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Equity (Tables)
 6 Months Ended
Aug. 03, 2024
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock for Future Issuance
The Company had reserved shares of common stock for future issuance as of August 3, 2024 and February 3, 2024, as follows:
As of
August 3, 2024February 3, 2024
2015 Equity Incentive Plan:
Options outstanding5,854,565 6,165,885 
RSUs outstanding3,034,669 6,654,559 
2021 Equity Incentive Plan:
RSUs outstanding28,293,217 28,716,715 
Shares available for future grants90,202,920 68,321,018 
2021 Employee Stock Purchase Plan:
Shares available for future issuance21,719,508 16,875,966 
Total shares of common stock reserved for future issuance149,104,879 126,734,143 
Schedule of Stock Options Activity
Options—A summary of the stock options activity under the 2015 Plan during the six months ended August 3, 2024 is presented below (the number of options represents shares of common stock exercisable in respect thereof):
Number of SharesWeighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(In Years)
Aggregate Intrinsic Value (1)
(In Thousands)
Balance as of February 3, 20246,165,885 $5.07 5.7$169,153 
Granted— $— 
Exercised(311,320)$2.64 
Forfeited, canceled, or expired— $— 
Balance as of August 3, 20245,854,565 $5.20 5.2$176,773 
Exercisable as of August 3, 20245,663,860 $5.13 5.2$171,470 
__________
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented.
Schedule of RSU Activity
A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the six months ended August 3, 2024 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of February 3, 202435,371,274 $15.17 
Granted9,104,540 $33.77 
Vested(9,460,162)$15.82 
Forfeited(3,687,766)$15.76 
Balance as of August 3, 202431,327,886 $20.31 
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of ESPP Shares The weighted-average assumptions used to estimate the fair value of shares to be issued under the 2021 ESPP were as follows:
Six Months Ended
August 3, 2024July 29, 2023
Expected volatility
53.2% – 57.4%
66.9% – 72.5%
Expected term (years)
0.5 – 1.0
0.5 – 1.0
Risk-free interest rate
5.2% – 5.4%
5.2% – 5.4%
Expected dividend yield—%—%
Schedule of Stock-Based Compensation Expense
Stock-Based Compensation Expense—Stock-based compensation expense, by grant type, was as follows (in thousands):
Three Months EndedSix Months Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Stock options$773 $775 $1,557 $1,586 
RSUs67,630 55,674 128,498 105,090 
Employee stock purchase plan3,201 3,207 6,205 5,928 
Total stock-based compensation expense$71,604 $59,656 $136,260 $112,604 
Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months EndedSix Months Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Cost of revenue$3,218 $3,056 $6,148 $5,762 
Research and development25,977 22,524 49,376 42,855 
Sales and marketing21,386 17,337 39,878 32,579 
General and administrative21,023 16,739 40,858 31,408 
Total stock-based compensation expense$71,604 $59,656 $136,260 $112,604