Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

The stock option activity is summarized in the following table:


	Number of Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2024		16,687,129		$	2.40
Replacement awards(1)		1,747,622			4.36
Exercised		(9,840,128	)		0.82
Cancelled/ Forfeited		(430,422	)		2.67
Outstanding as of June 30, 2025		8,164,201		$	4.71		6.73	$	312.36
Exercisable as of June 30, 2025		5,100,886		$	5.64		5.90	$	190.41
Exercisable and expected to vest as of June 30, 2025		8,164,201		$	4.71		6.73	$	312.36

(1)

In connection with the acquisitions, the Company converted certain outstanding stock options of the acquirees into stock options to acquire common stock of the Company, for which $11.3 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.

Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target

The PSU activity is summarized in the following table, based on awards at target:


	Number of PSUs			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2024		3,972,257		$	16.17
Granted		1,250,428			29.98
Vested		(60,175	)		18.03
Forfeited		(73,548	)		18.03
Outstanding as of June 30, 2025		5,088,962		$	19.52		1.85
Expected to vest after June 30, 2025(1)		11,256,485		$	17.01		1.74

Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.

Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock

Total stock-based compensation expense for stock option awards, RSUs, PSUs, and restricted stock which are included in the condensed consolidated financial statements, is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	1,815	$	1,055	$	2,878	$	2,060
Research and development		76,234		11,567		93,626		23,933
Sales and marketing		5,572		2,453		9,928		5,228
General and administrative		15,547		5,904		25,989		11,819
Stock-based compensation, net of amounts capitalized		99,168		20,979		132,421		43,040
Capitalized stock-based compensation—Property and equipment, net and Intangible assets, net		1,090		1,148		2,003		2,746
Total stock-based compensation	$	100,258	$	22,127	$	134,424	$	45,786

Summary of Unrecognized Stock-Based Compensation

A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of June 30, 2025, related to its non-vested RSUs, PSUs, restricted stock, and stock option awards is presented below (in millions, except time period amounts):


	Unrecognized Expense		Weighted- Average Amortization Period (Years)
Restricted stock units	$	193.0		2.8
Performance-based restricted stock units		116.2		1.8
Restricted stock		148.1		4.7
Stock options		55.9		3.0

Stock Options [Member]

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of stock options are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Risk-free interest rate		4.07	%		—	%		4.07	%		4.31	%
Expected term (in years)		5.89			—			5.89			6.00
Expected volatility		86.79	%		—	%		86.79	%		79.33	%
Dividend yield		—	%		—	%		—	%		—	%

Restricted Stock Units Outstanding [Member]

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity

The RSU activity is summarized in the following table:


	Number of RSUs			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2024		14,509,717		$	9.54
Granted		3,501,008			33.17
Vested		(3,687,075	)		11.59
Forfeited		(665,365	)		10.15
Outstanding as of June 30, 2025		13,658,285		$	15.00		2.42
Expected to vest after June 30, 2025		13,658,285		$	15.00		2.42

Restricted Stock [Member]

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity

The restricted stock activity is summarized in the following table:


	Number of Restricted Stock			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2024		—		$	—
Replacement awards(1)		6,176,959			40.34
Vested		(1,879,691	)		40.34
Outstanding as of June 30, 2025		4,297,268			40.34		4.74
Expected to vest after June 30, 2025		4,297,268		$	40.34		4.74

In connection with the acquisitions, the Company converted certain outstanding restricted stock of the acquirees into restricted stock of the Company, for which $48.1 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.

Performance Based Restricted Stock Units [Member]

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Risk-free interest rate		3.68	%		4.86	%		3.79	%		4.86	%
Contractual term (in years)		1.67			2.69			1.72			2.69
Expected volatility		102.50	%		85.00	%		104.32	%		85.00	%
Dividend yield		—	%		—	%		—	%		—	%