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Equity (Tables)
 9 Months Ended
Nov. 02, 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 November 2, 2024 and February 3, 2024, as follows:
As of
November 2, 2024February 3, 2024
2015 Equity Incentive Plan:
Options outstanding5,635,770 6,165,885 
RSUs outstanding1,727,814 6,654,559 
2021 Equity Incentive Plan:
RSUs outstanding25,121,928 28,716,715 
Shares available for future grants90,063,448 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 issuance144,268,468 126,734,143 
Schedule of Stock Options Activity
Options—A summary of the stock options activity under the 2015 Plan during the nine months ended November 2, 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(530,115)$1.62 
Forfeited, canceled, or expired— $— 
Balance as of November 2, 20245,635,770 $5.40 5.1$230,043 
Exercisable as of November 2, 20245,635,770 $5.40 5.1$230,043 
__________
(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 nine months ended November 2, 2024 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of February 3, 202435,371,274 $15.17 
Granted10,217,066 $34.81 
Vested(14,077,918)$16.36 
Forfeited(4,660,680)$16.93 
Balance as of November 2, 202426,849,742 $21.72 
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:
Nine Months Ended
November 2, 2024October 28, 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 EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Stock options$612 $771 $2,169 $2,357 
RSUs68,895 55,165 197,393 160,255 
Employee stock purchase plan3,085 3,855 9,290 9,783 
Total stock-based compensation expense$72,592 $59,791 $208,852 $172,395 
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 EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cost of revenue$3,041 $2,936 $9,189 $8,698 
Research and development26,899 21,523 76,275 64,378 
Sales and marketing22,008 19,253 61,886 51,832 
General and administrative20,644 16,079 61,502 47,487 
Total stock-based compensation expense$72,592 $59,791 $208,852 $172,395