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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
11. Stock-Based Compensation
RSUs and RSAs
Our restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) vest based on the terms in the grant agreements and generally vest ratably over one to four years from the vesting commencement date. The following table summarizes the RSU and RSA activity for the six months ended June 30, 2024:
Service-
based
RSUs		RSAsMarket and Performance-
based
RSUs		Total RSUs and RSAsWeighted-
average grant
date fair
value
Unvested as of December 31, 202325,406,057 87,030 1,393,446 26,886,533 $29.17 
Granted2,112,686 — — 2,112,686 $37.05 
Vested
(13,336,055)(29,012)(678,632)(14,043,699)$29.91 
Canceled/Forfeited
(969,333)— (30,789)(1,000,122)$28.97 
Unvested as of June 30, 202413,213,355 58,018 684,025 13,955,398 $29.64 
As of June 30, 2024, we had RSUs and RSAs outstanding for 13,955,398 common shares, of which 12,620,086 relate to Class A common stock and 1,335,312 relate to Class B common stock. Total unrecognized stock-based compensation expense related to RSUs and RSAs was $233.2 million as of June 30, 2024 and is expected to be recognized over a weighted-average period of 1.62 years.
Stock Options
Stock options vest based on terms in the stock option agreement and generally vest over five years quarterly or four years with 25% of the award vesting one year from the vesting commencement date then ratably over the following three years. The following table summarizes the stock option activity during the six months ended June 30, 2024:
Outstanding
stock
options		Weighted-
average
exercise
price		Weighted-
average
remaining
contractual
life
(years)		Aggregate
intrinsic
value
(in thousands, except share, per share, and year data)
Balance as of December 31, 202329,795,909 $17.83 6.00$500,472 
Exercised
(4,208,017)5.92 
Canceled/Forfeited
(89,996)8.62 
Balance as of June 30, 202425,497,896 $19.83 5.82$1,162,142 
Vested as of June 30, 202417,223,892 $8.14 4.11$964,094 
Vested and expected to vest as of June 30, 202425,497,896 $19.83 5.82$1,162,142 
As of June 30, 2024 we had outstanding stock options for 25,497,896 common shares, of which 19,087,522 relate to Class A common stock and 6,410,374 relate to Class B common stock. Total unrecognized stock-based compensation expense related to stock options was $128.2 million as of June 30, 2024 and is expected to be recognized over a weighted-average period of 4.39 years.
Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations for all periods presented:
Three months ended June 30,Six months ended June 30,
2024202320242023
(in thousands)
Cost of revenue$61 $25 $319 $63 
Research and development29,944 5,690 346,458 13,250 
Sales and marketing6,875 1,389 67,665 3,086 
General and administrative27,386 2,999 227,332 6,184 
Stock-based compensation expense
$64,266 $10,103 $641,774 $22,583