In September 2025, the Company’s Board of Directors (the “Board of Directors”) adopted, and in October 2025, the stockholders approved, the 2025 Equity Incentive Plan (the “2025 Plan”). The 2025 Plan became effective upon the effectiveness of the registration statement for the Company’s IPO. No further grants will be made under the Company’s 2015 Equity Incentive Plan (the “2015 Plan” and together with the 2025 Plan, the “Plans”). The 2025 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors, and consultants, including employees and consultants of our affiliates. The Company’s default tax withholding method for RSUs is the sell-to-cover method, with the exception of RSUs settled in connection with the IPO for which the Company applied the net settlement method.

In connection with the IPO, the Board of Directors and the Company’s stockholders approved up to 82,887,502 shares of Class A common stock to be reserved for issuance under the 2025 Plan, consisting of 35,000,000 new shares plus up to 47,887,502 shares underlying outstanding awards granted under our 2015 Plan that may become available for issuance under the 2025 Plan from time to time that, after the date the 2025 Plan became effective, are either not issued (due to the awards expiring or being settled in cash), are forfeited or repurchased due to failure to vest, or are withheld to satisfy the exercise, strike, or purchase price or tax withholding obligations. In addition, subject to any capitalization adjustments made as provided under the 2025 Plan, the aggregate number of shares authorized for issuance will automatically increase on the first day of each fiscal year for a period of ten years commencing on the first day of the fiscal year ending January 31, 2027 and ending on (and including) the first day of the fiscal year ending January 31, 2036, in an amount equal to 5% of the total number of shares of common stock of the Company outstanding on the last day of the preceding fiscal year; provided, however, that the Board of Directors may act prior to the first day of a given fiscal year to provide that the increase for that fiscal year will be a lesser number of shares.

The exercise price of options granted under the Plans must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant as determined by the Board of Directors. During the year ended January 31, 2026, no options have been granted to purchase stock at a price less than its fair value as determined by the Board of Directors at the time of grant.

Early Exercise of Common Stock — Certain stock options granted under the 2015 Plan provide option holders the right to elect to exercise unvested options in exchange for shares of common stock. Such unvested shares of common stock are subject to a repurchase right held by the Company at the original issuance price in the event the optionee’s service to the Company is terminated either voluntarily or involuntarily. The repurchase right lapses as the underlying shares vest. The proceeds from the early exercise of stock options are treated as a refundable deposit and are recorded within accrued expenses and other liabilities on the consolidated balance sheets, and reclassified to additional paid-in capital as the Company’s repurchase right lapses. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company includes unvested shares subject to repurchase in the number of shares of common stock outstanding in the consolidated balance sheets and statements of redeemable convertible preferred stock and stockholders’ deficit.

Stock Options — Options granted under the Plans continue to vest until the last day of employment and generally vest over 4 years and expire 10 years from the date of grant. The fair value of the stock options granted was estimated using the following assumptions in the Black-Scholes option pricing model:


	Number of Stock Options Outstanding	Weighted-Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value




Balance as of January 31, 2025	40,971,097	$	12.80	7.0	$	402,471
Granted	3,571,419	$	23.35
Exercised	(3,002,251)	$	7.97		$	49,674
Cancelled/forfeited/expired	(2,256,780)	$	16.49
Balance as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Vested and expected to vest as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Exercisable as of January 31, 2026	30,895,271	$	12.49	5.1	$	55,743

The weighted-average grant date fair value of options granted during the years ended January 31, 2026, 2025 and 2024, was $13.76, $11.87 and $10.78 per share, respectively. The intrinsic value of options exercised for the years ended January 31, 2026, 2025 and 2024, was $49.7 million, $9.1 million, and $6.0 million respectively. The aggregate grant-date fair value of options that vested during the years ended January 31, 2026, 2025 and 2024, was $73.4 million, $135.9 million and $73.8 million, respectively. As of January 31, 2026, there was approximately $97.7 million of unrecognized compensation cost related to unvested stock options granted, which is expected to be recognized over a weighted-average period of 2.1 years.

During the year ended January 31, 2026, the Company recognized $101.8 million of stock-based compensation expense for RSUs with performance-based vesting conditions. The performance-based vesting condition was satisfied upon the effective date of our registration statement on Form S-1 in connection with our IPO. In connection with the IPO, we recognized a one-time cumulative stock-based compensation expense charge of $81.8 million using the accelerated attribution method for RSUs for which the service-based vesting condition had been fully or partially satisfied prior to the IPO, and we capitalized $0.9 million related to software development. As of January 31, 2026, there was approximately $82.5 million of unrecognized stock-based compensation expense related to RSUs with performance-based vesting conditions that have not met the service condition, which is expected to be recognized over a weighted-average period of 3.2 years.

During the year ended January 31, 2026, the Company recognized $6.2 million of stock-based compensation expense for RSUs with service-only vesting conditions. As of January 31, 2026, there was approximately $58.1 million of unrecognized compensation cost related to these unvested RSUs, which is expected to be recognized over a weighted-average period of 3.6 years. Stock-based compensation expense recognized for RSUs with service-only conditions was not material during the year ended January 31, 2025. No stock-based compensation expense was recognized for RSUs with service-only conditions during the year ended January 31, 2024.


	Year Ended January 31,
	2026		2025		2024
Cost of revenue	$	9,980	$	4,577	$	4,751
Research and development	49,142		30,408		27,039
Sales and marketing	46,080		17,077		15,872
General and administrative	76,887		24,919		28,189
Total stock-based compensation expense, net of amounts capitalized	$	182,089	$	76,981	$	75,851
Capitalized stock-based compensation	4,933		2,319		1,130
Total stock-based compensation cost	$	187,022	$	79,300	$	76,981

During the year ended January 31, 2026 , the Company modified certain stock option and RSU awards for certain employees. The modifications provided for accelerated vesting and an extended post-termination exercise period. The Company recognized stock-based compensation expense of $7.9 million during the year ended January 31, 2026 in connection with the modifications.

During the years ended January 31, 2025 and 2024, the Company modified certain stock option awards in connection with the termination of select former employees. The modifications included accelerated vesting and extension of the post-termination exercise period. The Company measured the modification charge as the difference between the fair value of the modified awards and the fair value of the original awards immediately prior to the modification. The incremental fair value associated with the modified awards during the years ended January 31, 2025 and 2024 was $2.1 million and $5.0 million, respectively, which was recognized at the modification date.

Additionally, during the year ended January 31, 2025, the Company modified stock options for 2,254 current employees, one former employee and one member of the Board of Directors by amending the exercise price of the stock options. As a result of the modification, the Company recognized incremental stock-based compensation expense of $6.0 million for vested stock options on the modification date. An additional $7.0 million of incremental stock-based compensation expense will be recognized for unvested stock options over a weighted average period of 2.3 years as of the modification date.

The Board of Directors adopted, and the Company's stockholders approved, the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective in connection with the IPO. A total of 5,000,000 shares of Class A common stock were initially reserved for sale under the 2025 ESPP. The number of shares of our Class A common stock reserved for issuance will automatically increase on the first day of each of our 2027 through 2036 fiscal years, by the lesser of (i) 1% of the total number of shares of all classes of our common stock outstanding on the last day of the previous fiscal year or (ii) 5,000,000 shares; provided that before the date of any such increase, the 2025 ESPP’s administrator may determine that such increase will be less than such amount.

Subject to any limitations contained therein, the 2025 ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator from time to time in its discretion to purchase common stock at a discounted price per share.

The Company recognized $0.5 million of stock-based compensation expense related to the ESPP during the year ended January 31, 2026. As of January 31, 2026, total unrecognized stock-based compensation expense related to the ESPP was $1.7 million, which will be amortized over a period of 0.7 years.