v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$9,861 $7,911 $18,973 $24,717 
Research and development51,051 56,908 101,645 144,646 
Sales and marketing19,208 22,282 39,169 86,253 
General and administrative21,484 28,298 40,607 125,660 
Total stock-based compensation expense$101,604 $115,399 $200,394 $381,276 
Schedule of Stock Option Activity
A summary of our stock option, including price-vested options ("PVO"), activity is as follows:
Options Outstanding
Stock
Options
Outstanding		Weighted-Average
Exercise
Price		Weighted-Average
Remaining
Contractual
Term
(In Years)
Balance as of December 31, 202423,158,212 $21.10 4.24
Granted206,244 $24.72 
Exercised(3,443,379)$6.26 
Forfeited, cancelled, or expired(1,235,512)$49.40 
Balance as of June 30, 202518,685,565 $22.00 4.31
Schedule of Restricted Stock Unit Activity
A summary of our restricted stock unit ("RSU"), including price-vested unit ("PVU"), and performance-based restricted stock unit ("PSU"), activity is as follows:
Unvested RSUs
Number of
Shares		Weighted-Average
Grant-Date
Fair Value
Unvested as of December 31, 202430,013,275 $26.03 
Granted12,887,903 $21.46 
Vested(6,824,912)$29.82 
Forfeited(4,930,230)$23.58 
Unvested as of June 30, 202531,146,036 $23.70 
Schedule of Grant-Date Fair Value of Stock Options Granted
The calculated grant-date fair value of stock options, PVUs, and PVOs granted, were estimated using the Black-Scholes option-pricing model for stock options, and a Monte Carlo stimulation for the PVUs and PVOs, with the following assumptions:
Three Months Ended June 30,Six Months Ended June 30,
202420252024
Expected dividend yield———
Risk-free interest rate
4.3% - 4.7%
4.1%
4.1% - 4.7%
Expected volatility
60.0% - 66.5%
69.5%
60.0% - 66.5%
Expected term (in years)
6.25 - 10.00
6.25
6.25 - 10.00
Fair value of underlying common stock
$17.95 - $24.27
$24.72
$17.95 - $26.89
Schedule of Grant-Date Fair Values of ESPP The following table summarizes the assumptions used and the resulting grant-date fair values of our ESPP:
Six Months Ended June 30,
20252024
Expected dividend yield——
Risk-free interest rate
4.3% - 4.3%
5.3%
Expected volatility
73.4% - 73.4%
56.0%
Expected term (in years)0.500.50
Grant-date fair value per share
$9.26 - $9.26
$9.11
Schedule of Additional Information Related to ESPP
Additional information related to the ESPP is provided below (in thousands, except per share amounts):
Six Months Ended June 30,
20252024
Shares issued under the ESPP693,873551,146
Weighted-average price per share issued$14.19$24.92