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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation RSUs and RSAs Our restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) vest based on the terms in the grant agreements and generally vest ratably over one to four years from the vesting commencement date. The following table summarizes the RSU and RSA activity for the six months ended June 30, 2024:
| Service- based RSUs |  | RSAs |  |  |  | Market and Performance- based RSUs |  | Total RSUs and RSAs |  | Weighted- average grant date fair value
Unvested as of December 31, 2023 | 25,406,057 |  |  | 87,030 |  |  |  |  | 1,393,446 |  |  | 26,886,533 |  |  | $ | 29.17 |
Granted | 2,112,686 |  |  | — |  |  |  |  | — |  |  | 2,112,686 |  |  | $ | 37.05 |
Vested | (13,336,055) |  |  | (29,012) |  |  |  |  | (678,632) |  |  | (14,043,699) |  |  | $ | 29.91 |
Canceled/Forfeited | (969,333) |  |  | — |  |  |  |  | (30,789) |  |  | (1,000,122) |  |  | $ | 28.97 |
Unvested as of June 30, 2024 | 13,213,355 |  |  | 58,018 |  |  |  |  | 684,025 |  |  | 13,955,398 |  |  | $ | 29.64 |
As of June 30, 2024, we had RSUs and RSAs outstanding for 13,955,398 common shares, of which 12,620,086 relate to Class A common stock and 1,335,312 relate to Class B common stock. Total unrecognized stock-based compensation expense related to RSUs and RSAs was $233.2 million as of June 30, 2024 and is expected to be recognized over a weighted-average period of 1.62 years. Stock Options Stock options vest based on terms in the stock option agreement and generally vest over five years quarterly or four years with 25% of the award vesting one year from the vesting commencement date then ratably over the following three years. The following table summarizes the stock option activity during the six months ended June 30, 2024:
| Outstanding stock options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value
| (in thousands, except share, per share, and year data)
Balance as of December 31, 2023 | 29,795,909 |  |  | $ | 17.83 |  |  | 6.00 |  | $ | 500,472 |
Exercised | (4,208,017) |  |  | 5.92 |  |  |  |  |
Canceled/Forfeited | (89,996) |  |  | 8.62 |  |  |  |  |
Balance as of June 30, 2024 | 25,497,896 |  |  | $ | 19.83 |  |  | 5.82 |  | $ | 1,162,142 |
Vested as of June 30, 2024 | 17,223,892 |  |  | $ | 8.14 |  |  | 4.11 |  | $ | 964,094 |
Vested and expected to vest as of June 30, 2024 | 25,497,896 |  |  | $ | 19.83 |  |  | 5.82 |  | $ | 1,162,142 |
As of June 30, 2024 we had outstanding stock options for 25,497,896 common shares, of which 19,087,522 relate to Class A common stock and 6,410,374 relate to Class B common stock. Total unrecognized stock-based compensation expense related to stock options was $128.2 million as of June 30, 2024 and is expected to be recognized over a weighted-average period of 4.39 years. Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations for all periods presented:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Cost of revenue | $ | 61 |  |  | $ | 25 |  |  | $ | 319 |  |  | $ | 63 |
Research and development | 29,944 |  |  | 5,690 |  |  | 346,458 |  |  | 13,250 |
Sales and marketing | 6,875 |  |  | 1,389 |  |  | 67,665 |  |  | 3,086 |
General and administrative | 27,386 |  |  | 2,999 |  |  | 227,332 |  |  | 6,184 |
Stock-based compensation expense | $ | 64,266 |  |  | $ | 10,103 |  |  | $ | 641,774 |  |  | $ | 22,583 |

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