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Stockholders’ Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of Reserved Shares of Common Stock for Future Issuance | As of September 30, 2025 and December 31, 2024, the Company had reserved shares of common stock for future issuance, on an as converted basis, as follows:
| September 30, 2025 |  | December 31, 2024
Convertible preferred stock | — |  |  | 245,999 |
RSUs (including CEO Equity Awards) outstanding | 90,531 |  |  | 73,951 |
Stock options outstanding | 21,289 |  |  | 24,023 |
Common stock warrants | — |  |  | 261 |
Remaining shares authorized for future issuance | 74,162 |  |  | 2,864 |
Total | 185,982 |  |  | 347,098 |
Schedule of Fair Value of Stock Options Granted | The following table summarizes the assumptions used in estimating the fair value of the rights to acquire stock under the ESPP using the Black-Scholes option-pricing model:
| Three Months Ended
| September 30, 2025
Expected term | 0.3 years
Expected volatility | 42.49 | %
Risk free interest rate | 4.30 | %
Dividend yield | — | %
The following table summarizes the assumptions used in the valuation of the 2024 Stock Option Grants to employees during the three months ended September 30, 2024.
| Three Months Ended
| September 30, 2024
Expected term | 2.5 years
Expected volatility | 54.61 | %
Risk free interest rate | 3.87 | %
Dividend yield | — | %
Fair value of common stock on grant date | $ | 23.19 |
Schedule of Incremental Stock-Based Compensation Expense | A summary of stock-based compensation expense recognized in the condensed consolidated statement of operations related to the May 2024 RSU Release and the incremental stock-based compensation expense from the 2024 Tender Offer is as follows, net of amounts capitalized as internal-use software:
| Nine Months Ended
September 30, 2024
Cost of revenue | $ | 24,858 |
Research and development | 462,683 |
Sales and marketing | 186,659 |
General and administrative | 183,618 |
Total | $ | 857,818 |
A summary of the related stock-based compensation expense recognized in the consolidated statement of operations related to the issuance of these stock option awards is as follows (in thousands), net of amounts capitalized as internal-use software:
| Three Months Ended
| September 30, 2024
Cost of revenue | $ | 3,034 |
Research and development | 47,024 |
Sales and marketing | 20,160 |
General and administrative | 17,901 |
Total | $ | 88,119 |
Schedule of Stock Option Activity and Weighted-average Exercise Prices | A summary of stock option activity and weighted-average exercise prices under the 2012 Plan and related information for the nine months ended September 30, 2025 is as follows:
| Number of stock options outstanding under the 2012 Plan |  | Weighted-average exercise price per share |  | Weighted-average remaining contractual term (in years) |  | Aggregate intrinsic value
Outstanding as of December 31, 2024 | 24,023 |  |  | $ | 10.18 |  |  | 4.4 |  | $ | 333,861 |
Options exercised | (2,734) |  |  | 17.40 |  |  | — |  |  | — |
Options forfeited | — |  |  | — |  |  | — |  |  | — |
Outstanding as of September 30, 2025 | 21,289 |  |  | $ | 9.25 |  |  | 2.4 |  | $ | 907,323 |
Vested and exercisable as of September 30, 2025 | 21,289 |  |  | $ | 9.25 |  |  | 2.4 |  | $ | 907,323 |
Schedule of Value of Options Exercised and Total Fair Value of Options | The following table summarizes information about the value of options exercised and total fair value of options vested during the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2025 |  | 2024 |  | 2025 |  | 2024
Intrinsic value of options exercised | $ | 65,116 |  |  | $ | 100,670 |  |  | $ | 70,532 |  |  | $ | 106,164 |
Schedule of Activity for Unvested RSUs | The following table summarizes the activity for the Company’s unvested RSUs under the 2012 Plan and the 2025 Plan during the nine months ended September 30, 2025, excluding the CEO equity awards described below:
| Number of RSUs outstanding under the 2012 Plan |  | Weighted-average grant date fair value per share
Unvested at December 31, 2024 | 54,826 |  |  | $ | 22.80 |
RSUs granted | 21,158 |  |  | 34.59 |
RSUs released | (20,918) |  |  | 19.91 |
RSUs forfeited | (4,745) |  |  | 25.81 |
Total RSUs outstanding at September 30, 2025 | 50,321 |  |  | 28.67 |
RSUs vested, not yet released at September 30, 2025 | (46) |  |  | 15.92 |
Unvested at September 30, 2025 | 50,275 |  |  | $ | 28.68 |
Schedule of Tranches Eligible to Vest Based on Achievement of Certain Public Market Capitalization Targets | The award is comprised of three tranches that are eligible to vest based on the achievement of certain public market capitalization targets as follows:
Tranche |  | Public market capitalization targets |  | Shares of Class B common stock vested (thousands)
1 |  | $15 | billion |  | 1,875
2 |  | $20 | billion |  | 3,750
3 |  | $25 | billion |  | 5,625
|  |  |  | 11,250
The award is comprised of seven tranches that are eligible to vest based on the achievement of certain stock price targets as follows:
Tranche |  | Stock price targets |  | Percentage of shares of Class B common stock vested
1 |  | $60 per share |  | 15%
2 |  | $70 per share |  | 15%
3 |  | $80 per share |  | 15%
4 |  | $90 per share |  | 15%
5 |  | $100 per share |  | 14.5%
6 |  | $110 per share |  | 13.5%
7 |  | $130 per share |  | 12%
|  |  |  | 100%

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