Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Cost of revenue | $ | 39,103 | | | $ | 44,736 | | | $ | 80,213 | | | Research and development | 189,676 | | | 261,458 | | | 290,160 | | | Sales and marketing | 71,639 | | | 129,037 | | | 143,461 | | | General and administrative | 84,796 | | | 161,018 | | | 134,862 | | | Total stock-based compensation expense | $ | 385,214 | | | $ | 596,249 | | | $ | 648,696 | |
Unrecognized compensation expense is as follows (in thousands, except for weighted-average remaining vesting period): | | | | | | | | | | | | | December 31, 2025 | | Unrecognized Compensation Expense | | Weighted-Average Remaining Vesting Period (In Years) | Outstanding stock options and PVOs | $ | 22,469 | | | 2.14 | | Unvested RSUs and PVUs | $ | 572,033 | | | 2.63 | | ESPP | $ | 1,327 | | | 0.17 |
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| 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, 2023 | 31,541,466 | | | $ | 19.35 | | | 4.79 | | | Granted | 3,187,067 | | | $ | 21.65 | | | | | | | Exercised | (8,790,694) | | | $ | 6.20 | | | | | | | Forfeited, cancelled, or expired | (2,779,627) | | | $ | 48.96 | | | | | | | Balance as of December 31, 2024 | 23,158,212 | | | $ | 21.10 | | | 4.24 | | | | Granted | 206,244 | | | $ | 24.72 | | | | | | | Exercised | (9,245,255) | | | $ | 10.90 | | | | | | | Forfeited, cancelled, or expired | (1,644,854) | | | $ | 46.34 | | | | | | | Balance as of December 31, 2025 | 12,474,347 | | | $ | 25.39 | | | 4.40 | | | | Exercisable as of December 31, 2025 | 9,915,246 | | | $ | 26.17 | | | 3.35 | | |
(1) The intrinsic value is the difference between the estimated fair value of our common stock on December 31, 2025 and the exercise price for in-the-money options.
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| Schedule of Intrinsic and Fair Values of Stock Options |
A summary of intrinsic and fair values of our stock options is as follows (in thousands, except fair value amounts): | | | | | | | | | | | | | | | | | | | Year Ended | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Aggregate pretax intrinsic value of stock options exercised (1) | $ | 210,329 | | | $ | 155,558 | | | $ | 127,722 | | | Weighted-average grant-date fair value of stock options granted | $ | 16.38 | | | $ | 13.34 | | | $ | 18.64 | | | Fair value of stock options vested | $ | 19,696 | | | $ | 46,933 | | | $ | 68,008 | |
(1) The intrinsic value is the difference between the estimated fair value of our common stock on the date of exercise and the exercise price for in-the-money options.
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| Schedule of Restricted Stock Unit Activity |
A summary of our restricted stock units ("RSU"), including price-vested units ("PVU"), and performance-based restricted stock units ("PSU"), activity is as follows: | | | | | | | | | | | | | Unvested RSUs | | Number of
Shares | | Weighted-Average
Grant-Date
Fair Value | | Unvested as of December 31, 2023 | 37,332,551 | | | $ | 38.31 | | | Granted | 20,546,590 | | | $ | 19.32 | | | Vested | (14,666,692) | | | $ | 38.88 | | | Forfeited | (13,199,174) | | | $ | 36.05 | | | Unvested as of December 31, 2024 | 30,013,275 | | | $ | 26.03 | | | Granted | 15,922,107 | | | $ | 25.81 | | | Vested | (13,002,226) | | | $ | 28.73 | | | Forfeited | (8,005,434) | | | $ | 23.85 | | | Unvested as of December 31, 2025 | 24,927,722 | | | $ | 25.18 | |
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| 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: | | | | | | | | | | | | | | | | | | | | Year Ended | | December 31, 2025 | | | December 31, 2024 | | December 31, 2023 | | Expected dividend yield | — | | | — | | — | | Risk-free interest rate | 4.1% | | | 3.5% - 4.4% | | 3.8% - 4.9% | | Expected volatility | 69.5% | | | 60.0% - 68.0% | | 54.7% - 65.8% | | Expected term (in years) | 6.25 | | | 6.25 - 10.00 | | 6.25 | | Fair value of underlying common stock | $24.72 | | | $15.60 - $26.89 | | $28.13 - $39.29 |
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| Schedule of Grant-Date Fair Values of ESPP |
The fair value of shares offered under our ESPP was determined on the grant date using the Black-Scholes option pricing model. The following table summarizes the assumptions used and the resulting grant-date fair values of our ESPP: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Expected dividend yield | — | | — | | — | | Risk-free interest rate | 4.0% - 4.3% | | 4.9% - 5.3% | | 5.2% - 5.5% | | Expected volatility | 72.4% - 73.4% | | 49.3% - 56.0% | | 65.9% - 94.5% | | Expected term (in years) | 0.50 | | 0.50 | | 0.50 | | Grant-date fair value per share | $9.26 - $14.03 | | $4.82 - $9.11 | | $12.44 - $12.65 |
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| Schedule of Additional Information Related to ESPP |
Additional information related to the ESPP is provided below (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | | | Shares issued under the ESPP | 1,133,071 | | 1,161,604 | | 1,064,463 | | | | Weighted-average price per share issued | $16.50 | | $19.13 | | $25.56 | | |
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