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Equity
 6 Months Ended
Aug. 02, 2025
Equity [Abstract]  
Equity Equity
There were 348,744,278, 224,890,359, and zero shares of Class A, Class B, and Class C common stock, respectively, issued and outstanding as of August 2, 2025. There were 295,839,286, 269,879,953, and zero shares of Class A, Class B, and Class C common stock, respectively, issued and outstanding as of February 1, 2025.
The Company had reserved shares of common stock for future issuance as of August 2, 2025 and February 1, 2025, as follows:
As of
August 2, 2025February 1, 2025
2015 Equity Incentive Plan:
Options outstanding5,599,181 5,632,520 
RSUs outstanding76,229 790,123 
2021 Equity Incentive Plan:
RSUs outstanding20,965,069 21,520,741 
Shares available for future grants112,775,180 90,518,967 
2021 Employee Stock Purchase Plan:
Shares available for future issuance26,358,940 21,284,493 
Total shares of common stock reserved for future issuance165,774,599 139,746,844 
Employee Compensation Plans
The Company currently has two equity incentive plans, the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2021 Equity Incentive Plan (the “2021 Plan”). The 2015 Plan was terminated in connection with the adoption of the 2021 Plan in December 2021 but continues to govern the terms of outstanding stock options and RSUs that were granted prior to the termination of the 2015 Plan. The Company no longer grants equity awards pursuant to the 2015 Plan.
2021 Equity Incentive Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Plan, which became effective in December 2021 in connection with the Company’s initial public offering (“IPO”). The total number of shares of the Company’s Class A common stock reserved for future grants as of August 2, 2025 includes 28,285,961 shares added on the first day of fiscal year 2026 pursuant to the annual automatic evergreen increase provision of the 2021 Plan.
Options—A summary of the stock options activity under the 2015 Plan during the six months ended August 2, 2025 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 1, 20255,632,520 $5.40 4.9$259,635 
Granted— $— 
Exercised(33,339)$0.78 
Forfeited, canceled, or expired— $— 
Balance as of August 2, 20255,599,181 $5.43 4.4$171,213 
Exercisable as of August 2, 20255,599,181 $5.43 4.4$171,213 
__________
(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.
The intrinsic value of stock options exercised was $1.2 million and $11.1 million during the six months ended August 2, 2025 and August 3, 2024, respectively.
As of August 2, 2025, the Company had no remaining unrecognized stock-based compensation expense related to outstanding stock options.
RSUs—RSUs granted prior to the IPO had both a service condition and a performance condition (defined under the 2015 Plan as the occurrence of a qualifying liquidity event, which was defined as the earlier of a successful IPO or acquisition). Stock-based compensation expense was only recognized for RSUs for which both the service condition and performance condition have been met. The service condition for these awards is generally satisfied over four years. The performance condition was satisfied upon the IPO. Prior to the IPO, the Company did not record expense on RSUs as a liquidity event upon which vesting is contingent was not probable of occurring. Following the closing of the IPO in December 2021, the Company began recording stock-based compensation expense for these RSUs using the accelerated attribution method, based on the grant-date fair value of the RSUs. RSUs granted after the IPO only have a service condition, and the related stock-based compensation expense is recognized on a straight-line basis over the requisite service period. The service condition for these awards is generally satisfied over four years for RSUs granted through fiscal year 2023 and either three or four years for RSUs granted after fiscal year 2023.
A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the six months ended August 2, 2025 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of February 1, 202522,310,864 $23.14 
Granted7,993,176 $35.69 
Vested(7,299,314)$21.62 
Forfeited(1,963,428)$26.03 
Balance as of August 2, 202521,041,298 $28.17 
As of August 2, 2025, unrecognized stock-based compensation expense related to outstanding unvested RSUs for employees that are expected to vest was approximately $551.6 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.3 years.
2021 Employee Stock Purchase Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in December 2021 in connection with the IPO. The total number of shares of the Company’s Class A common stock reserved for future issuance as of August 2, 2025 includes 5,657,192 shares added on the first day of fiscal year 2026 pursuant to the annual automatic evergreen increase provision of the 2021 ESPP.
The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the lower of the fair market value of a share of the Company’s Class A common stock on the enrollment date or on the exercise date. The enrollment date means the first trading day of each offering period, and the exercise date means the last trading day of each purchase period. Offering periods are generally 12 months long, commencing on the first trading day on or after June 11 and December 11 of each year and terminating on the last trading day on or before June 10 and December 10 of each year. Purchase periods are generally six months long, commencing on the first trading day after one exercise date and ending with the next exercise date.
For the six months ended August 2, 2025 and August 3, 2024, 582,745 and 616,193 shares of Class A common stock were purchased under the 2021 ESPP, resulting in net cash proceeds of $18.7 million and $16.1 million, respectively.
As of August 2, 2025, unrecognized stock-based compensation expense related to the 2021 ESPP was approximately $7.0 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 0.7 years.
Employee Stock Purchase Plan Valuation—The Company estimates the fair value of shares to be issued under the 2021 ESPP using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which greatly affect fair value. The weighted-average assumptions used to estimate the fair value of shares to be issued under the 2021 ESPP were as follows:
Six Months Ended
August 2, 2025August 3, 2024
Expected volatility
51.7% – 57.6%
53.2% – 57.4%
Expected term (years)
0.5 – 1.0
0.5 – 1.0
Risk-free interest rate
4.1% – 4.3%
5.2% – 5.4%
Expected dividend yield—%—%
Expected volatility—The expected volatility for the six months ended August 2, 2025 and August 3, 2024 was based on the historical volatility of the Company.
Expected term (years)—The expected term is approximately 0.5 years for the first purchase period and approximately 1.0 year for the second purchase period.
Risk-free interest rate—The risk-free interest rate assumption is based on observed U.S. Treasury yield curve interest rates in effect at the time of grant appropriate for the expected term of the stock-based award.
Expected dividend yield—Because the Company has never paid and has no current intention to pay cash dividends on its common stock, the expected dividend yield is zero.
Stock-Based Compensation Expense—Stock-based compensation expense, by grant type, was as follows (in thousands):
Three Months EndedSix Months Ended
August 2, 2025August 3, 2024August 2, 2025August 3, 2024
Stock options$— $773 $— $1,557 
RSUs78,086 67,630 152,148 128,498 
Employee stock purchase plan3,049 3,201 6,066 6,205 
Total stock-based compensation expense$81,135 $71,604 $158,214 $136,260 
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 2, 2025August 3, 2024August 2, 2025August 3, 2024
Cost of revenue$3,620 $3,218 $6,867 $6,148 
Research and development29,859 25,977 56,879 49,376 
Sales and marketing23,836 21,386 47,384 39,878 
General and administrative23,820 21,023 47,084 40,858 
Total stock-based compensation expense$81,135 $71,604 $158,214 $136,260