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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 12. 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 three months ended March 31, 2025:
| Total RSUs and RSAs |  | Weighted- average grant date fair value
Unvested as of December 31, 2024 | 11,344,247 |  |  | $ | 37.67 |
Granted | 233,972 |  |  | $ | 180.92 |
Vested | (2,338,968) |  |  | $ | 42.30 |
Canceled/Forfeited | (239,105) |  |  | $ | 37.74 |
Unvested as of March 31, 2025 | 9,000,146 |  |  | $ | 40.19 |
As of March 31, 2025, we had RSUs and RSAs outstanding for 9,000,146 common shares, of which 8,439,425 relate to Class A common stock and 560,721 relate to Class B common stock. Total unrecognized stock-based compensation expense related to RSUs and RSAs was $247.4 million as of March 31, 2025 and is expected to be recognized over a weighted-average period of 1.1 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 three months ended March 31, 2025:
| 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, 2024 | 14,687,538 |  |  | $ | 30.07 |  |  | 6.87 |  | $ | 1,958,924 |
Exercised | (1,831,762) |  |  | 5.56 |  |  |  |  |
Canceled/Forfeited | (264) |  |  | 7.92 |  |  |  |  |
Balance as of March 31, 2025 | 12,855,512 |  |  | $ | 33.56 |  |  | 7.16 |  | $ | 917,121 |
Vested as of March 31, 2025 | 6,143,484 |  |  | $ | 21.08 |  |  | 5.45 |  | $ | 514,928 |
Vested and expected to vest as of March 31, 2025 | 12,855,512 |  |  | $ | 33.56 |  |  | 7.16 |  | $ | 917,121 |
As of March 31, 2025, we had outstanding stock options for 12,855,512 common shares, of which 10,496,426 relate to Class A common stock and 2,359,086 relate to Class B common stock. Total unrecognized stock-based compensation expense related to stock options was $104.7 million as of March 31, 2025 and is expected to be recognized over a weighted-average period of 3.72 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 March 31,
| 2025 |  | 2024 |  |
Cost of revenue | $ | 217 |  |  | $ | 258 |  |  |
Research and development | 52,610 |  |  | 316,514 |  |  |
Sales and marketing | 10,138 |  |  | 60,790 |  |  |
General and administrative | 22,449 |  |  | 199,946 |  |  |
Stock-based compensation expense | $ | 85,414 |  |  | $ | 577,508 |  |  |

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