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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income (loss) $ (3,686,432) $ 7,449 $ (106,569)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 25,495 9,938 5,444
Provision for credit losses 78,337 59,134 11,109
Share-based compensation 1,570,386 24,330 26,667
Change in fair value of convertible notes and warrant liability 2,045,657 0 0
Other (109) 2,139 169
Changes in operating assets and liabilities:      
Segregated securities under federal and other regulations 134,994 (134,994) 0
Receivables from brokers, dealers, and clearing organizations 36,175 (103,787) (9,081)
Receivables from users, net (3,361,872) (2,771,967) (64,711)
Deposits with clearing organizations (102,403) (103,037) (85,547)
Other current and non-current assets (189,004) (46,055) (47,758)
Accounts payable and accrued expenses 134,090 67,117 13,895
Payables to users 578,486 3,532,091 802,817
Securities loaned 1,729,917 1,247,089 674,029
Other current and non-current liabilities 121,510 86,807 39,621
Net cash provided by (used in) operating activities (884,773) 1,876,254 1,260,085
Investing activities:      
Purchase of property, software, and equipment (63,182) (24,443) (7,255)
Capitalization of internally developed software (20,471) (7,887) (5,198)
Acquisitions of a business, net of cash acquired (125,426) 0 0
Purchase of investments (27,203) 0 0
Other (1,598) 0 141
Net cash used in investing activities (237,880) (32,330) (12,312)
Financing activities:      
Proceeds from issuance of common stock in connection with initial public offering, net of offering costs 2,052,382 0 0
Proceeds from issuance of common stock under the Employee Stock Purchase Plan 7,344 0 0
Taxes paid related to net share settlement of equity awards (422,076) 0 0
Proceeds from issuance of convertible notes and warrants 3,551,975 0 0
Draws on credit facilities 1,968,276 937,700 137,000
Repayments on credit facilities (1,968,276) (937,700) (137,000)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 0 1,267,328 372,733
Proceeds from exercise of stock options, net of repurchases 13,796 8,555 2,617
Net cash provided by financing activities 5,203,421 1,275,883 375,350
Effect of foreign exchange rate changes on cash and cash equivalents (68) 284 179
Net increase in cash, cash equivalents, segregated cash and restricted cash 4,080,700 3,120,091 1,623,302
Cash, cash equivalents, segregated cash and restricted cash, beginning of the period 6,189,659 3,069,568 1,446,266
Cash, cash equivalents, segregated cash and restricted cash, end of the period 10,270,359 6,189,659 3,069,568
Cash and cash equivalents, end of the period 6,253,477 1,402,629 644,050
Segregated cash, end of the period 3,992,419 4,779,666 2,420,354
Restricted cash, end of the period 24,463 7,364 5,164
Cash, cash equivalents, segregated cash and restricted cash, end of the period 10,270,359 6,189,659 3,069,568
Supplemental disclosures:      
Cash paid for interest 11,902 3,207 621
Cash paid for income taxes, net of refund received $ 6,111 $ 5,689 $ 1,396