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Equity Incentive Plans | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans | Equity Incentive Plans The Company has outstanding awards granted under four equity compensation plans: the 2021 Equity Incentive Plan, as amended (the “Plan”), the Aurora Innovation, Inc. 2017 Equity Incentive Plan (the “2017 Plan”), the Blackmore Sensors & Analytics, Inc. 2016 Equity Incentive Plan (the “Blackmore Plan”), and the OURS Technology Inc. 2017 Stock Incentive Plan, as amended (the “OURS Plan”). The Company assumed awards under the 2017 Plan, the Blackmore Plan and the OURS Plan to the extent such employees continued as employees of the Company. Under the Plan, equity-based compensation in the form of restricted stock units (“RSUs”), restricted stock awards, incentive stock options, non-qualified stock options, stock appreciation rights, and performance units may be granted to employees, officers, directors, consultants, and others. As of June 30, 2025, there were 262 million shares available for grant under the Plan. In the second quarter of 2025, the Company paid its 2024 employee incentive compensation in the form of restricted stock units which were granted and vested during the second quarter of 2025. Upon issuance the Company recorded a $55 million reduction to Other current liabilities which had previously been reported in the Company’s December 31, 2024 Consolidated Balance Sheet. Stock-based Compensation Expense Stock-based compensation is allocated on a departmental basis, based on the classification of the option holder or grant recipient. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements and no material stock-based compensation has been capitalized as of June 30, 2025. Total stock-based compensation expense by function was as follows (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |
Research and development |  | $ | 44 |  |  | $ | 32 |  |  | $ | 73 |  |  | $ | 63 |  |  |  |
Selling, general, and administrative |  | 11 |  |  | 6 |  |  | 16 |  |  | 11 |  |  |  |
Total |  | $ | 55 |  |  | $ | 38 |  |  | $ | 89 |  |  | $ | 74 |  |  |  |
Restricted Stock Units RSUs granted under the Plan generally are subject to a time-based vesting requirement. Generally, the time-based vesting requirement is quarterly over one to four years starting on the vesting commencement date, with a one-year cliff vesting for new hire awards. RSU activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts):
|  | Number of shares |  | Weighted- average grant date fair value |
Unvested at December 31, 2024 |  | 76 |  |  | $ | 2.67 |  |
Granted |  | 51 |  |  | 7.44 |  |
Vested |  | (30) |  |  | 4.24 |  |
Forfeited |  | (6) |  |  | 3.18 |  |
Unvested at June 30, 2025 |  | 91 |  |  | $ | 4.80 |  |
The unrecognized stock-based compensation related to unvested RSUs was $410 million at June 30, 2025 and will be recognized over a weighted average period of 2.7 years. The fair value of RSUs as of their respective vesting dates was $225 million for the six months ended June 30, 2025. Stock Options The exercise price of stock options granted under the Plan and the 2017 Plan may not be less than 100% of the fair value of the Company’s common stock on the date of the grant. Stock options generally vest over one to four years starting on the vesting commencement date and expire, if not exercised, 10 years from the date of grant or, if earlier, three months after the option holder ceases to be a service provider of the Company. Stock options outstanding under the Blackmore Plan and the OURS Plan are not material. Stock options granted under the Plan during the six months ended June 30, 2025 were as follows:
|  | Six Months Ended June 30, 2025 |  |
Stock options granted (in millions) |  | 2 |  |  |  |
Weighted average grant date fair value |  | $ | 6.48 |  |  |  |
Weighted average grant date fair value assumptions: |  |  |  |  |
Expected term |  | 6.2 years |  |  |
Risk-free interest rates |  | 4.3 | % |  |  |
Expected volatility |  | 88.8 | % |  |  |
Stock option activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts):
| Number of shares |  | Weighted average exercise price |  | Weighted average remaining contractual term (in years) |  | Aggregate intrinsic value |
Outstanding at December 31, 2024 | 117 |  |  | $ | 2.07 |  |  |  |  |  |
Granted | 2 |  |  | 8.47 |  |  |  |  |  |
Exercised | (13) |  |  | 2.08 |  |  |  |  |  |
Forfeited | (4) |  |  | 2.05 |  |  |  |  |  |
Outstanding at June 30, 2025 | 102 |  |  | $ | 2.19 |  |  | 7.1 |  | $ | 310 |  |
Exercisable at June 30, 2025 | 61 |  |  | $ | 1.81 |  |  | 6.2 |  | $ | 204 |  |
The unrecognized stock-based compensation related to unvested stock options was $61 million as of June 30, 2025 and will be recognized over a weighted average period of 2.4 years. The intrinsic value of stock options exercised was $68 million for the six months ended June 30, 2025.

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