Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Stock-Based Compensation

Summary of stock-based compensation expenses

The following table presents stock-based compensation expense recorded for equity-classified awards in the three and six months ended June 30, 2025 and 2024.

	Three months ended June 30,
		2025		2024
	(in thousands)
Cost of revenues	$	6,196	$	4,046
Research and development		30,772		21,957
Selling, general and administrative		56,390		41,408
Total	$	93,358	$	67,411

	Six months ended June 30,
		2025		2024
	(in thousands)
Cost of revenues	$	11,466	$	7,823
Research and development		57,283		42,606
Selling, general and administrative		102,436		81,429
Total	$	171,185	$	131,858

Summary of stock option activity

		Weighted-
	Number of	Average
	Shares	Exercise
	Outstanding	Price
	(in thousands, except for per share data)
December 31, 2024	3,875	$	30.22
Options exercised	(69)	$	13.01
Options forfeited/cancelled	(2)	$	3.78
June 30, 2025	3,804	$	30.54

RSU and performance-based awards

		Weighted-
		Average
		Grant Date
	Shares	Fair Value
	(in thousands, except for per share data)
Balance at December 31, 2024	10,593	$	61.28
Awards granted	3,009	$	170.07
Awards vested	(3,926)	$	59.65
Awards forfeited/cancelled	(178)	$	81.90
Balance at June 30, 2025	9,498	$	90.89