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Stockholders' Equity
 12 Months Ended
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,
20252024
Options, RSUs and PSUs outstanding20,174,662 20,759,819 
Shares available for future grants92,889,210 84,272,083 
Shares subject to the employee stock purchase plan23,194,449 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, 20246,953,119$4.55 3.0$961,910 
Options granted— — 
Options exercised(3,478,500)1.84 
Options forfeited or expired— — 
Balance—December 31, 20253,474,619$7.26 3.0$447,294 
Exercisable—December 31, 20253,474,619$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:
SharesWeighted-Average
Fair Value		Aggregate
Intrinsic Value
(in thousands)
Unvested and outstanding balance as of December 31, 202413,806,700$116.09 $1,972,839 
Awarded9,951,174128.13 
Vested(5,595,469)113.50 
Forfeited/canceled(1,462,362)116.34 
Unvested and outstanding balance as of December 31, 202516,700,043$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 compensation was included in the consolidated statement of operations as follows (in thousands):
Year Ended December 31,
202520242023
Cost of revenue$29,729 $26,221 $17,578 
Research and development469,526 363,301 313,096 
Sales and marketing156,472 122,079 101,937 
General and administrative94,944 58,735 49,689 
Stock-based compensation, net of amounts capitalized750,671 570,336 482,300 
Capitalized stock-based compensation23,454 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.