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Net Income (Loss) per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) per Share | 4. Net Income (Loss) per Share We compute net income (loss) per share of Class A and Class B common stock using the two-class method required for multiple classes of common stock and participating securities. Prior to our initial public offering (“IPO”) in March 2024, our participating securities included Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock, as the holders of these series of preferred stock were entitled to receive noncumulative dividends subject to certain requirements at an annual rate of 8% of the respective original issue price then in effect in the event that a dividend was paid on common stock. In connection with our IPO, our Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, and Series F preferred stock converted on a one-to-one basis into 67,917,432 shares of Class B common stock, and our Series F-1 preferred stock converted on a one-to-one basis into 5,104,017 shares of Class A common stock. For the three and six months ended June 30, 2024, these shares are weighted in the denominator of net income (loss) per share for Class A and Class B common stock for the portion of the time outstanding subsequent to our IPO. The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stock:
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  |  |  | 2024 |  | 2025 |  | 2024 |
| Class A |  | Class B |  |  |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  |
| (in thousands, except share and per share data)
Basic net income (loss) per share attributable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common stockholders | $ | 62,806 |  |  | $ | 26,491 |  |  |  |  | $ | (3,034) |  |  | $ | (7,065) |  |  | $ | 80,803 |  |  | $ | 34,652 |  |  | $ | (151,229) |  |  | $ | (433,936) |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted-average common shares outstanding | 130,426,589 |  | 55,011,188 |  |  |  | 49,386,912 |  | 114,995,824 |  | 128,586,761 |  |  | 55,144,231 |  | 30,317,800 |  | 86,993,814 |  |
Basic income (loss) per share attributable to common stockholders | $ | 0.48 |  |  | $ | 0.48 |  |  |  |  | $ | (0.06) |  |  | $ | (0.06) |  |  | $ | 0.63 |  |  | $ | 0.63 |  |  | $ | (4.99) |  |  | $ | (4.99) |  |  |
Diluted net income (loss) per share attributable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common stockholders | $ | 64,676 |  |  | $ | 24,621 |  |  |  |  | $ | (3,034) |  |  | $ | (7,065) |  |  | $ | 83,730 |  |  | $ | 31,725 |  |  | $ | (151,229) |  |  | $ | (433,936) |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted-average common shares outstanding | 130,426,589 |  | 55,011,188 |  |  |  | 49,386,912 |  | 114,995,824 |  | 128,586,761 |  |  | 55,144,231 |  | 30,317,800 |  | 86,993,814 |  |
Weighted-average effect of dilutive potential common stock | 14,084,656 |  | — |  |  |  | — |  | — |  | 16,950,466 |  | — |  | — |  | — |  |
Shares used in computation of diluted net income (loss) per share attributable to common stockholders | 144,511,245 |  | 55,011,188 |  |  |  | 49,386,912 |  | 114,995,824 |  | 145,537,227 |  | 55,144,231 |  | 30,317,800 |  | 86,993,814 |  |
Diluted net income (loss) per share attributable to common stockholders | $ | 0.45 |  |  | $ | 0.45 |  |  |  |  | $ | (0.06) |  |  | $ | (0.06) |  |  | $ | 0.58 |  |  | $ | 0.58 |  |  | $ | (4.99) |  |  | $ | (4.99) |  |  |
The following outstanding potentially dilutive shares, including stock options that have been exercised prior to vesting, were excluded from the computation of diluted net income (loss) per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.
| Three months ended June 30, |  | Six months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  | — |  | 19,090,416 |  | 6,410,374 |  | — |  | — |  | 19,090,416 |  | 6,410,374 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unvested RSUs and RSAs | 433,058 |  | — |  | 12,620,086 |  | 1,335,312 |  | 126,137 |  | — |  | 12,620,086 |  | 1,335,312 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 433,058 |  |  | — |  |  | 31,710,502 |  |  | 7,745,686 |  |  | 126,137 |  |  | — |  |  | 31,710,502 |  |  | 7,745,686 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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