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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] |
Summary of the Stock Option Activity | The stock option activity is summarized in the following table:
|  | Number of Option Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value (in millions) |
Outstanding as of December 31, 2023 |  |  | 21,664,377 |  |  | $ | 2.26 |  |  |  |  |  |  |
Granted |  |  | 52,640 |  |  |  | 11.24 |  |  |  |  |  |  |
Exercised |  |  | (4,918,156 | ) |  |  | 1.84 |  |  |  |  |  |  |
Cancelled/ Forfeited |  |  | (111,732 | ) |  |  | 4.81 |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 16,687,129 |  |  | $ | 2.40 |  |  |  | 5.42 |  |  | $ | 656.98 |
Exercisable as of December 31, 2024 |  |  | 13,651,675 |  |  | $ | 1.81 |  |  |  | 5.08 |  |  | $ | 545.49 |
Exercisable and expected to vest as of December 31, 2024 |  |  | 16,687,129 |  |  | $ | 2.40 |  |  |  | 5.42 |  |  | $ | 656.98 |
Summary of stock option grants, vesting and exercises | The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Total intrinsic value of options exercised |  | $ | 58.8 |  |  | $ | 18.6 |  |  | $ | 6.7 |
Aggregate grant-date fair value of options vested |  | $ | 12.5 |  |  | $ | 15.5 |  |  | $ | 9.9 |
Weighted-average grant date fair value per share for options granted |  | $ | 7.98 |  |  | $ | 9.38 |  |  | $ | 5.58 |
Summary of restricted stock unit ("RSU") activity | The RSU activity is summarized in the following table:
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Fair Value (in millions) |
Outstanding as of December 31, 2023 |  |  | 15,107,535 |  |  | $ | 8.90 |  |  |  |  |  |  |
Granted |  |  | 8,856,201 |  |  |  | 10.36 |  |  |  |  |  |  |
Vested |  |  | (7,388,376 | ) |  |  | 9.15 |  |  |  |  |  |  |
Forfeited |  |  | (2,065,643 | ) |  |  | 9.78 |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 14,509,717 |  |  | $ | 9.54 |  |  |  | 2.58 |  |  | $ | 606.07 |
Expected to vest after December 31, 2024 |  |  | 14,489,217 |  |  | $ | 9.53 |  |  |  | 2.58 |  |  | $ | 605.21 |
Summary of RSU Grants and Vesting | The following table summarizes additional information on RSU grants and vesting (in millions, except per share amounts):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Total fair value of RSUs that vested |  | $ | 102.0 |  |  | $ | 63.4 |  |  | $ | 8.6 |
Weighted-average grant date fair value per share for RSUs granted |  | $ | 10.36 |  |  | $ | 9.97 |  |  | $ | 7.34 |
Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target | The PSU activity is summarized in the following table, based on awards at target:
|  | Number of PSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Fair Value (in millions) |
Outstanding as of December 31, 2023 |  |  | 4,307,833 |  |  | $ | 15.75 |  |  |  |  |  |  |
Granted |  |  | 565,498 |  |  |  | 18.41 |  |  |  |  |  |  |
Forfeited |  |  | (901,074 | ) |  |  | 15.56 |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 3,972,257 |  |  | $ | 16.17 |  |  |  | 2.16 |  |  | $ | 165.92 |
Expected to vest after December 31, 2024(1) |  |  | 9,930,643 |  |  | $ | 14.93 |  |  |  | 2.16 |  |  | $ | 414.80 |
(1) Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period. The following table summarizes additional information on PSU grants:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Weighted-average grant date fair value per share for PSUs granted |  | $ | 18.41 |  |  | $ | 15.74 |  |  | $ | — |
Summary of Unrecognized Stock-Based Compensation | A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of December 31, 2024, related to its non-vested RSUs, PSUs, and stock option awards is presented below (in millions, except time period amounts):
|  | Unrecognized Expense |  |  | Weighted- Average Amortization Period (Years) |
Restricted stock units |  | $ | 130.1 |  |  |  | 2.7 |
Performance-based restricted stock units |  | $ | 98.3 |  |  |  | 2.2 |
Stock options |  | $ | 14.4 |  |  |  | 1.3 |
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock | Total stock-based compensation expense for stock option awards, RSUs and PSUs, which are included in the consolidated financial statements, is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of revenue |  | $ | 4,740 |  |  | $ | 2,819 |  |  | $ | 902 |
Research and development |  |  | 58,696 |  |  |  | 40,103 |  |  |  | 13,472 |
Sales and marketing |  |  | 13,788 |  |  |  | 6,762 |  |  |  | 1,298 |
General and administrative |  |  | 29,654 |  |  |  | 20,059 |  |  |  | 15,784 |
Stock-based compensation, net of amounts capitalized |  | $ | 106,878 |  |  | $ | 69,743 |  |  | $ | 31,456 |
Capitalized stock-based compensation—Intangibles and fixed assets |  |  | 5,188 |  |  |  | 4,702 |  |  |  | 1,741 |
Total stock-based compensation |  | $ | 112,066 |  |  | $ | 74,445 |  |  | $ | 33,197 |
Stock Options [Member] |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] |
Summary of Share Based Payment Award Stock Options Valuation Assumptions | The assumptions used to estimate the fair value of stock options granted are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 4.31 | % |  |  | 4.09 | % |  |  | 2.60 | %
Expected term (in years) |  |  | 6.00 |  |  |  | 5.50 |  |  |  | 5.82 |
Expected volatility |  |  | 79.33 | % |  |  | 80.63 | % |  |  | 75.82 | %
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Performance Based Restricted Stock Units [Member] |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] |
Summary of Share Based Payment Award Stock Options Valuation Assumptions | The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 4.63 | % |  |  | 4.59 | % |  |  | — | %
Contractual term (in years) |  |  | 2.46 |  |  |  | 3.37 |  |  |  | — |
Expected volatility |  |  | 89.98 | % |  |  | 80.00 | % |  |  | — | %
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %

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