Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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		(2,745,597	)		0.80
Cancelled/ Forfeited		(64,451	)		0.69
Outstanding as of June 30, 2024		18,906,969		$	2.50		5.94	$	94.20
Exercisable as of June 30, 2024		14,438,449		$	1.82		5.52	$	80.49
Exercisable and expected to vest as of June 30, 2024		18,906,969		$	2.50		5.94	$	94.20

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)
Outstanding as of December 31, 2023		15,107,535		$	8.90
Granted		6,376,407			9.73
Vested		(4,368,094	)		8.91
Forfeited		(1,691,609	)		9.79
Outstanding as of June 30, 2024		15,424,239		$	9.14		2.81
Expected to vest after June 30, 2024		15,383,239		$	9.13		2.81

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)
Outstanding as of December 31, 2023		4,307,833		$	15.75
Granted		364,128			7.49
Forfeited		(834,328	)		15.56
Outstanding as of June 30, 2024		3,837,633		$	15.01		2.67
Expected to vest after June 30, 2024(1)		5,756,450		$	14.32		2.67

(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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of revenue	$	1,055	$	433	$	2,060	$	782
Research and development		11,567		6,354		23,933		11,634
Sales and marketing		2,453		759		5,228		1,523
General and administrative		5,904		3,758		11,819		7,633
Stock-based compensation, net of amounts capitalized	$	20,979	$	11,304	$	43,040	$	21,572
Capitalized stock-based compensation—Intangibles and fixed assets		1,148		976		2,746		1,595
Total stock-based compensation	$	22,127	$	12,280	$	45,786	$	23,167

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 June 30, 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	$	131.2		2.9
Performance-based restricted stock units		62.8		2.7
Stock options		20.4		1.8

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Risk-free interest rate		—	%		4.09	%		4.31	%		4.09	%
Expected term (in years)		—			5.50			6.00			5.50
Expected volatility		—	%		80.63	%		79.33	%		80.63	%
Dividend yield		—	%		—	%		—	%		—	%

Performance Based Restricted Stock Units [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 PSUs subject to the stock price hurdle are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Risk-free interest rate		4.86	%		—	%		4.86	%		—	%
Contractual term (in years)		2.69			—			2.69			—
Expected volatility		85.00	%		—	%		85.00	%		—	%
Dividend yield		—	%		—	%		—	%		—	%