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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense is as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Cost of revenue | $ | 9,112 |  |  | $ | 16,806 |  |  |  |  |
Research and development | 50,594 |  |  | 87,738 |  |  |  |  |
Sales and marketing | 19,961 |  |  | 63,971 |  |  |  |  |
General and administrative | 19,123 |  |  | 97,362 |  |  |  |  |
Total stock-based compensation expense | $ | 98,790 |  |  | $ | 265,877 |  |  |  |  |
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, 2024 | 23,158,212 |  |  | $ | 21.10 |  |  | 4.24
Granted | 206,244 |  |  | $ | 24.72 |  |  |
Exercised | (2,272,956) |  |  | $ | 5.19 |  |  |
Forfeited, cancelled, or expired | (599,984) |  |  | $ | 57.66 |  |  |
Balance as of March 31, 2025 | 20,491,516 |  |  | $ | 21.83 |  |  | 4.36
Schedule of Restricted Stock Unit Activity | A summary of our restricted stock unit ("RSU"), including price-vested unit ("PVU"), and performance-based restricted stock unit ("PSU"), activity is as follows:
| Unvested RSUs
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2024 | 30,013,275 |  |  | $ | 26.03 |
Granted | 4,486,262 |  |  | $ | 24.45 |
Vested | (2,964,091) |  |  | $ | 31.28 |
Forfeited | (2,754,164) |  |  | $ | 22.79 |
Unvested as of March 31, 2025 | 28,781,282 |  |  | $ | 25.55 |
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 March 31, |  |
|  |  |  | 2025 |  | 2024 |  |  |  |
Expected dividend yield |  |  |  | — |  | — |  |  |  |
Risk-free interest rate |  |  |  | 4.1% |  | 4.1% |  |  |  |
Expected volatility |  |  |  | 69.5% |  | 66.4% |  |  |  |
Expected term (in years) |  |  |  | 6.25 |  | 6.25 |  |  |  |
Fair value of underlying common stock |  |  |  | $24.72 |  | $26.89 |  |  |  |
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 March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |
Expected dividend yield | — |  | — |  |  |  |  |  |  |  |
Risk-free interest rate | 4.3% |  | 5.3% |  |  |  |  |  |  |  |
Expected volatility | 73.4% |  | 56.0% |  |  |  |  |  |  |  |
Expected term (in years) | 0.50 |  | 0.50 |  |  |  |  |  |  |  |
Grant-date fair value per share | $9.26 |  | $9.11 |  |  |  |  |  |  |  |
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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
Shares issued under the ESPP | 693,873 |  | 551,146 |  |  |  |
Weighted-average price per share issued | $14.19 |  | $24.92 |  |  |  |

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