1,182)	(982)
Net (loss) income		(1,341,721)	420,214	(1,474,808)
Total assets	[4]	25,100,495	4,292,175
Corporate & Other | Non-Controllable
Segment Reporting Information [Line Items]
Digital asset impairment losses (gains on sale), net	[5]	(1,789,862)	(115,851)	(1,286,286)
Digital asset custody fees	[5]	$ (5,956)	$ (1,572)	$ (1,870)
[1] Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin. All of the Company’s interest income and expense are presented in the Corporate & Other category. Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including digital asset impairment, interest expense, gains and losses on debt extinguishments, and other third-party expenses. Other segment items for the Software Business are primarily related to foreign currency transaction gains and losses, costs supporting the Company’s education function, one-time corporate initiatives, and certain expenses that are not easily allocable to specific functions. Other segment items for the Corporate & Other category are primarily related to third-party consulting and advisory fees. Segment assets allocated to the Corporate & Other category are the Company’s digital assets and deferred tax assets related primarily to digital asset impairment losses and interest expense. Significant expenses regularly provided to the CODM include both: (i) costs that the CODM considers to be “controllable”, for which the Company can manage future expense via the budgeting process (e.g. salaries, commissions, travel and entertainment expenses, third party-service provider fees, etc.), and that support each specific function of the Software Business (i.e. sales and marketing, maintenance, consulting, cloud, technology, and corporate resources) and (ii) costs that the CODM considers to be “non-controllable”, for which future expenses are primarily outside the Company’s control, such as digital asset impairment and custody fees, share-based compensation expense, and employer payroll taxes related to the exercise or vesting of certain awards under the Stock Incentive Plans.

Segment Information - Total Rev

Segment Information - Total Revenues and Long-Lived Assets, by Geographic Region (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 463,456	$ 496,261	$ 499,264
Long-lived assets	80,887	86,284
U.S
Revenues from External Customers and Long-Lived Assets
Total revenues	259,582	284,174	294,697
Long-lived assets	69,767	75,004
EMEA
Revenues from External Customers and Long-Lived Assets
Total revenues	155,923	155,914	152,614
Long-lived assets	3,556	3,937
Other Regions
Revenues from External Customers and Long-Lived Assets
Total revenues	47,951	56,173	$ 51,953
Long-lived assets	$ 7,564	$ 7,343

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) R$ in Thousands

1 Months Ended

3 Months Ended

Jun. 12, 2024

Jun. 12, 2023 USD ($) Extended Term

Aug. 30, 2022 USD ($)

Jun. 24, 2022 USD ($)

Jun. 12, 2022 USD ($)

Jun. 30, 2021 USD ($)

Jun. 30, 2024 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Jul. 31, 2024 BRL (R$)

Jul. 31, 2024 USD ($)

May 31, 2024 USD ($)

Related Party Transaction [Line Items]

Excess commercial policy

$ 10,000,000

Litigation settlement amount payable

R$ 6160

$ 1,100,000

Aggregate covered amount under initial commercial policies

$ 30,000,000

Board of Directors & Executive Chairman

Related Party Transaction [Line Items]

Litigation settlement amount payable

$ 40,000,000

Board of Directors & Executive Chairman | Original Agreement

Related Party Transaction [Line Items]

Initial term

90 days

Coverage amount

$ 40,000,000

Additional amount

$ 388,945

Related party transaction, description

In return, the Company paid Mr. Saylor $388,945 for each of the initial and successive 90-day terms.

Board of Directors & Executive Chairman | Renewed Agreement

Related Party Transaction [Line Items]

Initial term

90 days

One time payment fee

$ 388,945

Related party transaction, description

In return, the Company paid Mr. Saylor a one-time fee of $388,945 for the initial 90-day term (the “Renewal Payment”).

Refund of pro rate portion of previous payment

$ 337,086

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 | 2022 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

$ 150,000

$ 150,000

Related party transaction, description

$150,000 for a 90-day term under the 2022 Tail Agreement.

pursuant to the terms of the 2022 Tail Agreement, the Company elected to extend the term of the 2022 Tail Agreement for additional 90-day periods and paid Mr. Saylor $150,000 for each such extension.

pursuant to the terms of the 2022 Tail Agreement, the Company elected to extend the term of the 2022 Tail Agreement for additional 90-day periods and paid Mr. Saylor $150,000 for each such extension.

pursuant to the terms of the 2022 Tail Agreement, the Company elected to extend the term of the 2022 Tail Agreement for additional 90-day periods and paid Mr. Saylor $150,000 for each such extension.

Extended term

90 days

90 days

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)						2 Months Ended	12 Months Ended
		Feb. 24, 2025	Feb. 05, 2025 USD ($) $ / shares shares	Jan. 24, 2025	Jan. 21, 2025 USD ($) shares	Feb. 14, 2025 USD ($) Bitcoin shares	Dec. 31, 2024 USD ($) Bitcoin shares	Dec. 31, 2023 USD ($) Bitcoin shares	Dec. 31, 2022 USD ($) Bitcoin
Subsequent Event [Line Items]
Number of Bitcoins Purchased | Bitcoin							258,320	56,650	8,813
Purchase of bitcoins, value							$ 22,072,759,000	$ 1,902,299,000	$ 287,921,000
Preferred stock, shares authorized | shares							5,000,000	5,000,000
Capital units, shares authorized | shares							500,000,000
Common Class A
Subsequent Event [Line Items]
Common stock, shares authorized | shares							330,000,000	330,000,000
Convertible Senior Notes due 2027
Subsequent Event [Line Items]
Redemption Date	[1]						Feb. 24, 2025
Scenario Forecast | Convertible Senior Notes due 2027
Subsequent Event [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed		100%
Redemption Date		Feb. 24, 2025
Subsequent Event
Subsequent Event [Line Items]
Number of Bitcoins Purchased | Bitcoin						31,270
Purchase of bitcoins, value						$ 3,165,000
Purchase price per bitcoins						101,225
Preferred stock, shares authorized | shares					1,005,000,000
Capital units, shares authorized | shares					11,500,000,000
Subsequent Event | 2024 Plan Amendment
Subsequent Event [Line Items]
Aggregate fair value of awards					$ 2,000,000
Aggregate fair value of non-statutory stock options					1,000,000
Aggregate fair value of restricted stock units					$ 1,000,000
Vesting period					4 years
Subsequent Event | October 2024 Sales Agreement
Subsequent Event [Line Items]
Net proceeds received from shares sold under such sales agreement						2,602,000,000
Remaining available for issuance and sale under such sales agreement						$ 4,168,000,000
Subsequent Event | Common Class A
Subsequent Event [Line Items]
Common stock, shares authorized | shares					10,330,000,000
Shares issued upon conversion | shares			0.1
Conversion price per share | $ / shares			$ 1,000
Subsequent Event | Common Class A | October 2024 Sales Agreement
Subsequent Event [Line Items]
Cumulative shares sold under such sales agreement | shares						7,004,067
Subsequent Event | 8.00% Series A Perpetual Strike Preferred Stock
Subsequent Event [Line Items]
Cumulative shares sold under such sales agreement | shares			7,300,000
Share price | $ / shares			$ 80
Net proceeds received from shares sold under such sales agreement			$ 563,400,000
Liquidation preference			$ 730,000,000
Percentage of liquidation preference			8%
Subsequent Event | Convertible Senior Notes due 2027
Subsequent Event [Line Items]
Debt instrument, redemption, description				On January 24, 2025, the Company delivered a notice of full redemption (the “2027 Notice”) to the trustee of the Company’s 2027 Convertible Notes. The 2027 Notice calls for the redemption of all of the outstanding 2027 Convertible Notes on February 24, 2025 (the “2027 Redemption Date”), at a redemption price equal to 100% of the principal amount of the 2027 Convertible Notes to be redeemed, plus accrued and unpaid special interest, if any, to but excluding the 2027 Redemption Date, unless earlier converted.
[1] “Redemption Date” for the 2025 Convertible Notes 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. “Redemption Date” for the 2027 Convertible Notes is the date on which the Company will redeem all outstanding 2027 Convertible Notes, as discussed under Note 18, Subsequent Events , to the Consolidated Financial Statements.

Valuation And Qualifying Accoun

Valuation And Qualifying Accounts (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for Credit Losses
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at the beginning of the period		$ 3,069	$ 2,564	$ 2,775
Additions	[1]	722	797	383
Deduction		(1,603)	(292)	(594)
Balance at the end of the period		2,188	3,069	2,564
Valuation Allowance of Deferred Tax Assets
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at the beginning of the period		1,427	511,412	999
Additions	[1]	0	193	510,488
Deduction		(933)	(510,178)	(75)
Balance at the end of the period		$ 494	$ 1,427	$ 511,412
[1] Reductions in/charges to revenues and expenses.