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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 10,334 |  |  | $ | 19,591 |  |  | $ | 35,051 |  |  | $ | 58,241 |
Research and development | 58,582 |  |  | 66,618 |  |  | 203,228 |  |  | 214,159 |
Sales and marketing | 21,885 |  |  | 35,075 |  |  | 108,138 |  |  | 105,272 |
General and administrative | 13,816 |  |  | 25,893 |  |  | 139,476 |  |  | 90,071 |
Total stock-based compensation expense | $ | 104,617 |  |  | $ | 147,177 |  |  | $ | 485,893 |  |  | $ | 467,743 |
Schedule of Stock Option Activity | A summary of our stock option, including price-vested options ("PVO"), activity is as follows:
| Options Outstanding
| Stock Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (In Years)
Balance as of December 31, 2023 | 31,541,466 |  |  | $ | 19.35 |  |  | 4.79
Granted | 2,614,966 |  |  | $ | 21.29 |  |  |
Exercised | (5,847,858) |  |  | $ | 5.99 |  |  |
Forfeited, cancelled, or expired | (2,073,825) |  |  | $ | 49.58 |  |  |
Balance as of September 30, 2024 | 26,234,749 |  |  | $ | 20.12 |  |  | 4.40
Schedule of Restricted Stock Unit Activity | A summary of our restricted stock unit ("RSU"), including price-vested unit ("PVU"), activity is as follows:
| Unvested RSUs
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2023 | 37,332,551 |  |  | $ | 38.31 |
Granted | 18,743,697 |  |  | $ | 15.60 |
Vested | (10,722,702) |  |  | $ | 40.09 |
Forfeited | (10,401,800) |  |  | $ | 38.12 |
Unvested as of September 30, 2024 | 34,951,746 |  |  | $ | 25.65 |
Schedule of Grant-Date Fair Value of Stock Options Granted | The calculated grant-date fair value of stock options, PVUs, and PVOs granted, were estimated using the Black-Scholes option-pricing model for stock options, and a Monte Carlo stimulation for the PVUs and PVOs, with the following assumptions:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  |  |  |  | 2023 |  | 2024 |  | 2023
Expected dividend yield | — |  |  |  |  | — |  | — |  | —
Risk-free interest rate | 3.5% - 4.2% |  |  |  |  | 4.4% |  | 3.5% - 4.4% |  | 3.8% - 4.4%
Expected volatility | 60.0% - 67.3% |  |  |  |  | 58.0% |  | 60.0% - 67.3% |  | 54.7% - 58.0%
Expected term (in years) | 6.25 - 10.00 |  |  |  |  | 6.25 |  | 6.25 - 10.00 |  | 6.25
Fair value of underlying common stock | $15.60 - $16.75 |  |  |  |  | $39.29 |  | $15.60 - $26.89 |  | $29.33 - $39.29
Schedule of Grant-Date Fair Values of ESPP | The following table summarizes the assumptions used and the resulting grant-date fair values of our ESPP:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  |  |  |  |  | 2024 |  | 2023
Expected dividend yield | — |  | — |  |  |  |  |  | — |  | —
Risk-free interest rate | 4.9% |  | 5.5% |  |  |  |  |  | 4.9% - 5.3% |  | 5.2% - 5.5%
Expected volatility | 49.3% |  | 65.9% |  |  |  |  |  | 49.3% - 56.0% |  | 65.9% - 94.5%
Expected term (in years) | 0.50 |  | 0.50 |  |  |  |  |  | 0.50 |  | 0.50
Grant-date fair value per share | $4.82 |  | $12.65 |  |  |  |  |  | $4.82 - $9.11 |  | $12.44 - $12.65
Schedule of Additional Information Related to ESPP | Additional information related to the ESPP is provided below (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Shares issued under the ESPP | 610,458 |  | 531,820 |  | 1,161,604 |  | 1,064,463
Weighted-average price per share issued | $13.91 |  | $25.25 |  | $19.13 |  | $25.56

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