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Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
The following table summarizes the Company’s shares of common stock reserved for future issuance on an as-converted basis:


As of
December 31,		As of
September 30,

20232024
(in thousands)
Series A redeemable convertible preferred stock5,833 5,833 
Restricted stock units33,459 23,319 
Stock options outstanding19,553 7,900 
Remaining shares available for future issuance39,523 51,450 
Shares available for issuance under the 2023 Employee Stock Purchase Plan7,000 9,790 
Total105,368 98,292 
Schedule of Stock Options Roll Forward
The following table summarizes the activity related to the Company’s equity incentive plans:
Shares Available for Future GrantNumber of OptionsWeighted-Average Exercise
Price		Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value
(in thousands)(in years)(in millions)
As of January 1, 2024
39,523 19,553 $8.60 3.36$302 
Additional shares reserved13,952 — 
Options exercised— (11,583)$6.56 
Options cancelled and forfeited70 (70)$44.94 
Shares withheld related to net share settlement3,319 — 
Restricted stock units granted(11,480)— 
Restricted stock units forfeited6,009 — 
Restricted stock forfeited57 — 
As of September 30, 2024
51,450 7,900 $11.27 3.44$235 
Options vested and exercisable as of September 30, 2024
7,900 $11.27 3.44$235 
Schedule of Nonvested Restricted Stock Shares Activity
The following table summarizes the activity related to the Company’s restricted stock for the nine months ended September 30, 2024:

Number of SharesWeighted-Average
Grant-Date Fair Value per Share
(in thousands)
Unvested and outstanding as of January 1, 2024
326 $82.83 
Vested
(191)$88.55 
Forfeited(61)$119.55 
Unvested and outstanding as of September 30, 2024
74 $38.37 
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes the activity related to the Company’s RSUs for the nine months ended September 30, 2024:

Number of SharesWeighted-Average
Grant-Date Fair Value per Share
(in thousands)
Unvested and outstanding as of January 1, 2024
29,119 $49.45 
Granted (1)
11,480 $35.99 
Vested(11,271)$49.86 
Vested and not settled(139)$87.54 
Forfeited(6,009)$47.60 
Unvested and outstanding as of September 30, 2024
23,180 $42.78 
___________
(1) Includes 586,920 of RSUs with certain service-based and gross transaction value (“GTV”) performance conditions granted during the nine months ended September 30, 2024, which represents 100% achievement.
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations related to stock options, restricted stock, and RSUs, as applicable:

Three Months Ended September 30,Nine Months Ended September 30,
2023202420232024
(in millions)
Cost of revenue$17 $2 $17 $6 
Operations and support85 4 85 9 
Research and development1,711 45 1,715 99 
Sales and marketing292 14 294 46 
General and administrative500 4 503 54 
Total stock-based compensation expense (1)(2)
$2,605 $69 $2,614 $214 
___________
(1) The Company recognized $2,581 million of stock-based compensation expense, net of $39 million capitalized related to the development of internal-use software, associated with vested RSUs and certain shares of vested restricted stock as a result of the satisfaction of the liquidity event-based vesting condition upon the effective date of the registration statement on Form S-1 in connection with the Company’s IPO during the three and nine months ended September 30, 2023. To meet the related tax withholding requirements for the net settlement, net exercise, and cancellation and repurchase, as applicable, of the vested RSUs, for certain vested stock options, and shares of vested restricted stock, the Company withheld or cancelled, as applicable, 20,810,882 of the 43,052,572 shares underlying such equity awards, resulting in the net issuance of 22,241,690 shares of common stock. Based on an IPO price of $30.00 per share, the Company’s tax withholding obligation was $570 million and was paid during the three months ended September 30, 2023.
(2) Stock-based compensation expense during the nine months ended September 30, 2024 includes a benefit of $4 million, $79 million, $8 million, and $4 million for operations and support, research and development, sales and marketing, and general and administrative, respectively, related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures during the three months ended March 31, 2024 and for terminated employees in connection with the restructuring plan. Refer to Note 15 — Restructuring for further discussion.