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Stockholders’ Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Stockholders’ Equity | Stockholders' Equity Preferred Stock The Company is authorized to issue 1,000 million shares of preferred stock with a par value of $0.00001 per share. There were no shares of preferred stock issued and outstanding at June 30, 2025 and December 31, 2024. Common Stock The Company is authorized to issue 51,000 million shares of common stock with a par value of $0.00001 per share; of which 50,000 million shares are designated Class A common stock and 1,000 million shares are designated Class B common stock. Class A common stockholders are entitled to one vote for each share and Class B common stockholders are entitled to ten votes for each share. Class A and Class B have identical liquidation and dividend rights. Class B shares are convertible into Class A upon election by the holder or upon transfer (except for certain permitted transfers). The Company had 1,498 million and 1,383 million shares of Class A common stock issued and outstanding at June 30, 2025 and December 31, 2024, respectively. The Company had 339 million and 350 million shares of Class B common stock issued and outstanding at June 30, 2025 and December 31, 2024, respectively. At-The-Market Offering On February 14, 2025, the Company entered into a sales agreement with Cantor Fitzgerald & Co., TD Securities (USA) LLC, and Allen & Company LLC (the “Sales Agents”) pursuant to which the Company may offer and sell, from time to time and at its sole discretion, up to an aggregate amount of $500.0 million of the Company’s Class A common stock through the Sales Agents in an “at-the-market” offering (the “ATM Program”). During the three months ended June 30, 2025, the Company offered and sold 57 million shares of Class A common stock through the ATM Program for net proceeds of $331 million after transaction costs. During the six months ended June 30, 2025, the Company offered and sold 67 million shares of Class A common stock through the ATM Program for net proceeds of $399 million after transaction costs.

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