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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Class A and Class B Common Stock The Company has two classes of common stock, Class A and Class B. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Shares of Class B common stock may be converted into Class A common stock at any time at the option of the stockholder and are automatically converted to Class A common stock upon sale or transfer, subject to certain limited exceptions. During the year ended December 31, 2025, 2,223,914 shares of Class B common stock were converted into Class A common stock. As of December 31, 2025, the Company had authorized 2,000,000,000 shares of Class A common stock and 310,000,000 shares of Class B common stock, each at a par value per share of $0.00001, of which 328,117,781 shares of Class A common stock and 24,408,190 shares of Class B common stock were issued and outstanding. As of December 31, 2025 and 2024, the Company had reserved shares of common stock for future issuance as follows:
| December 31,
| 2025 |  | 2024
Options, RSUs and PSUs outstanding | 20,174,662 |  |  | 20,759,819 |
Shares available for future grants | 92,889,210 |  |  | 84,272,083 |
Shares subject to the employee stock purchase plan | 23,194,449 |  |  | 20,342,607 |
Total shares of common stock reserved for future issuance | 136,258,321 |  |  | 125,374,509 |
Equity Incentive Plans The Company has two equity incentive plans, the 2012 Equity Incentive Plan (the “2012 Plan”) and the 2019 Equity Incentive Plan (the “2019 Plan”). In connection with the Company's initial public offering (“the IPO”), the Company ceased granting awards under the 2012 Plan, and all shares that remained available for issuance under the 2012 Plan at that time were transferred to the 2019 Plan. Additionally, as of December 31, 2025, there were 3,460,167 shares of Class A common stock issuable upon conversion of Class B common stock underlying options outstanding under the 2012 Plan. Under the 2019 Plan, the Board and any other committee or subcommittee of the Board may grant stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), and performance stock units (“PSUs”) and other awards, each equity award valued or based on the Company’s Class A common stock, to employees, directors, consultants, and advisors of the Company. As of December 31, 2025, there were 92,889,210 shares available for grant under the 2019 Plan. Stock Options The following table summarizes the Company's stock option activity and weighted-average exercise prices:
| Number of Options Outstanding |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (in Years) |  | Aggregate Intrinsic Value (in thousands)
Balance—December 31, 2024 | 6,953,119 |  | $ | 4.55 |  |  | 3.0 |  | $ | 961,910 |
Options granted | — |  |  | — |  |  |  |  |
Options exercised | (3,478,500) |  | 1.84 |  |  |  |  |
Options forfeited or expired | — |  |  | — |  |  |  |  |
Balance—December 31, 2025 | 3,474,619 |  | $ | 7.26 |  |  | 3.0 |  | $ | 447,294 |
Exercisable—December 31, 2025 | 3,474,619 |  | $ | 7.26 |  |  | 3.0 |  | $ | 447,294 |
As of December 31, 2025, there were 14,452 shares of Class A common stock and 3,460,167 shares of Class B common stock issuable upon the exercise of options outstanding. As of December 31, 2024, there were 17,795 shares of Class A common stock and 6,935,324 shares of Class B common stock issuable upon the exercise of options outstanding. Approximately all compensation cost related to unvested stock options was recognized as of December 31, 2025 and December 31, 2024. There were no options granted during the years ended December 31, 2025, 2024 and 2023. The Company received approximately $6.4 million, $7.4 million and $20.9 million in cash proceeds from options exercised during the years ended December 31, 2025, 2024 and 2023, respectively. The intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was approximately $429.8 million, $628.8 million and $565.9 million, respectively. The aggregate fair value of options vested was insignificant for the years ended December 31, 2025 and 2024, and was $12.5 million for the year ended December 31, 2023. Restricted Stock Units, Restricted Stock and Performance Stock Units The following table summarizes the activity for the Company’s unvested RSUs and PSUs:
| Shares |  | Weighted-Average Fair Value |  | Aggregate Intrinsic Value (in thousands)
Unvested and outstanding balance as of December 31, 2024 | 13,806,700 |  | $ | 116.09 |  |  | $ | 1,972,839 |
Awarded | 9,951,174 |  | 128.13 |  |  |
Vested | (5,595,469) |  | 113.50 |  |  |
Forfeited/canceled | (1,462,362) |  | 116.34 |  |  |
Unvested and outstanding balance as of December 31, 2025 | 16,700,043 |  | $ | 124.10 |  |  | $ | 2,271,039 |
The Company issued a total of 770,044 shares of restricted Class A common stock in connection with acquisitions, net of shares retired, during the year ended December 31, 2025, which are subject to service-based vesting conditions which do not exceed four years from the respective grant dates. Total compensation cost related to unvested RSUs and restricted shares of common stock not yet recognized was approximately $1,717.2 million and $1,378.1 million as of December 31, 2025 and December 31, 2024, respectively. The weighted-average period over which the unvested RSUs and restricted shares of common stock will be recognized is 2.8 years as of December 31, 2025 and December 31, 2024. Total compensation cost related to unvested PSUs not yet recognized was approximately $82.8 million and $52.3 million as of December 31, 2025, and December 31, 2024, respectively. The weighted-average period over which the unvested PSUs will be recognized is 1.3 years and 1.3 years as of December 31, 2025, and December 31, 2024, respectively. Stock-Based Compensation Stock-based comp ensation was included in the consolidated statement of operations as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cost of revenue | $ | 29,729 |  |  | $ | 26,221 |  |  | $ | 17,578 |
Research and development | 469,526 |  |  | 363,301 |  |  | 313,096 |
Sales and marketing | 156,472 |  |  | 122,079 |  |  | 101,937 |
General and administrative | 94,944 |  |  | 58,735 |  |  | 49,689 |
Stock-based compensation, net of amounts capitalized | 750,671 |  |  | 570,336 |  |  | 482,300 |
Capitalized stock-based compensation | 23,454 |  |  | 13,152 |  |  | 13,597 |
Total stock-based compensation | $ | 774,125 |  |  | $ | 583,488 |  |  | $ | 495,897 |
Employee Stock Purchase Plan In September 2019, the Board adopted and approved the 2019 ESPP, which became effective on the date of the final prospectus for the Company’s IPO. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company may specify offerings with durations of not more than 27 months and may specify shorter purchase periods within each offering. Historically offering periods have been approximately 6 months. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The Company recognized $20.8 million, $15.3 million, and $16.0 million of stock-based compensation expense related to the ESPP during the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, $11.9 million and $8.3 million, respectively, has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions. During the years ended December 31, 2025, 2024, and 2023, the Company issued 569,345, 449,249, and 517,430 shares of Class A common stock under the ESPP, respectively. As of December 31, 2025, 23,194,449 shares of Class A common stock remain available for grant under the ESPP. Total compensation cost related to the ESPP not yet recognized was approximately $11.3 million and $7.0 million as of December 31, 2025 and 2024, respectively. The weighted average period over which this compensation cost will be recognized is 0.4 years as of December 31, 2025 and 2024, respectively.

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