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Stock-based Compensation and Stockholders' Equity (Tables) | 12 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model | The fair value of stock option grants for the fiscal years ended June 30, 2025, 2024, and 2023 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
| Years Ended June 30,
| 2025 |  | 2024 |  | 2023
Risk-free interest rate | 3.82% - 4.39% |  | 4.01% - 4.78% |  | 2.81% - 4.25%
Expected term | 3.00 years - 5.98 years |  | 3.00 years - 5.99 years |  | 6.07 years
Dividend yield | — | % |  | — | % |  | — | %
Volatility | 63.67% - 95.28% |  | 56.87% - 64.55% |  | 50.62% - 53.47%
Weighted-average fair value of options | $ | 26.94 |  |  | $ | 28.58 |  |  | $ | 6.21 |
Summary of Stock-based Compensation Expense | The following table shows total stock-based compensation expense included in the consolidated statements of operations for the fiscal years ended June 30, 2025, 2024, and 2023 (in thousands):
| Years Ended June 30,
| 2025 |  | 2024 |  | 2023
Cost of sales | $ | 24,505 |  |  | $ | 15,864 |  |  | $ | 4,574 |
Research and development | 195,444 |  |  | 114,895 |  |  | 30,736 |
Sales and marketing | 37,784 |  |  | 21,195 |  |  | 4,599 |
General and administrative | 56,719 |  |  | 79,553 |  |  | 14,524 |
Stock-based compensation expense before taxes | 314,452 |  |  | 231,507 |  |  | 54,433 |
Income tax impact | (75,562) |  |  | (92,810) |  |  | (18,106) |
Stock-based compensation expense, net | $ | 238,890 |  |  | $ | 138,697 |  |  | $ | 36,327 |
Summary of Operational and Stock Price Milestones | As of June 30, 2025, the 2021 CEO Performance Stock Option had fully vested based upon achievement of operational and stock price milestones as follows:
Annualized Revenue Milestone (in billions) |  | Achievement Status |  | Stock Price Milestone |  | Achievement Status
$4.0 |  | Achieved |  | $4.50 |  | Achieved (1)
$4.8 |  | Achieved |  | $6.00 |  | Achieved (2)
$5.8 |  | Achieved |  | $7.50 |  | Achieved (3)
$6.8 |  | Achieved |  | $9.50 |  | Achieved (4)
$8.0 |  | Achieved |  | $12.00 |  | Achieved (5)
(1) The vesting of the first tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option, representing one-fifth of such award, was certified by our Compensation Committee in August 2022. (2) The vesting of the second tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by our Compensation Committee in October 2022. (3) The vesting of the third tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by our Compensation Committee in January 2023. (4) The vesting of the fourth tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by our Compensation Committee in September 2023. (5) The vesting of the fifth tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by our Compensation Committee in February 2024. The achievement status of the operational and stock price milestones as of June 30, 2025 was as follows:
Annualized Revenue Milestone (in billions)(1) |  | Achievement Status |  | Stock Price Milestone(1) |  | Achievement Status
$13.0 |  | Achieved (6) |  | $45 |  | Achieved (2)
$15.0 |  | Achieved (7) |  | $60 |  | Achieved (3)
$17.0 |  | Achieved (8) |  | $75 |  | Achieved (4)
$19.0 |  | Achieved (9) |  | $90 |  | Achieved (5)
$21.0 |  | Achieved (10) |  | $110 |  | Not yet achieved
(1) Under the terms of the 2023 CEO Performance Stock Option, the annualized revenue milestones and stock price milestones set forth in the table above must be achieved by December 31, 2028 and March 31, 2029, respectively. (2) On March 2, 2024, the Compensation Committee certified achievement of the $45 stock price milestone based upon the 60 trading day average stock price from November 29, 2023 through February 26, 2024. (3) On April 1, 2024, the Compensation Committee certified achievement of the $60 stock price milestone based upon the 60 trading day average stock price from December 15, 2023 through March 13, 2024. (4) On April 1, 2024, the Compensation Committee certified achievement of the $75 stock price milestone based upon the 60 trading day average stock price from January 4, 2024 through April 1, 2024. (5) On May 5, 2024, the Compensation Committee certified achievement of the $90 stock price milestone based upon the 60 trading day average stock price from January 31, 2024 through April 25, 2024. (6) On February 27, 2025, the Compensation Committee certified achievement of the $13.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of June 30, 2024. (7) On April 22, 2025, the Compensation Committee certified achievement of the $15.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of September 30, 2024. (8) On April 22, 2025, the Compensation Committee certified achievement of the $17.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of September 30, 2024. (9) On April 22, 2025, the Compensation Committee certified achievement of the $19.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of December 31, 2024. (10) On August 26, 2025, the Compensation Committee certified achievement of the $21.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of March 31, 2025.
Summary of Stock Option Activity | The following table summarizes stock option activity during the fiscal year ended June 30, 2025, under all plans:
|  | Options Outstanding |  | Weighted Average Exercise Price per Share |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2024 |  | 35,443,550 |  |  | $ | 17.57 |  |  | $ | — |  |  | — |  |  | $ | — |
Granted |  | 5,302,345 |  |  | $ | 41.34 |  |  | $ | 26.94 |  |  | — |  |  | $ | — |
Exercised |  | (4,963,846) |  |  | $ | 5.05 |  |  | $ | — |  |  | — |  |  | $ | — |
Forfeited/Cancelled |  | (933,916) |  |  | $ | 36.13 |  |  | $ | — |  |  | — |  |  | $ | — |
Balance as of June 30, 2025 |  | 34,848,133 |  |  | $ | 22.47 |  |  | $ | — |  |  | 6.99 |  | $ | 988,321 |
Options exercisable as of June 30, 2025 |  | 23,287,734 |  |  | $ | 15.12 |  |  | $ | — |  |  | 6.15 |  | $ | 802,643 |
Summary of Significant Ranges of Outstanding and Exercisable Stock Options | Additional information regarding options outstanding as of June 30, 2025, is as follows:
|  | Options Outstanding |  | Options Vested and Exercisable
Range of Exercise Prices |  | Number Outstanding |  | Weighted- Average Remaining Contractual Term (Years) |  | Weighted- Average Exercise Price Per Share |  | Number Exercisable |  | Weighted- Average Exercise Price Per Share
$1.30 - $3.55 |  | 3,835,044 |  |  | 3.41 |  | $ | 2.60 |  |  | 3,754,804 |  |  | $ | 2.58 |
$3.79 - $4.24 |  | 2,180,490 |  |  | 6.20 |  | $ | 3.97 |  |  | 1,678,060 |  |  | $ | 3.95 |
$4.50 - $4.50 |  | 10,000,000 |  |  | 5.67 |  | $ | 4.50 |  |  | 10,000,000 |  |  | $ | 4.50 |
$5.22 - $26.26 |  | 4,371,204 |  |  | 7.64 |  | $ | 12.37 |  |  | 1,989,440 |  |  | $ | 11.71 |
$27.80 - $33.76 |  | 4,230,639 |  |  | 8.83 |  | $ | 31.79 |  |  | 1,055,280 |  |  | $ | 33.45 |
$36.00 - $42.95 |  | 528,389 |  |  | 9.82 |  | $ | 36.01 |  |  | — |  |  | $ | — |
$45.00 - $45.00 |  | 5,000,000 |  |  | 8.38 |  | $ | 45.00 |  |  | 4,000,000 |  |  | $ | 45.00 |
$45.32 - $69.80 |  | 3,058,127 |  |  | 9.20 |  | $ | 52.74 |  |  | 389,520 |  |  | $ | 51.77 |
$76.19 - $76.19 |  | 1,527,480 |  |  | 8.74 |  | $ | 76.19 |  |  | 391,450 |  |  | $ | 76.19 |
$78.27 - $78.27 |  | 116,760 |  |  | 8.84 |  | $ | 78.27 |  |  | 29,180 |  |  | $ | 78.27 |
$1.30 - $78.27 |  | 34,848,133 |  |  | 6.99 |  | $ | 22.47 |  |  | 23,287,734 |  |  | $ | 15.12 |
Summary of Restricted Stock Unit Activity | The following table summarizes RSU activity during the fiscal year ended June 30, 2025 under all plans:
|  | Time-based RSUs Outstanding |  | Weighted Average Grant-Date Fair Value per Share |  |  |  |  |
Balance as of June 30, 2024 |  | 21,272,990 |  |  | $ | 24.19 |  |  |  |  |  |
Granted |  | 10,621,254 |  |  | $ | 40.92 |  |  |  |  |  |
Vested |  | (9,927,956) |  |  | $ | 19.92 |  |  |  |  |  |
Forfeited |  | (1,537,641) |  |  | $ | 34.16 |  |  |  |  |  |
Balance as of June 30, 2025 |  | 20,428,647 |  |  | $ | 34.22 |  |  |  |  |  |

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