Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

4. Stockholders’ Equity

We maintain one active share-based employee compensation plan: the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates.

Restricted Stock Units and Restricted Stock Awards

The following table summarizes the RSU and RSA activity for the six months ended June 30, 2026:


	Number of Class A Shares	Weighted- Average Grant Date Fair Value

	(in thousands, except per share data)
Unvested as of December 31, 2025	167,374	$	9.23
Granted	138,706	$	5.61
Vested	(62,412)	$	8.49
Forfeited	(38,895)	$	8.11
Unvested as of June 30, 2026	204,773	$	7.22

All RSUs and RSAs vest on the satisfaction of a service-based condition. Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.4 billion as of June 30, 2026 and is expected to be recognized over a weighted-average period of 2.2 years. The service condition for RSUs and RSAs is generally satisfied in equal monthly or quarterly installments over three to four years.

Stock Options

For the three and six months ended June 30, 2026, stock option forfeitures were immaterial and there were no stock option grants or exercises. As of June 30, 2026, all outstanding options were fully vested, and there was no unrecognized compensation cost related to stock options.

Stock-Based Compensation Expense

Total stock-based compensation expense by function was as follows:


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

	(in thousands)
Cost of revenue	$	2,811	$	1,656	$	4,397	$	3,090
Research and development	193,501		166,809		367,417		323,497
Sales and marketing	47,342		48,710		92,674		103,150
General and administrative	19,535		34,711		48,741		69,487
Total	$	263,189	$	251,886	$	513,229	$	499,224

Stock Repurchases

In February 2026, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. During the six months ended June 30, 2026, we repurchased and retired 68.5 million shares of our Class A common stock for $350.7 million, including costs associated with the repurchases. As of June 30, 2026, the remaining availability under the stock repurchase authorization was $150.0 million.

In November 2025, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. We completed this program in January 2026. Under the program, we repurchased and retired 59.4 million shares of our Class A common stock for $500.6 million, including costs associated with the repurchases, representing the entire amount approved by our board of directors in November 2025.

In October 2024, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. We completed this program in May 2025. Under the program, we repurchased and retired 57.3 million shares of our Class A common stock for $500.6 million, including costs associated with the repurchases, representing the entire amount approved by our board of directors in October 2024.