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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2024 |  |  | 16,687,129 |  |  | $ | 2.40 |  |  |  |  |  |  |
Replacement awards(1) |  |  | 1,747,622 |  |  |  | 4.36 |  |  |  |  |  |  |
Exercised |  |  | (10,272,027 | ) |  |  | 1.20 |  |  |  |  |  |  |
Cancelled/ Forfeited |  |  | (432,952 | ) |  |  | 2.66 |  |  |  |  |  |  |
Outstanding as of September 30, 2025 |  |  | 7,729,772 |  |  | $ | 4.42 |  |  |  | 5.85 |  |  | $ | 441.20 |
Exercisable as of September 30, 2025 |  |  | 5,550,278 |  |  | $ | 5.21 |  |  |  | 4.78 |  |  | $ | 312.42 |
Exercisable and expected to vest as of September 30, 2025 |  |  | 7,729,772 |  |  | $ | 4.42 |  |  |  | 5.85 |  |  | $ | 441.20 |
(1) In connection with certain acquisitions, the Company converted certain outstanding stock options of the acquirees into stock options to acquire common stock of the Company, for which $11.3 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.
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) |
Outstanding as of December 31, 2024 |  |  | 3,972,257 |  |  | $ | 16.17 |  |  |  |
Granted |  |  | 2,757,511 |  |  |  | 36.48 |  |  |  |
Vested |  |  | (619,874 | ) |  |  | 16.77 |  |  |  |
Forfeited |  |  | (456,445 | ) |  |  | 15.08 |  |  |  |
Outstanding as of September 30, 2025 |  |  | 5,653,449 |  |  | $ | 26.10 |  |  |  | 1.84 |
Expected to vest after September 30, 2025(1) |  |  | 12,929,029 |  |  | $ | 24.27 |  |  |  | 1.79 |
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.
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock | Total stock-based compensation expense for stock option awards, RSUs, PSUs, and restricted stock which are included in the condensed consolidated financial statements, is as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of revenue |  | $ | 4,247 |  |  | $ | 1,332 |  |  | $ | 7,125 |  |  | $ | 3,392 |
Research and development |  |  | 31,766 |  |  |  | 13,907 |  |  |  | 125,392 |  |  |  | 37,840 |
Sales and marketing |  |  | 6,560 |  |  |  | 2,929 |  |  |  | 16,488 |  |  |  | 8,157 |
General and administrative |  |  | 30,372 |  |  |  | 6,399 |  |  |  | 56,361 |  |  |  | 18,218 |
Stock-based compensation, net of amounts capitalized |  |  | 72,945 |  |  |  | 24,567 |  |  |  | 205,366 |  |  |  | 67,607 |
Capitalized stock-based compensation—Property and equipment, net and Intangible assets, net |  |  | 1,678 |  |  |  | 1,468 |  |  |  | 3,681 |  |  |  | 4,214 |
Total stock-based compensation |  | $ | 74,623 |  |  | $ | 26,035 |  |  | $ | 209,047 |  |  | $ | 71,821 |
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 September 30, 2025, related to its non-vested RSUs, PSUs, restricted stock, and stock option awards is presented below (in millions, except time period amounts):
|  | Unrecognized Expense |  |  | Weighted- Average Amortization Period (Years) |
Restricted stock units |  | $ | 274.3 |  |  |  | 2.9 |
Performance-based restricted stock units |  |  | 237.9 |  |  |  | 2.1 |
Restricted stock |  |  | 142.6 |  |  |  | 4.5 |
Stock options |  |  | 47.5 |  |  |  | 3.0 |
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 are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Risk-free interest rate |  |  | — | % |  |  | — | % |  |  | 4.07 | % |  |  | 4.31 | %
Expected term (in years) |  |  | — |  |  |  | — |  |  |  | 5.89 |  |  |  | 6.00 |
Expected volatility |  |  | — | % |  |  | — | % |  |  | 86.79 | % |  |  | 79.33 | %
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Restricted Stock Units Outstanding [Member] |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] |
Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity | The Company’s RSU activity is summarized in the following table:
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding as of December 31, 2024 |  |  | 14,509,717 |  |  | $ | 9.54 |  |  |  |
Granted |  |  | 6,409,003 |  |  |  | 36.92 |  |  |  |
Vested |  |  | (5,952,489 | ) |  |  | 12.04 |  |  |  |
Forfeited |  |  | (1,138,230 | ) |  |  | 11.77 |  |  |  |
Outstanding as of September 30, 2025 |  |  | 13,828,001 |  |  | $ | 20.96 |  |  |  | 2.46 |
Expected to vest after September 30, 2025 |  |  | 13,828,001 |  |  | $ | 20.96 |  |  |  | 2.46 |
Restricted Stock [Member] |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] |
Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity | The restricted stock activity is summarized in the following table:
|  | Number of Restricted Stock |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding as of December 31, 2024 |  |  | — |  |  | $ | — |  |  |  |
Replacement awards(1) |  |  | 6,176,959 |  |  |  | 40.34 |  |  |  |
Vested |  |  | (1,927,662 | ) |  |  | 40.34 |  |  |  |
Outstanding as of September 30, 2025 |  |  | 4,249,297 |  |  |  | 40.34 |  |  |  | 4.51 |
Expected to vest after September 30, 2025 |  |  | 4,249,297 |  |  | $ | 40.34 |  |  |  | 4.51 |
In connection with certain acquisitions, the Company converted certain outstanding restricted stock of the acquirees into restricted stock of the Company, for which $48.1 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.
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:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Risk-free interest rate |  |  | — | % |  |  | — | % |  |  | 3.79 | % |  |  | 4.86 | %
Contractual term (in years) |  |  | — |  |  |  | — |  |  |  | 1.72 |  |  |  | 2.69 |
Expected volatility |  |  | — | % |  |  | — | % |  |  | 104.32 | % |  |  | 85.00 | %
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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