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STOCK‐BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK‐BASED COMPENSATION STOCK‐BASED COMPENSATION

Stock Options—The following table summarizes the Company’s stock option activity:
Outstanding Options
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in years)		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 202515,126,442 $5.64 2.4$119,321 
Options exercised(57,500)$0.55 
Options expired(33,591)$0.55 
Balance as of March 31, 202615,035,351 $5.67 2.1$9,567 
Options vested and expected to vest as of March 31, 20265,405,141 $5.00 2.2$7,737 
Exercisable as of March 31, 20265,405,141 $5.00 2.2$7,737 
The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the estimated fair value of the Class A common stock as of the respective period-end dates.
The total intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $0.4 million and $2.3 million, respectively.
Restricted Stock Units—The following table summarizes the activity for the Company’s restricted stock units (“RSUs”):
Total RSUsStock Price Target and GMS Performance RSUsOther RSUs
SharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 202519,844,438$33.27 12,410,483$30.81 7,433,955$37.38 
Granted
12,312,860 $7.12 — $— 12,312,860 $7.12 
Forfeited
(227,268)$30.25 — $— (227,268)$30.25 
Vested and released(180,074)$33.46 — $— (180,074)$33.46 
Vested but unreleased
(1,712,195)$28.92 — $— (1,712,195)$28.92 
Unvested as of March 31, 202630,037,761 $23.33 12,410,483 $30.81 17,627,278 $18.07 
Vested but unreleased as of March 31, 20261,905,543 $29.60 193,348 $35.69 1,712,195 $28.92 
Outstanding as of March 31, 202631,943,304 $23.24 12,603,831 $30.88 19,339,473 $18.26 
The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2026 and 2025 was $7.12 and $38.60 per share, respectively. The fair value of RSUs vested was $15.8 million and less than $0.1 million during the three months ended March 31, 2026 and 2025, respectively.
Stock Price Target Performance RSUs
In the year ended December 31, 2023, the Company granted 7,116,935 RSUs that contained market, performance, and service conditions. The Company recognized $3.3 million and zero expense for the three months ended March 31, 2026 and 2025, respectively, related to these awards. As of March 31, 2026, there was $3.5 million unrecognized stock-based compensation expense to be recognized over a weighted-average period of 0.5 years.
In February 2024, the Company granted 462,500 RSUs that contained service, performance and market conditions. In August 2025, the 462,500 RSUs were forfeited upon the separation of the employee from the Company. For the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense of zero and $2.1 million, respectively.
GMS Performance RSUs
In the year ended December 31, 2023, the Company granted 4,023,387 RSUs that contain performance and service conditions. The Company also granted an additional 3,093,548 RSUs that contain these same performance and service conditions with additional market conditions. The Company recognized $4.2 million and zero expense for the three months ended March 31, 2026 and 2025, respectively, related to these awards. As of March 31, 2026, there was $32.9 million unrecognized stock-based compensation expense to be recognized over a weighted-average period of 2.3 years.
Other RSUs
As of March 31, 2026, the remaining RSUs, as shown in the above table, contained a service condition and/or a performance condition that is met upon the occurrence of a liquidity event defined within the terms of the award. The liquidity event was met upon the occurrence of the IPO. The Company recognized $30.2 million and zero expense for the three months ended March 31, 2026 and 2025, respectively, related to these awards. As of March 31, 2026, there was $172.8 million unrecognized stock-based compensation expense to be recognized over a weighted-average period of 2.5 years.
Common Stock Warrants—During the three months ended March 31, 2025, 276,657 common stock warrants were exercised through a net share settlement using a cashless exercise. The total intrinsic value of common stock warrants exercised for the three months ended March 31, 2025 was $10.7 million.
During the three months ended March 31, 2025, the Company recorded $3.0 million of stock-based compensation expense. As of March 31, 2026, there was zero common stock warrants outstanding or authorized for future issuance.
Stock-Based Compensation Expense—Stock-based compensation expense totaled $31.0 million and $5.5 million for the three months ended March 31, 2026 and 2025, respectively.

The income tax benefit recognized in the condensed consolidated statements of operations on stock-based compensation expense was zero and $1.4 million for the three months ended March 31, 2026 and 2025, respectively