Net Loss per Share

6 Months Ended

Jun. 30, 2026

3. Net Loss per Share

We compute net loss per share using the two-class method required for multiple classes of common stock. Although shares of our Class A, Class B, and Class C common stock have different voting and conversion rights, they have identical economic rights. Accordingly, basic and diluted net loss per share is the same for each class of common stock and therefore is presented on a combined basis.

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of stock outstanding during the period, adjusted for restricted stock awards (“RSAs”) for which the risk of forfeiture has not yet lapsed.

Diluted net loss per share is computed by dividing net loss by the weighted-average number of fully diluted common shares outstanding during the period. We use the if‑converted method for calculating any potential dilutive effect of the convertible senior notes due in 2026, 2027, 2028, and 2030 (collectively, the “Convertible Notes”) on diluted net loss per share. The Convertible Notes would have a dilutive impact on net income per share when the average market price of Class A common stock for a given period exceeds the respective conversion price of the Convertible Notes. For the periods presented, our potentially dilutive shares relating to stock options, restricted stock units (“RSUs”), RSAs, and the Convertible Notes were not included in the computation of diluted net loss per share as the effect of including these shares in the calculation would have been anti-dilutive.

The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands, except per share data)
Numerator:
Net loss	$	(163,960)	$	(262,570)	$	(252,911)	$	(402,157)
Denominator:
Weighted-average common shares - Basic (1)	1,663,449		1,674,854		1,675,483		1,685,544
Weighted-average common shares - Diluted (1)	1,663,449		1,674,854		1,675,483		1,685,544
Net loss per share:
Basic	$	(0.10)	$	(0.16)	$	(0.15)	$	(0.24)
Diluted	$	(0.10)	$	(0.16)	$	(0.15)	$	(0.24)

(1)Includes 1,409 million and 1,421 million shares of Class A common stock for the three months ended June 30, 2026 and 2025, respectively; and 1,421 million and 1,431 million shares of Class A common stock for the six months ended June 30, 2026 and 2025, respectively. Includes 23 million shares of Class B common stock and 232 million shares of Class C common stock for each of the periods presented.

The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive:


	As of June 30,
	2026	2025

	(in thousands)
Stock options	474	583
Unvested RSUs and RSAs	204,773	143,318
Convertible Notes (if-converted)	46,193	59,154