Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2025

As of December 31, 2024, the Company had five classes of redeemable convertible preferred stock, which consisted of the following (in thousands, except per share amounts):


	Shares Authorized	Shares Issued and Outstanding	Issuance Price Per Share		Carrying Value		Aggregate Liquidation Preference
Series Seed	60,000	45,567	$	0.05	$	2,039	$	2,039
Series A	24,182	19,361	0.12		2,256		2,256
Series B	79,979	79,979	5.58		550,595		446,002
Series B-1	12,485	10,205	0.40		4,091		4,091
Series C	29,523	29,523	38.95		1,163,130		1,163,671
Total	206,169	184,635			$	1,722,111	$	1,618,059

Schedule of stock options activity

The following table summarizes stock option activity under the 2019 Plan (share data and aggregate intrinsic value in thousands):


	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance at January 1, 2025	47,219	$	1.74	7	$	2,163,455
Granted	—	—
Exercised	(2,950)	1.53
Forfeited, expired, or canceled	(164)	6.62
Outstanding at June 30, 2025	44,105	$	1.74	7	$	7,114,827
Vested and expected to vest at June 30, 2025	44,105	$	1.74	7	$	7,114,827
Exercisable at June 30, 2025	31,596	$	1.14	6	$	5,116,131

Schedule of restricted stock unit activity

RSUs granted typically vest over four years. The following table summarizes restricted stock unit activity under the 2019 and 2025 Plans (share data in thousands):


	Shares	Weighted- Average Fair Value Per Share
Balance at January 1, 2025	15,455	$	38.80
Granted	13,188	62.39
Vested	(2,599)	33.36
Forfeited, expired, or canceled	(367)	36.57
Unvested balance at June 30, 2025	25,677	$	51.50
Vested and not yet settled	9	45.96
Outstanding at June 30, 2025	25,686	$	51.50

Schedule of stock-based compensation expense

Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Cost of revenue	$	2,701	$	350	$	5,394	$	738
Technology and infrastructure	47,683		2,080		102,282		4,437
Sales and marketing	8,494		848		11,314		1,715
General and administrative	86,127		4,382		209,988		8,959
Total stock-based compensation expense (1) (2)	$	145,005	$	7,660	$	328,978	$	15,849

(1) Stock-based compensation expense was net of capitalized costs primarily related to the development of internal-use software of $12 million and $2 million during the three months ended June 30, 2025 and 2024, respectively, and $31 million and $4 million during the six months ended June 30, 2025 and 2024, respectively.

(2) The Company recognized no and $177 million of stock-based compensation expense, net of no and $17 million of capitalized costs primarily related to the development of internal-use software, during the three and six months ended June 30, 2025, respectively, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition which was satisfied in connection with the IPO.

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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