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Stockholders’ Equity (Tables)

9 Months Ended

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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