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Stock-based Compensation and Stockholders' Equity (Tables)

12 Months Ended

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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