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Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option and RSU Activity | The following table summarizes our stock option and RSU activity for the year ended December 31, 2023:
| Stock Options |  | RSUs
| Number of Options (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in billions) |  | Number of RSUs (in thousands) |  | Weighted- Average Grant Date Fair Value
Beginning of period | 343,564 |  | $ | 30.65 |  |  |  |  |  |  | 21,333 |  | $ | 162.32 |
Granted | 9,521 |  | $ | 226.50 |  |  |  |  |  |  | 11,743 |  | $ | 228.33 |
Exercised or released | (7,626) |  | $ | 43.07 |  |  |  |  |  |  | (11,085) |  | $ | 116.47 |
Cancelled | (1,438) |  | $ | 194.23 |  |  |  |  |  |  | (2,903) |  | $ | 192.22 |
End of period | 344,021 |  | $ | 35.11 |  |  | 4.31 |  | $ | 73.57 |  |  | 19,088 |  | $ | 225.01 |
Vested and expected to vest, December 31, 2023 | 340,884 |  | $ | 33.38 |  |  | 4.27 |  | $ | 73.45 |  |  | 18,446 |  | $ | 225.76 |
Exercisable and vested, December 31, 2023 | 329,124 |  | $ | 27.07 |  |  | 4.11 |  | $ | 72.90 |  |  |  |  |
Schedule of Fair Value of Stock Option Award and ESPP on Grant Date | The weighted-average assumptions used in the Black-Scholes model for stock options are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 3.90 | % |  | 3.11 | % |  | 0.66 | %
Expected term (in years) | 4.5 |  | 4.1 |  | 4.3
Expected volatility | 63 | % |  | 63 | % |  | 59 | %
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Grant date fair value per share | $ | 121.62 |  |  | $ | 114.51 |  |  | $ | 128.02 |
Summary of Operational Milestone Based on Revenue or Adjusted EBITDA | The achievement status of the operational milestones as of December 31, 2023 is provided below.
Total Annualized Revenue |  | Annualized Adjusted EBITDA
Milestone (in billions) |  | Achievement Status |  | Milestone (in billions) |  | Achievement Status
$ | 20.0 |  |  | Achieved |  | $ | 1.5 |  |  | Achieved
$ | 35.0 |  |  | Achieved |  | $ | 3.0 |  |  | Achieved
$ | 55.0 |  |  | Achieved |  | $ | 4.5 |  |  | Achieved
$ | 75.0 |  |  | Achieved |  | $ | 6.0 |  |  | Achieved
$ | 100.0 |  |  | - |  | $ | 8.0 |  |  | Achieved
$ | 125.0 |  |  | - |  | $ | 10.0 |  |  | Achieved
$ | 150.0 |  |  | - |  | $ | 12.0 |  |  | Achieved
$ | 175.0 |  |  | - |  | $ | 14.0 |  |  | Achieved
Summary of Stock-Based Compensation Expense | The following table summarizes our stock-based compensation expense by line item in the consolidated statements of operations (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cost of revenues | $ | 741 |  |  | $ | 594 |  |  | $ | 421 |
Research and development | 689 |  |  | 536 |  |  | 448 |
Selling, general and administrative | 382 |  |  | 430 |  |  | 1,252 |
Total | $ | 1,812 |  |  | $ | 1,560 |  |  | $ | 2,121 |

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