Stockholders’ Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

The following table summarizes the Company’s shares of common stock reserved for future issuance on an as-converted basis:

	As of December 31,	As of September 30,
	2022	2023
	(in thousands)
Redeemable convertible preferred stock	167,692	—
Series A redeemable convertible preferred stock	—	5,833
Non-voting common stock warrants	7,431	—
Restricted stock units	57,015	30,717
Exchangeable shares outstanding	689	—
Stock options outstanding	30,033	19,996
Shares available for future issuance	3,628	42,230
Shares available for issuance under the 2023 Employee Stock Purchase Plan	—	7,000
Total	266,488	105,776

Schedule of Stock Options Roll Forward

Activity under equity incentive plans are set forth below:

	Shares Available for Future Grant	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in years)	(in millions)
As of January 1, 2023	3,628	30,033	$	7.65	4.16	$	685
Additional shares reserved	24,800	—
Options exercised	—	(10,033)	$	5.81
Options cancelled and forfeited	4	(4)	$	3.79
Restricted stock units granted	(10,127)	—
Shares withheld related to net share settlement	20,671	—
Restricted stock units forfeited	3,091	—
Restricted stock cancelled	163	—
As of September 30, 2023	42,230	19,996	$	8.57	3.61	$	430
Options vested and expected to vest as of September 30, 2023		19,996	$	8.57	3.61	$	430
Options exercisable as of September 30, 2023		19,846	$	8.28	3.58	$	430

Schedule of Nonvested Restricted Stock Shares Activity

The following table summarizes the activity related to the Company’s restricted stock for the nine months ended September 30, 2023:

	Number of Shares	Weighted-Average Grant-Date Fair Value per Share
	(in thousands)
Unvested and outstanding as of January 1, 2023	828	$	97.99
Granted	—	$	—
Vested (1)	(453)	$	106.44
Forfeited	—	$	—
Unvested and outstanding as of September 30, 2023	375	$	87.80

___________

(1) Includes 162,886 shares of common stock underlying restricted stock that were repurchased and cancelled to cover taxes on the settlement of vested restricted stock during the nine months ended September 30, 2023 and became available for future grants pursuant to the 2023 Plan.

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the activity related to the Company’s RSUs for the nine months ended September 30, 2023:

	Number of Shares	Weighted-Average Grant-Date Fair Value per Share
	(in thousands)
Unvested and outstanding as of January 1, 2023	56,969	$	54.85
Granted	10,127	$	35.32
Vested (1)	(33,288)	$	49.73
Vested and not settled	(1,043)	$	36.13
Forfeited	(3,091)	$	66.72
Unvested and outstanding as of September 30, 2023	29,674	$	53.40

___________

(1) Includes 15,630,394 shares of common stock underlying RSUs that were withheld to cover taxes on the settlement of vested RSUs during the nine months ended September 30, 2023 and became available for future grants pursuant to the 2023 Plan.

Schedule of Conversions of Stock

	Number of Shares	Weighted-Average Grant-Date Fair Value per Share
	(in thousands)
Outstanding and vested as of January 1, 2023	689	$	18.52
Issued	—	$	—
Forfeited	(1)	$	18.52
Shares exchanged	(688)	$	18.52
Outstanding and vested as of September 30, 2023	—	$	—

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Stock-based compensation expense by line item in the condensed consolidated statements of operations related to stock options, restricted stock, and RSUs, as applicable, is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2023		2022		2023
	(in millions)
Cost of revenue	$	—	$	17	$	—	$	17
Operations and support	—		85		—		85
Research and development	3		1,711		10		1,715
Sales and marketing	1		292		3		294
General and administrative	6		500		10		503
Total stock-based compensation expense (1)	$	10	$	2,605	$	23	$	2,614

___________

(1) The Company recognized $2,581 million of stock-based compensation expense, net of $39 million capitalized related to the development of internal-use software, associated with vested RSUs and certain shares of vested restricted stock as a result of the satisfaction of the liquidity event-based vesting condition upon the effective date of the registration statement on Form S-1 in connection with the Company’s IPO. To meet the related tax withholding requirements for the net settlement, net exercise, and cancellation and repurchase, as applicable, of the vested RSUs, for certain vested stock options, and shares of vested restricted stock, the Company withheld or cancelled, as applicable, 20,810,882 of the 43,052,572 shares underlying such equity awards, resulting in the net issuance of 22,241,690 shares of common stock. Based on an IPO price of $30.00 per share, the Company’s tax withholding obligation was $570 million and was paid during the three months ended September 30, 2023.