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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2026
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 three and six months ended June 30, 2026, 871,473 shares and 1,175,964 shares of Class B common stock were converted into Class A common stock. As of June 30, 2026, 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 with a par value of $0.00001 per share, of which 334,438,127 shares of Class A common stock and 24,518,658 shares of Class B common stock were issued and outstanding. 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 of Class A common stock (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 June 30, 2026, there were 1,596,017 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 committee or subcommittee of the Board may grant stock options, stock appreciation rights, restricted stock, 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 June 30, 2026, there were 106,555,234 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, 2025 | 3,474,619 |  |  | $ | 7.26 |  |  | 3.0 |  | $ | 447,294 |
Options granted | — |  |  | — |  |  |  |  |
Options exercised | (1,864,259) |  |  | 6.76 |  |  |  |  |
Options forfeited or expired | — |  |  | — |  |  |  |  |
Balance—June 30, 2026 | 1,610,360 |  |  | $ | 7.83 |  |  | 2.6 |  | $ | 406,663 |
Exercisable—June 30, 2026 | 1,610,360 |  |  | $ | 7.83 |  |  | 2.6 |  | $ | 406,663 |
As of June 30, 2026, there were 14,343 shares of Class A common stock and 1,596,017 shares of Class B common stock issuable upon the exercise of options outstanding. 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. There were no options granted during the six months ended June 30, 2026 and 2025. The Company received approximately $12.5 million and $3.4 million in cash proceeds from options exercised during the six months ended June 30, 2026 and 2025, respectively. The intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was approximately $241.6 million and $317.7 million, respectively. 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 Grant Date Fair Value
Unvested and outstanding balance as of December 31, 2025 | 16,700,043 |  |  | $ | 124.10 |
Awarded | 4,803,875 |  |  | 139.15
Vested | (3,560,961) |  |  | 109.59
Forfeited/canceled | (843,601) |  |  | 129.31
Unvested and outstanding balance as of June 30, 2026 | 17,099,356 |  |  | 130.40
The Company granted 750,624 restricted shares of Class A common stock in connection with acquisitions during the six months ended June 30, 2026. Total compensation cost related to unvested RSUs and restricted shares of common stock not yet recognized was approximately $1,939.9 million and $1,717.2 million as of June 30, 2026 and December 31, 2025, respectively. The weighted-average period over which this compensation cost related to unvested RSUs and restricted shares of common stock will be recognized is 2.8 years and 2.8 years as of June 30, 2026 and December 31, 2025, respectively. Total compensation cost related to unvested PSUs not yet recognized was approximately $138.4 million and $82.8 million as of June 30, 2026 and December 31, 2025, respectively. The weighted-average period over which this compensation cost related to unvested PSUs will be recognized is 1.5 years and 1.3 years as of June 30, 2026 and December 31, 2025, respectively. Employee Stock Purchase Plan In September 2019, the Board adopted and approved the 2019 Employee Stock Purchase Plan (the “ESPP”). 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 $7.2 million and $14.4 million of stock-based compensation expense related to the ESPP during the three and six months ended June 30, 2026. As of June 30, 2026, $12.6 million has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions. During the three months ended June 30, 2026, the Company issued 254,970 shares of Class A common stock under the ESPP. As of June 30, 2026, 26,464,738 shares of Class A common stock remain available for grant under the ESPP. Stock-Based Compensation The Company recognizes and measures compensation expense for all stock-based payment awards granted to employees, directors and nonemployees, including stock options, restricted stock units (“RSUs”), performance-based awards (“PSUs”), and the employee stock purchase plan (the “ESPP”) based on the fair value of the awards on the date of grant. The determination of the grant date fair value using an option-pricing model is affected by the estimated fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award and expected dividends. The fair value of RSUs and PSUs is determined by the closing price on the date of grant of the Company’s Class A common stock, as reported on the Nasdaq Global Select Market. The Company estimates the fair value of the rights to acquire stock under the ESPP using the Black-Scholes option-pricing model. Stock-based compensation for stock options and RSUs is recognized on a straight-line basis over the requisite service period and account for forfeitures as they occur. Stock-based compensation for PSUs is amortized under the accelerated attribution method and may be adjusted over the vesting period based on interim estimates of performance against pre-set objectives. PSUs will vest upon achievement of specified performance targets and subject to continuous service through the applicable vesting dates. The compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied and the Company accounts for forfeitures as they occur. The Company also has certain options that have performance-based vesting conditions; stock-based compensation expense for such awards is recognized on a straight-line basis from the time the vesting condition is likely to be met through the time the vesting condition has been achieved. Stock-based compensation expense was included in the condensed consolidated statement of operations as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Cost of revenue | $ | 9,256 |  |  | $ | 6,783 |  |  | $ | 17,815 |  |  | $ | 13,434 |
Research and development | 131,682 |  |  | 112,445 |  |  | 255,353 |  |  | 218,180 |
Sales and marketing | 47,098 |  |  | 37,442 |  |  | 89,396 |  |  | 71,567 |
General and administrative | 32,215 |  |  | 23,792 |  |  | 54,529 |  |  | 41,546 |
Stock-based compensation, net of amounts capitalized | 220,251 |  |  | 180,462 |  |  | 417,093 |  |  | 344,727 |
Capitalized stock-based compensation expense | 6,882 |  |  | 5,957 |  |  | 16,071 |  |  | 11,619 |
Total stock-based compensation expense | $ | 227,133 |  |  | $ | 186,419 |  |  | $ | 433,164 |  |  | $ | 356,346 |

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