Under our 2012 Equity Incentive Plan (the “2012 Plan”), as of March 31, 2026, and December 31, 2025, stock options to purchase 1,892,303 and 2,110,523 shares of Class A common stock were outstanding with a weighted average exercise price of $25.41 and $25.67 per share, respectively, and no shares were available for future grant. The 2012 Plan has been canceled but continues to govern outstanding option grants under the 2012 Plan.

Under the 2018 Equity Incentive Plan (the “2018 Plan”), as of March 31, 2026, and December 31, 2025, stock options to purchase 3,439,809 and 3,925,002 shares of Class A common stock were outstanding, respectively, with a weighted average exercise price of $10.34 and $10.15 per share, respectively. As of March 31, 2026, and December 31, 2025, 10,648,081 and 12,292,948 restricted stock units (“RSUs”) and performance stock units (“PSUs”) that may be settled for Class A common stock, which were granted pursuant to the 2018 Plan, respectively, were outstanding. As of March 31, 2026, and December 31, 2025, we had 51,453,693 and 39,709,996 shares reserved for issuance under the 2018 Plan, respectively.

For details on our Equity Incentive Plans, refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, sections 2012 Equity Incentive Plan and 2018 Equity Incentive Plan in our 2025 Form 10-K.

The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):


	Three Months Ended
	March 31,
	2026		2025

Cost of revenue	$	10,405	$	4,829
Research and development	13,158		7,827
Sales and marketing	13,464		4,510
General and administrative	19,977		15,035
	$	57,004	$	32,201

For the three months ended March 31, 2026 and 2025, stock-based compensation expense capitalized on inventory and deferred cost of goods sold was $0.6 million and $2.5 million, respectively.


	Outstanding Options
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(in thousands)
Balances at December 31, 2025	5,741,283	$	15.92	4.5	$	406,957
Exercised	(382,284)	19.51

PSOs adjustment	(23,049)	—
Forfeited / Expired	67	24.82
Balances at March 31, 2026	5,336,017	15.69		4.4	638,561
Vested and expected to vest at March 31, 2026	5,145,255	15.87		4.2	615,453
Exercisable at March 31, 2026	4,045,650	$	17.41	3.2	$	477,729

During the three months ended March 31, 2026 and 2025, we recognized $1.3 million and $1.4 million of stock-based compensation costs for stock options, respectively.

During the three months ended March 31, 2025, we granted 100,000 stock options, represented by performance-based stock options (“PSOs”) issued to a non-executive employee. PSOs have a 10-year term, an exercise price equal to the fair market value of our Class A common stock on the date of grant, and vest either at the end of three-year performance period, or over a three- or four-year requisite service period. No stock options were granted during the three months ended March 31, 2026.

We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:

During the three months ended March 31, 2026 and 2025, the intrinsic value of stock options exercised were $49.2 million and $1.2 million, respectively.

As of March 31, 2026, and December 31, 2025, we had unrecognized compensation costs related to unvested stock options of $4.1 million and $5.1 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 1.1 years and 1.3 years, respectively. Cash received from stock options exercised totaled $7.8 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.


	Number of Awards Outstanding	Weighted Average Grant Date Fair Value

Unvested Balance at December 31, 2025	12,292,948	$	25.74
Granted	680,688	151.03
Vested	(2,158,577)	20.78
Forfeited	(166,978)	30.16

Unvested Balance at March 31, 2026	10,648,081	$	34.69

The estimated fair value of RSUs and PSUs is based on the fair market value of our Class A common stock on the date of grant. For the three months ended March 31, 2026 and 2025, we recognized $43.2 million and $28.8 million of stock-based compensation costs for stock awards, respectively.

As of March 31, 2026, and December 31, 2025, we had $344.0 million and $277.1 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted-average period of 2.0 years and 2.0 years, respectively.

On February 25, 2026, the Company granted RSUs and PSUs to certain executive officers under the 2018 Plan (collectively, the “2026 Executive Awards”).

The RSUs are subject to service‑based vesting conditions. 40% of the RSUs vest on March 1, 2027, and the remaining 60% vest in equal quarterly installments over the following two years.

The PSUs vest entirely at the end of a three‑year performance period (cliff vesting), based on the achievement of specified annual performance targets, and require the executive’s continued employment through the vesting date.

Stock‑based compensation expense for the RSUs is recognized over the requisite service period based on service‑based vesting, while expense for the PSUs is recognized over the three‑year service period based on the Company’s current estimate of the likelihood of achieving the applicable performance targets.

For details on the 2021—2025 Executive Awards and the Replacement Awards, refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, section Executive Awards in our 2025 Form 10-K.


	March 31,		December 31,
	2026		2025

2026 Executive Awards	$	31.6	$	—
2025 Executive Awards	17.0		19.9
2024 Executive Awards and the Replacement Awards	66.5		77.4
2023 Executive Awards	0.3		0.6
2022 Executive Awards	0.2		0.3
2021 Executive Awards	0.2		0.6


						Plan Shares Available for Grant

Balances at December 31, 2025						39,709,996
Added to plan						11,934,957
Granted						(680,688)
Cancelled/Forfeited						489,428

Balances at March 31, 2026						51,453,693

For details on the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, section 2018 Employee Stock Purchase Plan in our 2025 Form 10-K.

During the three months ended March 31, 2026 and 2025, we recognized $4.4 million and $2.4 million of stock-based compensation costs for the 2018 ESPP, respectively. We issued 644,651 and 630,607 shares for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025, we added an additional 2,983,739 and 2,494,717 shares. There were 20,333,033 and 17,993,945 shares available for issuance as of March 31, 2026, and December 31, 2025, respectively.

As of March 31, 2026, and December 31, 2025, we had $21.2 million and $8.6 million of unrecognized stock-based compensation costs, expected to be recognized over a weighted average period of 0.9 years and 0.6 years, respectively.

We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:


	Three Months Ended
	March 31,
	2026	2025

Risk-free interest rate	3.4% - 4.1%	4.1% - 5.0%
Expected term (years)	0.5 - 2.0	0.5 - 2.0
Expected dividend yield	—	—
Expected volatility	80.5%—110.4%	66.2%—115.2%