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Stock Incentive Plans (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Restricted Stock Unit Activity ("RSU") and Restricted Stock Awards ("RSA") The table below summarizes the restricted stock unit ("RSU") and restricted stock award ("RSA") activity for the six months ended June 30, 2025:

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

Shares

 

 

Fair Value

 

Unvested —December 31, 2024

 

 

31,042,552

 

 

$

10.92

 

Granted

 

 

15,737,535

 

 

 

10.19

 

Vested

 

 

(14,912,601

)

 

 

11.14

 

Forfeited

 

 

(1,524,504

)

 

 

10.39

 

Unvested —June 30, 2025

 

 

30,342,982

 

 

 

10.45

 

Summary of Share-based Compensation Arrangements by Share-based Payment Award The table below summarizes the stock option activity for the six months ended June 30, 2025:

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Intrinsic

 

 

 

 

 

 

Exercise

 

 

Life

 

 

Value

 

 

 

Shares

 

 

Price

 

 

(in years)

 

 

(in thousands)

 

Options outstanding—December 31, 2024

 

 

23,349,505

 

 

$

3.11

 

 

 

3.2

 

 

$

201,305

 

Exercised

 

 

(690,442

)

 

 

2.84

 

 

 

 

 

 

 

Forfeited and canceled

 

 

(2,384

)

 

 

8.58

 

 

 

 

 

 

 

Options outstanding—June 30, 2025

 

 

22,656,679

 

 

$

3.12

 

 

 

2.6

 

 

$

142,594

 

Options exercisable—June 30, 2025

 

 

22,317,278

 

 

$

3.05

 

 

 

2.6

 

 

$

141,945

 

Options vested and expected to vest—June 30, 2025

 

 

22,650,559

 

 

$

3.11

 

 

 

2.6

 

 

$

142,587

 

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount

Stock-Based Compensation—Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows for the three and six months ended June 30, 2025 and 2024 (in thousands):

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenues

 

$

4,110

 

 

$

2,672

 

 

$

6,795

 

 

$

4,754

 

Research and development

 

 

14,535

 

 

 

11,515

 

 

 

32,136

 

 

 

22,586

 

Sales and marketing

 

 

12,522

 

 

 

6,785

 

 

 

25,650

 

 

 

12,513

 

General and administrative

 

 

14,808

 

 

 

19,153

 

 

 

42,442

 

 

 

45,243

 

Total stock-based compensation expense

 

$

45,975

 

 

$

40,125

 

 

$

107,023

 

 

$

85,096

 

 

2021 Employee Stock Purchase Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of the ESPP purchase rights sold during the six months ended June 30, 2025 was estimated using the Black-Scholes option pricing model with the following assumptions:

Expected term (in years)

 

0.5

Expected volatility

 

23%

Expected dividend yield

 

0%

Risk-free interest rate

 

5.3%