Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of the Stock Option Activity

The stock option activity is summarized in the following table:

	Number of Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023		21,664,377		$	2.26
Granted		52,640			11.24
Exercised		(1,542,328	)		0.97
Cancelled/ Forfeited		—			—
Outstanding as of March 31, 2024		20,174,689		$	2.38		6.17	$	157.09
Exercisable as of March 31, 2024		14,582,299		$	1.57		5.70	$	124.52
Exercisable and expected to vest as of March 31, 2024		20,174,689		$	2.38		6.17	$	157.09

Summary of restricted stock unit ("RSU") activity

The RSU activity is summarized in the following table:

	Number of RSUs			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)		Aggregate Fair Value (in millions)
Outstanding as of December 31, 2023		15,107,535		$	8.90
Granted		4,860,915			10.41
Vested		(2,741,447	)		8.71
Forfeited		(187,174	)		6.55
Outstanding as of March 31, 2024		17,039,829		$	9.39		2.96	$	170.23
Expected to vest after March 31, 2024		16,998,829		$	9.38		2.96	$	169.82

Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target

The PSU activity is summarized in the following table, based on awards at target:

	Number of PSUs			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)		Aggregate Fair Value (in millions)
Outstanding as of December 31, 2023		4,307,833		$	15.75
Forfeited		(500,597	)		15.56
Outstanding as of March 31, 2024		3,807,236		$	15.78		2.92	$	38.03
Expected to vest after March 31, 2024(1)		5,710,854		$	15.09		2.92	$	57.05

(1)Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.

Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock

Total stock-based compensation expense for stock option awards, RSUs, and PSUs, which are included in the condensed consolidated financial statements, is as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	1,005	$	349
Research and development		12,366		5,280
Sales and marketing		2,775		764
General and administrative		5,915		3,875
Stock-based compensation, net of amounts capitalized	$	22,061	$	10,268
Capitalized stock-based compensation—Intangibles and fixed assets		1,598		619
Total stock-based compensation	$	23,659	$	10,887

Summary of Unrecognized Stock-Based Compensation

A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of March 31, 2024, related to its non-vested RSUs, PSUs, and stock option awards is presented below (in millions, except time period amounts):

	Unrecognized Expense		Weighted- Average Amortization Period (Years)
Restricted stock units	$	147.5		3.1
Performance-based restricted stock units		71.0		2.9
Stock options		23.6		2.0

Stock Options [Member]

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of stock options granted are as follows:

	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.31	%		—	%
Expected term (in years)		6.00			—
Expected volatility		79.33	%		—	%
Dividend yield		—	%		—	%