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Stock-Based Compensation and Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Employee and Non-Employee Stock-Based Compensation Expense

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

Schedule of Stock Option Activity

The following table summarizes the stock option activity under our stock plans during the reporting period:


	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

The unamortized compensation expense for the 2021—2026 Executive Awards and the Replacement Awards was as follows (in millions):


	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

The following table presents the stock activity and the total number of shares available for grant under our stock plans:


						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

Schedule of Weighted-Average Valuation Assumptions

We used the following weighted-average assumptions for determination of the Warrant fair value:


	March 31,	December 31,
	2026	2025

Risk-free interest rate	3.8%	3.6%
Expected term (years)	0.5	0.5
Expected dividend yield	—	—
Expected volatility	114.5%	96.2%

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


												Three Months Ended March 31,
												2025

Risk-free interest rate												4.1%
Expected term (years)												6.1
Expected dividend yield												—
Expected volatility												93.4%

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%

Schedule of Stock Award Activity

A summary of our stock awards activity and related information is as follows:


	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