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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
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, 2024

 

 

16,687,129

 

 

$

2.40

 

 

 

 

 

 

 

Exercised

 

 

(2,822,394

)

 

 

0.43

 

 

 

 

 

 

 

Cancelled/ Forfeited

 

 

(410,638

)

 

 

2.58

 

 

 

 

 

 

 

Outstanding as of March 31, 2025

 

 

13,454,097

 

 

$

2.81

 

 

 

5.35

 

 

$

259.16

 

Exercisable as of March 31, 2025

 

 

11,380,024

 

 

$

2.31

 

 

 

5.08

 

 

$

224.83

 

Exercisable and expected to vest as of March 31, 2025

 

 

13,454,097

 

 

$

2.81

 

 

 

5.35

 

 

$

259.16

 

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, 2024

 

 

14,509,717

 

 

$

9.54

 

 

 

 

Granted

 

 

2,447,244

 

 

 

32.01

 

 

 

 

Vested

 

 

(1,771,714

)

 

 

12.68

 

 

 

 

Forfeited

 

 

(420,752

)

 

 

9.62

 

 

 

 

Outstanding as of March 31, 2025

 

 

14,764,495

 

 

$

12.87

 

 

 

2.51

 

Expected to vest after March 31, 2025

 

 

14,743,995

 

 

$

12.87

 

 

 

2.51

 

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, 2024

 

 

3,972,257

 

 

$

16.17

 

 

 

 

Granted

 

 

965,630

 

 

 

30.73

 

 

 

 

Vested

 

 

(60,175

)

 

 

18.03

 

 

 

 

Forfeited

 

 

(73,548

)

 

 

18.03

 

 

 

 

Outstanding as of March 31, 2025

 

 

4,804,164

 

 

$

19.05

 

 

 

2.11

 

Expected to vest after March 31, 2025(1)

 

 

10,544,490

 

 

$

16.39

 

 

 

2.11

 

 

(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

 

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Cost of revenue

 

$

1,063

 

 

$

1,005

 

Research and development

 

 

17,392

 

 

 

12,366

 

Sales and marketing

 

 

4,356

 

 

 

2,775

 

General and administrative

 

 

10,442

 

 

 

5,915

 

Stock-based compensation, net of amounts capitalized

 

 

33,253

 

 

 

22,061

 

Capitalized stock-based compensation—Property and equipment, net and
   Intangible assets, net

 

 

913

 

 

 

1,598

 

Total stock-based compensation

 

$

34,166

 

 

$

23,659

 

 

Summary of Unrecognized Stock-Based Compensation March 31, 2025, related to its non-vested RSUs, PSUs, and stock option awards is presented below (in millions, except time period amounts):
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
March 31,

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.28

%

 

 

%

Contractual term (in years)

 

 

1.94

 

 

 

 

Expected volatility

 

 

112.50

%

 

 

%

Dividend yield

 

 

%

 

 

%