STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-based Compensation Expenses Included in Operating Costs and Expenses |
The following table summarizes stock-based compensation expenses included in operating costs and expenses: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | (In thousands) | 2025 | | 2024 | | 2023 | | Research and development | $ | 153,395 | | | $ | 127,749 | | | $ | 97,273 | | | Selling, general and administrative | 194,840 | | | 144,335 | | | 124,407 | | | Total | $ | 348,235 | | | $ | 272,084 | | | $ | 221,680 | |
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| Schedule of Stock-Based Compensation Expense |
The following table summarizes stock-based compensation expense by type of award: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | (In thousands) | 2025 | | 2024 | | 2023 | | | | | | | | Time-based restricted stock units | $ | 164,785 | | | $ | 108,501 | | | $ | 55,169 | | | Performance-based restricted stock units | 121,449 | | | 73,295 | | | 63,879 | | | Time-based stock options | 56,477 | | | 85,467 | | | 99,165 | | | Other equity programs | 10,034 | | | 8,054 | | | 7,652 | | | Less: Stock-based compensation expense capitalized to inventory | (4,510) | | | (3,233) | | | (4,185) | | | Total | $ | 348,235 | | | $ | 272,084 | | | $ | 221,680 | |
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| Schedule of Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures |
The following table summarizes our unrecognized stock-based compensation expense, net of estimated forfeitures, by type of awards, and the weighted-average period over which that expense is expected to be recognized: | | | | | | | | | | | | | As of December 31, 2025 | | Unrecognized Expense, Net of Estimated Forfeitures (in thousands) | | Weighted-average Recognition Period (in years) | | Time-based restricted stock units | $ | 221,963 | | | 1.54 | | Performance-based restricted stock units * | $ | 59,409 | | | 2.13 | | Time-based stock options | $ | 39,276 | | | 1.71 | | Other equity programs | $ | 3,957 | | | 0.53 |
__________________________________________ *Excludes performance-based restricted stock units for which the associated vesting events are not yet determined to be probable. |
| Schedule of Restricted Stock Units and Performance-Based Restricted Stock Units Activity |
The following table summarizes the activity of our time-based restricted stock units and awards, excluding performance-based restricted stock units: | | | | | | | | | | | | | Number of Units (in thousands) | | Weighted-average Grant Date Fair Value (per share) | | Outstanding as of December 31, 2024 | 1,725 | | | $ | 175.39 | | | Awarded | 894 | | | $ | 266.05 | | | Released | (702) | | | $ | 177.13 | | | Cancelled | (181) | | | $ | 194.93 | | | Outstanding as of December 31, 2025 | 1,736 | | | $ | 219.38 | |
Performance-Based Restricted Stock Units The following table summarizes the activity of our performance-based restricted stock units: | | | | | | | | | | | | | Number of Units (in thousands) | | Weighted-average Grant Date Fair Value (per share) | | Outstanding as of December 31, 2024 | 954 | | | $ | 156.56 | | | Awarded | 396 | | | $ | 243.53 | | | Released | (451) | | | $ | 157.31 | | | Cancelled | (120) | | | $ | 183.73 | | | Outstanding as of December 31, 2025 | 779 | | | $ | 197.48 | |
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| Schedule of Stock Option Activity |
The following table summarizes the activity of our time-based stock options, excluding performance-based stock options: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options (in thousands) | | Weighted-average Exercise Price (per share) | | Weighted-average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | | Outstanding as of December 31, 2024 | 4,863 | | | $ | 133.80 | | | | | | | Granted | 288 | | | $ | 248.08 | | | | | | | Exercised | (1,683) | | | $ | 128.58 | | | | | | | Cancelled | (101) | | | $ | 183.51 | | | | | | | Outstanding as of December 31, 2025 | 3,367 | | | $ | 144.73 | | | 5.38 | | $ | 850,730 | | | Exercisable as of December 31, 2025 | 2,744 | | | $ | 132.29 | | | 4.80 | | $ | 728,074 | | | Vested or expected to vest as of December 31, 2025 | 3,320 | | | $ | 143.93 | | | 5.35 | | $ | 842,655 | |
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| Schedule of Stock Purchase Rights Granted Under the Employee Stock Purchase Plan |
The following table summarizes the activity of our performance-based stock options granted under our equity plans: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options (in thousands) | | Weighted-average Exercise Price (per share) | | Weighted-average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | | Outstanding as of December 31, 2024 | 273 | | | $ | 99.24 | | | | | | | | | | | | | | | Exercised | (153) | | | $ | 99.08 | | | | | | | | | | | | | | | Outstanding as of December 31, 2025 | 120 | | | $ | 99.44 | | | 1.83 | | $ | 35,737 | | | Exercisable as of December 31, 2025 | 120 | | | $ | 99.44 | | | 1.83 | | $ | 35,737 | |
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| Schedule of Valuation Assumptions for Stock Options |
The following table summarizes the Black-Scholes valuation assumption inputs for employee stock options granted: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2025 | | 2024 | | 2023 | | Risk-free interest rate | 4.0 - 4.1% | | 4.2 - 4.3% | | 3.5 - 4.1% | | Expected dividend yield | — | | | — | | | — | | | Expected option life | 5.9 years | | 6.0 years | | 5.1 - 7.0 years | | Expected volatility | 46 - 47% | | 47 - 48% | | 49 - 60% |
| | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2025 | | 2024 | | 2023 | | Risk-free interest rate | 3.8% - 4.2% | | 4.4% - 5.4% | | 5.1% - 5.4% | | Expected dividend yield | — | | | — | | | — | | | Expected option life | 6 months | | 6 months | | 6 months | | Expected volatility | 38% - 48% | | 35% - 54% | | 34% - 39% |
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