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Equity Incentive Plans (Tables)
12 Months Ended
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 OptionsRSUs
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 period343,564$30.65 21,333$162.32 
Granted9,521$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 period344,021$35.11 4.31$73.57 19,088$225.01 
Vested and expected to vest, December 31, 2023340,884$33.38 4.27$73.45 18,446$225.76 
Exercisable and vested, December 31, 2023329,124$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,
202320222021
Risk-free interest rate3.90 %3.11 %0.66 %
Expected term (in years)4.54.14.3
Expected volatility63 %63 %59 %
Dividend yield0.0 %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 RevenueAnnualized 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,
202320222021
Cost of revenues$741 $594 $421 
Research and development689 536 448 
Selling, general and administrative382 430 1,252 
Total$1,812 $1,560 $2,121