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Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of temporary equity | As of December 31, 2024, the Company had five classes of redeemable convertible preferred stock, which consisted of the following (in thousands, except per share amounts):
| Shares Authorized |  | Shares Issued and Outstanding |  | Issuance Price Per Share |  | Carrying Value |  | Aggregate Liquidation Preference
Series Seed | 60,000 |  | 45,567 |  | $ | 0.05 |  |  | $ | 2,039 |  |  | $ | 2,039 |
Series A | 24,182 |  | 19,361 |  | 0.12 |  |  | 2,256 |  |  | 2,256 |
Series B | 79,979 |  | 79,979 |  | 5.58 |  |  | 550,595 |  |  | 446,002 |
Series B-1 | 12,485 |  | 10,205 |  | 0.40 |  |  | 4,091 |  |  | 4,091 |
Series C | 29,523 |  | 29,523 |  | 38.95 |  |  | 1,163,130 |  |  | 1,163,671 |
Total | 206,169 |  | 184,635 |  |  |  | $ | 1,722,111 |  |  | $ | 1,618,059 |
Schedule of stock options activity | The following table summarizes stock option activity under the 2019 Plan (share data and aggregate intrinsic value in thousands):
| Stock Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Balance at January 1, 2025 | 47,219 |  | $ | 1.74 |  |  | 7 |  | $ | 2,163,455 |
Granted | — |  | — |  |  |  |  |
Exercised | (10,601) |  | 1.65 |  |  |  |  |
Forfeited, expired, or canceled | (294) |  | 7.41 |  |  |  |  |
Outstanding at September 30, 2025 | 36,324 |  | $ | 1.73 |  |  | 6 |  | $ | 4,908,050 |
Vested and expected to vest at September 30, 2025 | 36,324 |  | $ | 1.73 |  |  | 6 |  | $ | 4,908,050 |
Exercisable at September 30, 2025 | 25,578 |  | $ | 1.08 |  |  | 6 |  | $ | 3,472,840 |
Schedule of restricted stock unit activity | RSUs granted typically vest over four years. The following table summarizes restricted stock unit activity under the 2019 and 2025 Plans (share data in thousands):
| Shares |  | Weighted- Average Fair Value Per Share
Balance at January 1, 2025 | 15,455 |  | $ | 38.80 |
Granted | 15,266 |  | 69.43 |
Vested | (4,361) |  | 36.30 |
Forfeited, expired, or canceled | (886) |  | 42.58 |
Unvested balance at September 30, 2025 | 25,474 |  | $ | 57.42 |
Schedule of stock-based compensation expense | Total stock-based compensation expense recognized in the Company's condensed consolidated statements of operations was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 3,533 |  |  | $ | 271 |  |  | $ | 8,927 |  |  | $ | 1,009 |
Technology and infrastructure | 52,623 |  |  | 2,161 |  |  | 154,905 |  |  | 6,598 |
Sales and marketing | 9,810 |  |  | 847 |  |  | 21,124 |  |  | 2,562 |
General and administrative | 78,465 |  |  | 4,338 |  |  | 288,453 |  |  | 13,297 |
Total stock-based compensation expense (1) (2) | $ | 144,431 |  |  | $ | 7,617 |  |  | $ | 473,409 |  |  | $ | 23,466 |
(1) Stock-based compensation expense was net of capitalized costs primarily related to the development of internal-use software of $12 million and $2 million during the three months ended September 30, 2025 and 2024, respectively, and $43 million and $6 million during the nine months ended September 30, 2025 and 2024, respectively. (2) The Company recognized no and $177 million of stock-based compensation expense, net of no and $17 million of capitalized costs primarily related to the development of internal-use software, during the three and nine months ended September 30, 2025, respectively, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition which was satisfied in connection with the IPO.

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- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (01) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1 + Details
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