Intangible assets, net

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

5.	Intangible assets, net

The useful life of the Company’s finite-lived acquired intangible assets is as follows:


Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets		Useful life (years)
Developed technology		2 ~ 6
Customer relationships		2 ~ 4
Regulatory licenses		5
Patents and trade name		1 ~ 17

Intangible assets consists of the following (in thousands):


Table 5.2. Details of Intangible Assets, net
As of June 30, 2025	Gross carrying amount		Accumulated amortization			Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets:
Internally developed software	$	234,744	$	(119,232	)	$	115,512		1.7
Acquired intangible assets		36,053		(21,000	)		15,053		4.6

Total amortizing intangible assets	$	270,797	$	(140,232	)	$	130,565

Indefinite-lived intangible assets:
Acquired intangible assets		266,404		—			266,404

Total intangible assets, net	$	537,201	$	(140,232	)	$	396,969


As of December 31, 2024	Gross carrying amount		Accumulated amortization			Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	146,579	$	(94,646	)	$	51,933		1.4
Acquired intangible assets		31,373		(18,316	)		13,057		5.8

Total amortizing intangible assets	$	177,952	$	(112,962	)	$	64,990

Indefinite-lived intangible assets:
Acquired intangible assets		266,404		—			266,404

Total intangible assets, net	$	444,356	$	(112,962	)	$	331,394

Total amortization expense of intangible assets was $

13.6

million and $

12.2

million for the three months ended June 30, 2025 and 2024, respectively, and $

27.1

million and $

23.3

million for the six months ended June 30, 2025 and 2024, respectively. Amortization expense on internally developed software was $

12.3

million and $

10.3

million for the three months ended June 30, 2025 and 2024, respectively, and $

24.4

million and $

19.4

million for the six months ended June 30, 2025 and 2024, respectively. Amortization expense on the acquired intangible assets was $

1.3

million and $

1.9

million for the three months ended June 30, 2025 and 2024, respectively, and $

2.7

million and $

3.9

million for the six months ended June 30, 2025 and 2024, respectively.

The expected future amortization expense for amortizing intangible assets is as follows (in thousands):


Table 5.3. Future Amortization Expense of Intangible Assets
	Years ending December 31,
2025 (remaining 6 months)	$	40,820
2026		63,351
2027		22,530
2028		1,774
2029		384
Thereafter		1,706

Total amortization expense	$	130,565

6. Intangible assets, net

Intangible assets consists of the following (in thousands):

Table 6.1. Details of Intangible Assets, net


As of December 31, 2024	Gross carrying amount		Accumulated amortization			Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets:
Internally developed software	$	146,579	$	(94,646	)	$	51,933		1.4
Acquired intangible assets	$	31,373	$	(18,316	)	$	13,057		5.8
Total amortizing intangible assets	$	177,952	$	(112,962	)	$	64,990
Indefinite-lived intangible assets:
Acquired intangible assets	$	266,404	$	—		$	266,404

Total intangible assets, net	$	444,356	$	(112,962	)	$	331,394


As of December 31, 2023	Gross carrying amount		Accumulated amortization			Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets:
Internally developed software	$	95,838	$	(52,710	)	$	43,128		1.5
Acquired intangible assets		29,250		(11,351	)		17,899		3.9
Total amortizing intangible assets	$	125,088	$	(64,061	)	$	61,027
Indefinite-lived intangible assets:
Acquired intangible assets		266,354		—			266,354

Total intangible assets, net	$	391,442	$	(64,061	)	$	327,381

Total amortization expense of intangible assets was $

49.0

million, $

33.1

million and $

12.3

million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense on internally developed software was $

42.0

million, $

24.9

million and $

8.9

million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense on the acquired intangible assets was $

7.0

million, $

8.3

million and $

3.4

million for the years ended December 31, 2024, 2023, and 2022, respectively.

The expected future amortization expense for amortizing intangible assets is as follows (in thousands):

Table 6.2. Future Amortization Expense of Intangible Assets


Years ending December 31,
2025	$	41,219
2026		16,987
2027		2,919
2028		1,774
2029		384
Thereafter		1,707

Total amortization expense	$	64,990