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Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 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 IPO, 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 year ended December 31, 2024, these shares were 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 holders of 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 did not have a contractual obligation to share in our losses. As such, our net loss for the year ended December 31, 2023 was not allocated to these participating securities.
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stock:
Year ended December 31,
202520242023
Class AClass BClass AClass BClass AClass 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$376,971 $152,750 $(231,631)$(252,645)$(11,033)$(79,791)
Denominator:
Basic weighted-average common shares outstanding132,637,76753,745,50469,580,04875,892,3417,183,72351,954,363
Basic income (loss) per share attributable to common stockholders$2.84 $2.84 $(3.33)$(3.33)$(1.54)$(1.54)
Diluted net income (loss) per share attributable to common stockholders:
Numerator:
Net income (loss) attributable to common stockholders
$388,855 $140,866 $(231,631)$(252,645)$(11,033)$(79,791)
Denominator:
Basic weighted-average common shares outstanding
132,637,76753,745,50469,580,04875,892,3417,183,72351,954,363
Weighted-average effect of dilutive potential common stock15,724,707—————
Shares used in computation of diluted net income (loss) per share attributable to common stockholders148,362,47453,745,50469,580,04875,892,3417,183,72351,954,363
Diluted net income (loss) per share attributable to common stockholders$2.62 $2.62 $(3.33)$(3.33)$(1.54)$(1.54)
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.
Year ended December 31,
202520242023
Class AClass BClass AClass BClass AClass B
Stock options— — 11,501,771 3,185,767 22,600,876 7,213,522 
Unvested RSUs and RSAs274,742 — 10,746,145 598,102 24,166,383 2,720,150 
Preferred shares— — — — 5,104,017 67,917,432 
274,742 — 22,247,916 3,783,869 51,871,276 77,851,104