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Business Combinations | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combinations | Business Combination On May 5, 2025, the Company acquired all of the outstanding equity interests of Weights and Biases, Inc. ("Weights & Biases"), an AI developer platform. The transaction is expected to extend the Company's application software services offering to include additional developer-focused capabilities for the training of models and development of AI applications. The aggregate purchase consideration was $1.0 billion, which was comprised of the following (in thousands):
Cash paid by the Company | $ | 96,498 |
Fair value of Class A common stock and restricted stock awards issued by the Company | 928,900 |
Fair value of replacement restricted stock units | 3,861 |
Total purchase price | $ | 1,029,259 |
In connection with the acquisition, the Company entered into compensation arrangements for stock-based awards with a value totaling $123 million. Of this amount, $33 million was recognized in the total purchase price. $6 million was recognized as compensation expense on the acquisition date and $5 million was recorded as additional compensation expense during the three months ended June 30, 2025. The remaining compensation expense of $79 million will be recognized on a straight-line basis over the respective awards' remaining requisite service period. Certain stock-based awards are in the form of restricted stock awards ("RSAs"). The RSAs represent legally outstanding common shares that are subject to service-based vesting conditions and repurchase rights held by the Company, which lapse upon vesting. The acquisition-related costs were $29 million, and were recorded in general and administrative expense in the condensed consolidated statements of operations during the three months ended June 30, 2025. The allocation of the purchase price is preliminary and subject to change as the Company finalizes its assessment of the fair values of the assets acquired and liabilities assumed during the measurement period following the acquisition date. The preliminary fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in thousands):
Cash and cash equivalents | $ | 50,792 |
Accounts receivable, net | 13,418 |
Prepaid expenses and other current assets | 2,205 |
Property and equipment, net | 858 |
Operating lease right-of-use assets | 1,080 |
Intangible assets, net | 207,600 |
Goodwill | 793,426 |
Other non-current assets | 178 |
Total assets acquired | $ | 1,069,557 |
Accounts payable | 885 |
Accrued liabilities | 7,036 |
Deferred revenue, current | 25,414 |
Operating lease liabilities, current | 283 |
Other current liabilities | 31 |
Deferred revenue, non-current | 309 |
Operating lease liabilities, non-current | 797 |
Deferred tax liabilities, non-current | 5,543 |
Total liabilities assumed | $ | 40,298 |
Total purchase price | $ | 1,029,259 |
The acquired assets and assumed liabilities were recorded at their estimated fair values. The following table presents the amounts allocated to the intangible assets identified as of the date of acquisition and the estimated useful lives (in thousands):
|  | Fair Value |  | Useful Lives (in years)
Customer relationships |  | $ | 36,100 |  |  | 12
Developed technology |  | 161,800 |  |  | 5 - 7
Trade name |  | 9,700 |  |  | 5
Total |  | $ | 207,600 |  |  |
The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is expected to be deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce as well as the anticipated synergies from the integration of Weights & Biases’ technology with the Company’s technology. From the date of the acquisition, the financial results of Weights & Biases are not material to the Company’s consolidated financial statements. Pro forma revenue and net income have not been presented because the historical results would not have been material to the condensed consolidated financial statements in any period presented.

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