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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the nine months ended September 30, 2025 was as follows:
| Shares Under Option |  | Weighted- Average Exercise Price |  | Weighted- Average Contractual Life |  | Aggregate Intrinsic Value |
| (in thousands) |  |  |  |  |  | (in thousands) |
Outstanding at December 31, 2024 | 4,160 |  | $ | 8.57 |  |  |  |  |  |
Granted | 81 |  | $ | 16.46 |  |  |  |  |  |
Exercised | (507) |  | $ | 5.86 |  |  |  |  |  |
Expired | (28) |  | $ | 17.23 |  |  |  |  |  |
Outstanding at September 30, 2025 | 3,706 |  | $ | 9.05 |  |  | 4.1 years |  | $ | 51,112 |  |
Exercisable at September 30, 2025 | 3,440 |  | $ | 8.76 |  |  | 3.8 years |  | $ | 48,725 |  |
Schedule of Weighted-Average Input Assumptions | The weighted-average input assumptions used by the Company were as follows:
|  |  | Nine Months Ended
|  |  |  |  | September 30, 2025 |  | September 30, 2024
Expected term (in years) |  |  |  |  | 5.0 |  | 5.0
Risk-free interest rate |  |  |  |  | 4.45 | % |  | 3.93 | %
Expected volatility |  |  |  |  | 84 | % |  | 84 | %
Dividend yield |  |  |  |  | — | % |  | — | %
The weighted-average input assumptions used by the Company were as follows:
|  |  | Nine Months Ended
|  |  |  |  | September 30, 2025 |  | September 30, 2024
Performance period (in years) |  |  |  |  | 3.0 |  | 3.0
Risk-free interest rate |  |  |  |  | 4.26 | % |  | 4.05 | %
Expected volatility of Magnite |  |  |  |  | 78 | % |  | 87 | %
Expected volatility of selected peer companies |  |  |  |  | 56 | % |  | 55 | %
Expected correlation coefficients of Magnite |  |  |  |  | 0.57 |  | 0.59
Expected correlation coefficients of selected peer companies |  |  |  |  | 0.47 |  | 0.47
Dividend yield |  |  |  |  | — | % |  | — | %
Schedule of Nonvested Restricted Stock Units Activity | A summary of restricted stock unit ("RSU") activity for the nine months ended September 30, 2025 was as follows:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Restricted stock units outstanding at December 31, 2024 | 11,809 |  |  | $ | 10.69 |
Granted | 4,284 |  |  | $ | 16.54 |
Canceled | (767) |  |  | $ | 11.70 |
Vested and released | (4,774) |  |  | $ | 11.54 |
Restricted stock units outstanding and unvested at September 30, 2025 | 10,552 |  |  | $ | 12.61 |
Schedule of Nonvested Performance-Based Units Activity | A summary of PSU activity for the nine months ended September 30, 2025 was as follows:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Outstanding at December 31, 2024 | 1,427 |  | $ | 15.35 |
Granted * | 368 |  | $ | 20.72 |
Vested | (108) |  | $ | 17.28 |
Outstanding at September 30, 2025 | 1,687 |  | $ | 16.40 |
* PSUs granted and weighted-average grant date fair value include 22 shares issued above the target shares for a PSU that vested and was released during the nine months ended September 30, 2025.
Schedule of Stock Based Compensation Expense | Total stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
| (in thousands) |  | (in thousands)
Cost of revenue | $ | 479 |  |  | $ | 523 |  |  | $ | 1,586 |  |  | $ | 1,501 |
Sales and marketing | 7,777 |  |  | 7,755 |  |  | 25,369 |  |  | 23,963 |
Technology and development | 3,959 |  |  | 4,288 |  |  | 12,801 |  |  | 14,593 |
General and administrative | 5,829 |  |  | 6,104 |  |  | 19,055 |  |  | 19,104 |
Total stock-based compensation expense | $ | 18,044 |  |  | $ | 18,670 |  |  | $ | 58,811 |  |  | $ | 59,161 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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